Ukraine crisis: President Poroshenko vows commitment to end fighting August 27, 2014 Ukraine's President Petro Poroshenko has vowed his commitment to end fighting between Ukrainian troops and pro-Russian separatists in the east of the country. His announcement followed two hours of direct talks with Russian President Vladimir Putin in Belarus; the first time such talks have taken place between the two leaders. "A roadmap will [...]
Europe will depend on Russian gas for decades, Fitch warns August 26, 2014 Europe will be reliant on Russian gas for at least the next decade with little alternative, analysts have claimed. Ratings agency Fitch issued a stark note yesterday, warning that Europe will continue to depend heavily on natural resources from President Vladimir Putin’s nation despite the race to diversify energy sources on the continent. “Any attempt [...]
Raven earnings rise but warns on sanctions August 26, 2014 RAVEN Russia said yesterday that it planned to boost its payout to shareholders after a positive set of results, despite warning that sanctions on Russia could pose an increasing risk to the company. The £530m London-listed firm supplies warehouse space for blue-chip companies in Russia such as Pepsi and has long been a favourite of [...]
WPP results ‘ravaged’ by strength of the pound August 26, 2014 The world’s largest advertising company, WPP, reported a 1.5 per cent rise in profit to £532m in the first half of the year yesterday, hampered by the effects of a strong pound. WPP reported that the strength of sterling had “ravaged” its billings and at a constant currency the same profits would have risen 15.6 [...]
Ride a black swan? WPP’s Sir Martin Sorrell adds Russian crisis to his list August 26, 2014 The Sochi Winter Olympics in February were a key turning point in the West’s deteriorating relationship with Russia, says WPP boss Sir Martin Sorrell who now lists the Russian crisis as the most threatening of his unknown unknowns – or “black swans” – supplanting the Eurozone debt crisis. “I think we made a mistake [...]
Alex Salmond’s independence fairytale won’t serve Scottish voters well August 26, 2014 SIR JAMES Mirrlees is one of the mere handful of British recipients of the Nobel Prize in economics. And as his fine old Scottish surname might suggest, he has been active in the debate on independence. His latest intervention, which has attracted considerable publicity, is to pronounce that an independent Scotland should be willing to [...]
Ukraine crisis deepens as 100 Russian lorries begin “direct invasion” August 22, 2014 The head of Ukraine's security service Valentyn Nalyvaichenko has said the unauthorised crossing of 100 Russian lorries into Ukrainian territory is tantamount to a "direct invasion", adding it was "under the cynical guise of the Red Cross – these are military vehicles". According to the Red Cross, the lorries crossed the border on Friday without [...]
State reputation riskier than sanctions for Russia’s oil and gas companies August 21, 2014 The Russian government’s reputation is a greater threat to the cred it worthiness of the country’s energy companies than the sanctions levied against the sector by the US and Europe, according to a report released yesterday. Credit ratings agency Standard and Poor’s (S&P) argued in research yesterday that sovereign risk is the largest factor weighing [...]
Russia and Thai tension drags UK tourist spending to five-year low August 21, 2014 Tourist spending in the UK has slumped for the first time in five years, after the Russia-Ukraine conflict and political unrest in Thailand deterred visitors from those countries. Figures published today by tax-free shopping specialist Global Blue showed that spending by overseas visitors fell by four per cent in the first six months compared with [...]
Rosneft’s $2bn deal with Vitol called off as sanctions take their toll August 21, 2014 A week after Russia's largest oil company was forced to go cap in hand to the Kremlin, Rosneft's deal with Vitol is off. Sanctions aimed at restricting the company's ability to raise long-term capital seem to have ruined the prospect of an agreement, which according to Financial Times sources, is officially shelved, or even dead. Rosneft is [...]