BP deal in doubt as Rosneft chair leaves April 12, 2011 BP’s $16bn (£9.8bn) share swap deal with Rosneft looks shaky following the departure of the Russian oil giant’s chairman, Igor Sechin. Sechin, also deputy prime minister of Russia, has followed orders from Russian president Dmitry Medvedev that ministers should resign from their positions leading state-owned companies to separate business and politics. BP is also under [...]
BP partners cause chaos April 11, 2011 THE CHAIRMAN of Rosneft stepped down yesterday, creating further uncertainty for BP and its plans for a £10bn share swap and exploration deal with the Russian state-owned oil giant. Igor Sechin, who is also Russia’s deputy prime minister, announced his resignation at a shareholder meeting yesterday as part of a country-wide removal of politicians from [...]
Tyco shares bounce on talk of takeover April 11, 2011 SHARES in US industrial conglomerate Tyco International received a boost yesterday after news of bid interest from Schneider Electric. Schneider, which works with British Airways and public sector bodies on energy efficiency projects, is thought to have hired bankers to examine Tyco ahead of a possible takeover offer, although the plan is at an early [...]
WHAT THE OTHER PAPERS SAY THIS MORNING April 7, 2011 FINANCIAL TIMES MADOFF SEEKS TO SPREAD BLAME FOR FRAUD Bernard Madoff sought to spread blame for his $65bn Ponzi scheme to banks, regulators and some of his oldest business associates in a rambling jailhouse interview with the FT. The disgraced financier offered little evidence for his claims and admitted he had lied to investors and [...]
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 [...]