US and EU sanctions on Russia: It’s not another cold war says Obama, yet Putin won’t thaw July 29, 2014 The US and Europe have joined forces to tighten the screws on Russia’s President Putin, as the spectre of downed Malaysia airlines flight MH17 continues to tug at the consciences of western leaders. As ambassadors in Brussels yesterday finally agreed a package of new sanctions designed to bring the Russian economy to its knees, Prime [...]
EU sanctions against Russia Q and A: What are they and how will they affect Europe? July 29, 2014 Q What are the new sanctions? A Europe has agreed to tough measures targeting sectors, not just individuals as has previously been the case. These are tier three measures. Q Which sectors will be affected by the new tier three measures? A Finance, defence and energy are the key sectors in this new round [...]
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 [...]