TNK-BP names a new director October 11, 2011 BP said yesterday that its head of Iraq, Michael Townshend, is joining the board of its embattled Russian subsidiary TNK-BP with immediate effect. Townshend, who has worked for BP for more than 30 years, will replace former chief executive Tony Hayward on TNK-BP’s board of directors, which has been rocked by a dispute over BP’s [...]
WHAT THE OTHER PAPERS SAY THIS MORNING October 10, 2011 FINANCIAL TIMES TOUGH CARE HOME REGULATIONS PROPOSED The government is considering a series of tough regulations for residential care homes following the collapse this year of Southern Cross, the UK’s biggest home operator. The measures, outlined yesterday for consultation, include requiring companies to post capital upfront as a condition of their licence, and giving councils [...]
BILL OF THE WEEK October 9, 2011 BACK TO this column’s favourite Kensington haunt Amika for this week’s Bill of the Week, after one Russian businessman decided it was champagne all round on a recent Saturday night out. Dom Perignon all the way, as it turned out, with a magnum followed by a jeroboam followed by a £12,000 bottle of the White [...]
Exillon finds extra oil in West Siberia October 6, 2011 OIL producer Exillon Energy said it found oil at a Russian well, and would connect it to the existing production facilities following testing. The London-listed company said it found 15.5 metres of net oil pay – referring to the zone of a reservoir that contains economically producible oil – at its EWS I-43 well in [...]
Microsoft may bid for Yahoo October 5, 2011 SOFTWARE giant Microsoft is considering making a fresh bid for Yahoo in its second attempt to buy the troubled internet company in three years, sources close to the situation told Reuters yesterday. Microsoft joins a number of other potential buyers looking at Yahoo, which has a market value of about $18bn (£11.7bn). Among the interested [...]
Oligarchs fight for control of Russian railway October 4, 2011 TWO of Russia’s most powerful oligarchs are set to compete with each other in a multi-billion dollar auction for state-owned rail group Freight One, which goes up for sale at the end of this month. Steel magnate Vladimir Lisin, Russia’s richest man with a $24bn fortune, will bid for the Russian Railways unit via his [...]
WHAT THE OTHER PAPERS SAY THIS MORNING October 3, 2011 FINANCIAL TIMES M&S ASKS SUPPLIERS TO AID STORE REVAMPS Marks and Spencer has asked its top clothing suppliers for a multimillion-pound contribution to its store revamp plans and a step-up in advertising. At a gathering on Friday of M&S’s top 60 clothing and homewares suppliers, Marc Bolland, chief executive, asked them for a one-off contribution [...]
Gold-related groups might bring markets to life October 3, 2011 GOLD has been one of the few winners of the recent downturn because of its safe haven status, so it should come as no surprise that companies involved in the production of the precious metal should be first in the queue to bring a ray of sunshine to the nearly dormant new issues markets. Polymetal, [...]
Triple salvo from big guns save Spurs from Shamrock shocker September 29, 2011 TOTTENHAM 3 vs SHAMROCK ROVERS 1 `TOTTENHAM striker Jermain Defoe insisted justice had been done after they survived a huge scare at home to Irish part-timers Shamrock Rovers. Spurs looked set to suffer a humiliating Europa League defeat when Stephen Rice diverted a long-range shot to give the visitors a shock lead. But the Premier [...]
BP and oligarchs in arbitration hearing September 28, 2011 BP faced an arbitration hearing yesterday with its billionaire partners in the Russian joint venture TNK-BP, who are claiming damages against the oil giant for breaching a shareholder pact. BP, which has refuted the claims, prompted the spat with the consortium known as Alfa Access Renova (AAR) by agreeing a share swap and Arctic exploration [...]