Russian billionaire’s stellar rise to the top January 17, 2011 AS THE SON of Soviet-era mill workers, Alexey Mordashov’s rise to become one of the richest men on the planet has been astronomical. The steel baron in charge of Russia’s second largest steel producer and gold miner Severstal, in which he has a controlling share, rose from humble beginnings to become one of the world’s [...]
More flood devastation hits food stocks as prices increase January 17, 2011 SRI LANKA has become the latest country to suffer devastating floods and a knock on effect on escalating food prices. “Vegetables are already going up in price,” said minister Mahinda Amaraweera yesterday. Over a million people have been displaced by the floods in the last nine days, which resulted from abnormally high monsoon rains. The [...]
Vimpelcom bid threatens Telenor ties January 17, 2011 NORWAY’S Telenor raised the prospect of yet another legal fight and the possibility of severing ties with Vimpelcom over a proposed bid by the Russian firm for Egyptian tycoon Naguib Sawiris’ telecoms assets. Telenor said yesterday it was disappointed by Vimpelcom’s board approval of a revised bid for Italy’s Wind and Cairo-based Orascom Telecom from [...]
CITY MOVES | WHO’S SWITCHING JOBS January 17, 2011 RSM Tenon The financial services firm has appointed two new directors and an associate director in London. Nick Atkinson has been promoted to a risk management director, specialising in internal audits of the NHS. Nick Davies (pictured) has been promoted to business advisory director in the audit, tax and advisory team, specialising in corporate clients. [...]
FTSE tumbles to lowest close for a week as bank shares fall January 17, 2011 BRITAIN’S top share index fell yesterday, with declines from miners and banks offsetting a lift from merger and acquisition moves, as finance ministers were gathering to discuss changes to the Eurozone’s rescue fund. Smiths grabbed top spot on the blue-chip leaderboard, up 7.7 per cent, after the engineering firm rebuffed a £2.45bn bid for its [...]
FTSE closes under a cloud January 17, 2011 THE FTSE 100 closed down 0.3 per cent or 16.37 points at 5,985.70 today, under a cloud as EU finance ministers gathered to discuss changes to the eurozone’s bailout fund, and weighed down by miners and banks. Trading was also lacklustre as US markets were closed for the Martin Luther King Jr day holiday. Merger [...]
BP shares up after Rosneft exploration deal January 17, 2011 Shares in BP rose two per cent following the share swap and arctic exploration deal that the London-based oil major signed with Russia’s largest oil producer Rosneft late on Friday. Analysts said the deal with state-controlled Rosneft opened up massive reserves in the arctic, a region they said was believed to contain one fifth of [...]
BP’s Russia deal comes under fire January 16, 2011 BP’S HISTORIC tie-in with Russia’s state oil company came under intense scrutiny yesterday, as politicians and businessmen piled in to examine the merits and dangers of the deal. The share swap, announced late on Friday, sees BP hand a five per cent stake to Rosneft in exchange for a 9.5 per cent holding in the [...]
What the other papers say this morning January 16, 2011 FINANCIAL TIMES RBS DIRECTOR TO STEP DOWN FROM BOARD One of the last Royal Bank of Scotland directors to remain on the bank’s board from the days of Sir Fred goodwin is poised to step down from his role. Colin Buchan, 56, a former UBS investment banker who until recently was chairman of RBS’s remuneration [...]
BP deal with Russia sparks controversy January 16, 2011 CONCERNS grew yesterday about the political implications of BP’s $16bn (£10bn) share swap with Russia’s state-owned oil firm Rosneft. Shadow justice minister Chris Bryant said in an interview that BP needs “a strong anti-corruption” strategy to work with the company. Labour leader Ed Miliband said he was “pretty worried” about the environmental aspect of the [...]