Letters to the Editor – 27/05 – Dangerous rates, China’s rise, Best of Twitter May 27, 2014 Dangerous rates [Re: Britain’s mortgage prisoners must act now or face financial meltdown, Friday] The fate of the “mortgage prisoners” (those who have used the opportunity of low rates to take out misjudged loans for new properties) is no doubt troubling. But to argue that this means we should put off a rise in base [...]
CNBC Comment: Putin’s bravado masks financial stress May 26, 2014 VLADIMIR Putin’s pivot to the East can no longer be in any doubt. Attending the St Petersburg Economic Forum (the annual meeting he set up to rival Davos) last week, high profile US attendees, like Lloyd Blankfein of Goldman Sachs, were notably absent. The most high-profile foreign delegates were from China, like vice premier Li [...]
Luxury holidays… to the moon May 23, 2014 The Virgin Galactic zero gravity holiday plane As the global super-rich multiply, their travel demands get more and more extravagant. These days, a stay in a five star hotel fails to impress… Meet the companies who say the next frontier in luxury tourism is above the clouds. The rise of the global super-rich [...]
What you need to know before the open May 23, 2014 A mixed open for European markets this morning, with sentiment constrained amid EU and Ukrainian elections. Ukrainian authorities have said over a dozen servicemen were killed yesterday while clashing with pro-Russian separatists. First quarter growth in Germany’s come in as expected, at 0.8 per cent. Year-on-year, that puts the GDP figure at 2.5 per cent [...]
Polymetal plummets after it agrees to buy challenging gold mine May 22, 2014 RUSSIAN precious metals miner Polymetal’s share price plunged six per cent yesterday, after it said it had agreed to buy a gold project in Kazakhstan for $618.5m (£366.8m). The FTSE 250-listed firm is buying the assets from private owners Sumeru Gold and Sumeru LLP, for $318.5m in cash and £300m of new Polymetal shares, marking [...]
China is the real victor as Putin looks East May 22, 2014 WHEN President Vladimir Putin voyaged to Beijing this week, it was with one thing in mind: strengthening Sino-Russian relations. The signing of a $400bn (£237bn) gas pipeline deal with Beijing formed the centrepiece of this effort. Russia’s aggression in Ukraine is pushing the US and Europe away, and Putin is looking to reorient towards an [...]
Russia gas deal with China could drive up energy costs in Europe May 21, 2014 THE CHINESE and Russian government signed a $400bn (£237.1bn) gas deal yesterday, which some analysts believe could drive up gas prices in Europe when it comes into force. The agreement means that Gazprom will pipe gas into China for 30 years, beginning in 2018. At its peak, it will supply 38bn cubic metres of natural [...]
Oligarch faces world’s largest divorce payout May 20, 2014 A JUDGE in Switzerland has ordered Russian oligarch Dmitry Rybolovlev to pay his ex-wife SFr4bn (£2.7bn) following a six-year battle, making it the largest divorce settlement ever. The lawyer acting on behalf of Elena Rybolovleva, Marc Bonnant, said she is “satisfied” with the ruling. “Everything she asked for she was rightfully granted,” Bonnant told City AM. [...]
What the other papers say this morning – 20 May 2014 May 19, 2014 FINANCIAL TIMES EU banks face debt sale clampdown European regulators are seeking to clamp down on the sale of debt by banks to their own retail customers, amid fears savers do not realise the risks posed by such assets. The European Banking Authority is concerned about the sale of bank debt that could be bailed [...]
Russia and Ukraine weigh on ITE May 19, 2014 Exhibitions firm ITE Group reported a 64 per cent boost in profits to £18.2m during the six months to March, but warned it expects a lower level of growth in its key Russian and Ukraine markets for the rest of the year due to political uncertainty in the region. “The group experienced mixed trading conditions [...]