BP may explore Arctic through TNK-BP venture with Rosneft May 7, 2012 BP’S hopes of exploring the largely untapped waters of the Russian Arctic could be revived a year after a deal with Russia’s state-controlled oil company Rosneft collapsed. TNK-BP, the firm’s 50-50 joint venture with Russian consortium AAR, said yesterday it had been approached by Rosneft to take part in projects to explore the region’s vast [...]
RUSSIA’S PUTIN INAUGURATED AS PRESIDENT May 7, 2012 Vladimir Putin yesterday ordered Russia’s government to boost investment and shake up state-run industries in a flurry of decrees he issued after being inaugurated as president of Russia in a lavish ceremony at Moscow’s Grand Kremlin Palace.
CITY MOVES WHO’S SWITCHING JOBS May 7, 2012 Squire Sanders The legal practice has promoted senior associate Gareth Timms to its global partnership. Timms is a finance litigation specialist, and his promotion took effect on 1 May. He joined the firm in 2005 and has over twelve years of experience working for asset based lenders. Bridgepoint The private equity firm has announced the [...]
WHAT THE OTHER PAPERS SAY THIS MORNING May 3, 2012 FINANCIAL TIMES Banks look to farm out SME lending Several large European banks are weighing the idea of outsourcing a portion of their core small business lending to a new crop of loan funds, in a further sign of the growth of the “shadow banking” industry in Europe. A number of banks including UBS and [...]
Renault-Nissan signs deal to take control of Russian carmaker May 3, 2012 THE Renault-Nissan alliance yesterday signed a long-awaited deal to take control of Russia’s largest car maker, AvtoVAZ, as it seeks growth in fast-growing markets outside sluggish Western Europe. The car group would hold 67 per cent of a joint venture with state corporation Russian Technologies to own 74.5 per cent of AvtoVAZ. The non-binding preliminary [...]
RAPID responses May 3, 2012 Clueless Bank [Re: Mervyn King should have hiked rates to deflate the bubble, yesterday] I agree with you. Mervyn King has joined the long list of revisionist historians. To say he spotted the looming crisis is just not borne out by the facts and the Bank of England’s actions at the time. The loss of [...]
Sluggish BRIC manufacturing production hits world outlook May 2, 2012 WEAK manufacturing output across the leading emerging markets in April has dented hopes of a healthy global recovery, studies revealed yesterday. Factory activity deteriorated in China and Brazil, Markit’s purchasing managers’ indices (PMI) showed, although more solid growth was recorded in India and Russia. Weak demand dragged down both output and new orders in Brazil [...]
O1 Properties seeks $425m May 1, 2012 O1 Properties, one of Russia’s largest high-end office owners, said it is aiming to raise about $425m (£262m) from its flotation on the London Stock Exchange. The IPO could be Russia’s biggest since last June when fertiliser group Phosagro raised $538m. The group, which owns around $2bn of property in Moscow, said it is looking [...]
WHO’S SWITCHING JOBS May 1, 2012 Providence Resources The Aim-quoted oil gas and exploration company has appointed Simon Brett as chief financial officer with immediate effect. He has previously held senior finance positions with Damovo Ireland and Coca Cola Bottlers Ireland, and worked at Johnson Wax, Sega Europe and US Can Corporation. New World Oil and Gas The oil and gas [...]
RAPID responses May 1, 2012 Brain drain [Re: It’s time for the supporters of the single currency to apologise, yesterday] An excellent article. As someone who works in recruitment, many of my best applicants are from Greece, Portugal, Spain and increasingly Italy. But not too many from Ireland, yet. The irony is that these are the most highly-skilled and mission-critical [...]