CIC takes stake in KMG as China seeks to take advantage of commodity slump September 30, 2009 CHINESE wealth fund CIC yesterday bought a stake in KazMunaiGas Exploration Production (KMG), the Kazakh oil and gas company, which is listed on the Kazakhstan Stock Exchange, and has its GDRs listed on the London Stock Exchange. State-owned CIC, which has over $300bn (£189bn) under management, paid $939m for an 11 per cent stake in [...]
Arsenal late show as Van Persie breaks Greek resolve September 29, 2009 ARSENAL (2) vs OLYMPIACOS (0) ARSENAL manager Arsene Wenger enjoyed the luxury of shrugging off his side’s wastefulness after late strikes from Robin van Persie and Andrey Arshavin maintained their 100 per cent start in Europe. The Gunners allowed a host of chances to pass them by until the 78th minute, when Van Persie converted [...]
Deripaska in HK flotation September 27, 2009 ALUMINIUM giant Rusal, the group controlled by Russian billionaire Oleg Deripaska, is set to announce one of the biggest floats of the year this week, in Hong Kong. The $30bn (£19bn) flotation, which will see 10 per cent of the group’s shares put on the Asian market, is snubbing the London Stock Exchange (LSE) because [...]
AvtoVAZ seeks cash for workers September 27, 2009 AvtoVAZ, Russia’s largest carmaker, intends to apply for a 10-year credit line worth 12bn roubles (£249m) to help compensate workers it has let go, according to local press reports. The loan will be interest-free until 2015. The reports did not say where AvtoVAZ, which is part-owned by French car maker Renault, hoped to obtain the [...]
NICK WESTLAKE September 22, 2009 Numis Securities acted as corporate broker and sponsor to Chime in the execution of its acquisition of Essentially. EPL Advisory were Chime’s financial adviser, while Cenkos Securities was financial advisor to Essentially. Numis has advised Chime for five years, and previously advised on its acquisition of advertising agency VCCP – of Comparethemeerkat.com fame – and [...]
WHAT THE OTHER PAPERS SAY THIS MORNING September 22, 2009 FINANCIAL TIMES VODAFONE TO REJIG MOBILE INTERNET STRATEGYVodafone will set out a significant revamp of its services strategy for mobile phones tomorrow as it tries to bridge the gap with global rivals. Vittorio Colao, chief executive, will outline new services that are intended to capitalise on the rising popularity of surfing the internet on mobiles.Some [...]
Cadbury’s boss admits there is some sense in Kraft’s takeover ambitions September 21, 2009 CADBURY chief executive Todd Stitzer has softened his stance on a possible takeover by US food giant Kraft, admitting that there are some “complementary elements” in the two companies’ portfolios. “I would never say there’s not some strategic sense in these businesses coming together,” said Stitzer yesterday. He added that in areas such as Europe, [...]
Putin in gas extraction summit September 20, 2009 Russian Prime Minister Vladimir Putin said he will this week hold a meeting on how to tap giant gas reserves on the Arctic Yamal peninsula, and global majors hope to hear about tax breaks and the easing of regulations. Industry sources said invitations had gone to the heads of Total, Royal Dutch Shell, Exxon Mobil, [...]
FURTHER BAD NEWS TO PUSH BUCK LOWER September 20, 2009 JANE FOLEY RESEARCH DIRECTOR, FOREX.COMAYEAR after the fall of Lehman Brothers, the established rhetoric in the markets is that the shocks that unbalanced the finance system and the global economy have still not dispersed. However, the markets are saying otherwise. Shorting the US dollar has become de rigueur. The euro, Australian and New Zealand dollars [...]
Bank of New York Mellon settles $22.5bn Russia case September 16, 2009 RUSSIA expects to get costs of at least $14m (£8.5m) in an out-of-court settlement of a $22.5bn lawsuit against Bank of New York Mellon, finance minister Alexei Kudrin said yesterday. The deal should bring to an end Russia’s more than two-year quest for compensation from the bank over alleged laundering of $7bn from Russia in [...]