Russia’s largest shipping company mulls City listing August 21, 2011 RUSSIA’s state-owned shipping company Sovcomflot could make an initial public offering on the London Stock exchange by the end of the year, as the Russian government looks to push ahead with its ambitious privatisation plans. Sovcomflot, which is sending test cargoes along a new Arctic route to service Russia’s offshore oil fields, is at the [...]
Sportmaster looks to float in London in spite of turbulence August 18, 2011 RUSSIA’S largest sports equipment and clothes retailer Sportmaster is considering an initial public offering in London next year, financial market sources said yesterday. Sportmaster could attract up to $700m (£424m) in the IPO based on its own valuation of between $2.5bn and $3bn, the sources said, adding the retailer has not yet picked organisers for [...]
Jaguar Land Rover boosts Tata August 11, 2011 Jaguar Land Rover’s sales for the second quarter rose 4.9 per cent on last year to stand at 62,090 units, the carmaker said yesterday. This is thanks to a strong growth in Russia and China, along with better product and market mix. Revenues grew from £2.26bn in the second quarter last year to £2.7bn in [...]
BP sues Renova in latest spat with AAR partners August 9, 2011 OIL giant BP has launched a case with the Stockholm court of arbitration against one of the shareholders in its Anglo-Russian TNK-BP joint venture, echoing the two sides’ tussle over Rosneft earlier in the year. BP filed a claim last week against Renova, part of the Alfa-Access-Renova (AAR) consortium that controls half of TNK-BP, for [...]
BMW GROUP RACES TO BEST EVER JULY August 8, 2011 BMW Group has seen a 7.6 per cent year-on-year increase in sales to record its best ever July sales. A total of 129,094 BMW, Mini and Rolls-Royce brand cars were sold worldwide last month, with the group predicting its best ever year with over 1.6m sales. The company reported strong growth in emerging markets, with [...]
Chelsea to bank £13m for Zhirkov August 1, 2011 CHELSEA are poised to rake in £13m by offloading versatile Russia international Yuri Zhirkov to ambitious Anzhi Makhachkala. The move would help balance the books and free up squad space as the west Londoners prepare a third bid thought to be around £30m for Tottenham’s Luka Modric. Spurs have resisted Chelsea’s £22m and £27m offers [...]
CITY MOVES | WHO’S SWITCHING JOBS August 1, 2011 Oracle Coalfields The mining company, which is developing a 1.4bn tonne coalfield in Pakistan’s Sindh Province, has appointed Adrian Loader, the former president of Shell Canada, as chairman of the board of directors. Loader’s former board appointments include Alliance-Unichem, Alliance-Boots and Candax Energy. He is currently a director of Holcim, a member of the Garda [...]
Shell doubles its takings as it warns the end of low cost oil July 28, 2011 ROYAL Dutch Shell’s chief executive yesterday declared the end of low cost oil and gas, warning that companies were entering a world where finding hydrocarbons was going to be “more complex”. Peter Voser was speaking as the company revealed a 77 per cent rise in second quarter profits, fuelled by higher oil prices and the [...]
BAT earnings up thanks to hike in prices July 27, 2011 BRITISH American Tobacco yesterday reported an increase in earnings after it raised its prices to counter a tough sales environment. Cigarette volumes were down to 344bn in the six months to June, from 348bn year-on-year. But profit before tax was $2.8bn (£1.7bn) over the same period, up from $2.3bn. Revenue edged up by two per [...]
The City needs to think global July 24, 2011 THE hacking scandal has dominated the headlines in recent weeks, but unfortunately that does not mean the challenges facing the global economy have disappeared – far from it. Concerns continue over the UK recovery, the Eurozone crisis, and the protracted discussions on raising the US debt ceiling remain, even if the media spotlight has shifted [...]