ExxonMobil, the world's largest listed oil company, today reported Q4 net profits of $8.42bn.

This represents an increase from Q3 earnings of $5.68bn, which were especially inflated by rising oil prices.

Despite slowed productivity in 2004, the company still reported full year net profits of $25.3bn for 2004. This yea

Though general market expectations were surpassed, the company warned that rising steel prices, and further deep-water exploration, meant that the company would be faced with increased cost pressures over 2005.

However, productivity levels are expected to be increased, as ExxonMobil open up new fields in West Africa, Qatar, Russia, and the Gulf of Mexico.

The London Stock Exchange (LSE) has rejected a second bid by German company Deutsche Boerse.

Despite offering 530p on the share, as well as throwing in other service offers to investors, the LSE declared that the offer had failed to realise the "inherent value" of the LSE.

The move comes after high profile investor concerns that Deutsche Boerse would be forced to over-value the LSE.

Talks continue with Euronext, who have yet to make any formal declaration on the move.

There is an expectation on markets that the LSE will be far more favourable towards any following bid by Euronext. Although investors would like the LSE to hold out for £6 on the share, closer ties with Euronext could offer potential savings on general investment services for the longer term.

Royal Dutch/Shell has detailed plans this year that seek to restore investor confidence, improve company accountability, and rebuild its overall reputation, in the wake of last year's scandal over over-estimation of its oil and gas reserves.

In restructuring, that has already seen the deconstruction of a centuries' old dual-board, chief executive Jeroen van der Veer is keen to see full accountability applied throughout the company.

He has also warned that estimates of existing reserves will also be likely to fall, but that plans are already being detailed to narrow down a project list of exploration projects most likely to see reserve estimates increased.

Shell is under pressure to match rivals ExxonMobil and BP, by finding new reserves equal to 100 per cent of the oil and gas it extracts for the next four years.

Singapore-listed China Aviation Oil (CAO) is looking to recover more than a third of its debts - up to $240 million - in a bid to stave off creditors from liquidating the troubled company.

The proposal is just part of a restructuring plan intended to satisfy creditors ahead of a vote on June 10th. It comes as a general test of Chinese state-controlled companies, as well as Singapore's regulatory standards.

CAO, a subsidiary of China Aviation Oil Holding, is China's sole importer of jet fuel, but collapsed under losses of $550 last month.

Harris Associates, a US based fund management group with nearly 5% of shares in Deutsche Börse, has added its voice to the investors already campaigning for the German company to abandon its bid for the London Stock Exchange.

Already facing an EGM, forced by investment company TCI, a share price increase of over 4.5% showed that market expectations are that Deutsche Börse will not succeed in its long-standing bid to control the London Stock Exchange (LSE).

Deutsche Börse made a failed take-over attempt in 2000, and last month made a bid that was rejected by the LSE board.