BP shares rise after historic Russian deal January 17, 2011 BP SHARES edged up yesterday in the market’s first chance to react to its $16bn (£10.1bn) deal and share swap with Russia’s state oil firm Rosneft. BP closed up 0.24 per cent at 500.7p, beating an overall decline in the FTSE 100 index, despite a likely dilution of earnings per share through the deal. As [...]
Cameron denies any political tensions over Rosneft deal January 17, 2011 POLITICAL tensions over BP’s deal with Russian state-owned Rosneft were played down yesterday by the UK government. A spokesman for Prime Minister David Cameron said the share swap was “a commercial deal between two companies”, and did not indicate a thaw in political relations between Britain and the Russian government. He said: “The Prime Minister [...]
Bob Dudley gets another chance to succeed in Russia’s oil market January 17, 2011 BP’s latest attempts to expand in Russia will be a chance for chief executive Bob Dudley to mend his relationship with the country, following his troubled time as president of TNK-BP, the firm’s ongoing joint venture in the country. Dudley was forced to leave Moscow in 2008 when his visa was not renewed, following a [...]
UK listing for Severstal gold mining group January 17, 2011 RUSSIAN steel company Severstal yesterday announced plans to float its Nord Gold unit in London to raise more than $1bn (£629m). It values the company at over $4bn. The premium listing of at least 25 per cent of the gold miner is set to be the biggest mining float since Nate Rothschild’s $1bn offering of [...]
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 [...]