MegaFon float put on hold as Russia’s richest man sits tight June 5, 2012 THE global uncertainty around public listings was underlined yesterday when the chief executive of Russian mobile phone group MegaFon indicated its highly anticipated float might not occur for some time. Russia’s second biggest mobile operator – controlled by Arsenal shareholder and Russia’s richest man Alisher Usmanov – plans to list up to 20 per cent [...]
WHAT THE OTHER PAPERS SAY THIS MORNING May 31, 2012 FINANCIAL TIMES Osborne sues to deter EU overreach George Osborne is taking legal action in a bid to stop the EU from overreaching its powers by giving a pan-European supervisor the right to ban short selling of financial products. The chancellor’s decision to sue reflects his determination to prevent EU institutions overstepping their mandate, rather [...]
TNK-BP co-owner invites in bidders for the business May 31, 2012 TNK-BP, British oil major BP’s Russian joint venture that is embroiled in a shareholder dispute, may get a third investor, co-owner and former chief executive Mikhail Fridman. Fridman, one of the four Soviet-born tycoons who share control of the 50-50 venture via the AAR consortium, quit as chief executive on Monday, deepening a leadership crisis [...]
Fitch warns TNK-BP that board spat could cost its debt rating May 30, 2012 RATINGS agency Fitch has warned that fresh boardroom acrimony at Russian oil firm TNK-BP could result in a debt rating downgrade. Fitch said the resignation of chief executive and key investor Mikhail Fridman this week “is the latest in a series of signs that some form of separation between the joint venture’s partners appears to [...]
As BP faces difficulty at its Russian venture, is the country a safe place for UK investors? May 29, 2012 YES John McRoberts There has always been concern around election time in Russia but, now that Vladimir Putin is again President, I expect another period of stability. He has transformed the country, putting in place a new environment for business, built primarily on transforming the tax system. Personal income tax is now a flat 13 [...]
Oligarchs’ favourite Maxim Barsky to return to TNK-BP May 29, 2012 TNK-BP has beefed up its team ahead of a looming dispute with its co-owner BP, with the Russian oil firm’s former deputy chief executive Maxim Barsky rejoining as an adviser. Barsky, who left the firm last year when BP failed to support his appointment as chief executive, is a favourite of AAR, the group of [...]
Oligarch leader of BP’s Russian venture quits May 28, 2012 THE BILLIONAIRE head of BP’s partner in Russia resigned yesterday, putting the oil giant’s relationship with TNK-BP under further strain. Mikhail Fridman, the chief executive of TNK-BP and a key investor, will stand down at the end of June for personal reasons, the firm said. But sources close to Alfa-Access-Renova (AAR), the group of oligarchs [...]
How love triumphed in the Gulag May 28, 2012 A celebrated historian of Russia, Figes’s new book is a collection of letters between Lev and Svetlana, two Moscow scientists who met in 1935 but were kept apart for 13 years by war and internment. Their letters tell the incredible story of how they kept communicating through Lev’s internment at the Pechora Gulag where he [...]
Fat lot of good: Ennis silences critics with British record show May 27, 2012 LONDON 2012 prospect Jessica Ennis gave her Olympic gold hopes a huge boost by breaking the British heptathlon record in her final contest with her main medal rivals before the Games. Ennis blew away the field in Gotzis, Austria yesterday with a score of 6,909 points – the best by any woman for five years [...]
Companies pull London IPOs May 24, 2012 London’s reputation as a global centre for capital markets suffered another blow yesterday when a third company pulled its planned London Stock Exchange listing in the space of a fortnight. Georgian Railway blamed market turmoil as it postponed plans to raise up to $250m (£160m) by selling as much as a quarter of its stock. [...]