BP puts $15bn more assets on the block October 25, 2011 BP has reached “a definite turning point” since last year’s Gulf of Mexico disaster, its chief executive said yesterday as he announced plans to expand its disposal programme to $45bn (£28bn), double its cash flow, and boost returns to shareholders. Chief executive Bob Dudley said the oil major would sell-off a further $15bn in assets [...]
Polyus Gold delays London listing October 25, 2011 RUSSIA’S biggest gold miner shelved its plans to list on the London Stock Exchange yesterday, saying the Russian government had delayed giving its consent to the deal. Polyus Gold, which is headed by billionaire oligarch Mikhail Prokhorov, said it had postponed its main market listing until a Russian government commission approved its plans. “The company [...]
Barclays offloads Russian retail unit to Igor Kim October 25, 2011 Barclays has agreed to sell its Russian retail and commercial banking operations to local banker Igor Kim. Barclays said its Barclays Bank LLC Russian division had gross assets of £513m as of the end of September 2011. It added that the sale of the business would not have any material impact on its earnings or [...]
TNK-BP management calls for suit against BP October 25, 2011 TNK-BP, BP’s joint venture in Russia, has said it generated $2.3bn (£1.4bn) in net profit in the third quarter, 57 per cent up on the same period in 2010, as output and the price of oil have risen. Its management have caused fresh headaches for BP chief executive Bob Dudley, though, by calling on the [...]
Polymetal to raise £518m in London IPO October 24, 2011 RUSSIAN gold and silver miner Polymetal loosened the conditions on its share swap plan yesterday to push through its bid to raise more than £500m on the London Stock Exchange. Polymetal, the world’s third-largest silver producer and currently part-controlled by tycoon Alexander Mamut (pictured), said it would price its flotation at between 910p and 1,035p [...]
TNK-BP will not join suit against BP October 24, 2011 THE BOARD of TNK-BP Holding, the Russian energy venture half owned by BP, yesterday voted against an initiative to join a minority shareholder in a lawsuit against the British oil major, a spokesman for BP in Moscow said. “The board of directors voted against joining the lawsuit at its meeting,” Vladimir Buyanov said, confirming a [...]
The Russians are coming: Roll out the red carpets October 24, 2011 BACK in the mid-1960s, I wasted a wet afternoon watching a truly silly film. The plot was a melange of bluster, misunderstanding, clashing cultures and xenophobia. The title was The Russians Are Coming, the Russians Are Coming. Readers with an interest in the City’s health will recognise a plot that is in danger of repeating [...]
PAV THAT | Russian’s rocket sinks Rubin October 20, 2011 TOTTENHAM (1) vs RUBIN KAZAN (0) TOTTENHAM manager Harry Redknapp hailed the contribution of striker Roman Pavlyuchenko after a thunderous free-kick helped sink his compatriots to put Spurs within touching distance of the Europa League knockout stages. The Russian has yet to start a Premier League match this season, and has only featured twice from [...]
Polyus ups size of free float October 20, 2011 POLYUS, the Russian miner planning a share issue in London, is understood to be increasing the size of its free float from 13 per cent to around 20 per cent to help press its case for a premium listing that would allow it to join the FTSE 100. Normally companies need a 25 per cent [...]
Output up at Petropavlovsk October 20, 2011 Russian gold miner Petropavlovsk said yesterday that its third-quarter output rose 65 per cent, beating most forecasts, and that it was confident of meeting its full-year target of 600,000 ounces. The company, which operates three open-pit gold mines in Russia’s far east, produced 228,110 oz in the three months to the end of September, 65 [...]