BP’s $16bn Russia deal is scuppered March 24, 2011 BP’S historic plans to search for oil in the Arctic were blocked yesterday by its billionaire partners in Russia. The embattled oil giant’s deal with Russian explorer Rosneft has been left hanging by a thread by an international tribunal, which thwarted the pairing at the request of Alfa Access Renova, a group of oligarchs who [...]
First quarter M&A back up to 2007 levels March 24, 2011 INVESTMENT banks have seen mergers and acquisitions (M&A) deals bounce back with a vengeance in the first-quarter of 2011, but one of the traditional stalwarts has fallen down the league tables due to its exclusion from major deals. Morgan Stanley has triumphed in first place on the basis of global M&A volumes – the value [...]
M&C Saatchi sees profits leap as it grows abroad March 24, 2011 M&C Saatchi yesterday reported a 25 per cent increase in full-year profits as it opened its first agency in Russia. The advertising giant said it will open a Moscow office, taking the number of countries it operates in to 19. The Russian move is a joint venture with EMCG, one of Russia’s leading independent agencies. [...]
Metro targets emerging markets to boost growth March 22, 2011 RETAIL giant Metro is stepping up investment in emerging markets and online after it beat 2010 profit forecasts and said it saw good growth this year, provided the economic recovery continues. The German group, which runs cash & carries, electronics stores, hypermarkets and department stores, said it planned to open more than 110 new stores [...]
Russian telecoms giant Euroset plans to raise £600m through London flotation March 22, 2011 RUSSIAN telecoms giant Euroset plans to raise up to $1bn (£600m) through a London initial public offering (IPO) later this year. The firm, which is part-owned by Russian telecoms group Vimpelcom, said billionaire Russian businessman Alexander Mamut will sell down his 50.1 per cent controlling stake, as well as offering ordinary shares in the form [...]
Russia’s Euroset to proceed with London float March 22, 2011 Russian mobile phone retailer Euroset said it will proceed with a London IPO that a source close to the potential offering said could seek to raise more than $1bn (£613m). The company, part-owned by Russian telecoms group Vimpelcom, said in a statement it would offer ordinary shares in the form of GDRs while businessman Alexander [...]
Arabian unrest hits fever pitch March 21, 2011 VIOLENT anti-government protests in several Middle Eastern countries accompanied a third day of air strikes in Libya yesterday, as the ten-country military coalition squabbled over the next move. As Gaddafi’s compound in Tripoli was damaged by the strikes yesterday, David Cameron told Parliament enforcing a no-fly zone had come “just in the nick of time” [...]
WHAT THE OTHER PAPERS SAY THIS MORNING March 21, 2011 FINANCIAL TIMES HEDGE FUNDS TOLD TO ACCEPT HIGH TAXES AS THE PRICE OF LONDON LIFE Hedge funds should accept higher taxes as the cost of doing business in London and stop threatening to move elsewhere, according to one of the world’s best-known copper traders. Michael Farmer, a Conservative party donor who runs the near-$1bn Red [...]
Campari in Russia move March 21, 2011 Italian drinks group Campari is strengthening its presence in the fast-growing Russian market as it expects the Japan crisis to impact trading in Asia this year. Campari, which has acquired 16 brands in the past 15 years, said it would complete the acquisition of Moscow-based distributor Vasco CIS in 2012 for a total investment of [...]
Fukushima blow will not prevent nuclear future March 21, 2011 IN THE immediate aftermath of the Fukushima Daiichi nuclear power plant crisis, apocalyptic fears proliferated across the globe. Despite the panic that always accompanies nuclear incidents, the world’s growing energy needs will not disappear: nuclear is a solution that will not go away. The nuclear industry has been seriously set-back by this disaster. Uranium dropped [...]