BP plans North Sea field July 13, 2011 OIL major BP yesterday said it planned to launch a £3bn development of a North Sea field, despite the government’s decision to raid the profits of firms’ operating in the waters. As part of one of the biggest investments in the North Sea in the last 10 years, BP said it would install a new floating [...]
China’s economy looks to be on shaky ground July 11, 2011 INFLATION in China hasn’t been tamed. Statistics released at the weekend suggest annual inflation for June is running at 6.4 per cent, up from 5.5 per cent in May; while food inflation for June shot up 2.7 per cent on the month to 14.4 per cent. Tomorrow, China will release its GDP statistics, which are [...]
WHAT THE OTHER PAPERS SAY THIS MORNING July 10, 2011 FINANCIAL TIMES VIRGIN SEEKS US ROLE Virgin Trains is vying to play a role in the privatisation of the US rail industry in a move that could see it become the operator of the lucrative 457-mile route from Washington to Boston. Virgin, which already runs the profitable West Coast railway line between London and Glasgow [...]
WHAT THE OTHER PAPERS SAY THIS MORNING July 6, 2011 FINANCIAL TIMES SPOTIFY SIGNS DEAL WITH VIRGIN Spotify and Virgin Media on Wednesday announced a deal that could help the music streaming service boost numbers of paying customers and reach a wider audience. By the end of the year, Virgin Media’s 4m UK customers will be able to access Spotify’s catalogue of 13m songs through [...]
Shares in Global Ports close up 18pc following London IPO June 29, 2011 SHARES in Russian port operator Global Ports soared yesterday on its debut on the London Stock Exchange, following its successful $534m (£333m) initial public offering (IPO). The banks handling Global Ports’ IPO also exercised an over allotment option to buy shares in the company, pushing up the proceeds from the sale to $588m. The container [...]
Discount IPO for PhosAgro June 28, 2011 RUSSIAN fertiliser producer PhosAgro has priced its joint London and Moscow share sale at a deep discount, as it looks to raise up to $500m (£312m). The phosphate fertiliser firm has set a price range of $13 to $16.50 per global depository receipt (GDR), valuing the company at as much as $6.1bn. The listing price [...]
Nissan in bid to lift market share with new vehicles June 27, 2011 NISSAN Motor yesterday outlined plans to boost both its global market share and profit margin to eight per cent within six years, promising a new vehicle every six weeks on average to woo consumers away from rivals. The new mid-term business plan, dubbed Nissan Power 88, will focus on the major emerging markets of Brazil, [...]
UK needs firm Russian links for Soviet revival June 26, 2011 As I prepare to lead a senior City business delegation to Moscow and St Petersburg, economic winds of change seem to be blowing across Russia. There is no doubt that Russia is an economic powerhouse, with the country’s sheer size and abundance of natural resources ensuring it is an important player on the global stage. [...]
DEALMAKER OF THE YEAR June 23, 2011 Recessions are when reputations are made, they say, and that has been true in the world of fund managers. While some have battened down the hatches, the ones on our list have seen opportunity in crisis, and pushed ahead with flotations and expansions, or have just taken the chance to expand. All are stars in [...]
Russia’s lucrative residential offering June 23, 2011 WITH luxury property developer Yoo launching two new developments in Moscow this year, buying a home in Russia’s booming financial hub looks a more tempting prospect. While the heady days that saw Moscow’s property prices rocket 110 per cent in value are behind us, the more mature market for homes in Moscow is still intriguing. [...]