Why the Pope is wrong on inequality August 21, 2014 Pope Francis visited Seoul, South Korea last Saturday, where he urged wealthy nations to “hear the cry of the poor” and resist the “allure of materialism.” The condemnation of capitalism and inequality has been a common theme for Francis since his papacy began. In his first major work written as Pope, Francis called capitalism “a [...]
Carlsberg share price dips as Russian tension takes the fizz out of profits August 20, 2014 Copenhagen-listed brewer Carlsberg saw its shares fall as much as 4.6 per cent during trading yesterday after warning its 2014 profit would drop due to the deteriorating Russian market. The Danish firm, which generates 35 per cent of its profits from Russia, said it now expected operating profit to fall by low- to mid-single digit [...]
Heineken shares rise as World Cup helps to offset eastern woes August 20, 2014 Shares in Heineken rose nearly seven per cent yesterday after the Dutch brewing giant played down concerns over Russia and delivered better-than-expected beer sales in the Americas, Africa and the Middle East. The company said group beer volumes were up 3.1 per cent in the first six months, thanks in part to the World Cup [...]
Moscow McDonalds shuttered as Russian government intervenes August 20, 2014 THE RUSSIAN government closed down four McDonalds outlets in Moscow yesterday, following a round of sanctions against western agricultural products. The government said that the closures, which included the first McDonalds ever opened in the country, were due to unsanitary conditions discovered by the Russian public health authority. The Russian arm of McDonalds said in [...]
Norway to keep $8.2bn Russian assets despite sanctions – for now August 20, 2014 Norway’s massive sovereign wealth fund yesterday announced that it was likely to hang on to its $8.2bn (£4.93bn) worth of Russian assets despite Western sanctions on Moscow. However, the $885bn fund – one of te world’s biggest investors said it did not plan further purchases because of political risk. The fund has $8.2 billion invested [...]
Poland wants to take Russia to court over food ban August 20, 2014 In the wake of Russia's ban on some European food products, Poland has asked the European Commission to complain to the World Trade Organisation (WTO). Poland sent the request to European Trade Commissioner Karel De Grucht, who represents the EU in WTO cases. Marek Sawicki, Poland's agriculture minister has said that preliminary consultations are underway, and [...]
Cars and aircraft could be next target for Russian sanctions August 19, 2014 Russia could hit back against Western nations with bans on imported cars if the US and the EU and introduce additional sanctions, Russin newspaper Vedomosti has reported. Russia's involvement in Ukraine has already led to a host of sanctions being imposed, including measures against the energy and finance sector and travel bans for top officials. [...]
Merkel backs Baltic states but rules out combat troops August 19, 2014 German Chancellor Angela Merkel has pledged to support the Baltic states against a possible Russian threat but refused to commit to the deployment of ground troops. Speaking in the Latvian capital Riga, Merkel said she supported "enhanced preparations" to deploy NATO forces to the region in case of an imminent threat. She reassured the Latvian [...]
Brussels set to make payouts for farmers hit by Putin’s sanctions August 18, 2014 EUROZONE fruit and vegetable farmers hit by the Russian government’s food sanctions are set for a payout, with Brussels pledging €125m (£99.9m) in compensation to those affected yesterday. The action is designed to help prop up food prices in the single market. Dacian Ciolos, the EU’s agriculture commissioner, said that the action was meant to [...]
London Report: FTSE rises as Ukraine-Russia fears subside August 18, 2014 THE FTSE 100 yesterday climbed on the back of investor relief that a feared escalation in the Ukraine crisis had failed to materialise. Tensions spiked on Friday when Ukraine said it had partially destroyed an armoured column that had crossed the border from Russia, triggering a sell-off in global shares. But Moscow made no threat [...]