What the other papers say this morning – 30 May 2014 May 29, 2014 FINANCIAL TIMES John Mack steps down from Rosneft John Mack, the former chief executive of Morgan Stanley, is to step down from the board of Russia’s state-controlled oil group Rosneft. His move comes after the US Treasury department last month sanctioned Igor Sechin, Rosneft’s president, in connection with Russia’s actions in Ukraine. Mack dismissed the [...]
Russia, Kazakhstan and Belarus sign economic union pact May 29, 2014 AN AGREEMENT to form a Eurasian Economic Union between Russia, Kazakhstan and Belarus was yesterday signed in the Kazakhstan capital Astana, with Vladimir Putin calling the event a “historical milestone”. The agreement was signed by Kazakh President Nursultan Nazarbayev, Belarusian President Alexander Lukashenko, and Russian President Putin, and follows on from the previous customs union the [...]
Putin fears an EU fracking bonanza – but environmentalists don’t have to May 29, 2014 RUSSIA and China agreed on a $400bn, 30-year deal last week, wherein Gazprom will deliver 38bn cubic metres of natural gas a year to China. This will exacerbate the EU energy crisis, but the bloc still seems intent on ignoring the only obvious solution – fracking – and fidgets at the margins with renewables. Large [...]
Bitcoin’s success hinges on the rule of law says Canadian think tank May 29, 2014 The success or failure of the world's favourite cyrptocurrency depends on its legal status, according to a research note from the Montreal Economic Institute (MEI). Examining a host of countries that have implemented regulatory frameworks regarding Bitcoin, MEI find there are three factors which are critical to the success of the digital currency. First, users [...]
Rio Tinto hires former BP senior executive to run aluminium unit May 27, 2014 RIO TINTO yesterday said it has hired a former oil executive to head up its aluminium business, effective from 1 June. Alfredo Barrios, who will be based in Montreal, will replace Jacynthe Cote, who the FTSE 100 mining giant said is leaving for personal reasons and to pursue other interests. Barrios has held a number of [...]
Mixed morning for Asian markets as Ukraine tensions ease May 27, 2014 Asian markets have had a mixed morning, with investors taking heart from the possibility of monetary easing in the euro area and the conclusion of Ukraine's presidential election without further interference from Russia. On Monday, Mario Draghi said the European Central Bank (ECB) was prepared to act and counter risks that may arise from low [...]
Investment into Europe reaches peak level as economies recover May 27, 2014 FOREIGN investment into Europe reached a record high last year, with the UK seeing the greatest increase, said EY research today. Despite challenging economic conditions in parts of the continent, 3,955 projects attracted foreign investment in 2013, up four per cent from the previous year. EY’s annual European Attractiveness Survey said the UK took the [...]
Ukrainian air strikes take on rebels at airport May 27, 2014 UKRAINE’S new President, Petro Poroshenko, yesterday promised a tougher military response to rebels attacking key infrastructure in the troubled east of the country. The government attacked rebels with air strikes and paratroopers after a group of pro-Russian separatists captured Donetsk airport. Helicopters were seen firing on the main terminal, while ground troops are reported to [...]
Letters to the Editor – 27/05 – Dangerous rates, China’s rise, Best of Twitter May 27, 2014 Dangerous rates [Re: Britain’s mortgage prisoners must act now or face financial meltdown, Friday] The fate of the “mortgage prisoners” (those who have used the opportunity of low rates to take out misjudged loans for new properties) is no doubt troubling. But to argue that this means we should put off a rise in base [...]
CNBC Comment: Putin’s bravado masks financial stress May 26, 2014 VLADIMIR Putin’s pivot to the East can no longer be in any doubt. Attending the St Petersburg Economic Forum (the annual meeting he set up to rival Davos) last week, high profile US attendees, like Lloyd Blankfein of Goldman Sachs, were notably absent. The most high-profile foreign delegates were from China, like vice premier Li [...]