Bottom Line: Kiev is the key to Putin’s power March 3, 2014 IT’S NOT just about the Crimea. Attention has naturally turned to Russia’s immediate strategic interest in Sevastopol. But the assumption that this marks the limit of Vladimir Putin’s ambition is a dangerous miscalculation. Putin’s trademark brand of Russian nationalism makes control of Kiev non-negotiable. Without it he is just another thug. But for deep cultural [...]
Britain is the fourth-best in the world for billionaire residents March 2, 2014 BRITAIN is home to 77 dollar billionaires, having gained 22 since last year, though the USA has strengthened its position in the upper ranks of the world’s wealthiest, a new rich list claims. Ukrainian-born Leonard Blavatnik was named the richest UK resident by Chinese publisher Hurun, with an estimated worth of £18bn, up 16 per [...]
Crimea checkmate: Putin now has his Ukraine veto March 2, 2014 US SECRETARY of state John Kerry tends to reveal more than he ought to. In response to the Russian takeover of Crimea, he blustered, “you just don’t in the twenty-first century behave in a nineteenth-century fashion by invading another country,” as though the laws of human nature and geopolitics have been recently improved upon. In [...]
Letters to the Editor – 03/03 – Immigration, House building, Best of Twitter March 2, 2014 Immigration [Re: The coalition’s immigration policy has now lost all credibility, Friday] Obsession with immigration (and the EU) has distracted attention from implementing real reform to increase our country’s economic capacity. Few are prepared to so boldly announce their support of immigration, and it has become a real emotional rather than rational issue. Name withheld [...]
Ukrainian minister accuses Russia of “armed invasion”. Here’s what you need to know February 28, 2014 Armed, unidentified men are blockading Sevastopol’s military airport in Crimea, with interior minister Arsen Avakov accusing Russian naval forces of occupying the Russian-majority region. Writing on Facebook, he called the situation an “invasion and occupation”, adding that no conflict has yet taken place. The Russian navy has denied involvement. Ukraine border guards have said more [...]
Russia circles as tensions in Ukraine build February 27, 2014 ESCALATING tensions in Ukraine worsened yesterday, as separatist groups seized control of Crimea’s parliament building and troops gathered near the Ukraine-Russia border. The raid came as new Prime Minister Arseny Yatseniuk admitted the country was in dire financial straits, saying that loans worth $37bn (£22.17bn) were missing from the treasury. The Ukrainian hyrvnia has fallen [...]
Russian retail chain Lenta raises $950m to start trading in London February 27, 2014 RUSSIAN hypermarket Lenta is set to announce a price of $10 per global depository receipt (GDR) today for its forthcoming float in London, raising $952m for its private equity owners. The $10 price gives Lenta, which is controlled by David Bonderman’s TPG Capital, an equity value of about $4.3bn. Bankers had previously indicated a price [...]
Inside Track: London’s 2014 flotations get off to a promising start February 27, 2014 THERE have been weeks of anticipation. Now it’s time for early evaluation as the first London new issues of 2014 start trading. Which way the newly issued shares trade can set the mood for the rest of the year – or at least provide an indication of the appetite of the institutions for newly-listed stocks. [...]
Weak prices take the shine off Severstal as profits plunge 89pc February 27, 2014 RUSSIAN steel miner Severstal yesterday posted an 89 per cent fall in full-year profit, hit by writedowns and weak metal prices. The company posted net profit of $83m (£50m) in 2013, while revenue fell 5.6 per cent to $13.3bn. “It is a challenging time for the industry, due to oversupply in the steel market,” chief [...]
London Report: RBS weighs on FTSE but Yellen drives stocks up February 27, 2014 BRITAIN’S top share index edged up yesterday, lifted by positive US data and assurances from Federal Reserve chair Janet Yellen, despite a sharp sell-off in Royal Bank of Scotland and increasing tension over Ukraine. RBS skidded 7.7 per cent as its new chief exec outlined plans for a large-scale overhaul after the mostly state-owned lender [...]