October 18, 2013, 2:26am
Tele2 sale lifts Russian hopes
VTB has sold 50 per cent of mobile operator Tele2 Russia to billionaire Yuri Kovalchuk and partners, paving the way for the creation of a much stronger fourth competitor in Russia’s mobile market. The deal comes six months after VTB, Russia’s second-largest bank, acquired the Russian arm of Sweden’s Tele 2 for $3.6bn and amid talk of a forthcoming merger between Tele2 Russia and Rostelecom, a state-owned rival.
Peabody defies fall in coal prices
Peabody Energy offset continued depressed coal prices with cost cuts that helped the largest US coal producer to generate better than expected quarterly earnings, sending the company’s shares higher. Coal producers have been among the mining companies most under pressure with demand weak and supply plentiful.
Ferrero shuns Nestle’s advances
Nestle has made several approaches to buy all or part of Italy’s Ferrero but has been rebuffed by the family-owned group, said three people with direct knowledge of the events. Switzerland’s Nestlé made the approaches to the maker of Nutella over the past two months, with the aim of expanding its confectionery business. “Nestle have tried, but Ferrero is like a fortress.
Madoff’s staff fooled by lies
Bernie Madoff’s employees were as much victims of his lies as the investors who lost nearly $20 billion in his Ponzi scheme, a federal court heard yesterday. Andrew James Frisch, the defence lawyer for Daniel Bonventre, one of five Madoff employees on trial this week, said that his client was fooled by Madoff’s “pathological lies”.
Financier backs robotic legs
Rex Bionics a New Zealand company that develops hi-tech robotic legs for paraplegic patients is joining the London stock market in a deal brokered by Jeremy Curnock Cook, a veteran City healthcare financier.
The Daily Telegraph
Bonmarche IPO shows turmoil easing
Fashion retailer Bonmarche is to float shares on the stock market in the latest sign that the turmoil on Britain's high streets is easing. Sun European Partners, the investment group that owns Bonmarche, is to sell at least 40 per cent of the shares in the company through a float that should value the company at up to £130m.
Vinyl sales reach a 12 year high
Sales of LPs have doubled to 550,000 this year and the format has become the favourite of nearly nine in 10 vinyl buyers, according to the record industry body BPI. The figure reflects year-on-year growth of more than 100 per cent.
THE WALL STREET JOURNAL
Hulu Names Mike Hopkins CEO
Video-streaming service Hulu on Thursday named Mike Hopkins as its new chief executive, effective immediately. Mr. Hopkins succeeds Andy Forssell, who was senior vice president of content and had served as acting CEO since March, when Jason Kilar stepped down.
US picks lawyer for security post
President Obama picked Jeh Johnson, an experienced Defense Department lawyer and administration loyalist, to succeed Janet Napolitano as Homeland Security chief. The nomination announcement was set for Friday.