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 [...]
City Moves for 01 November 2013 | Who’s switching jobs October 31, 2013 Legal & General Property The property business has announced the appointment of Imogen Ebbs as a senior asset manager to support its limited price inflation income property fund. She was most recently at Lloyds Banking Group, where she was an associate director in its property solutions division. Baker Tilly The accountancy firm has recruited Winn Faria [...]
England’s World Cup future to be safeguarded by Platini’s proposal October 28, 2013 ENGLAND’S hopes of qualifying for future World Cups will not be hindered by plans from world governing body Fifa to increase the number of African and Asian participants, if Uefa president Michel Platini’s counter-proposal to expand the competition from 32 to 40 teams from 2018 takes off. Fifa president Sepp Blatter said last week Africa [...]
Russian miner Alrosa raises £810m in float October 28, 2013 RUSSIAN state-owned diamond miner Alrosa yesterday raised $1.3bn (£810m) through a public offering in Moscow, with shares sold at the bottom of the price range. Russian federal and regional governments together sold a 14 per cent stake in the miner and an Alrosa subsidiary sold two per cent to repay existing debt. The share sale [...]