Record period tops forecast for VTB bank June 2, 2010 VTB, Russia’s second biggest lender, returned to the black with a record 15.3bn rouble (£335m) profit for the first three months of 2010 after six quarters of losses. The company beat analysts’ estimate of 10.2bn roubles, but decided not to raise its full-year forecast. Chief financial officer Herbert Moos said: “We do not expect that [...]
Russia’s Lukoil doubles quarterly profit June 2, 2010 LUKOIL, Russia’s number two crude oil producer, yesterday said first-quarter net profit more than doubled, beating analysts’ forecasts, due to rising oil prices. Lukoil, in which US rival ConocoPhillips decided to sell half of its 20 per cent equity stake, said first-quarter net profit, attributable to shareholders, jumped to $2.05bn against a forecast of $1.84bn. [...]
WHAT THE OTHER PAPERS SAY THIS MORNING May 27, 2010 FINANCIAL TIMES COMMODITIES SURGE AFTER WARNING ON HURRICANE SEASON Oil and natural gas prices surged on Thursday as the US government said this year’s hurricane season could rank among the most active to date, comparable to years that brought such devastating storms as 2005’s Katrina and Rita. The outlook raises the possibility of damage to [...]
CITY MOVES | WHO’S SWITCHING JOBS May 26, 2010 Otkritie Securities Otkritie, the UK subsidiary of Russian financial services giant Otkritie Financial Corporation, has appointed Howard Snell as chairman. Snell joined the broker last year as an executive director, having previously been UK chief executive of Russian investment bank Troika Dialog. He was also previously co-head of the London emerging markets desk at UBS, [...]
Ovoca Gold plans a 10 per cent buyback of shares May 25, 2010 Ovoca Gold said yesterday it plans to seek approval to repurchase up to 10 per cent of the company’s issued share capital by way of on-market share buybacks. The company does not currently have the authority to repurchase its own shares. Ovaca said it has a strong balance sheet of US$43m (£30m) in net cash [...]
Russia’s Orient Express bank plans listing May 24, 2010 ORIENT Express, a mid-sized lender, said it plans to launch Russia’s first initial public offering in the banking sector since the financial crisis struck in 2008. Russia’s banking sector has been hit hard by the global economic downturn, and the deal to raise at least $200m (£138m) would show the level of appetite among investors [...]
London loses competitive edge to rivals May 20, 2010 SINGAPORE and Hong Kong are the most competitive financial centres in the world, according to a highly rated survey released yesterday. Strong demand in Asia boosted these economies to the top two spots in the IMD World Competitiveness Yearbook (WCY). They were streaks ahead of the traditional European economies in the survey that analyses how [...]
Capello: 2018 bid not hurt by Triesman May 19, 2010 FABIO CAPELLO insists England remain the “perfect” hosts for the 2018 World Cup despite the controversy surrounding Lord Triesman. Triesman resigned as chairman of the bid – and indeed from the Football Association – on Sunday after he accused rival bidders Spain and Russia of conspiring to bribe referees at this summer’s showpiece. World governing [...]
SSL sees strong earnings despite poor UK market May 18, 2010 DUREX condom maker SSL International yesterday reported a 51 per cent jump in profits despite difficult trading in the UK. The firm, which also makes Scholl footwear, said profits for the year rose from £76.5m to £115.3m. Sales in the 12 months to the end of March increased by 25 per cent to £802.5m. Business [...]
Norilsk Nickel cost cutting measures put it back in black May 18, 2010 RUSSIA’S Norilsk Nickel has recorded a return to profit in 2009 thanks to a successful cost cutting programme. The world’s top nickel and palladium miner posted a net profit of $2.65bn (£1.83bn) versus a revised loss of $555m in 2008. The results beat forecasts despite lower metals prices, analysts said. “Labour expenses decreased by 25 [...]