Moody’s UK warning hits FTSE 100 February 14, 2012 The FTSE dipped this morning after debt rating agency Moody’s warned it could downgrade top-rated sovereigns including Britain. Moody’s grim assessment sapped some of the confidence of investors who had been encouraged by Greece finally agreeing a package of austerity measures to steer it away from a default. The move put the UK’s rating in [...]
Cappello awaits Russian call February 13, 2012 FOOTBALL: Mega-wealthy Russian club Anzhi Makhachkala have accepted the resignation of head coach Yuri Krasnozhan – paving the way for a possible approach for former England manager Fabio Capello. The 65-year-old Italian has also been strongly linked with Inter Milan, but hinted last week that his next managerial role was likely to be based outside [...]
Russians grab investment visas February 12, 2012 Wealthy Russians are increasingly moving to the UK through the use of “investment visas”, commercial law firm McGrigors has said today. The number of investment visas issued has surged from 43 in 2008 to 320 in 2011, with over a fifth granted to Russians. Introduced in 2008, the visas give a three-year right to stay [...]
Abramovich’s watching brief won’t distract AVB February 9, 2012 CHELSEA boss Andre Villas-Boas insists the presence of owner Roman Abramovich at the club’s training complex this week should not be treated as a sign that the Russian is contemplating condemning him to the Stamford Bridge managerial scrapheap. Abramovich hired Villas-Boas in the summer, his sixth managerial appointment since he assumed control of the west [...]
Polymetal buys out Ashanti February 8, 2012 RUSSIAN gold and silver miner Polymetal yesterday bought out AngloGold Ashanti from a joint venture in Siberia for $20m (£12.6m). FTSE 100-listed Polymetal acquired the 50 per cent it did not already own of the Veduga deposit in Russia’s Krasnoyarsk region. The companies worked on the project together from 2008 but Polymetal has found new [...]
Afghanistan, Iraq, Libya… Is it time to intervene in Syria? February 8, 2012 YES MICHAEL WEISS THE question is not whether or not the West ought to intervene in Syria but when it will. For 11 months, President Assad’s regime has rejected all offers for substantive reform, while massacring upwards of 7,000 civilians, displacing tens of thousands more and running a network of arbitrary detention facilities rivalling Saddamist [...]
Foreign cash flows to City February 6, 2012 THE UK’S financial services sector is deeply attractive to foreign investors, a study by TheCityUK claimed yesterday. Over a quarter of the 50,000 firms in the sector are owned overseas, rising to 33 per cent for companies valued between £25m and £100m, and 45 per cent for businesses firms worth over £100m. Of that investment, [...]
Zynga soars but Facebook has yet to fly February 2, 2012 ZYNGA shares jumped 17 per cent yesterday following Facebook’s revelation that 12 per cent of its 2011 revenues came from the social gaming company. Facebook’s IPO filing on Wednesday also confirmed that Morgan Stanley will lead the troupe of underwriters, who could accept a fee of just one per cent in their keenness to land [...]
Former Goldman stars plot new investment fund January 31, 2012 THREE Goldman partners are eyeing the creation of a new investment fund after throwing in the towel on investment banking, City A.M. has learned. Ed Eisler, who quit recently as co-head of global securities, has teamed up with fellow ex-Goldman partners Sam Wisnia, who was a managing director in fixed income, and Chris Barter, former [...]
Russia in push for foreign cash January 30, 2012 Russia’s newest state fund made its first investment yesterday, buying a stake in Moscow’s MICEX-RTS bourse to boost its initial public offering hopes and compete with big international centres like London for Russian company listings. The $10bn Russian Direct Investment Fund, which is government funded but run by private equity specialist Kirill Dmitriev, is investing [...]