Exxon ties up Arctic deal with Rosneft August 30, 2011 US oil giant Exxon and Russian peer Rosneft are to jointly develop oil and gas reserves in the Russian Arctic, opening up one of the last unconquered drilling frontiers to the global industry No.1. The deal has ended any hope of BP reviving its own pact with Rosneft to develop the same Arctic territory – [...]
Rusal profit drops by 70pc as costs soar August 29, 2011 RUSAL, the world’s third largest aluminium producer, reported a sharper than expected drop in second-quarter profits after rising costs and a weaker US Dollar outweighed price rises and increased production at the company. The Russia-based company, controlled by billionaire Oleg Deripaska (pictured), said its second-quarter net profit fell 70 per cent to $339m (£206.8m) from [...]
Watson takes Sharapova to the brink August 29, 2011 BRITAIN’S Heather Watson narrowly failed to secure the biggest win of her fledgling career after third seed Maria Sharapova came from a set down to secure her place in the second round of the US Open. The Russian was pushed all the way by the 17-year-old in a match that lasted over two-and-a-half hours but [...]
RESOURCES ROUND-UP August 25, 2011 Kenmare eyes 2012 price hike Kenmare Resources expects a dramatic boost to earnings next year when it will be able to capitalise on higher prices for its key products, the Irish mining firm said yesterday. Kenmare, which mines ilmenite and zircon from its Moma mine in Mozambique, has not been able to take full advantage [...]
Russian broker Otkritie in 120pc earnings hike after hiring drive August 24, 2011 RUSSIAN brokerage Otkritie Securities raised its operating profit by 120 per cent in the year to December after more than doubling its total wage bill by hiring new staff, accounts showed yesterday. Otkritie, the City-based subsidiary of Russian investment bank Otkritie Financial Corporation, said operating profit hit £1.4m in 2010, up from £652,000 in 2009, [...]
GOODMANS RAISES THE STEAKS IN MAYFAIR August 23, 2011 CONTINUING the theme of the boom in the City’s resurgent restaurant scene, as reported yesterday, The Capitalist hears steakhouse Goodmans is plotting not one but two launches for November. One is a traditional Goodmans restaurant on the South Quay at Canary Wharf to complement the City and Mayfair venues. The other marks a new direction [...]
Russia’s largest shipping company mulls City listing August 21, 2011 RUSSIA’s state-owned shipping company Sovcomflot could make an initial public offering on the London Stock exchange by the end of the year, as the Russian government looks to push ahead with its ambitious privatisation plans. Sovcomflot, which is sending test cargoes along a new Arctic route to service Russia’s offshore oil fields, is at the [...]
Sportmaster looks to float in London in spite of turbulence August 18, 2011 RUSSIA’S largest sports equipment and clothes retailer Sportmaster is considering an initial public offering in London next year, financial market sources said yesterday. Sportmaster could attract up to $700m (£424m) in the IPO based on its own valuation of between $2.5bn and $3bn, the sources said, adding the retailer has not yet picked organisers for [...]
Five star: prices soar in London boroughs August 18, 2011 IT is not just Arab sheikhs and Russian oligarchs snapping up the best of London’s residential property. Estate agency Marsh & Parsons received interest from would-be buyers in 193 countries over the last month, according to chief executive Peter Rollings. The firm’s website had the most visits from potential investors from the US, France, Italy, Germany, [...]
London trends: who’s moving the prime market higher? August 18, 2011 THE headlines are clear: core prime central London property – that is central London property at the very top of the market in places like Knightsbridge, Chelsea and Belgravia – is rocketing in value, keeping pace with gold as an asset class. Supply of these properties is now chronically low, adding even more upward price [...]