Global banks lend £255m to Russia’s Evraz despite Ukraine tensions August 13, 2014 Russian steelmaker Evraz yesterday said it had signed a $425m (£255m) loan from international banks, showing that western institutions were still comfortable doing business there despite increasing tensions over Ukraine. FTSE 250-listed Evraz, which counts oligarch and Chelsea Football Club owner Roman Abramovich as its largest shareholder, said it had secured the five-year loan with [...]
Russian Football Union risks Fifa sanctions for accepting Crimean teams into league August 13, 2014 Russia has risked incurring the wrath of Fifa after its football union voted to incorporate three clubs from the annexed Crimea region into their third division, a decision apparently motivated by fear of upsetting president Vladimir Putin. The Russian Football Union, host federation of the 2018 World Cup, has breached Fifa statutes which state [...]
Brent crude oil price at 13-month low despite Iraq risk August 12, 2014 The price of Brent crude sank to a 13-month low yesterday, after the International Energy Agency (IEA) said oversupply in the market had offset “worrisome developments” in Iraq and other major oil producers. The industry benchmark fell to $102.65 (£61.06) during the day, the lowest price since 1 July 2013. In its closely watched monthly [...]
Humanitarian convoy sparks war of words August 12, 2014 Tension between Russia and Ukraine flared up yesterday after officials in Kiev declared that a Moscow-sponsored convoy carrying humanitarian aid to rebels in the east would be stopped at the border. Western leaders expressed fears that convoy of 280 lorries could be a “trojan horse”, and the first step in a full-scale Russian invasion. The [...]
New Look lines up buyer for its French business as sales surge August 12, 2014 FASHION retailer New Look said yesterday it had received an offer for its French clothing chain Mim after revealing a strong rise in first quarter sales. The group, which slipped into the red last year after having to write-down the value of Mim’s assets, declined to name the buyer, but said deal was expected to [...]
London Report: FTSE flat as Pru data counter geopolitical tensions in Ukraine August 12, 2014 BRITAIN’S top shares yesterday were pegged back by tension between the west and Russia over Ukraine, although robust results lifted insurance and pensions group Prudential. The FTSE 100 closed down 0.4 of a point – flat in percentage terms – at 6,632.42 points. A convoy of 280 trucks that Russia said were carrying humanitarian aid [...]
Ukraine to block Russian aid convoy August 12, 2014 A Russian aid convoy will be turned back from the Ukrainian border amid fears the mission may be used to send in soldiers. The Ukrainian government has said that the convoy lacks Red Cross (ICRC) certification and will not be allowed to enter the country. If the aid is to cross the border, a Ukrainian [...]
Iraq crisis unlikely to lead to rising oil prices, says IEA report August 12, 2014 Despite a slew of international crises the price of oil is unlikely to rise in the near future thanks to rising production from North America, according to the International Energy Agency's (IEA) monthly report. The advance of Islamist militants in northern Iraq and the increasingly unstable situation in Libya have put many investors on edge [...]
New Look pauses Russia launch as situation worsens August 12, 2014 New Look's plans to launch in Russia have been put on hold because of concerns over the worsening political situation in the country. The retailer, which this morning posted group revenue growth of 8.1 per cent to £392.5m for the 13 weeks to June 28, had earmarked Russia as one of four countries ripe [...]
NATO fears Russian aid to Ukraine may disguise invasion August 11, 2014 TENSIONS between Russia and the West threatened to flare up again yesterday as President Putin vowed to press on with plans to send an aid convoy into eastern Ukraine. It comes as the Russian leader, blamed for arming rebels and stoking conflict in the ex-soviet state, has amassed 45,000 troops on the border with its [...]