Russia forced to pay $50bn to Yukos shareholders for expropriating oil assets July 28, 2014 As Putin's international image slips to a new nadir over Ukraine, Russia has been ordered by the Hague's arbitration court to repay $50bn to shareholders in defunct oil company Yukos. The Russian state had expropriated the assets of Yukos, forcing the company into bankruptcy. A $50bn hit will come as a large blow to the former-soviet [...]
David Cameron urges restraint over Russia 2018 World Cup boycott July 27, 2014 Both Labour and the Liberal Democrats have called for Russia to lose the right to host the football World Cup in 2018 if President Putin continues his involvement with separatists in Ukraine. However, David Cameron urged caution instead yesterday, pouring cold water on his coalition partner’s call for action. “The Prime Minister does not believe [...]
Sport Comment: Stripping Russia of World Cup is just not practical July 27, 2014 SPORT always has been and remains a political football. I have spent much of the past weekend at the Rugby 7s at the Commonwealth Games in Glasgow. I have been trying to explain to people who asked why Fiji were not competing as a team when some of their individual athletes were. Fiji were expelled [...]
World Cup 2018 should not be held in Russia says Clegg in call for tougher sanctions July 27, 2014 Nick Clegg has called for Russia to be stripped of its right to host the World Cup in 2018, saying it would be “unthinkable” for the country to enjoy the prestige of hosting the event after the downing of Malaysia Airlines flight MH17. The deputy prime minister made the comments in an interview with the [...]
European leaders urged to approve most severe Russian sanctions yet July 26, 2014 European leaders are being urged to approve a new set of sanctions against Russia, spanning the financial, defence and energy industries. The package being put forward represents “phase three” of the European Union's plan to hit entire sectors of Russia's economy. If approved, it will result in the most wide-ranging sanctions to have been [...]
Targeting Russian oligarchs with EU sanctions won’t work say lawyers July 24, 2014 Lawyers have cast doubt on the plausibility of directing EU sanctions at Russian oligarchs, as politicians look to freeze the assets of figures close to President Putin. Europe is in the process of agreeing tougher sanctions on Moscow, following the downing of Malaysian airlines flight MH17 over separatist-controlled Ukraine last week. Last night, EU members [...]
Boris Johnson avoids talking tennis by pulling on his sparring gloves July 24, 2014 It looks like the “will he, won’t he” tennis match between Boris Johnson and the Chernukhins (the Russian couple who paid £160,000 at a fundraiser to play BoJo and David Cameron) will go ahead, after Boris said he was going to get in training for it yesterday. Now we think we know how he’s getting [...]
London property market: So you think you know Chelsea? July 24, 2014 Everyone thinks they know Chelsea. Even if you don’t live there, you have an idea of it. The term Sloane Ranger was used in the 80s to describe a certain breed of socialite that lingered around the King’s Road, and reality TV show Made in Chelsea has brought the stereotype back into the public eye. [...]
Will financial sanctions on Russia significantly damage the City of London? July 24, 2014 Rob Wood, chief UK economist at Berenberg Bank, says Yes. Russia’s economy matters, even for the UK where only a small fraction of financial services activity is tied directly to Russia’s fragile petro-economy. The UK economy dances to the beat of world events because of confidence, uncertainty and financial market spillovers. The crisis in the [...]
City Moves for 24 July 2014 | Who’s switching jobs July 23, 2014 Mayfair Capital Investment Management The UK real estate investment manager has appointed Jonathan Gibbon as investment director. He was most recently head of UK transactions at Aberdeen Asset Management. Gibbon will work alongside Guy Brodgen, Mayfair Capital’s co-founder, in leading its transaction business. BCS Financial Group Matthieu Ressencourt has been appointed managing director and head [...]