FTSE rallies on strong corporate news March 25, 2011 Strong corporate earnings data have pulled stocks back to levels prior to Japan’s earthquake and tsunami crisis today despite fresh unrest spreading in the Middle East. The FTSE 100 closed up 0.34 per cent at 5,900.76 as traders bought into undervalued stocks and positive broker notes while remaining unfazed by geopolitical issues. “The speed of [...]
BP’s $16bn Russia deal is scuppered March 24, 2011 BP’S historic plans to search for oil in the Arctic were blocked yesterday by its billionaire partners in Russia. The embattled oil giant’s deal with Russian explorer Rosneft has been left hanging by a thread by an international tribunal, which thwarted the pairing at the request of Alfa Access Renova, a group of oligarchs who [...]
M&C Saatchi sees profits leap as it grows abroad March 24, 2011 M&C Saatchi yesterday reported a 25 per cent increase in full-year profits as it opened its first agency in Russia. The advertising giant said it will open a Moscow office, taking the number of countries it operates in to 19. The Russian move is a joint venture with EMCG, one of Russia’s leading independent agencies. [...]
Etalon joins the ranks of the Russian IPO hopefuls March 23, 2011 PROPERTY developer Etalon yesterday became the latest Russian firm to announce a public float in London, after the family-owned business said it planned to sell off some of its stake later this year. Etalon, which builds residential property in Moscow and St Petersburg, said it planned to issue around $500m (£307.8m) of new shares and [...]
Usmanov ups stake in Arsenal March 22, 2011 RUSSIAN-BASED billionaire Alisher Usmanov has again increased his share in Arsenal to over 27 per cent. The Uzbek oil magnate remains the club’s second largest shareholder behind American Stan Kroenke who, unlike Usmanov, holds a seat on the board. Under the financial rules of the City, were any party to cross the 29.99 per cent takeover [...]
Russian telecoms giant Euroset plans to raise £600m through London flotation March 22, 2011 RUSSIAN telecoms giant Euroset plans to raise up to $1bn (£600m) through a London initial public offering (IPO) later this year. The firm, which is part-owned by Russian telecoms group Vimpelcom, said billionaire Russian businessman Alexander Mamut will sell down his 50.1 per cent controlling stake, as well as offering ordinary shares in the form [...]
Russia’s Euroset to proceed with London float March 22, 2011 Russian mobile phone retailer Euroset said it will proceed with a London IPO that a source close to the potential offering said could seek to raise more than $1bn (£613m). The company, part-owned by Russian telecoms group Vimpelcom, said in a statement it would offer ordinary shares in the form of GDRs while businessman Alexander [...]
WHAT THE OTHER PAPERS SAY THIS MORNING March 21, 2011 FINANCIAL TIMES HEDGE FUNDS TOLD TO ACCEPT HIGH TAXES AS THE PRICE OF LONDON LIFE Hedge funds should accept higher taxes as the cost of doing business in London and stop threatening to move elsewhere, according to one of the world’s best-known copper traders. Michael Farmer, a Conservative party donor who runs the near-$1bn Red [...]
Campari in Russia move March 21, 2011 Italian drinks group Campari is strengthening its presence in the fast-growing Russian market as it expects the Japan crisis to impact trading in Asia this year. Campari, which has acquired 16 brands in the past 15 years, said it would complete the acquisition of Moscow-based distributor Vasco CIS in 2012 for a total investment of [...]
WHAT THE OTHER PAPERS SAY THIS MORNING March 20, 2011 FINANCIAL TIMES RIO PLANS RUSSIAN DIAMOND PUSH AS IT EYES ALROSA TIE-UP Rio Tinto is planning a push into Russian diamond mining, eyeing a tie-up with Alrosa, the state-owned miner, as the global industry looks ahead to rising demand from China amid tight supply constraints. The company declined to comment on its intentions or on [...]