Russia set to ban BP from field February 17, 2010 The Kremlin look set to strip BP’s Russian venture of the right to develop a massive Siberian gas field. The Russian environment watchdog said TNK-BP should not be allowed to develop the Kovykta field. Analysts say the move to block BP could further damage Russia’s standing with investors.
Shares rise as HP results beat expectations February 17, 2010 Hewlett-Packard shares jumped as it posted expectation-beating results yesterday. The figures were based on strong server and personal computer sales and a resurgence in its printing business. The company has raised its full-year outlook. Shares in the US technology company climbed 1.1 per cent in after-hours trading yesterday. For 2010, HP forecast earnings of $4.37 [...]
Rexam slips into the red in downturn February 17, 2010 CAN maker Rexam slipped into the red last year as hard-pressed consumers cut spending on drinks, although it said cost-cutting should help it improve performance in 2010. Rexam, whose customers include Coca-Cola, Pepsi and SABMiller, said it made a pre-tax loss of £59m in the year to 31 December, compared with profits of £240m last year. [...]
Vonn revels in golden dream February 17, 2010 ON a treacherous piste named Franz’s Run, American Lindsey Vonn summoned the daredevil spirit of the legendary Klammer to secure the Olympic women’s downhill title. Just a week ago Vonn, the dominant force in World Cup racing, announced in front of a packed media conference that a shin injury could have ended her Games before [...]
Exxon’s gas focus helps it to bolster 2009 oil reserves February 16, 2010 Exxon Mobil added 2bn barrels of oil equivalent (BOE) to its proved reserves in 2009, or 133 per cent of its production for that year, the largest US oil firm said yesterday. Exxon used long-term pricing to estimate its reserves instead of using the 12-month averages required under rules from the US Securities and Exchange [...]
Ikea sacks two Russian executives for failing to stamp out corruption February 15, 2010 Swedish furniture retailer Ikea sacked two executives for turning a blind eye to bribery by a subcontractor in Russia, just months after it halted expansion in the country because of bureaucratic hurdles. Ikea’s Russia spokeswoman said the group had dismissed its general director for Russia and Eastern Europe and another senior director. Bribery is a [...]
Deripaska plans second IPO for 2010 February 15, 2010 OLEG Deripaska, chief executive officer of Rusal, is planning an initial public offering of his power company, Eurosibenergo. The IPO is expected to take place in Hong Kong, where the Russian billionaire listed Rusal, the aluminium producer, in January this year. Since the flotation shares have tumbled 20 per cent and many in the City [...]
Steel baron Lisin tops rich list February 15, 2010 STEEL magnate Vladimir Lisin, the chairman of miner and steel producer Novolipetsk Steel (NLMK), has topped a list of Russia’s richest citizens with a personal wealth of $18.8bn (£12bn) – almost half the fortune of Microsoft founder Bill Gates. 53-year-old Lisin, who has been at the helm of NLMK since 1998, came out at the [...]
BEST OF THE BROKERSn February 14, 2010 BT GROUP Charles Stanley says last week’s third quarter results from BT were positive, particularly for overall improvement in profitability, and a small uplift in full year cash flow guidance was also welcome. “However, overshadowing all this was the news on the pension fund, which was overall worse than expectations,” Stanley said. SMITH & NEPHEW Edison [...]
WHAT THE OTHER PAPERS SAY THIS MORNING February 9, 2010 FINANCIAL TIMES TREASURY BLOCKS £1BN TAX LOOPHOLE A corporate tax loophole that threatened to drain the exchequer of £1bn a year was blocked yesterday by the Treasure in legislation that will be backdated to October 2007. The move is a response to a threat by banks and other companies to exploit an apparent defedct in [...]