British American Tobacco sees volumes fall despite emerging market growth April 30, 2014 British American Tobacco (BAT) has reported a fall in revenue of 12 per cent at current rates of exchange for the three months ended 31 March. The decline in revenue was attributed to lower volume and the timing of price increases. The tobacco giant's cigarette volume from subsidiaries declined by one per cent 158bn, with [...]
BP sticks by Rosneft as Russia crisis hits profit April 29, 2014 OIL GIANT BP yesterday reiterated its commitment to Rosneft, despite the US putting sanctions on its head earlier this week. The FTSE 100 firm owns an almost 20 per cent stake in the Russian oil producer, whose chief executive Igor Sechin is one of president Vladimir Putin’s oldest allies. Russia has been at loggerheads with [...]
EU extends sanctions over Ukraine April 29, 2014 THE EU has announced a further 15 people it has added to its list for sanctions over the violence in Ukraine. The list now contains the names of 48 Russian and pro- Russian individuals involved in the separatist movement. New sanctions have been announced against General Valery Gerasimov, first deputy defence minister, and Lieutenant General [...]
Petropavlovsk slumps as debt deadlines loom April 29, 2014 PETROPAVLOVSK’S share price plunged over 14 per cent yesterday, after the FTSE 250-listed miner posted a full-year loss of $713m (£423.3m), slashed its dividend and said it had not yet secured crucial refinancing agreements. The 2013 loss compared to a $244m loss in 2012 and was largely due to impairments and write-downs from the fall [...]
Norway’s Statoil posts bumper profit due to US gas price hike April 29, 2014 NORWEGIAN energy giant Statoil posted net profit of 23.7bn krone (£2.35bn) in the first quarter, up from 6.4bn krone the previous year, beating market expectations thanks to a rise in US gas prices. Statoil is present in all the major US shale gas plays and benefited from higher demand due to an unusually cold winter. [...]
London Report: Solid corporate earnings push FTSE near highs April 29, 2014 THE UK’S blue chip share index hit a seven and a half week closing high yesterday, bolstered by upbeat corporate earnings reports from oil major BP and wealth manager St James’s Place. BP, up 2.9 per cent, contributed most points to the UK benchmark index as it raised its quarterly dividend and said more share [...]
Letters to the Editor – 30/04 – Army reservists, Best of Twitter April 29, 2014 Army reservists [Re: Small firms fear effects of rise in army reservists, Monday] In your article, The Federation of Small Businesses (FSB) calls on the Ministry of Defence to understand business concerns about the rise in army reservists. That is exactly what we are doing. With reservists set to play an expanded role in defence, [...]
The West’s latest sanctions might deal a heavier blow than we think April 29, 2014 Despite being criticised for their mildness, the newest sanctions imposed on Russian companies and indviduals by the US and EU send out a clear message on elements of Russia's way of doing business. Russian officials have warned the country’s hi-tech sector could be affected and Gazprom, Russia’s massive gas company, has said the sanctions have the [...]
BP ups dividend despite profit drop April 29, 2014 As it continues to press on with its turnaround programme, BP has reported that profit fell 24 per cent to $3.2bn (£1.9bn) in the first quarter – that's slightly ahead of the $3.1bn consensus forecast, though, and on the back of weaker production. It’s upping its quarterly dividend by 8.3 per cent to 9.75 cents per ordinary [...]
Asian markets indecisive as US imposes fresh sanctions April 29, 2014 Asian markets have been switching between gains and losses after a less than impressive day on Wall Street and the crisis in Ukraine continued to give investors reason for caution. The US has deployed more troops in eastern Europe and imposed fresh sanctions in response to Russia's activity in the region. The new sanctions target [...]