Oligarchs could float TNK-BP if bid for BP stake is successful October 9, 2012 RUSSIAN conglomerate AAR is considering floating off part of TNK-BP if it buys out BP’s stake. It comes after AAR, controlled by four Russian billionaires, yesterday said it was considering disposing of its 50 per cent stake in the Russian oil company. It is understood that AAR’s notification to sell its stake is a way [...]
FTSE 100 lower on weak corporate news October 8, 2012 The blue chip index was firmly lower in early trade, as worries over the health of the global economy pulled stocks down. Weaker resources prices and concerns ahead of a meeting of EU finance ministers to launch the latest bailout fund weighed on sentiment. Materials firm Cookson Group and recruiter Michael Page led the index [...]
Mark Rothko painting defaced at the Tate Modern art gallery October 7, 2012 A MULTI-MILLION painting by Modernist artist Mark Rothko was defaced by a visitor to the Tate Modern museum yesterday. The gallery said a man had inscribed a message using black paint in the corner of the 1958 canvass Black on Maroon shortly before 3.30pm before quickly leaving the room. An investigation is currently underway. The [...]
FTSE 100 boosted by mining shares October 5, 2012 The blue chip index opened up this morning, boosted by headline mining shares as investors adopted a ‘risk-on’ attitude. Outside of the miners, insurer CPP Group topped the leaderboard in early trading, while brewer Fuller, Smith & Turner jumped more than four per cent. Russian oil company Ruspetro soared 3.85 per cent in early deals, [...]
AAR eyes entire TNK-BP stake as talks persist October 4, 2012 GERMAN Khan, director of Russian oil company TNK-BP, said yesterday that his consortium AAR will make a “competitive” offer for BP’s 50 per cent stake in TNK-BP. Khan said AAR, which already owns 50 per cent of TNK-BP, has been organising funding for the sale of the stake. It will make an offer by 17 [...]
Evraz buys stake in Russian firm October 4, 2012 Russian steelmaker Evraz yesterday announced it has bought a controlling stake in Raspadskaya, Russia’s largest coking coal firm. London-listed Evraz has bought a further 50 per cent interest in Corber, from Adroliv Investments Limited, which holds an 82 per cent interest in Raspadskaya. The remaining 18 per cent of Raspadskaya’s shares will remain listed on [...]
What the other papers say this morning October 3, 2012 FINANCIAL TIMES End to Russian petrodollar surplus Russia’s petrodollar surplus is poised to vanish as early as 2015 as import revenues overtake those from oil exports, according to its central bank. The forecast is the first official acknowledgment that the economic model which has characterised Vladimir Putin’s leadership – a country buttressed by oil money [...]
Third largest bank from Russia prices stock for London listing October 3, 2012 PROMSVYAZBANK took another big step towards listing shares in London yesterday, setting the price range for its initial public offering. Russia’s third largest bank is joining the flood of firms from the country rushing to the UK, following larger compatriot Sberbank which listed in London last month, and coming ahead of VTB, another bank looking [...]
Shell opens Russia lubricants plant October 3, 2012 Shell yesterday opened a new lubricants blending plant in the Tver region north-west of Moscow, the first to be built by an international oil company in Russia. The new plant will supply a range of finished consumer, transport and industrial lubricants, blending up to 200m litres a year and creating 150 Russian jobs when at [...]
FTSE 100 down on poor Chinese data October 3, 2012 The leading share index slipped back under the 5,800 mark this morning, as weak Chinese services sector data weighed on investor sentiment. Mining stocks were hit, as the poor outlook from Asia raised concerns about raw demand. Leading the fallers in early trade was Lamprell, down more than 32 per cent, as it issued its [...]