Boeing admits end of duopoly in sight June 20, 2011 BOEING has admitted that its dominance over the market for large commercial aircraft it has shared with its rival Airbus will soon come to an end. Speaking at the Paris Air Show yesterday, Jim Albaugh, head of Boeing’s civil jet division said: “the days of the duopoly with Airbus are over” as emerging global competition [...]
Business weighs risks of Russian investment June 19, 2011 AS the St Petersburg International Economic Forum wrapped up over the weekend, the business leaders and investors who flew into Russia to see President Dmitry Medvedev outline his vision for attracting foreign investment into the resource rich former super power were hopeful that reform is finally on the way, but sceptical that the Russian leadership [...]
GB slip to fourth despite Thomas win June 19, 2011 GREAT BRITAIN’s Charlene Thomas claimed a surprise win in the 1500m on the final day of the European Team Championships in Stockholm. Andy Turner also triumphed in the 110m hurdles, continuing his superb season despite rain and blustery conditions. However, Team GB slipped out of the top three after a disaster in the men’s 4x400m [...]
Dudley: BP committed to Russian joint venture June 17, 2011 Oil major BP remains committed to its Russian joint venture TNK-BP, chief executive Bob Dudley has said. Dudley also said that BP was looking at cooperation with state-controlled oil major Rosneft outside Russia, after the co-owners of TNK-BP blocked a deal to search for oil in the Russian Arctic and do a $16bn (£9.9bn) share [...]
Russian port owner prices discount float June 16, 2011 RUSSIAN firm Global Ports has priced its London initial public offering (IPO) at a deep discount, as it looks to raise up to $572m (£355m). The container terminal operator, a unit of Russian freight group N-Trans, set a price range of between $14.70 and $16.10 per global depository receipt (GDR). The list price puts shares [...]
Global Ports IPO to value company at $2.4bn June 16, 2011 Russian logistics group Global Ports is aiming to raise up to $578m (£354m) from its London initial public offering, valuing the company at up to $2.4bn. The group, owned by Russian conglomerate N-Trans, is pricing its 35m-share offer in a range from $14.70 to $16.10. The majority of the offer will comprise existing shares to [...]
Facebook hires Clinton’s former press secretary June 15, 2011 FACEBOOK has hired Bill Clinton’s former press secretary to head up its policy and corporate comms team. Joe Lockhart was the chief spokesman and senior adviser to President Clinton between 1998 and 2000. Lockhart is the latest marquee appointment for the world’s largest social network. In May it hired two former officials who worked for [...]
Baltic Oil suspended from trading on accounts delay June 15, 2011 SHARES in Aim-listed Baltic Oil Terminals were suspended yesterday, after the company admitted it would miss a deadline to provide shareholders with its audited accounts. Baltic was forced to refile its accounting records after irregularities were uncovered relating to its operations in Kaliningrad in Russia. Changes in the senior management team at Kaliningrad earlier this year [...]
Profit at Russia’s Sistema drops by a third as exchange rates bite June 15, 2011 RUSSIAN oil-to-telecoms holding company Sistema reported a 33 per cent fall in first-quarter net profit due to a smaller foreign exchange gain yesterday. Net profit fell to $97.2m (£59.7m), while net profit before one-offs rose 30.5 per cent to $102.3m. The company said sales rose 25.8 per cent to $7.8bn, driven by mid-size oil asset [...]
WHAT THE OTHER PAPERS SAY THIS MORNING June 14, 2011 FINANCIAL TIMES RBS TAKES CONTROL OF 42 MARRIOTT HOTELS Royal Bank of Scotland has taken control of a £1bn property portfolio of Marriott hotels after failing to secure a debt-for-equity restructuring of one of its largest individual real estate loans made during the property boom. RBS on Tuesday night appointed Ernst & Young as receivers to [...]