NBC out of tune with Apple

THE US media giant NBC Universal has pulled the plug on a deal to sell its television shows on iTunes, the online entertainment store owned by Apple.

NBC has said it will not renew its contract with Apple, which expires in December.

Apple claimed that NBC had tried to double the wholesale price it charged for programmes, but this was disputed by the broadcaster. NBC is currently the biggest supplier of digital video to iTunes.

BP opens new eastern front

BP is stepping up plans to break into Turkmenistan in an effort to expand further into Asia. Andy Inglis, its head of exploration and production, is understood to have met Turkmenistan’s president, Gurbanguly Berdimuhamedov, last week.

Turkmenistan has the second-largest gas reserves in the former Soviet Union, but was regarded high-risk until the death last December of its capricious former president, Saparmurat Niyazov. Small companies such as Burren Energy, the UK-listed group, already operate in the country.

Citigroup buys ACC

CITIGROUP has acquired the assets of ACC Capital Holdings, one of America’s biggest sub-prime mortgage lenders.

Under the deal, Citigroup will take over ACC’s wholesale mortgage-origination business as well as the rights to service $45 billion (£22.3 billion) in mortgages. The terms of the deal have not been disclosed.

ACC is also shutting Ameriquest, its retail-mortgages business. Ameriquest saw its fortunes soar during the housing boom by lending to people with poor credit histories, making its founder, Roland Arnall, now US ambassador to the Netherlands, a billionaire.

Ameriquest is the latest victim of the sub-prime mortgage crisis. More than 15 lenders have closed in recent months as the number of people defaulting on their home loans has rocketed.

Bar takings boost Wentworth

WENTWORTH, the golf club owned by fashion tycoon Richard Caring, has seen a 65% increase in sales, according to its latest accounts. The club’s parent company, WGA (UK) Holdings, saw turnover soar to £19.5m for the 12 months to March 31, up from £11.8m the previous year, according to accounts lodged at Companies House.

Operating profits for the period grew from £3m to £3.6m. The company, which owns three championship courses, said in its accounts that trading was boosted by refurbishments to bar and restaurant facilities.

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