FTSE 100 steady on worries over global growth September 25, 2012 The FTSE 100 was modestly up in early deals this morning, as a rally in natural resources and property stocks pulled the index higher, although worries over global growth and Spain’s economy continued to dampen stocks. Spain is due to present its draft budget plan for next year later on this week. Property group Morgan [...]
Promsvyazbank confirms plans for London float September 24, 2012 PROMSVYAZBANK (PSB), one of Russia’s largest privately owned lenders, said yesterday it will proceed with its long-awaited initial public offering (IPO), aiming to strengthen its capital and better position itself to compete with state-owned banks. PSB is seeking to capitalise on positive investor sentiment towards Russian banks, powered by market leader Sberbank’s partial privatisation last [...]
Promsvyazbank unveils plans for London-Moscow listing September 24, 2012 Russian lender Promsvyazbank said this morning it is proceeding with a dual London-Moscow initial public offering, becoming the latest Russian company to tap the London markets for funding. It is understood the IPO is hoping to raise up to $500m (£308m). The IPO follows news that Russia’s top lender Sberbank raised just over $5bn by [...]
Russian bank targets $500m in London float September 23, 2012 ADVISERS to Promsvyazbank, one of Russia’s largest privately owned banks, will today start pre-marketing a planned initial public offering in London aimed at raising up to $500m (£307m), two sources close to the placement said. The bank asked Russia’s local market regulator earlier this month for permission to list its shares on the London Stock [...]
SocGen sets retail targets September 23, 2012 SOCIETE Generale has set itself a target to increase profits at its retail banking arms in Russia and Romania. SocGen, like its rivals, is cutting costs and selling assets to better resist Europe’s sovereign debt crisis, regulatory costs and volatile markets. The chief executive of France’s second-biggest listed bank, Frederic Oudea, told the Financial Times [...]
The Ryder Cup is the time for Woods to rise, relax and smile September 23, 2012 LET’S not pretend for a moment that the sporting world will be watching events in Chicago this week. The Ryder Cup will not be reverberating around Rio or resonating in Russia. It will barely register in some of the European countries or individual states in the US that have players involved. It will entrance and [...]
BP proposes buying stake in Rosneft September 21, 2012 Oil giant BP is eyeing a stake in Rosneft, following negotiations with the Russian oil firm to buy the British oil major’s stake in TNK-BP, Rosneft chief executive Igor Sechin said today. BP confirmed today that if it were successful in selling its 50 per cent stake in TNK-BP, it would be “interested in investing [...]
What the other papers say this morning September 19, 2012 FINANCIAL TIMES Push to relax terms of tech IPOs A push to make it easier for high-growth technology companies to list in London will be launched by the government today. Ministers will put forward proposals including relaxing listing rules on the London Stock Exchange, allowing companies to list as little as 10 per cent of [...]
Rosneft seeks $15bn from banks to finance stake buy in TNK-BP September 19, 2012 RUSSIAN oil company Rosneft is understood to be talking to banks about raising $15bn (£9.2bn) in financing to buy BP’s stake in TNK-BP, following BP chief Bob Dudley’s meeting with Vladimir Putin to discuss the sale. Putin met with Dudley, BP chairman Carl-Henric Svanberg and Rosneft chief executive Igor Sechin to get an update on [...]
Sberbank sale sparks more privatisations September 19, 2012 RUSSIA’S second largest bank yesterday announced it is seeking to sell shares next spring, following the central bank’s successful sale of a stake in the country’s largest institution Sberbank. VTB’s boss Andrei Kostin said “we will go ahead” with a $2bn (£1.2bn) sale next year, which could include new shares as well as some privatisation. [...]