Gazprom ices Shtokman gas field project August 29, 2012 OIL giant Gazprom is to shelve its development of the Shtokman natural gas field in the Arctic Sea due to excessive costs. Total and Statoil, which are the Russian company’s partners in the project, are understood to have agreed with the decision that costs cannot overrun. Shtokman, which is Gazprom’s flagship project, is one of [...]
Severstal profit drops 74 per cent August 29, 2012 Russia’s third-largest steelmaker Severstal slumped to a 74 per cent profit drop in the second quarter of this year, to $155m (£98m). The company cited foreign exchange losses and the spinoff of its gold mining business, Nordgold, earlier this year for the drop in profits. Over the first half profit slid 49.1 per cent to [...]
Russia’s Rusal cuts its capacity August 27, 2012 Russian group Rusal, the world’s largest aluminium producer, said yesterday that it would cut capacity three per cent by the year-end and was taking a charge on its investment in Africa, as it grapples with weak prices and rising power costs. Rusal, which produces nine per cent of the world’s primary aluminium, has been hurt [...]
Diageo success spurred by new market growth August 23, 2012 DIAGEO, the drinks giant, yesterday reported an 11 per cent hike in full-year profits after its exposure to fast-growing markets in Africa, Asia and Latin America helped offset weaker sales in Europe. The maker of Johnnie Walker and Smirnoff Vodka said it made an operating profit of £3.2bn in the year to 30 June, while [...]
Murray could face Federer in US Open but Bogomolov Jr is first August 23, 2012 BRITISH No1 Andy Murray is to play Russia’s Alex Bogomolov Jr in the first round of the US Open ahead of a potential semi-final showdown with recent rival Roger Federer. World No73 Bogomolov Jr beat Olympic gold medallist Murray 6-1, 7-5 in the Sony Ericsson Open in 2011 but should the Scot wish to cap [...]
City Moves | Who’s switching Jobs August 21, 2012 Chartered Institute of Internal Auditors David Lyscom has been appointed policy director of the professional membership body. He is a former UK ambassador to the Organisation for Economic Cooperation and Development (OECD), and was also previously UK ambassador to Slovakia and the International Energy Agency (IEA). He will report to Dr Ian Peters, the institute’s [...]
What the other papers say this morning August 20, 2012 FINANCIAL TIMES Citi chief rejects calls for bank splits Citigroup’s chief executive has knocked back the idea of big banks being split up after calls from people such as his predecessor Sandy Weill. Vikram Pandit said Citi, formed in Mr Weill’s time with mergers such as the acquisition of Travelers in 1998, had already gone [...]
Latvian police closer to solving riddle of City A.M. shareholder August 19, 2012 LATVIAN police are reported to have found a dead body they believe to be that of Leonid Rozhetskin, a shareholder and board member of City A.M., who has been missing since April 2008. Rozhetskin, a Russian-born lawyer living in the US, was a prominent investor in telecoms group MegaFon and served as executive vice chairman [...]
Brazil lures private sector in bid to boost economy August 15, 2012 BRAZIL’S President yesterday announced that up to 133bn real (£42bn) will be put into boosting infrastructure work across the country, in a bid to kick-start the supposedly emerging economy back to life. President Dilma Rousseff’s plan will utilise the private sector in building roads and railways, while delivering other supply side reforms. The reforms include [...]
Carlsberg dampened by weather August 15, 2012 Carlsberg said a boost provided by sponsoring the Euro 2012 football tournament did not make up for unseasonably wet weather as the brewer reported a five per cent fall in sales in northern and western Europe. However, the firm’s pre-tax profit rose 47 per cent to 2.6bn Danish kroner (£273m) as it sold off breweries. [...]