Sberbank lifts outlook on margins and loan growth November 30, 2011 SBERBANK, Russia’s largest bank, hiked its full year profit forecast yesterday following a 76 per cent rise in third-quarter net income to $2.55bn (£1.6bn), driven by loan growth and higher margins. The state lender now expects 2011 net profit to come in at 300-310bn roubles (£6.2bn – £6.4bn), up from an earlier forecast of 250-270bn [...]
If only the neoliberals were really in charge November 28, 2011 IT IS common to hear about the ascendancy of “neoliberal” economics. Many on the left use it as an explanation for the deregulation that they blame for causing the financial crisis. And some argue that it is the dominant school of thought within the economics profession. These are myths, and I want to challenge some [...]
Miner plans London listing in New Year November 27, 2011 A MONGOLIAN coal miner is considering a multi-billion flotation in London in a deal that will please investment bankers who have been largely starved of new issues in London’s faltering IPO market. According to banking sources, Goldman Sachs and Deutsche Bank, are working on the potential listing of the state-owned Tavan Tolgol, with hopes that [...]
PUTIN PLOTS RETURN TO PRESIDENCY November 27, 2011 Vladimir Putin accepted his ruling party’s nomination yesterday to return to Russia’s presidency, while accusing foreigners of funding his political opponents in a reminder of the anti-Western rhetoric that characterised his years in power. Putin, president from 2000-2008 and now prime minister, is expected to easily recapture the presidency in an election in March.
TRAVEL NOTES November 27, 2011 Australia to set up marine park bigger than Germany Australia has agreed to set up the world’s biggest marine park to protect vast areas of the Coral Sea off the country’s northeast coast and the site of fierce naval battles during World War Two. The park will cover almost 1m square km – an area [...]
LORD MAYOR STEPS UP SECURITY FOR AMBASSADORS’ RECEPTIONS November 24, 2011 IT HAD to be the Queen. “No-one else has that level of police presence,” said one City observer when he noted a convoy of four police motorbikes and two impressive cars making its way towards the Walbrook Building in stately fashion. But no – it was Lord Mayor David Wootton, who had stepped up his [...]
Kazakh miner eyes LSE float November 21, 2011 CITY fans of ex-Soviet Union mining companies will soon have another stock to pick after Kazakh energy producer Zhaikmunai said it was eyeing a move to the main market of the London Stock Exchange yesterday. Zhaikmunai currently trades via global depository receipts (GDRs) on the LSE but indicated it may swap these for a full [...]
Why I disagree with Ken Olisa on listing rules November 21, 2011 ZHEZKAZGAN, Sverdlovsk, Pavlodar. Not names your average investor will have heard of, but all of them are places of operation in Kazakhstan and Russia for an ever-increasing number of companies from overseas that have become members of the prestigious FTSE 100 share index. This seemingly open door to natural resource companies from countries where corporate [...]
Investors prepare for Facebook’s IPO November 20, 2011 REID Hoffman, the founder of LinkedIn, expects Facebook to finally pull off its long-awaited IPO in the first half of next year. Mark Zuckerberg’s (pictured) company is keen to cash in on the bumper demand for tech IPOs, with the social network expected to break every record in the book when it finally lists. Its [...]
CITY MOVES | WHO’S SWITCHING JOBS November 20, 2011 Kingfisher The home improvement retailer has appointed Mark Seligman, the former European chairman and chairman of UK investment banking at Credit Suisse, as a senior independent director, effective from 1 January 2012. Seligman will step down from his role as a senior adviser at Credit Suisse at the end of the year. He is also [...]