London jitters thwart Moscow airport float May 31, 2011 MOSCOW’S busiest airport has become the latest group to fall victim to shaky investor confidence in London’s initial public offering (IPO) market. DME Limited, the offshore company that owns Domodedovo airport, announced the withdrawal of its planned $700m-$1bn (£424 – £607m) float in London late on Sunday night, having published its intention to float document [...]
Shock lift for Russia’s rates May 30, 2011 RUSSIA’S central bank surprised markets yesterday by hiking its overnight deposit rate by a quarter of a percentage point, to 3.5 per cent. Its other rates were held steady, as expected, the key refinancing rate sticking to 8.25 per cent and the repo rate at 5.5 per cent. “The decision was made taking into account [...]
G8 countries to warn Greece over its massive debt burden May 26, 2011 THE G8 leaders raised the alarm yesterday about government debts weighing down the world economy but pledged at a meeting in France to find funds to help new Arab democracies. Japan’s deputy chief cabinet secretary, Tetsuro Fukuyama, told reporters the G8 agreed Greece must do more to sort out its finances and work with the [...]
Lagarde confirms IMF bid May 25, 2011 FRENCH finance minister Christine Lagarde officially declared her candidacy for the leadership of the IMF yesterday, confirming speculation that she would make a bid to replace the ousted Dominique Strauss-Kahn. She appears to have few credible challengers, but her candidacy could cause controversy given that her appointment would follow the decades-old tradition that only Europeans [...]
Shell moves in on BP’s failed Rosneft deal May 25, 2011 ROYAL Dutch Shell is moving in on Russia’s Arctic energy reserves in the wake of BP’s failure to resolve its legal issues surrounding a tie-up with Rosneft, Moscow’s national oil giant. Shell chief executive Peter Voser met with Russian deputy prime minister and energy chief Igor Sechin as well as Rosneft chief Eduard Khudainatov yesterday. [...]
Lagarde set to formally enter race for top role at the IMF May 24, 2011 FRENCH finance minister Christine Lagarde is expected to formally announce her bid to run the International Monetary Fund (IMF) this morning. The European Union is said to have reached a consensus on backing her to replace Dominique Strauss-Kahn, who quit last week over sexual assault charges. Lagarde is seen as the frontrunner for the job, [...]
Investment to London keeps up May 24, 2011 London attracted more foreign direct investment in 2010 than every European country apart from France, Germany and Russia, a report from Ernst and Young revealed today. The UK as a whole continues to attract the highest level of investment in Europe, up seven per cent in 2010 from the previous year. While almost half (46 [...]
Russia thinks BP deal is dead May 23, 2011 Russia’s energy minister does not expect BP and Rosneft to revive their historic exploration deal. Sergei Shmatko told reporters yesterday: “I don’t believe there’s any chance of reincarnation of the deal in its current form,” adding that the two oil companies were continuing talks over a new agreement to search for oil in the Arctic. [...]
Yandex float priced at top end of range May 23, 2011 RUSSIAN internet search firm Yandex yesterday appeared to be cashing in on a surge in demand for technology companies in the United States, despite fears of a new dot.com bubble. The firm, dubbed as the “Russian Google”, now plans to sell shares above its initial price range, at between $24 and $25 per unit. It [...]
BEST OF THE BROKERS May 23, 2011 MITCHELLS & BUTLERS JP Morgan has downgraded the bar and restaurant operator from “overweight” to “neutral” on the back of recent share price strength, and has lowered its target price by 48p to 360p. The broker thinks the current share price reflects the dilutive impact of major disposals including 333 pubs. However, it expects M&B [...]