Russia enjoys investment flood September 6, 2012 Russia is enjoying a flood of inward investment, which can only be helped by its recent accession to the World Trade Organisation (WTO), a report from Ernst & Young said yesterday. In its Russia attractiveness survey the firm found that there had been a 50 per cent increase in foreign direct investment projects over the [...]
Gazprom gearing up to fight EU competition probe into gas sales September 5, 2012 RUSSIA’S Gazprom said yesterday it was ready to talk after the European Union launched a competition probe into its gas sales, but was armed with legal and political reasons why the EU should back off. The European Commission launched the probe on Tuesday into suspicions that Gazprom, more than 50 per cent held by the [...]
Polymetal looks for partnership September 5, 2012 Polymetal yesterday said it was looking for a joint venture partner to explore its Tamunier project in Russia, after some disappointing exploration results. It said it had found some gold in 50m tonnes of ore, but the project did not fit with the company’s strategy of looking at higher-grade assets, so it would consider a [...]
What the other papers say this morning September 4, 2012 FINANCIAL TIMES Insurer plans scalpel-shaped skyscraper in the City. The US insurer planning to build London’s newest skyscraper has said the 35-storey tower is a symbol of its ambitious plans for European expansion. WR Berkeley, which has commissioned architects Kohn Pedersen Fox, plans to finance the £500m project entirely from its own balance sheet. A [...]
London gains Russian listings in IPO drought September 4, 2012 TWO MORE Russian firms yesterday announced plans to list in London, defying the poor funding environment. Mobile phone operator MegaFon is planning a 20 per cent float, in an IPO that could be worth up to £2.5bn. The firm, which was taken over by Alisher Usmanov in April, has asked regulators for permission to list. [...]
Hope for new floats a welcome ray of sunlight amid the clouds September 4, 2012 THE Russian bear gave the London IPO market a little bullish news yesterday, with mobile phone heavyweight MegaFon and lender Promsvyazbank seeking regulatory permission to pursue listings here. Both firms have been mentioned in connection with possible London listings before, but given the current economic headwinds it is reassuring to see signs that both firms [...]
Inflation across OECD countries edges down to below 2pc mark September 4, 2012 INFLATION across the OECD bloc of rich countries fell slightly in the year to July, according to data released by the Paris-based organisation today. Prices increases were 1.9 per cent higher in July than they were a year previously, but the pace of growth was slightly down on the two per cent recorded in June. [...]
Russia’s MegaFon seeks London listing September 4, 2012 MegaFon, Russia’s leading mobile phone operator, has submitted a request to the national markets regulator for permission to list proxy shares in London, bringing it a step closer to a major initial public offering. MegaFon, in which Russia’s richest man Alisher Usmanov took control in a complex deal in April, had been eyeing the float [...]
Factories across world are hit by weak demand September 3, 2012 MANUFACTURING sectors are in decline throughout Europe, while factories in emerging markets are also being hit by the weaker demand from the global economy. A range of purchasing managers’ indices (PMI) released by Markit yesterday showed that manufacturing is still contracting in the vast majority of surveyed nations. Across the Eurozone, manufacturing sank to a [...]
Foreign buyers drive boom for London houses September 2, 2012 THE LONDON housing market is in a booming recovery, defying global downturn and an unconvincing overall climate for UK housing, according to a report released by Knight Frank today. Prime central London prices are 49 per cent up since March 2009, when the market bottomed out following the financial crisis, and already 14 per cent [...]