BEST OF THE BROKERS September 29, 2011 BABCOCK INTERNATIONAL JP Morgan Cazenove rates the defence and security services group “overweight”. Its analysts are impressed by the size of the opportunity for the group’s support services division, as well as the potential to improve margins by changing the contract mix. Babcock trades on an enterprise value to Ebitda multiple of eight times, more than [...]
BP and oligarchs in arbitration hearing September 28, 2011 BP faced an arbitration hearing yesterday with its billionaire partners in the Russian joint venture TNK-BP, who are claiming damages against the oil giant for breaching a shareholder pact. BP, which has refuted the claims, prompted the spat with the consortium known as Alfa Access Renova (AAR) by agreeing a share swap and Arctic exploration [...]
Norilsk Nickel reinstates its buyback plan September 28, 2011 RUSSIA’S biggest mining company Norilsk Nickel yesterday revived its $4.5bn share buyback plan, which was shelved in February during a dispute with 25 per cent shareholder Rusal. Norilsk, which mines and produces metals including nickel and palladium, said it plans to acquire up to 14.7m shares at $306 each for common shares and $30.66 for [...]
RAPID RESPONSES September 27, 2011 Kudrin can return Russian finance minister Alexei Kudrin being sacked by President Dimitry Medvedev is not nearly as humiliating as President Medvedev being sacked by his Prime Minister, Vladimir Putin. The Kudrin dismissal is a short-term disaster for Russia. That the country did not collapse during the global financial crisis was almost entirely due to [...]
Gatland reads the riot act to inspire Welsh landslide win September 26, 2011 WALES 81 vs NAMIBIA WALES coach Warren Gatland admits it took a half-time dressing down to inspire his team to their biggest ever World Cup victory yesterday against Pool D whipping boys Namibia. Gatland’s men looked on course for a huge score after claiming three tries inside the first 17 minutes – centre Scott Williams, [...]
WHAT THE OTHER PAPERS SAY THIS MORNING September 26, 2011 FINANCIAL TIMES BP PROPOSES FOURTH PIPELINE ROUTE TO BRING AZERBAIJAN GAS TO EUROPE BP is planning a pipeline stretching 1,300 km across three countries to bring gas from Azerbaijan to Europe. The scheme is a new entrant in the highly charged competition to construct a supply route to the Caspian basin and reduce Europe’s dependence [...]
$625m Russia payout for BP September 25, 2011 THE BOARD of Russia’s third-largest oil producer, TNK-BP, has approved an additional $1.25bn (£806m) dividend payout to shareholders, a spokesman said last night. A source familiar with the situation said the additional payout for the first half of 2011 was approved at a board meeting in Cyprus on Friday. “On top of $4.2bn already paid [...]
Medvedev hit by snub from finance chief September 25, 2011 FINANCE minister Alexei Kudrin has ruled out taking a job in Russia’s next government, citing irreconcilable policy differences with President Dmitry Medvedev, who is likely to become premier in a job swap with Vladimir Putin. Kudrin (below) is the longest serving finance minister in the Group of Eight and has won the respect of investors [...]
Kidney focus switches to Italy after Russia romp September 25, 2011 IRELAND (62) vs RUSSIA (12) IRELAND coach Declan Kidney is refusing to take Ireland’s World Cup quarter-final presence for granted despite yesterday’s crushing win over Russia. Kidney sent out a largely second string side following last weekend’s win over Australia, but the understudies ran in nine tries and Ronan O’Gara landed 15 points with the [...]
THE BREAKDOWN | WORLD CUP BRIEFS September 25, 2011 SAMOA STILL IN THE HUNT TUSI PISI helped Samoa keep alive their quarter-final hopes as they overcame Fiji 27-7 at Eden Park. Samoa must beat South Africa in their final pool match – or hope Fiji can do them a favourite against Wales – if they are to reach the last eight. Pisi landed four [...]