Russia’s Petropavlovsk aims to boost H2 gold output July 25, 2012 Russia-focused gold miner Petropavlovsk aims to boost its gold production during the second half of 2012 after its first half gold output rose 27 per cent, the company said on Wednesday. Its first half gold production was 279,100 troy ounces, up from 219,100 ounces, year-on-year, and in line with the group’s 2012 production target of [...]
Bumper medal haul predicted for Team GB July 24, 2012 THE OFFICIAL medal target for British athletes may be 48, but if a team of financial risk analysts have their way then Team GB should be taking home a much higher haul of precious metals. According to Airton Risk Management, part of betting firm Paddy Power, the home turf advantage and some surprise star performances [...]
Rosneft and BP in talks over TNK-BP stake July 24, 2012 Russian state oil company Rosneft said on Tuesday that it had expressed its interest in buying BP’s stake in Anglo-Russian oil firm TNK-BP and would enter talks with the British corporate. “The parties agreed to commence negotiations on this matter and signed a non-disclosure agreement,” Rosneft said in a statement. BP announced on 1 June [...]
RUSSIA BECOMES 156TH MEMBER OF WTO July 23, 2012 Russia formally notified the World Trade Organisation that it had ratified its membership agreement yesterday, meaning it will on 22 August become the 156th member to the trade rules club. President Vladimir Putin (above) signed the bill at the weekend. Russia’s $1.9 trillion GDP had made it the largest economy outside the group.
Tax and morality: Complicated laws make gaming the system inevitable July 23, 2012 I RECENTLY spent a family holiday in a static caravan in northern France. As we sat outside with a glass of wine, my wife and I wondered why the caravan had wheels – it seemed unlikely that they would need to be moved, and I doubted they would carry its weight. Perhaps it has something [...]
De Beers earnings halve July 20, 2012 De Beers, the world’s largest diamond producer by value, said earnings halved in the first six months of the year amid tough trading conditions. The results contrast with a bumper start to last year, and the remainder of 2012 is set to remain challenging. De Beers, which vies with Russia’s Alrosa for the title of [...]
BP closer to selling out in Russia July 18, 2012 BP’S plan to rid itself of troublesome Russian venture TNK-BP took another twist yesterday, as the oil firm agreed to sit down with its oligarch partners to discuss a sale. Alfa Access-Renova, the vehicle used by the Russian tycoons to control half of TNK-BP, said yesterday it would use its right to first refusal on [...]
Nordgold bids to buy up stock in High River July 18, 2012 RUSSIAN miner Nordgold, the country’s third-largest gold producer, will bid for the 25 per cent of High River Gold Mines it does not already own, in a deal valuing the Canadian-listed producer at $1.2bn (£769m). Nordgold, controlled by billionaire Alexei Mordashov and chaired by Philip Baum (pictured right), was spun off from Mordashov-owned Severstal earlier [...]
Anton Bilton’s Raven Russia set to snap up more property sites July 17, 2012 PROPERTY group Raven Russia is expected to unveil more than $70m-worth of real estate acquisitions near Moscow today. The FTSE 250-listed firm is believed to have snapped up a large warehouse to the north of the Russian capital, which is let to two tenants, as well as 38 hectares of development land to the west. [...]
Russia to appoint Capello as coach July 16, 2012 FOOTBALL: Former England manager Fabio Capello is set to be confirmed as Russia’s new national team coach. “If, as I believe the case will be, all goes as planned in terms of the contract, it will be a splendid adventure,” said Capello. “Russia are a great nation.”