What the other papers say this morning September 6, 2012 FINANCIAL TIMES Investment banks eye Europe job cuts Big investment banks in Europe, including Nomura, Credit Suisse and UBS, are stepping up plans to cut jobs as they seek to adapt to a drastic slowdown in revenues and tighter regulation. Bank executives, headhunters and analysts say that the cuts are shaping up as the deepest [...]
Direct Line’s Geddes needs to sell himself or face failure September 6, 2012 LONDON’S capital markets have been cheered a little by news that Alisher Usmanov, the Russian tycoon that owns a large shareholding in Arsenal football club, intends to raise $4bn (£2.5bn) for mobile phone operator Megafon in the next few weeks. There have been too few IPOs this year and so anything that livens up the [...]
Russia’s Rosneft halts TNK-BP talks over deal to buy a stake September 6, 2012 RUSSIA’S Rosneft has taken time out in talks to buy a stake in TNK-BP to avoid falling foul of a shareholder’s agreement between its current owners, Rosneft chief executive Igor Sechin said yesterday. BP said in June it would start the process of selling its 50 per cent stake in TNK-BP, which it formed nearly [...]
Knightley fails to lift an unconvincing Karenina September 6, 2012 FILM DREDD Cert 18 | By Alex Dymoke **** We are just two minutes into this bleak, ultra-violent comic book adaptation when our helmeted anti-hero has blasted a flare into his criminal adversary’s mouth, burning and exploding his head from the inside. The 18-rated Dredd declines the family friendly middle-market targeted by most comic-book franchises. [...]
Roddick retires on Del Potro defeat as Sharapova soars into US Open semi finals September 5, 2012 ARGENTINA’S Juan Martin del Potro last night ended the career of Andy Roddick with a hard-fought four set victory in the quarter-finals of the US Open. That Roddick retired at the scene of his finest hour – Arthur Ashe Stadium where he won the 2003 grand slam title – was perhaps rather fitting but despite [...]
Gazprom gearing up to fight EU competition probe into gas sales September 5, 2012 RUSSIA’S Gazprom said yesterday it was ready to talk after the European Union launched a competition probe into its gas sales, but was armed with legal and political reasons why the EU should back off. The European Commission launched the probe on Tuesday into suspicions that Gazprom, more than 50 per cent held by the [...]
Polymetal looks for partnership September 5, 2012 Polymetal yesterday said it was looking for a joint venture partner to explore its Tamunier project in Russia, after some disappointing exploration results. It said it had found some gold in 50m tonnes of ore, but the project did not fit with the company’s strategy of looking at higher-grade assets, so it would consider a [...]
London gains Russian listings in IPO drought September 4, 2012 TWO MORE Russian firms yesterday announced plans to list in London, defying the poor funding environment. Mobile phone operator MegaFon is planning a 20 per cent float, in an IPO that could be worth up to £2.5bn. The firm, which was taken over by Alisher Usmanov in April, has asked regulators for permission to list. [...]
Hope for new floats a welcome ray of sunlight amid the clouds September 4, 2012 THE Russian bear gave the London IPO market a little bullish news yesterday, with mobile phone heavyweight MegaFon and lender Promsvyazbank seeking regulatory permission to pursue listings here. Both firms have been mentioned in connection with possible London listings before, but given the current economic headwinds it is reassuring to see signs that both firms [...]
Gazprom faces anti-competition probe September 4, 2012 The European Commission is investigating Russian energy giant Gazprom over claims it might be hindering competition in EU gas markets. The Commission believes Gazprom might be “abusing its dominant market position” in central and eastern Europe by hindering the free flow of gas and preventing the diversification of supply of gas. It added Gazprom “may [...]