Cook takes Russian trip with Intourist tourist November 25, 2010 EUROPE’S second-largest tour operator Thomas Cook is buying more than half of Russian rival Intourist to enter the growing Russian travel market. Cook will invest up to $45m (£28.5m) – $10m in cash and $35m in its shares – in the venture for the 50.1 per cent stake. It said the deal would enable it [...]
Russian state bank eyes E.ON’s stake in Gazprom November 25, 2010 A DEAL for the sale of German utility E.ON’s stake in dominant Russian gas company Gazprom to Russian state bank VEB may be announced as early as today, a source in Russia’s energy ministry said yesterday. “The idea is completely realistic. I think that this is what will happen, I think it will be announced [...]
WHAT THE OTHER PAPERS SAY THIS MORNING November 24, 2010 FINANCIAL TIMES TOYOTA STILL ON ALERT AFTER CRISIS Toyota remains on a “crisis” footing a year after the first of a wave of recalls of more than 12m vehicles, an executive at the Japanese carmaker has said. Shinichi Sasaki, the board member responsible for quality, told the Financial Times: “I don’t think the crisis is [...]
Russia eyes sale of VTB for $3bn November 24, 2010 RUSSIA is ready to divest a stake in state-controlled bank VTB for at least $3bn, its first deputy prime minister said yesterday. Russia is seeking to raise some $59bn through a state privatisation programme by 2015, to plug a hole in the budget and speed up growth ahead of the 2012 presidential election. “Our position [...]
Sportingbet sees profits rise by a third November 24, 2010 Online gaming firm Sportingbet saw its first quarter profits soar by almost a third as it exceeded expectations in its European business. Pre-tax profit rose 31 per cent to £8.5m, compared with £6.5m last year. Net gaming revenue grew five per cent to £51.1m. Sportingbet, which has customers across Europe, Australia, Canada, South America and [...]
The world’s largest goldminer sees blue skies ahead as demand soars November 24, 2010 Aaron Regent, the chief executive of the world’s biggest goldminer Barrick Gold, straightens his tie and smiles – it’s a good time to be in the gold business. Regent, a 44-year-old with a middle distance runner’s build, is sitting in a meeting room in the recently refurbished Savoy Hotel, and can be forgiven for feeling [...]
Sales of super-high heels lift sales at Kurt Geiger stores November 23, 2010 LUXURY shoe brand Kurt Geiger has reported a 25 per cent rise in turnover in the nine months to November this year, as ladies have flocked to buy its coveted 120mm-high heels. Sales of its highest heels quadrupled compared with a year earlier, it said in its third quarter trading update. Sales of red and [...]
Russia nears WTO?membership November 23, 2010 Russia has entered the final stage of its 17-year-bid to join the World Trade Organisation and outstanding issues should be resolved in the coming months, economy minister Elvira Nabiullina said yesterday. The comments indicate that the largest economy still outside the 153-member WTO could join the body that regulates world trade in the course of [...]
WHAT THE OTHER PAPERS SAY THIS MORNING November 22, 2010 FINANCIAL TIMES GENEVA SET TO TRUMP LONDON IN OIL TRADING Geneva will leave London behind and become the world’s most important trading hub for physical energy commodities, including oil, as leading companies relocate dozens of traders to Switzerland, according to industry executives. The transfers threaten the UK capital’s leadership in physical crude and oil products [...]
Osborne: We will help our friend in need November 22, 2010 THE chancellor yesterday said Ireland was a “friend in need” that Britain would support, likely with a direct loan that will run into billions of euros. George Osborne said the loan would probably be in the “billions, not tens of billions”, but declined to give any further details of the package being discussed. Britain will [...]