Rusal predicts 2011 growth in China and rebound in US February 14, 2011 RUSSIA’S United Company Rusal, the world’s largest aluminium producer, said yesterday it sees steady output growth in 2011, driven by strong demand from China and a rebound in North America. Hong Kong and Paris-listed Rusal said aluminium production was expected to grow two per cent in 2011, roughly steady with last year’s three per cent [...]
What the other papers say this morning February 13, 2011 FINANCIAL TIMES SIEMENS EYES BIG NETWORK PURCHASES Siemens is looking out for large acquisitions to expand its power networks and plant automation businesses, in a fundamental strategic shift by the German industrial conglomerate. Joe Kaeser, Siemens’ chief financial officer, said Europe’s largest engineering group by sales had reached the “management maturity” to pursue significant takeovers. [...]
Russian iron firm plans London IPO February 13, 2011 RUSSIA’S biggest iron ore producer is planning to sell 20 per cent of its shares on the London Stock Exchange, valuing the company at £12.3bn. Metalloinvest, which is half-owned by oligarch Alisher Usmanov, could be launched into the FTSE 100 by the listing. The company has appointed Deutsche Bank, Merrill Lynch and Credit Suisse to [...]
London snubbed by Russian Papa John’s February 13, 2011 THE RUSSIAN franchise of Papa John’s, the global pizza chain, has snubbed London to list on the Frankfurt Stock Exchange. Worldwide Papa’s, which operates four outlets in St. Petersburg under the American brand Papa John’s, will today begin trading in Germany. The development comes after a slew of Russian companies pulled plans to list in [...]
Total’s 2010 profits jump on higher oil prices February 11, 2011 French oil major Total reported bumper earnings on Friday thanks to higher oil prices, and unveiled plans to spend $20bn (£12.43bn) this year mainly on new oil and gas projects to boost flagging production. Europe’s third-largest oil group, which spent billions of dollars in 2010 on Canadian oil sands and Australian offshore gas, said it [...]
BP offers TNK-BP a role in Rosneft deal February 11, 2011 BP has offered its Russian venture TNK-BP a chance to join its partnership with Rosneft, TNK-BP’s deputy CEO has told reporters, signalling a possible resolution to a row. “We had an offer from BP … about its agreements with Rosneft. For the company, obviously, the partnership would be interesting,” Maxim Barsky told reporters on a [...]
L’Oreal shares fall after sales disappoint February 11, 2011 L’Oreal shares fell back, returning some of their recent gains, after the world’s biggest cosmetics group posted fourth-quarter sales and margins that were below expectations. The French maker of Yves Saint Laurent lipstick and Garnier shampoo said it expected to beat global cosmetics market growth seen at 3-4 per cent for 2011. “We expect to [...]
BP’s Russian deal is put on hold until March by arbitration panel February 10, 2011 BP must wait until at least March to learn the fate of its £10bn share-swap with Russian oil firm Rosneft, after an arbitration tribunal yesterday extended the injunction blocking the deal. Russian investor group AAR, which owns half of BP’s Russian venture TNK-BP, obtained an injunction last week to halt the deal until 25 February [...]
Zurich profit slips 13 per cent February 10, 2011 Insurer Zurich Financial Services saw its 2010 profit fall 13 per cent to $4.9bn (£3.04bn) from $5.54bn in 2009, as catastrophe claims rose and it paid one-off costs in Russia and the US. Zurich, which wrote premiums of $33.1bn in 2010, made $3.45bn net profits, in line with market forecasts, and increased its dividend six [...]
Diageo hit as sales slow down in Europe February 10, 2011 SHARES in drinks giant Diageo dropped yesterday after the company said that European sales were weakening and that it was pinning its growth hopes on middle class drinkers in emerging markets. The company said like-for-like sales in the six months to 31 December rose four per cent to £5.3bn. Operating profit increased two per cent [...]