Polymetal offloads Amikan May 14, 2012 Miner Polymetal announced yesterday that it had sold Amikan , which owns the Veduga gold deposit in the Krasnoyarsk region of the Russian Federation, to Polygon Gold. The price tag paid by the Canadian firm is $20m (£12.4m) in cash and 750 ordinary shares of Polygon. “I am very pleased that Veduga, a non-core asset [...]
Russia takes fizz out of Carlsberg May 9, 2012 Danish brewer Carlsberg yesterday failed to meet first-quarter profit forecasts after its crucial Russian market took another hit from beer tax hikes. Operating profit dropped to 574m Danish crowns (£61.9m), missing forecasts for 823m crowns. Group sales rose to 12.87bn crowns.
Statoil hails Arctic deal as production edges up May 8, 2012 STATOIL yesterday gave an upbeat assessment of its new Arctic oil exploration deal in Russia yesterday as it reported forecast-beating first quarter production figures. The Norwegian oil and gas company said it was optimistic about a new tie-up with Rosneft to drill for oil in the Arctic, although it said the project was high risk. [...]
BP may explore Arctic through TNK-BP venture with Rosneft May 7, 2012 BP’S hopes of exploring the largely untapped waters of the Russian Arctic could be revived a year after a deal with Russia’s state-controlled oil company Rosneft collapsed. TNK-BP, the firm’s 50-50 joint venture with Russian consortium AAR, said yesterday it had been approached by Rosneft to take part in projects to explore the region’s vast [...]
Renault-Nissan signs deal to take control of Russian carmaker May 3, 2012 THE Renault-Nissan alliance yesterday signed a long-awaited deal to take control of Russia’s largest car maker, AvtoVAZ, as it seeks growth in fast-growing markets outside sluggish Western Europe. The car group would hold 67 per cent of a joint venture with state corporation Russian Technologies to own 74.5 per cent of AvtoVAZ. The non-binding preliminary [...]
RAPID responses May 3, 2012 Clueless Bank [Re: Mervyn King should have hiked rates to deflate the bubble, yesterday] I agree with you. Mervyn King has joined the long list of revisionist historians. To say he spotted the looming crisis is just not borne out by the facts and the Bank of England’s actions at the time. The loss of [...]
Mo*vida enters its third phase and Soho gets yet more wine May 3, 2012 Last week one of London’s heaviest hitting hotspots relaunched for its third incarnation, revitalising itself to remain fresh and keep pace with the capital’s highly competitive entertainment market. Mo*vida has become a global brand and after opening an installation in Dubai it has enlisted the help of Sammy Chams (Maddox, L’Arc Paris) to conduct an [...]
WHO’S SWITCHING JOBS May 1, 2012 Providence Resources The Aim-quoted oil gas and exploration company has appointed Simon Brett as chief financial officer with immediate effect. He has previously held senior finance positions with Damovo Ireland and Coca Cola Bottlers Ireland, and worked at Johnson Wax, Sega Europe and US Can Corporation. New World Oil and Gas The oil and gas [...]
BP profit falls as Gulf spill takes toll May 1, 2012 Oil najor BP reported a bigger-than-expected drop in profits despite an increase in crude prices, as production fell after it was forced to sell fields to pay for the Gulf of Mexico oil spill. London-based BP added it would continue its disposal programme, putting some smaller fields in the Gulf of Mexico on the block. [...]
Barclays won’t let pay row deflect it from broader goal April 30, 2012 BARCLAYS Bank’s objective to have an investment banking operation as successful in equities and advisory as Deutsche Bank or any of the other bulge bracket firms is constantly being questioned, both by rivals and by analysts and shareholders. Some say the bank will bottle it as costs get out of control; others say that franchises [...]