Heritage Oil boosts Russian output August 16, 2011 Production has more than trebled at one of Heritage Oil’s Russian fields, as results from drilling and testing one well exceeded expectations. The oil and gas company announced that production at the Zapadno Chumpasskoye Field increased from 431 barrels of oil per day (bopd) to the current level of 1,600 bopd. Well 363 is now [...]
BEST OF THE BROKERS August 10, 2011 WEIR GROUP Goldman Sachs has reiterated its “buy” rating for the engineering company, with a 12-month target price of 3,250p. Adding the group to its conviction buy list, the move was sparked by positive announcements on mining capex from the large miners and positive read-across from the mining capex exposed engineers. Goldman views the current [...]
BP sues Renova in latest spat with AAR partners August 9, 2011 OIL giant BP has launched a case with the Stockholm court of arbitration against one of the shareholders in its Anglo-Russian TNK-BP joint venture, echoing the two sides’ tussle over Rosneft earlier in the year. BP filed a claim last week against Renova, part of the Alfa-Access-Renova (AAR) consortium that controls half of TNK-BP, for [...]
BILL OF THE WEEK August 7, 2011 ONE OF the most regular visitors to Boisdale in Belgravia is a Russian gentleman who lives around the corner on Queen Elizabeth Street. So when the local dropped in to the restaurant with three Russian friends, he felt sufficiently at home to order one of the most expensive items on the menu: a plate of [...]
Twitter confirms significant investment from Russian firm August 1, 2011 TWITTER yesterday confirmed it has completed a “significant round of funding” led by Russian technology investor Digital Sky Technologies (DST). The microblogging site said the new funds, in which several other investors were involved, would be used to “aggressively innovate, hire more great people and invest in international expansion”. It is understood DST took a [...]
Chancellor regrets taking on Andy Coulson as spin doctor July 25, 2011 CHANCELLOR George Osborne yesterday said he regrets the appointment of Andy Coulson as the Number 10 communications chief. Former News of the World editor Coulson’s role in the government has come under intense scrutiny since his arrest as part of the phone hacking scandal. Osborne was singled out by former News International boss Rebekah Brooks [...]
Twitter fundraising gives it valuation of over $8bn July 24, 2011 A NEW round of funding is set to value microblogging site Twitter at a staggering $8bn (£4.9bn). It is understood Russian investment firm Digital Sky Technologies (DST) will take a stake of around $400m, with another $400m being split between other investors. US fund manager T Rowe Price will invest up to $90m in the [...]
Travel Notes July 24, 2011 ROMAN SAVINGS Rome in high summer is no fun if you aren’t doing it properly. You don’t want to slog miles across the city through the crowds; no, you want the Forum on your doorstep. The luxe Palazzo Manfredi, a 17th century palazzo in the heart of the historical centre of Rome, offers a rather [...]
FOREIGN EXCHANGE AS MOSCOW MOVES TO BECOME WORLD-CLASS July 21, 2011 CAN MOSCOW ever become a world-class financial centre? BP may have had its fingers burned over the ill-fated Rosneft deal, but Anglo-Russian relations are being improved behind the scenes following a Moscow-London foreign exchange to set up the Moscow International Finance Centre (MIFC). First, Lord Mayor Michael Bear – the co-chairman of the MIFC Liaison [...]
WHAT THE OTHER PAPERS SAY THIS MORNING July 20, 2011 FINANCIAL TIMES BLACKSTONE STRIKES €700M DEAL TO BUY GERMANY’S JACK WOLFSKIN Blackstone has agreed to take over outdoor clothing company Jack Wolfskin in a €700m ($995m) deal that underlined the rapid transformation of the sector from local businesses to international brands. The US buy-out group will announce on Thursday that it will acquire the German [...]