What the other papers say this morning – 3 October 2013 October 2, 2013 FINANCIAL TIMES FBI raid $1bn Silk Road black market US authorities have seized more than $3m worth of Bitcoins after closing down Silk Road, the online marketplace that allegedly allowed more than a billion dollars of illegal drugs and illicit services to be bought using the virtual currency. As part of the raid, the Federal [...]
Russian government sells 14pc stake in diamond miner Alrosa October 2, 2013 THE RUSSIAN government plans to sell off a 14 per cent stake in Alrosa, the state-owned diamond miner said yesterday. A Moscow public offering for the world’s largest diamond miner based on volume has been in the pipeline for over a decade, as the Russian government looks to bolster its coffers. Russian federal and regional [...]
Russia cuts stake in world’s largest diamond producer Alrosa October 2, 2013 The Russian government will be selling a 14 per cent stake in Alrosa, the world's largest diamond producer. Wargan Holdings Limited, a subsidiary of Alrosa will sell an additional two per cent of shares. The deal which has been int pipeline for more than a decade is expected to be worth over £600m. The Russian [...]
What the other papers say this morning – 2 October 2013 October 1, 2013 FINANCIAL TIMES Euro banks undervalued Europe’s banks are just as strong as US rivals and are being unjustly undervalued by investors, according to the vice-president of the European Central Bank (ECB) – the man in charge of setting up safety testing of the Eurozone’s banking system. Vitor Constancio’s comments come as the ECB prepares for [...]
Advanced economies lead manufacturing upturn October 1, 2013 GLOBAL manufacturing strengthened between August and September, recording marginal growth around the world in general, according to figures released yesterday. The JP Morgan purchasing managers’ index for global manufacturers, produced by Markit, came in at 51.8 for last month, up from 51.6 in August. However, advanced economies are leading the expansion, with the UK, Netherlands [...]
Against the Grain: Why the psychology of crisis may explain Russia’s future growth trajectory October 1, 2013 THE PERFORMANCE of the Bric economies over the past decade or so has been mixed. Russian growth, though impressive by Western standards, has lagged behind that of both India and China – which have themselves experienced a recent relative slowdown. Russia’s underperformance, however, has been particularly noticeable since 2008. I got an insight into the [...]
Fitch says gold price rebound unlikely while fall to $1,000/oz may hit miner ratings October 1, 2013 Gold prices are unlikely to rebound according to ratings agency Fitch (release). That comes after a large sell off in precious metals today. The anticipated unwinding of US quantitative easing and expectations of improving but unspectacular economic growth leave little room for a rebound in gold prices over the next few years, while a further [...]
Russia’s Rosneft offers $1.5bn for minority stakes in TNK-BP September 30, 2013 RUSSIAN oil giant Rosneft yesterday said it plans to buy the remaining shares in TNK-BP Holding for a fraction of the price it paid BP and a group of oligarchs for their stakes, in a worrying development for minority shareholders in Russian companies. Rosneft bought the holding company and its parent TNK-BP last year in [...]
Letters to the Editor – 01/10 – Climate change, Fracking in Britain, Best of Twitter September 30, 2013 Climate change [Re: Global warming alarmism is no longer scientifically or politically sustainable, yesterday] Excellent article. We should repeal the Climate Change Act, get rid of the EU’s renewable energy targets and subsidies, and introduce sensible energy policies, run by a sensible energy minister and Department for Energy. Phillip Bratby There’s nothing wrong with renewables. [...]
The US is busy reinventing its future – the rest of the world isn’t so lucky September 29, 2013 I'VE always been a John Steinbeck/ Bruce Springsteen sort of American. I share their common mantra, "Aren't things terrible here, but I wouldn't want to be anyplace else." Being clear-eyed about the US's failings, while remaining romantic about it at heart isn't easy. But America's extraordinary capacity to right its ship – to reinvent itself [...]