Online gamblers hit by regulatory minefield and populist politicians April 7, 2011 BEFORE banker-bashing came along, gambling was the populist issue that most politicians turned to when they wanted a boost in the polls. One of the first things Gordon Brown did on becoming Prime Minister was ditch plans for a Las Vegas-style super-casino in Manchester, earning him plaudits from reactionaries everywhere. Now Germany’s 16 Lander – [...]
Profit from the energy of Brazil’s private sector April 6, 2011 THE Brazilian stock market has beaten its fellow Brics – Russia, India and China – since 2002 and its future looks strong. Carlos de Leon, who manages the Allianz RCM Brazil fund, is an advocate for the country’s long-term potential. Whether in energy, healthcare, education or retail, de Leon believes that Brazilian companies will be [...]
Lift in UK services sector confirms dramatic bounce-back in growth… April 5, 2011 GROWTH in the UK’s service sector surged at its fastest rate for a year in March, suggesting the economy has sprung back from the reported contraction at the end of 2010. The economy is now estimated to have grown by up to 0.8 per cent in the first three months of this year, according to [...]
Nomos leads the Russian IPO charge April 5, 2011 THE charge of Russian companies looking to London to go public picked up yesterday, as mid-size bank Nomos confirmed plans to float 20 per cent of its stock and several more issuers eyed talks with investors. The easing of market volatility, which spiked last month on fears of a nuclear crisis in Japan and unrest [...]
France leads calls for action on commodities April 5, 2011 Russia and France, the current holder of the presidency of the Group of 20 nations, have called for coordinated international action to curb volatility on global commodities markets. “Sharp fluctuations in raw materials prices destabilise markets and require coordinated measures to be taken at an international level,” the Russian Finance Ministry said after its head, [...]
Etalon aims to raise up to $650m in London float April 4, 2011 RUSSIAN property developer Etalon started its European investor roadshow yesterday ahead of its bigger-than-expected $650m (£403m) London float planned for later this month. Etalon said yesterday it plans to offer its stock at between $7 to $9 per share – valuing the firm at between $2.06bn and $2.51bn. The company, which develops high-end residential properties [...]
BP returns to Gulf of Mexico well drilling April 3, 2011 BP PLANS to return to deepwater oil production in the Gulf of Mexico this summer – just over a year after the Transocean oil spill disaster, sources told City A.M. yesterday. It reached a deal with US regulators to enable the oil major to resume drilling work on ten wells halted since the explosion and [...]
Rusal trebles profits after bumper year March 31, 2011 RUSAL, the world’s top aluminium maker, said its 2010 net profit more than tripled, beating forecasts, and expects strong global demand for the light metal to continue this year. RUSAL shares rose more than four per cent to their highest level in more than a month, outperforming a 0.4 per cent rise in the broader [...]
Russia’s deputy premier to leave Rosneft chair March 31, 2011 Russian president Dmitry Medvedev has ordered top ministers to quit the boards of major state firms, launching a drive to separate politics from business less than a year before a presidential election. The most prominent target of the shakeout was Igor Sechin, a deputy premier with sweeping control over energy policy who as chairman of [...]
Populist tax on oil firms has backfired March 30, 2011 IF George Osborne is to be believed, Britain is open for business once again. Some senior executives clearly agree: Sir Martin Sorrell, WPP’s boss, wants to move his firm’s legal base back to Britain if all of the proposals in the Budget are voted through. But if you are an oil and gas company, or [...]