Finance on Internet

BP said it expects to resume drilling in the Gulf of Mexico by the second half of 2011, little more than a year after the Deepwater Horizon disaster. The company also said replacement-cost profit for the first quarter fell 2% to $5.48 billion.

Barclays CEO Bob Diamond has been on the job less than four months. But he is already feeling pressure to turn around the giant U.K. bank: Shares fell 4.8% after the lender reported a 5% fall in profit and lower revenue from investment banking.

Credit Suisse saw its net profit drop by 45% in the first quarter, dragged down by a strong Swiss franc and a charge on its own debt, even as both its investment bank and private bank chalked up solid performances and the bank offered a bullish outlook.

Telefon AB L.M. Ericsson, the world’s largest maker of network equipment, reported a stronger-than-expected rise in net profit and sales in the first quarter on strong demand for wireless technology.