TNK-BP talks up chances of Rosneft deal March 1, 2011 EXECUTIVES at TNK-BP are keen to join BP’s Arctic drilling deal with Russian oil company Rosneft, its chief financial officer confirmed yesterday. “In relation to Arctic opportunity it has been accurately reported that management at this point has proposed that the board consider participation in the Arctic opportunity,” Jonathan Muir told a conference call, adding [...]
Pressure increases for Rusal to offload Norilsk February 28, 2011 A REPORT that Russia’s Sual partners may sell its 15.8 per cent stake in Rusal adds to pressure on the aluminium giant to divest its minority holding in Norilsk Nickel, analysts said yesterday. Viktor Vekselberg, one of Sual’s core shareholders, has said Rusal should accept a $12.8bn offer to buy 20 per cent of Norilsk [...]
All Saints to be put up for sale February 27, 2011 High street fashion retailer All Saints is to be put up for sale with a price tag of £140m. The chain is said to have appointed Ernst & Young to advise on the sale, according to reports. Owned by retail tycoon Kevin Stanford, All Saints has 63 stores and 47 concessions across the UK, Europe, [...]
M&S hires overseas retail chief February 24, 2011 MARKS & Spencer (M&S) has poached Jan Heere from Spanish fashion group Inditex to lead its drive for business overseas. The clothing, homewares and food retailer yesterday named Heere as its new director of international, reporting to chief executive Marc Bolland. It said Heere, fluent in English, Spanish, French, Dutch and Russian, has worked for [...]
CITY MOVES | WHO’S SWITCHING JOBS February 23, 2011 Smith & Williamson The law firm has appointed a new head of its City-based restructuring and recovery team. Anthony Spicer will take up the role in the firm’s Moorgate office. He is a chartered accountant and licensed insolvency practitioner. He has specialised in turnaround and resturucturing since 1989, on both the lending and company side, [...]
BP inks $7bn Indian deal with Reliance February 21, 2011 BP has lined up one of the biggest-ever foreign direct investments in India after agreeing to pay Reliance Industries $7.2bn (£4.4bn) to jointly explore deepwater oil and gas deposits in the country. The long-term deal with Reliance, which could see BP pour $20bn into the project, was sealed at Downing Street yesterday. BP will take [...]
Carlsberg takes hit from Russian tax payments February 21, 2011 DANISH brewer Carlsberg blamed a sharp drop in fourth-quarter profit on an excise duty rise in its biggest market Russia and falling Eastern European sales. The world’s fourth biggest brewer said yesterday that organic operating profit growth declined significantly in its key Eastern European market, although it was strong in Northern and Western Europe and [...]
Kingfisher in profit boost February 17, 2011 B&Q owner Kingfisher yesterday forecast a 20 per cent rise in annual profits after strong overseas growth offset weak trading in the UK. The group said it expects adjusted pre-tax profits for the year ending last month to be at the top end of City expectations at £672m. Strong sales in countries such as Poland [...]
ANALYST VIEWS: IS KINGFISHER’S RECOVERY SUSTAINABLE ? February 17, 2011 PHILIP DORGAN | ALTIUM SECURITIES Kingfisher could, over the long term, double its business in Poland and Spain, treble in Turkey and quadruple in Russia, with China moving towards profitability. It also has potential to improve profits further in the UK. All of this should drive decent earnings growth, cash generation and higher returns. KEITH [...]
For the Brics, adolescence could prove to be difficult February 16, 2011 WHEN the idea of a Bric fund – an equity fund focused on Brazil, Russia, India and China – first took off in the mid-noughties, they were all the rage with investors. Goldman Sachs predicted 2050 would be the year when the Brics became the world’s leading economies, and today they are heading resolutely in [...]