End to Russian petrodollar surplus
Russia’s petrodollar surplus is poised to vanish as early as 2015 as import revenues overtake those from oil exports, according to its central bank. The forecast is the first official acknowledgment that the economic model which has characterised Vladimir Putin’s leadership – a country buttressed by oil money – is ending.
Private equity groups eye Best Buy
Richard Schulze, Best Buy’s estranged founder, has persuaded at least four private equity groups to examine the books of the US electronics retailer as he tries to assemble a takeover bid. Their work is preliminary and does not indicate any commitment to a deal. Last month Mr Schulze launched a tentative effort to acquire Best Buy that valued the group at nearly $9bn, excluding debt.
Engineers test 1,000mph rocket
A landmark moment in British engineering occurred yesterday when the Bloodhound rocket engine designed to propel the world’s first 1,000mph car was tested for the first time. Its performance in a hangar at Newquay airport exceeded expectations.
Russian medic eyes London IPO
A Russian obstetrician stands to make nearly $200m through the flotation of his chain of mother-and-baby clinics on the London Stock Exchange. Mark Kurtser is selling about a third of MD Medical Group in the offering, which is set to value his firm at between $855m and $955m.
Capita loses lucrative CRB contract
Capita has lost a lucrative contract to manage the Criminal Records Bureau after ten years. Indian-owned Tata Consultancy Services will take over.
The Daily Telegraph
Millionaires discriminated against
The taxman appears to have launched “a discriminatory attack” on millionaires, accountancy firm Baker Tilly has said. A HM Revenue & Customs unit that targets wealthy people regards anyone with assets of more than £1m as worthy of attention.
Italian taxman accused of faud
The head of an Italian tax collection agency and four of his employees have been accused of spending €100m (£63m) of taxpayers’ money on private planes, parties, yachts and luxury holidays.
THE WALL STREET JOURNAL
Singapore targets StanChart change
Temasek Holdings, the Singapore state investment company that is the biggest shareholder of Standard Chartered, has been expressing its discomfort with the bank’s governance and is pressuring it to appoint more independent directors.
Charges over Russian military sales
US prosecutors charged 11 people yesterday with illegally exporting microelectronics that can be used for military purposes for sale to Russian military and intelligence agencies.