Rusal profit drops by 70pc as costs soar August 29, 2011 RUSAL, the world’s third largest aluminium producer, reported a sharper than expected drop in second-quarter profits after rising costs and a weaker US Dollar outweighed price rises and increased production at the company. The Russia-based company, controlled by billionaire Oleg Deripaska (pictured), said its second-quarter net profit fell 70 per cent to $339m (£206.8m) from [...]
Turner prize: Brit claims surprise bronze after Robles is disqualified August 29, 2011 BRITAIN’S Andy Turner claimed bronze in the 110m hurdles at the World Championships in Daegu after he profited from the second high-profile disqualification in the space of 24 hours. Olympic champion Dayron Robles made contact with China’s Liu Xiang and was disqualified, just as 100m world record holder Usain Bolt was on Sunday for a [...]
Aggreko ups forecast after contract wins August 25, 2011 AGGREKO, the world’s biggest provider of temporary power supplies, said its full year profits will be better than expected after winning contracts in countries such as Japan, Russia and Iraq. Trading profits for the first half of this year slipped five per cent to £120.7m after a lack of major sporting contracts that boosted results [...]
THE LUVVY RECOVERY August 24, 2011 Sir Martin Sorrell, the chief executive of WPP, yesterday said that the LuVVy-shaped recovery was still on track, but warned that it had been “battered” by recent turmoil, writes David Crow. Sir Martin’s recovery analogies have been closely-watched ever since he predicted a “bath-shaped” advertising downturn in 2002. So what does he mean by a [...]
Kazakhmys appoints Shell man August 24, 2011 Copper miner Kazakhmys has appointed Shell’s outgoing executive vice president of Russia, Charles Watson, as an independent non-executive director. Watson’s addition to the board will bring the number of independent non-execs on the nine-strong team to five, fulfilling UK corporate governance rules. Watson has spent 29 years at Shell, including overseeing the company’s operations in [...]
Heineken in warning over tough market August 24, 2011 HEINEKEN shares dived yesterday after its issued a warning that weak consumer sentiment and a damp summer would wipe out profit growth this year. Its stock was driven down by as much as 16 per cent to a 21-month low at one stage and the bleak statement sent shockwaves across the drinks industry. The firm [...]
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 [...]