BP eyes $28bn deal as oligarchs bow out October 17, 2012 A GROUP of oligarchs last night bowed out of buying British oil major BP’s stake in embattled Russian joint venture TNK-BP, opening the way for BP to begin talks on a multi-million pound deal in a Russian state oil producer. Russian consortium AAR last night called time on its troubled relationship with BP over joint venture [...]
Diageo gets lift from emerging markets and US October 17, 2012 DIAGEO yesterday posted a five per cent jump in underlying sales driven by demand for spirits such as Smirnoff vodka in the US and strong sales of scotch in emerging markets like China. The drinks giant said net sales in North America, which accounts for a third of its sales, rose six per cent in [...]
Polymetal ups sales guidance on high output October 17, 2012 PRECIOUS metal producer Polymetal yesterday posted record gold output of 317,000 ounces, up 48 per cent year on year, revising up its full-year production guidance. For the nine months to 30 September, gold production was up 46 per cent year on year. On a quarterly basis, production increased seven per cent. The Russian producer cited [...]
Petropavlovsk goes for gold as production increases by a third October 16, 2012 RUSSIAN precious metal miner Petropavlovsk yesterday posted gold production of 219,400 ounces over the third quarter, up 39 per cent year on year. Over the nine months to 16 October, gold production was up 11 per cent to 498,500 ounces. The FTSE 250 miner said yesterday it was on track to achieve its full-year production [...]
Season of mellow fruitfulness and energy price rise myths October 14, 2012 I LOOKED out at the frost on my lawn yesterday and thought about the joys of autumn. The golden leaves falling from the trees, the mist on your breath on long walks, log fires in a local pub and, most predictable of all, the seasonal skewering of us consumers by the energy suppliers. Yes, last [...]
BP is under fire in Azerbaijan over its production revenues October 11, 2012 AZERBAIJAN has accused BP of making “false promises” on oil output and said the state had missed out on $8bn of potential revenues from what is one of the company’s biggest projects in the world. President Ilham Aliyev said he would take “serious measures” – threatening a third battle front for BP as it seeks [...]
Russia’s MD Medical float is fully covered October 10, 2012 ORDER books are covered on the $300m London listing of Russia’s MD Medical Group (MDMG), according to three sources close to the deal. The offering includes $150m of global depositary receipts (GDRs) to raise money to fund the expansion of the company’s clinic and hospital network, as well as £148m of existing shares being sold [...]
Goldman Sachs is a no-show on Megafon float October 9, 2012 GOLDMAN Sachs was yesterday desperately trying to douse the flames of an argument that threatens to jeopardise its business in Russia after stepping back from the London flotation of Megafon. Bankers were yesterday caught on the hop by news that Goldman Sachs, which had been effectively in the driving seat in the run-up to the [...]
The unravelling of China’s exceptionalism October 9, 2012 MARKETS across the world were given a boost yesterday when the Chinese central bank pumped tonnes of liquidity into the country’s banking system for the second time in a fortnight. The People’s Bank of China injected 265bn yuan (£26bn) into the money market via reverse purchase agreements, adding to the 2.418 trillion yuan offered since [...]
What the other papers say this morning October 8, 2012 FINANCIAL TIMES TNK-BP partner look to sell stake BP’s billionaire partners in TNK-BP say they want to sell or list their 50 per cent stake in the business, creating more uncertainty over the future of Russia’s third-largest oil producer. Total arm warns over inaccuracies Total Oil Trading, one of the largest groups of its kind, [...]