Fragile expansion in Russia and Eurozone set for sanctions shock July 29, 2014 Russian markets and economic growth could be damaged further by a new round of European sanctions, which go further than forecasters had thought. “It seems like the EU has done even more than the majority of analysts have been expecting,” said Evghenia Sleptsova of Roubini Global Economics. “The sanctions are going to have more of [...]
Banker’s oath? Pah! How about threaten them with ye old bag of adders? July 29, 2014 The launch of ResPublica’s Virtuous Banking Report, from which the now famous suggestion of a banker’s oath sprung, caused quite a commotion yesterday. When Lord Phillips asked former CBI director general Sir Richard Lambert why more bankers were not in jail for their misdeeds, Lambert responded with a pertinent history lesson. “You should read the [...]
London Report: GKN and Next report upbeat earnings to lift FTSE after slump July 29, 2014 THE FTSE 100 posted its first gain in three days yesterday, with upbeat earnings reports from GKN and Next lifting the mood. However, shares in BP bucked the trend, falling amid concerns on the fallout from new, tougher sanctions on Russia. The index climbed 0.3 per cent to close at 6,807.75, recovering from a 0.1 [...]
New York Report: Caution halts Dow’s rise July 29, 2014 US STOCKS yesterday ended a choppy trading session lower, as investors turned cautious after the EU and President Barack Obama announced a new round of sanctions against Russia for its role in Ukraine’s deadly civil war. The Dow Jones industrial average fell 70.16 points, or 0.41 per cent, to 16,912.43, the S&P 500 lost 8.93 [...]
EU hits Russia with fresh sanctions as tensions escalate July 29, 2014 EU governments have agreed to impose a host of economic sanctions against Russia, taking aim at bank financing, technology, defence equipment and the oil industry, according to EU sources. At meetings held today in Brussels, it was also agreed that Russian state-owned banks would be barred from selling shares or bonds in Europe. Today's developments [...]
BP share price drops after strong start July 29, 2014 Despite beating earnings expectations, BP has seen its share price slide this morning; possibly due to fears it is exposed to the fallout from the Yukos case. Russia has been ordered to pay $50bn (£29bn) to shareholders of the now defunct company after the Kremlin seized and broke up the company dishing out its assets. BP [...]
Russia ordered to pay £29bn to Yukos investors July 28, 2014 THE HAGUE’S arbitration court yesterday ordered Russia to pay a group of Yukos shareholders $50.02bn (£29.4bn) in compensation for deliberately bankrupting the oil company, at a time when relations between Russia and the West were already on a knife edge. The arbitration panel in the Netherlands awarded shareholders in the GML Group, a former Yukos [...]
Russia forced to pay $50bn to Yukos shareholders for expropriating oil assets July 28, 2014 As Putin's international image slips to a new nadir over Ukraine, Russia has been ordered by the Hague's arbitration court to repay $50bn to shareholders in defunct oil company Yukos. The Russian state had expropriated the assets of Yukos, forcing the company into bankruptcy. A $50bn hit will come as a large blow to the former-soviet [...]
David Cameron urges restraint over Russia 2018 World Cup boycott July 27, 2014 Both Labour and the Liberal Democrats have called for Russia to lose the right to host the football World Cup in 2018 if President Putin continues his involvement with separatists in Ukraine. However, David Cameron urged caution instead yesterday, pouring cold water on his coalition partner’s call for action. “The Prime Minister does not believe [...]
Don’t be gloomy – but there are still risks to the strong UK recovery July 27, 2014 Friday’s GDP data took us past a very symbolic landmark. The level of output in the UK is now slightly above its pre-recession peak. However, we should bear in mind that the UK population has risen by more than 4 per cent since early 2008. Average income per person is therefore still some way below [...]