Small TNK-BP investors left in doubt
Igor Sechin yesterday added to concerns about investor rights in Russia when the Rosneft chief executive said the state-controlled oil group had no obligation towards minority investors in TNK-BP. He was speaking as Rosneft moved ahead with plans to buy TNK-BP, Russia’s third-largest oil producer, in a $55bn deal.
Doubts over China bank profits
Chinese banks made handsome profits in the third quarter, but analysts warned that their stellar performance might not last as a struggling corporate sector begins to weigh on them. “The divergence between banks and the real economy looks too good to be sustainable,” said Stanley Li, of Mirae Asset Securities.
Berkshire bets on housing recovery
Warren Buffett’s Berkshire Hathaway has made another bet on a recovery in the US housing market, lending the conglomerate’s trusted brand to a venture with Brookfield Asset Management. It will be the majority owner of a network of franchised real estate agencies.
Ryanair eyes million new passengers
Ryanair believes it can attract a million new passengers from the Midlands and the North of England after it launches nine new routes from Manchester, Liverpool and East Midlands airports next summer.
East London hotel takes a step West
Plans to use the trendy Hoxton hotel in Shoreditch as the blueprint for a chain are poised to take a step forward amid indications that owner Ennismore Capital has secured a second site in London.
The Daily Telegraph
Facebook shares drop as workers sell
Facebook shares fell as much as five per cent yesterday, as many staff who have spent months watching the value of their stakes in the business plummet were finally able to cut their losses when restrictions were lifted.
Pub closures rise due to beer tax
Eighteen pubs are closing in Britain every week as the rising cost of beer drives landlords out of business, the Campaign for Real Ale (CAMRA) has warned.
THE WALL STREET JOURNAL
Shell waits until 2013 for Arctic oil
Shell had initially hoped to complete six Arctic oil wells by the end of October, before the onset of winter. But its drilling rigs packed it in for the year yesterday, having only completed two “top holes” after a series of setbacks with spill-response equipment
Lithuanian coalition faces turmoil
Lithuania President Dalia Grybauskaite said she will block the nation’s Labour Party from a new coalition government following allegations of vote buying.