FTSE losses limited by Aberdeen April 30, 2012 The FTSE 100 was solid this morning as Aberdeen Asset Management reported a bounce back in client funds, making it the top riser. Investors have been spooked by the Eurozone crisis, which has re-emerged with the debt woes of the likes of Italy and Spain again laid bare. London’s blue chip index has also been [...]
Glencore float fuels wealth of UK’s super rich April 29, 2012 THE wealth of Britain’s richest people, including a series of investors in Glencore, jumped by nearly five per cent to a record £414bn last year, according to new research. The combined assets of the 1,000 most affluent people rose 4.7 per cent, according to the Sunday Times Rich List, despite the nation’s plunge back into [...]
Time for Russia 2.0: Putin’s return promises an economic revolution April 29, 2012 THE Western European view of Russia has not moved with developments in the country since the crash of 1990. To the Western media, Russia remains a kleptocracy run by the mafia. It is seen as secretive, corrupt, plutocratic, hugely unequal and unjust. Yet the challenges that Russia faces are not unique in the world of [...]
Give Robbie job, Grant tells Roman April 25, 2012 FORMER Chelsea manager Avram Grant has urged Blues owner Roman Abramovich to hand interim boss Roberto di Matteo the job on a permanent basis, after the Italian led them to the Champions League final. But Grant admits even reaching the most prestigious match in club football might not be enough for Abramovich, as the Israeli [...]
Polymetal sees earnings climb on gold prices April 25, 2012 RUSSIAN miner Polymetal yesterday reported a 21 per cent jump in profit for 2011, fuelled by high gold prices. The company, which joined the FTSE 100 last year, achieved a $290m (£180m) profit while forecasting that it will produce one million ounces of gold in 2012. Polymetal said the price that it was receiving for [...]
Eni and Rosneft team up to tap oil fields in the Russian Arctic April 25, 2012 ROSNEFT and Eni signed an agreement yesterday in the presence of Russian Prime Minister Vladimir Putin to jointly tap fields in Russia’s Barents and Black Sea zones, in Rosneft’s second Arctic deal in two weeks. The deal may not yield commercial oil production for years, but for Eni it secures a foothold in an untapped [...]
£2.5bn London IPO for Russian phone network April 24, 2012 RUSSIAN mobile phone network MegaFon is set to launch the largest London IPO of the last year, raising up to $4bn (£2.5bn). Investors yesterday announced that they had reached an agreement to float 20 per cent of the firm “as soon as practically possible”, according to Scandinavian telecoms firm and shareholder Teliasonera. It is understood [...]
London needs a champion to revive new issue market April 23, 2012 THERE’S been a drama playing out over the past few days in London that in recent times we haven’t seen enough of. A maker of luxury cashmere sweaters worn by Prince William and James Bond met fund managers to gauge interest in a share flotation. The fund management groups in attendance, who included Citadel Group, [...]
Russian oligarch warns London of complacency April 22, 2012 IT is an unusual perspective, albeit one that Oleg Deripaska clearly passionately believes in. A major philanthropist himself, the Russian tycoon, speaking exclusively to City A.M., describes oligarchs as the drivers of progress in Russia through their hefty donations to education, culture and public health. To UK ears, this is a fresh and fascinating take: [...]
RusPetro trebles revenues April 19, 2012 RusPetro, an independent Russian oil company that raised $240m (£149m) when it floated in London in January, more than trebled revenue and cut core losses in 2011 as it expanded its reserves base and boosted output. Its loss before interest, taxation, depreciation and amortisation narrowed to $5.5m from $6.3m the previous year, on revenue up [...]