Russians freeze BP’s $16bn deal February 1, 2011 OIL giant BP has been forced to halt work on its historic venture with Rosneft, after its billionaire Russian partners won an injunction. Four Russian oligarchs, using the name AAR, convinced the High Court to stall BP and Rosneft’s plan to swap $16bn (£10bn) worth of shares and drill in the Arctic until 25 February. [...]
Citigroup wins control of EMI February 1, 2011 GUY Hands’ battle to retain ownership of iconic record company EMI ended yesterday after Citigroup, provider of its £3.4bn debt mountain, took control of the firm. Hands’ private equity firm Terra Firma was forced to cede ownership after failing to keep up EMI’s debt repayments to the investment bank. Terra Firma bought EMI, home of [...]
HSBC: London losing to Asia February 1, 2011 Banking there is “quite a noticeable” migration of business from London to Asia, according to HSBC chairman Douglas Flint. Speaking before the House of Commons Treasury committee, he pointed to “three 200,000 square foot buildings being taken by international banks in Singapore at the moment that might have gone somewhere else”. Two of the buildings [...]
Sentance is right – he will be missed February 1, 2011 INTEREST rates must rise: that is the message from Andrew Sentance, the distinguished monetary policy committee member, in his exclusive interview in today’s City A.M. (p1 and p13). It is good to see that Sentance, whose principled and intellectually rigorous warnings against inflation have been entirely vindicated, hasn’t changed his mind, despite the fourth quarter’s [...]
Arsenal show appetite for a title fight February 1, 2011 ARSENAL 2 vs EVERTON 1 And Wenger slams Abramovich spending spree ARSENAL manager Arsene Wenger poured scorn on big-spending Chelsea’s disregard for looming financial fair play rules after seeing his team give the strongest indication yet that they have the stomach for a title challenge. Andrey Arshavin and Laurent Koscielny both scored in five second-half [...]
What the other papers say this morning February 1, 2011 FINANCIAL TIMES INVESTORS WARN OVER DEEP WATER DRILLING RISKS Oil companies operating in deep water must do much more to reassure shareholders that they are not taking excessive risks that could put them out of business, representatives of investors with $2,500bn under management have warned. US and European share holders, including state employees’ pension funds [...]
Chelsea sparkle but there’s still room for Torres, insists spoilt for choice Ancelotti February 1, 2011 SUNDERLAND 2 vs CHELSEA 4 CHELSEA manager Carlo Ancelotti may have seen his side run riot at the Stadium of Light but he insists there is still room in his forward line for £50m recruit Fernando Torres. The Spaniard didn’t travel with his new teammates to the north east, but Ancelotti confirmed he is in [...]
Sport chains mull merger February 1, 2011 CASH-strapped sports retailer JJB Sports is in takeover talks with its rival, JD Sports Fashion, the companies confirmed yesterday. JJB, which plans to raise an emergency £31.5m from investors, and its far more successful competitor said merger discussions had started but there was no certainty of a deal. If combined, the two chains would create [...]
Youngs won’t be intimidated by Welsh physical onslaught February 1, 2011 ENGLAND scrum-half Ben Youngs admits he’s relishing the prospect of the physical battle which is likely to ensue when Martin Johnson’s side get their RBS 6 Nations campaign underway against Wales on Friday night. The 21-year-old cemented his place in Johnson’s side after following up his match-winning exploits in Sydney last summer with a set [...]
Dow and S&P hit 31-month high February 1, 2011 The Dow and S&P 500 closed at their highest levels since June 2008 yesterday after reports of strong earnings and signs of a surge in US manufacturing. The Dow closed at 12,040.16 – above the critical 12,000 level – while the Standard & Poor’s 500 Index rose 21.45 points, or 1.67 per cent, to 1,307.57.
