S&P downgrades Russia to BBB- April 25, 2014 Standard and Poor’s has cut its credit rating for Russia to BBB- – the lowest investment grade. The reason for the downgrade to a notch above "junk" is owing to large capital outflows from the country and worsening economic risks, the credit rating agency said, as the situation over Ukraine becomes more tense. It maintains [...]
Asian markets take a hit as Ukraine tensions rise April 25, 2014 Asian markets have taken a hit after US Secretary of State John Kerry warned Russia it would be making a "grave mistake" if it did not cease interfering in Ukrainian affairs. Investors were left disappointed after US President Barack Obama's state visit to Japan failed to secure a trade deal between the two countries. Many [...]
How Britain is wasting its real shale gas potential April 24, 2014 WITH the Ukraine crisis intensifying and concerns growing over its impact on energy security, the government has responded this week with rather inconsistent messages: it announced more multi-billion subsidies for unreliable renewable energy projects and another promise to speed up shale gas extraction in Britain. Speaking at a conference in Blackpool, and with a new [...]
What the other papers say this morning – 25 April 2014 April 24, 2014 FINANCIAL TIMES Google+ chief out ahead of shake-up The Google executive who led its attempt to challenge Facebook in social networking is leaving the company, ahead of changes to the service. Vic Gundotra, a former Microsoft executive who has spent almost eight years at the search firm, launched Google+ in June 2011, with the stated [...]
Heineken returns to growth in Europe though profits tumble April 24, 2014 HEINEKEN yesterday reported a 37 per cent decline in first-quarter net profits to €143m (£117.63m), though parts of Europe raised more glasses of the brewery group’s beers. Like-for-like beer volumes rose 1.5 per cent, while revenues rose 3.4 per cent to €4.04bn. Currency movements and the divestment of the Finnish Hartwall unit hurt the firm’s [...]
Letters to the Editor – 25/04 – Transport capacity, Western decline, Best of Twitter April 24, 2014 Transport capacity [Re: Just three reforms would transform UK recovery into sustainable boom, yesterday] Rolling back the green belt around London by one mile is a sensible suggestion. But how would the inhabitants of the 1m new houses, all within travelling distance of London, travel into the city? Certainly not on the overcrowded trains and [...]
How Britain is wasting its real shale gas potential April 24, 2014 WITH the Ukraine crisis intensifying and concerns growing over its impact on energy security, the government has responded this week with rather inconsistent messages: it announced more multi-billion subsidies for unreliable renewable energy projects and another promise to speed up shale gas extraction in Britain. Speaking at a conference in Blackpool, and with a new [...]
Sanctions on Russia will hurt – but doing nothing also has a price April 23, 2014 EUROPEAN leaders were quick to say Russia’s annexation of Crimea was “unacceptable”, but mostly accepted it. Others say they know Russia is behind the violence in eastern Ukraine, but still do nothing. Talk is cheap. The real test is whether the EU will move from rhetoric to real action and impose meaningful sanctions on Russia. [...]
What the other papers say this morning – 23 April 2014 April 22, 2014 FINANCIAL TIMES Russian bank’s post-Crimea bond A Russian bank in the oil-rich region of Tatarstan has become the country’s first lender to issue a dollar-denominated bond since Moscow’s official annexation of Crimea and the subsequent tension with western governments. Tatfondbank, which has branches across Russia, raised $70m yesterday through a three-year bond. Numericable eyes €8.5bn [...]
Ukraine peace deal unravelling fast as violence flares in the east April 22, 2014 A FRAGILE peace deal, agreed between Russia and Ukraine last Thursday, looks to be unravelling after reports that two pro-Ukrainian supporters, one a politician, were tortured and killed emerged yesterday. Acting Ukrainian President Oleksandr Turchynov called for counter-terrorist operations, suspended last week as part of the peace deal, to resume in eastern Ukraine. “The terrorists [...]