Exillon losses widen due to currency hits March 19, 2012 EXILLON Energy said yesterday its full-year loss widened as the positive effects of increased production and higher crude prices were offset by a foreign exchange loss and a loss on disposal of non-current assets. The Russia-focused oil producer also pushed back its expectation of achieving a production level of 17,000 barrels per day (bpd) to [...]
Banks and miners stall FTSE rally March 19, 2012 The FTSE 100 edged lower today as last week’s rally was ended by investors steering away from banking and energy stocks. Banks have led the market higher over recent sessions following a deal over Greek debt and improving market sentiment toward the stocks which have been hit by market volatility over the past year. They [...]
Profits at Rusal plunged by 92pc in 2011 March 18, 2012 RUSSIA’S United Company RUSAL, the world’s top aluminium maker, reported a 92 per cent drop in yearly net profit today due to a supply glut and slower demand weighing on the price of the metal, as well as a reduction in the value of its stake Russian miner Norilsk Nickel. RUSAL, also listed in Paris, [...]
WHAT THE OTHER PAPERS SAY THIS MORNING March 18, 2012 FINANCIAL TIMES BANKING QUINTET UNITE FOR HEDGING TOOL Five banks have joined forces to create a hedging tool designed to improve the health of their balance sheets and protect them against market sell-offs as international regulations force institutions to increase the quality of their assets. Barclays Capital, HSBC, Lloyds, Nomura and UBS are to launch [...]
Rusal defends new chair to shareholders March 18, 2012 RUSSIAN aluminium company Rusal was forced to defend its choice of new chairman yesterday after Sual Partners, one of its main shareholders, publicly panned the move last week. Rusal said in a statement: “Barry Cheung’s election as a chairman was supported by a majority vote of the board, including the independent directors. This proves that [...]
BMW expects sales to hit a record in 2012 March 14, 2012 BMW, the world’s largest premium car maker, yesterday forecast it would reach its long-term sales target four years earlier than planned, presenting rival Audi with a bigger challenge if it hopes to catch up with the Munich-based company. BMW Group said sales would surpass the 2m vehicle mark in 2016, including its Mini and Rolls-Royce [...]
CHAMPAGNE SALES ON THE RISE March 14, 2012 THIRSTY drinkers in emerging economies shrugged off worries over the global economy last year, splashing out more of their hard-earned cash on imported champagne. China, Russia and Brazil all imported more than a million bottles of champagne each, while India’s appetite spiked by a head-spinning 58.7 per cent to 290,286 bottles. But Britain remains the [...]
CITY MOVES | WHO’S SWITCHING JOBS March 14, 2012 KPMG Forensic KPMG has announced the appointment of James Siswick as director of its financial services forensic team. He will help drive the expansion of the firm’s financial crime business, with anti-money laundering and sanctions as his key areas of interest. Siswick joins after fourteen years at Deloitte, where he most recently worked as director [...]
Keeping the world’s most complex event on the right side of the law March 14, 2012 COUNTDOWN TO THE LONDON 2012 OLYMPIC GAMES 135 DAYS TO GO Tim Jones explains why Freshfields is the official legal services provider to the 2012 London Olympics Q. what was your brand’s primary reason for being involved with the games? A. We’d been involved for a long time, since 2003 when we worked on the [...]
CAR TALK March 14, 2012 FASTEST BENTLEY EVER IS PREVIEWED The Geneva motor show revealed some surprising introductions. Bentley’s EXP 9 F SUV concept will be the fastest and most expensive 4×4 ever if it makes production – which is likely as it would mean an all-important lucrative third model for Bentley and markets like China, Russia, and the Middle [...]