BRICS bank will take time September 1, 2013 The BRICS bloc of emerging economies has agreed on the structure of a proposed development bank with $50bn in capital, but ironing out “difficult” details may take months, Russian deputy finance minister Sergei Storchak said. “We must assume that the bank will not start functioning as fast as one could imagine,” Storchak said today. “It [...]
Steelmaker Evraz shines after its first-half numbers beat forecasts August 29, 2013 RUSSIAN steelmaker Evraz’s share price rose over seven per cent yesterday morning, after posting half-year earnings that beat analysts’ forecasts. Earnings fell 20.7 per cent to $939m (£606m), but this was 12 per cent above expectations, Denis Gabrielik, analyst at Otkritie Investment Bank, told City A.M. The FTSE 250 firm – which is part-owned by [...]
Currency move hits Severstal August 29, 2013 Russian steel giant Severstal suffered a net loss of $44m (£28.4m) in the second quarter of the year, according to figures out yesterday. The firm said a $226m currency loss was responsible for the swing into the red. For the half-year, Severstal broke even, compared to profits of $582m a year ago. Chief executive Alexey [...]
Contrasting fortunes for capital pair in Euro draw August 29, 2013 ARSENAL’S hopes of reaching the Champions League knockout rounds for a 14th consecutive season have been dealt a savage blow after they were handed an onerous draw in the group stage yesterday. The Gunners received the most daunting group of the four Premier League clubs, with last term’s beaten finalists Borussia Dortmund, Rafael Benitez’s Napoli [...]
Greek finance minister starts quoting Lenin and attacking speculators August 29, 2013 Greek finance minister Yannis Stournaras has started to quote Russian communist revolutionary Vladimir Lenin's insights in discussing matters of policy. Yannis Stournaras Yannis Stournaras “Who does not want us to save ourselves? All the speculators in this world. All those who are shorting the euro and the bonds of eurozone countries,” Stournaras said. “Also, we [...]
We must accept our limited capacity to resolve conflict in tinderbox Syria August 28, 2013 ONE OF the enduring consequences of the war in Iraq, and to a lesser extent Afghanistan, is a deep scepticism towards military intervention abroad among the British people. In the case of the civil war in Syria, I share that scepticism. There are four questions that need to be asked and answered by policymakers [...]
Raven Russia says warehouses full to the brim as demand soars August 27, 2013 A LONDON-listed property firm that supplies warehouse space for big blue-chip companies in Russia has seen earnings almost double in the last six months on the back of booming demand from fast-growing consumer firms. Raven Russia, which owns around 12 huge warehouses around Moscow and St Petersburg yesterday reported a 97 per cent jump in [...]
Cameron cuts holiday and may recall MPs over Syria August 26, 2013 PRIME Minister David Cameron has cut short his holiday to chair a meeting of the UK’s National Security Committee on how to respond to an alleged chemical attack in Syria. He is also set to make a decision today on whether to call back other MPs early to discuss the atrocity. A Downing Street spokesman [...]
Travel firm Kuoni helped by its move away from central Europe August 22, 2013 UPMARKET travel group Kuoni narrowed its losses in the first half of the year as it said bon voyage to its continental Europe tour operations. Swiss-listed Kuoni, which has been expanding its British presence this year, posted a net loss of SFr47.4m (£32.8m), from SFr51.2m a year ago. Turnover was flat at SFr2.6bn, which the [...]
Spurs line up £60m replacements as Bale edges closer to Real deal August 20, 2013 TOTTENHAM are closing in on a £60m double swoop for forwards Willian and Erik Lamela, paving the way for their Player of the Year Gareth Bale to complete a £93m move to Real Madrid. Bale has been the subject of continued interest from the Spanish giants and with Spurs poised to sign tailor-made replacements it [...]