Russian president Vladimir Putin just took a 10 per cent pay cut March 6, 2015 What better sign that a leader understands the struggles of his people than by taking a big pay cut? Vladimir Putin has announced he will take a 10 per cent pay cut between the beginning of this month and the end of December. The Russian President said the pay cut will apply to other senior [...]
Interactive: Why Britain should think before freezing its defence budget March 6, 2015 As the engines of Russian bombers rumble above the English channel, the government could be about to freeze defence spending. Sources inside the treasury told The Times the move, said to be possible after the election, has stirred the Tory ranks and spawned whispers of a rebellion. The UK currently spends 2.07 per cent of [...]
Adidas profits take a hit from Russian currency fluctuation March 5, 2015 The figures Adidas group revenue grew six per cent on a constant currency basis in the fourth quarter of 2014, largely driven by retail growth of 20 per cent, while wholesale was up a more tempered five per cent. The German firm's TaylorMade Golf brand suffered a 28 per cent decline in sales. North America, [...]
Fresnillo share price sheds as much as six per cent after pre-tax profit falls 40 per cent March 4, 2015 The figures Fresnillo said revenue fell 12.5 per cent to $1.41bn in the year ending December 2014, down from $1.6bn a year earlier. Pre-tax profit at the precious metals producer fell 40 per cent to $251m primarily due to plummeting silver and gold prices, as well as higher production costs. The company's share price slumped as [...]
Ukraine hikes interest rates to 30pc to stem runaway inflation March 3, 2015 Ukraine has hiked interest rates by whopping 10.5 percentage points to 30 per cent. The war-torn country's central banks took the dramatic step to tackle runaway inflation and a weak currency. So far this year Ukraine's currency, the hryvnia, looks set to replicate its position last year as the world's worst performing currency. The hryvnia [...]
Mikhail Fridman and LetterOne fund attack UK government attempt to block North Sea oil and gas fields deal March 2, 2015 Russian oligarch Mikhail Fridman has issued a stinging attack on the government over its attempts to block a deal which would see his fund LetterOne take ownership of North Sea oil and gas fields. A letter to the UK government called the decision “not rational” and criticised its last minute decision just days before the [...]
UK fails to stop RWE Dea North Sea oil sale to Russian billionaire Mikhail Fridman March 1, 2015 The UK government could face legal action if it attempts to interfere with a Russian billionaire’s bid for several North Sea energy assets. An investment vehicle called Letter One, which is owned by Russian tycoon Mikhail Fridman, is buying German oil company RWE Dea in a €5.1bn (£3.7bn) deal expected to be closed today. RWE [...]
Russians protest death of Kremlin critic March 1, 2015 TENS of thousands of Russians marched through central Moscow yesterday, carrying banners declaring “I am not afraid” and chanting “Russia without Putin” in memory of murdered Kremlin critic Boris Nemtsov. Families, the old and young walked slowly, with many holding portraits of the opposition politician and former deputy prime minister who was shot dead on [...]
Government blocks Russian oligarch and Lord Browne-run fund buying North Sea oil fields over sanctions worries March 1, 2015 The government has blocked the sale of North Sea oil and gas fields to Russian oligarch Mikhail Fridman and his LetterOne fund run by former BP man Lord Browne due to worries over Russian sanctions. Energy secretary Ed Davey warned it would not approve the sale of 12 oil and gas fields by the German [...]
Boris Nemtsov: Key facts about the Russian politician shot dead in Moscow this morning February 28, 2015 Boris Nemtsov, a fierce critic of the Putin administration, was killed just metres away from the Kremlin in Moscow late last night. The 55-year-old opposition politician was shot four times by a gun from a passing car, just hours after trying to garner support for a march against the crisis in Ukraine. Nemtsov was [...]