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 [...]
Jaeger moves into Russia February 10, 2011 Jaeger has signed a deal with JamilCo, one of Russia’s leading luxury brand distributors, to bring the British brand to Russia. The first two stores are set to open in spring 2011 in Moscow, with more to follow in autumn 2011 in Moscow and St. Petersburg. “We are delighted to be expanding into the Russian [...]
Gazprom profit down 9pc as costs rise February 10, 2011 Russia’s top gas producer Gazprom reported a fall in third-quarter profits after its costs for purchasing oil and gas rose by nearly a third. Gazprom, which buys gas from Central Asia and resells it mainly to Europe, said the purchase costs for oil and gas rose 29 per cent, but did not elaborate further. Third-quarter [...]
China drives luxury German car sales February 8, 2011 GERMAN carmakers BMW and Audi have reported record January sales, boosted by demand for luxury vehicles in Russia and China. Audi, the high-end brand owned by Volkswagen, said it delivered around 95,400 cars to customers worldwide last month, an increase of 22.6 per cent on the same period last year. Munich-based BMW, the world’s biggest [...]
BRAZIL AND RUSSIA HURT AVON’S SALES February 8, 2011 AVON Products the world’s largest direct seller of cosmetics, posted a steeper-than-expected drop in quarterly profit yesterday, hurt by poor performance in Brazil and Russia. Avon, led by Andrea Jung (above), earned $229.5m (£142.6m), or 53 cents per share, in the quarter, down from $269.4m, or 62 cents per share, a year earlier.
Hands joins Chaucer bid fray February 8, 2011 GUY Hands’ Terra Firma buyout house confirmed it was in the bid race for Lloyd’s insurer Chaucer yesterday following feverish speculation over the potential bidders. Sources familiar with the situation told City A.M. that at least one further bidder is also in talks with the insurance company. A US trade buyer is reportedly in takeover [...]
Toyota lifts outlook despite fall in profit February 8, 2011 TOYOTA has lifted its annual forecasts beyond market expectations as cost cuts and sales exceeded its plans, but a heavy reliance on exports will keep it a laggard as long as the yen stays strong. The world’s top automaker posted a smaller-than-expected fall in third quarter profits and hiked its sales forecast for the year [...]
What the other papers say this morning February 7, 2011 FINANCIAL TIMES SEC EYES MORTGAGE DISCLOSURES US securities regulators investigating the role of banks in the mortgage crisis are homing in on the question of whether investors were misled about the home loans used to back securities. The Securities and Exchange Commission and other regulators have been investigating a wide range of banking activities in [...]