Usmanov controlled Mail.ru sells down Facebook stake September 5, 2013 A COMPANY controlled by Russia’s richest man, billionaire Alisher Usmanov, has sold down a $528m (£338m) stake in US tech giant Facebook after the share price’s stellar rally this year. Usmanov, who is also a shareholder in Arsenal football club, sold 142m shares through his Mail.ru Group vehicle, which represents about 0.6 per cent stake, [...]
Russian firm teams up on UK nuclear September 5, 2013 RUSSIA’S state nuclear energy operator Rosatom yesterday said it has teamed up with Finish utility firm Fortum and British aerospace company Rolls-Royce to assess if it could construct nuclear power plants in the UK. Under the agreement, Rolls-Royce will undertake engineering and safety assessment work for Rosatom and Fortum will bring safety and waste management [...]
London Report: Banks lead FTSE to highest close in three weeks September 5, 2013 BRITAIN’S top share index marked a three-week closing high yesterday as Lloyds led banks higher in the sector’s strongest session in two months. Lloyds jumped 2.9 per cent after both Bernstein and Morgan Stanley gave a target share price of 100p for the bank, currently trading at 73p, as the British government prepares for its [...]
New York Report: Wall St edges higher as data cheers investors September 5, 2013 US stocks edged up yesterday rising for a third day after strong data indicated improving economic conditions, with caution capping gains ahead of Friday’s payrolls report and its implication on the Federal Reserve’s stimulus program. Markets continue to deal with the possibility of a US-led strike against Syria, and US President Barack Obama faced growing [...]
Obama backed by Senators on Syria attacks September 4, 2013 PRESIDENT Barack Obama last night won the backing of a key group of US Senators, paving the way for a full vote on military intervention in Syria. The Committee on Foreign Relations backed the President’s motion – which would allow air strikes for two months and bans US troops entering the country on the ground – by a [...]
Mining mergers plunge as fall in prices weighs September 4, 2013 MINING M&A activity worldwide plunged in the first half of the year as falling commodity and equity prices dented confidence, according to fresh research published today. Deal volume was down 31 per cent in the six months from January to June compared to a year ago, while its value plunged a staggering 74 per cent, [...]
Sunscreen goes up to block rays from Walkie Scorchie skyscraper September 3, 2013 THE DEVELOPERS behind the Walkie Talkie skyscraper last night began erecting an enormous screen in an attempt to block the building’s ultra-bright reflections – but not before City A.M. harnessed the power of the beam to fry an egg. Exactly 347 years after the Great Fire of London ravaged the City, we took advantage of a hotspot [...]
Gazprom profit up five per cent as rebates drop September 3, 2013 RUSSIAN energy giant Gazprom posted a five per cent rise in first-quarter net profit yesterday as higher exports and lower rebates to customers helped it top forecasts. Gazprom said its net profit attributable to shareholders over the January to March period rose to 381bn roubles (£7.3bn) from 361bn roubles a year earlier. The result topped [...]
Western retail business looks to Russian capital for new markets September 3, 2013 EUROPEAN retailers are increasingly shifting their focus eastwards, as Moscow becomes a top destination for shoppers and consumer spending. Mark Faithfull, the editor of Retail Property Analyst, said: “Moscow is the obvious starting point for international retailers looking to expand”. He added that while luxury products were the first to find the market, familiar brands [...]
Petropavlovsk writes off $600m as gold price slump hits results August 29, 2013 RUSSIA-focused gold miner Petropavlovsk yesterday posted a first-half net loss after a gold price slump forced it to take about $600m (£386.9m) of impairment charges. Precious metals producers have had to write down billions of dollars after gold price fell 15 per cent since the start of the year. “These (impairments) have severely affected our [...]