TNK-BP management calls for suit against BP October 25, 2011 TNK-BP, BP’s joint venture in Russia, has said it generated $2.3bn (£1.4bn) in net profit in the third quarter, 57 per cent up on the same period in 2010, as output and the price of oil have risen. Its management have caused fresh headaches for BP chief executive Bob Dudley, though, by calling on the [...]
Polymetal to raise £518m in London IPO October 24, 2011 RUSSIAN gold and silver miner Polymetal loosened the conditions on its share swap plan yesterday to push through its bid to raise more than £500m on the London Stock Exchange. Polymetal, the world’s third-largest silver producer and currently part-controlled by tycoon Alexander Mamut (pictured), said it would price its flotation at between 910p and 1,035p [...]
TNK-BP will not join suit against BP October 24, 2011 THE BOARD of TNK-BP Holding, the Russian energy venture half owned by BP, yesterday voted against an initiative to join a minority shareholder in a lawsuit against the British oil major, a spokesman for BP in Moscow said. “The board of directors voted against joining the lawsuit at its meeting,” Vladimir Buyanov said, confirming a [...]
Ryanair lays out ambitious growth plans October 23, 2011 RYANAIR is preparing for take off with ambitious growth plans, including almost doubling its passenger numbers over the next decade. Colourful chief executive Michael O’Leary says he is ready to buy up to 300 new aircraft in a bid to fly as many as 130m passengers a year, up from the current 70m, according to [...]
Opening up a new vista in air travel October 23, 2011 THE Nina J is bobbing up and down in the clear sparkling Riviera water, flanked by other super yachts that occasionally eject bevies of python and white linen-clad babes ready to take Monaco by storm. Around the pier, portly perma-tanned sugar daddies squeeze the waists of their young Ivankas as they ponder how to blow [...]
Output up at Petropavlovsk October 20, 2011 Russian gold miner Petropavlovsk said yesterday that its third-quarter output rose 65 per cent, beating most forecasts, and that it was confident of meeting its full-year target of 600,000 ounces. The company, which operates three open-pit gold mines in Russia’s far east, produced 228,110 oz in the three months to the end of September, 65 [...]
SAB in tie-up with Efes October 20, 2011 SABMILLER is joining forces with Turkey’s Anadolu Efes to become the number two brewer in Russia in a deal that gives the London-based group a 24 per cent stake in the leading Turkish brewing group. SABMiller, which last month agreed to buy Australian rival Foster’s for $10bn (£6.3bn), said yesterday the deal will put it [...]
WPP boss looks to mobile future for the ad industry October 18, 2011 SIR Martin Sorrell yesterday laid out his vision for the future of the advertising industry, stressing the importance of social media and the shift to emerging markets. He also said mobile advertising is an increasingly vital part of the industry, with the number of smartphones expected to increase to 2bn in the next five years. However, WPP’s [...]
Basel III and derivative rules get FSB priority October 18, 2011 THE FINANCIAL Stability Board (FSB) published its top six priorities for banking reform yesterday. Basel III, OTC derivative reforms, pay changes, systemically important bank measures and resolution frameworks were all declared to be FSB priorities. The body plans to track progress towards the implementation of legislation promoting these G20 initiatives. The selection process was “based [...]
Russia’s Evraz to list on LSE October 17, 2011 EVRAZ, the Russian metals and mining group backed by billionaire oligarch Roman Abramovich, is moving its domicile to the UK and listing in London as it seeks greater international acceptance and access to capital. Evraz, which mines coal, iron ore and valladium and makes steel industrial goods, yesterday said it wanted to list on the [...]