Russian IPO concerns could see oligarch-free FTSE index November 2, 2011 LARGE foreign-controlled companies that list in London could be blocked out of a new FTSE index as investors are so concerned about poor governance, FTSE Group said yesterday. The index provider has asked market users if they want a new index that strips out firms with low free floats, or makes them meet tough governance [...]
Houellebecq’s bizarre new novel is (almost) brilliant November 2, 2011 THE MAP AND THE TERRITORY BY MICHEL HOUELLEBECQ Heinemann , £17.99 THE arcane title of this book should serve as a fair warning to the reader familiar with Atomised, Platform and other cult Houellebecq novels. While those books are driven by sexual desperation and erotic tragedy (alongside the usual heaping helpings of profound dystopia), The [...]
Russian IPOs in spotlight as FTSE probes free float November 1, 2011 COMPANIES that float only a small proportion of their shares in London could be barred from FTSE stock indices in future under new proposals from the index group yesterday. FTSE is to consult on whether to make UK-based firms list at least 25 per cent of shares, rather than the current 15 per cent, to [...]
THE SHOW MUST GO ON SAYS FOREX FINANCIER November 1, 2011 DIGITAL downloads decimating album sales, Russian born tycoon Len Blavatnik poised to swoop on the UK’s last major domestic music label – it’s fair to say the music industry has seen better days. Here to help the sector’s financially challenged artistes make the most of their remaining revenue sources – touring, merchandise and ticket sales [...]
TNK-BP inks $1bn Brazil deal October 31, 2011 BRAZILIAN oil start-up HRT said yesterday it signed a $1bn (£619.4m) agreement with BP’s Anglo-Russian oil joint venture TNK-BP for the sale of a stake in oil fields in the Amazon. HRT said it would receive the funds over two years for the sale of a 45 per cent stake in 21 exploratory blocks located [...]
Miners peg back markets October 31, 2011 European shares fell early in the session with miners hurt by falling metals prices while the afterglow of last week’s Eurozone debt deal began to fade. Miners were dented by Japan wading into the currency markets to rein in the value of the soaring yen, which sent the dollar up. A stronger dollar makes dollar-priced [...]
BEST OF THE BROKERS October 30, 2011 ELAN Credit Suisse rates the Irish drug firm as “outperform” with a target price of €8.60 (£7.56). The company posted slightly lower than expected third quarter sales, but the broker says this is entirely due to lower sales from its drug technologies division, ahead of its divestment. The company’s underlying net patient add trend was [...]
Chelsea Pitch Owners reject club’s attempt to buy back stadium freehold as board members forced to endure a fractious extraordinary general meeting October 27, 2011 CHELSEA owner Roman Abramovich suffered an embarrassing defeat yesterday and was sent back to the drawing board as fans railed against his bid to buy the land on which Stamford Bridge sits. The billionaire Russian oligarch and his board were forced to rethink their proposal to Chelsea Pitch Owners, which was seen as the first [...]
LONDONERS’ CHARM IS A SERVICE FOR WEALTHY October 27, 2011 WHERE THE wealth lies and, more importantly, how to persuade customers to part with it was the theme of the Wealth Summit run by monthly magazine Luxury Briefing in association with City A.M. Master of ceremonies was James Reatchlous, who bought Luxury Briefing from Princess Alexandra’s son James Ogilvy in 2009 before expanding into spin-offs [...]
Disney buys stake in a Russian firm October 27, 2011 MICKEY Mouse will have to take a crash course in Russian after Walt Disney announced it will expand its presence in the country. The firm will launch a free Disney Channel that will reach about 40m households in one of the world’s fast-growing entertainment markets. The decision followed a meeting between chief executive Bob Iger [...]