AstraZeneca pledges to invest £120m in UK cancer drug factory November 12, 2013 ASTRAZENECA said yesterday it would invest £120m in a new facility at its global manufacturing site in Macclesfield, in the north west of England, to continue production of prostate cancer drug Zoladex. The medicine is the company’s fifth largest selling brand with annual sales of around $1bn. Zoladex has been manufactured at AstraZeneca’s Macclesfield plant [...]
EBRD cites oil price as it cuts Russia outlook November 11, 2013 THE EUROPEAN Bank for Reconstruction and Development (EBRD) cut its 2013 and 2014 growth forecasts for central and eastern Europe and North Africa yesterday, citing weak external demand and unfinished structural reforms. The EBRD’s forecasts for its regions of operation included a drop of half a percentage point for the biggest economy, Russia. “Potential growth [...]
Zhaikmunai’s £1.5bn London float imminent November 11, 2013 KAZAKH oil and gas explorer Zhaikmunai’s long-awaited £1.5bn London flotation may launch as soon as this month, City A.M. understands. A final decision on the timeframe has not yet been made, but it is thought that the company could feasibly list on the main segment of the London Stock Exchange in the next few weeks. [...]
Mighty Wings fail to save McDonald’s from poor performance in October November 8, 2013 McDonald's, the world's largest fast-food company, recorded a weaker than expected sales increase of 0.2 per cent in the US in October. New products such as the Mighty Wings and the Pumpkin Spiced Latte were largely responsible for the tepid growth seen in the US, but failed to produce impressive results. Sales in Europe rose [...]
Vimpelcom’s earnings plunge November 6, 2013 Vimpelcom, Russia’s third biggest mobile operator, said yesterday competition and tougher regulations hit sales growth in the third quarter. Regulatory pressures in Africa and Asia as well as reduced fees that its Italian business Wind can charge rivals to use its network contributed to a one per cent fall in third-quarter revenue to $5.7bn. The [...]
Ukraine signs Chevron deal November 5, 2013 Ukraine signed a $10bn (£6.2bn) shale gas production-sharing agreement with US Chevron yesterday, another step in a drive for more energy independence from Russia. The deal to develop its western Olesska field followed a similar shale gas agreement with Shell in January and boosts Ukraine at a time of fraught relations with Moscow over gas [...]
We can cut carbon emissions but not with inefficient renewable subsidies November 5, 2013 HOPE for a breakthrough at the international climate change talks in Warsaw next week is evergreen: “Where there is a will, there is a way!” the hosts’ environment minister says. But despite this optimism, there is little global will for an overarching agreement akin to the failed Kyoto protocol. Yet there is a very different [...]
EU aims for end in Gazprom antitrust probe November 4, 2013 THE EUROPEAN Commission expects to wrap up an investigation by the spring into suspected anti-competitive market practices by Russian gas export monopoly Gazprom, the EU energy commissioner said yesterday. The Commission’s action against Gazprom is likely to ratchet up the tension between Europe and Russia, which has criticised EU attempts to boost competition in the [...]
Otkritie is now Russia’s largest private bank October 31, 2013 OTKRITIE Capital yesterday began its purchase of Petrocommerce Bank, an acquisition that will make it Russia’s largest private bank and fourth biggest lender overall. The bank – which has a London-based unit, Otkritie Securities – is a major lender in the oil industry, with Rosneft as a principal client. The takeover of Petrocommerce Bank brings [...]
Avon shrinks workforce after loss October 31, 2013 Avon posted weaker-than-expected third quarter sales yesterday, hurt by a big drop in North America and in growing markets like Mexico and Russia, and said the size of its sales force had shrunk. Revenue fell seven per cent to $2.26bn, including the impact from currency fluctuations. Avon reported a net loss of $5.5m compared with [...]