BP to meet Russian investors March 6, 2011 Oil behemoth BP will meet with its rebel Russian shareholders today in front of three high court judges. Arbitration proceedings between the firm and shareholders inside TNK-BP will take place, in an attempt to settle disquiet over its strategy in Russia. The shareholders are unhappy that BP will deal with state-backed energy firm Rosneft, rather than [...]
Clitheroe leads the way March 6, 2011 BRITISH distance runner Helen Clitheroe claimed her first ever gold medal at the age of 37 as her teenage team-mate, sprinter Jodie Williams, offered a glimpse of the team’s future at the European Indoor Championships. Clitheroe, whose previous career highlight was 1,500m bronze at the 2002 Commonwealth Games and lost her central funding a year [...]
Total spends $4bn to tap Novatek’s Arctic gas find March 3, 2011 FRENCH oil giant Total has done a $4bn (£2.46bn) deal to explore gas deposits in the Arctic with Russian independent firm Novatek, it announced yesterday. Total has signed up for a 20 per cent stake in the Yamal liquefied natural gas project, which contains an estimated 802bn cubic metres of natural gas and 31m tonnes [...]
Nord Gold unlikely to retry London float this year as Severstal looks for growth March 3, 2011 RUSSIAN mining and steel group Severstal is unlikely to bring its Nord Gold arm back to the market for another IPO attempt this year, the firm’s chief financial officer told City A.M. yesterday. “Definitely we believe we will come back to the market when we are ready,” said Alexey Kulichenko. “We really need to focus [...]
Rusal snubs Norilsk’s offer to buy a 20 per cent stake March 3, 2011 THE board of Russian aluminium giant Rusal yesterday rejected Norilsk Nickel’s offer to buy out 20 per cent of its shares, RIA news agency said, quoting sources close to the Rusal board. Last month, Norilsk offered to buy 20 per cent of its shares from Rusal for $12.8bn, which would leave the aluminium giant – [...]
HEADACHE FOR AVIVA INVESTORS OVER THEIR LIBYAN LANDLORD March 2, 2011 INTERESTING times at 14 Cornhill, the commercial property with a prime location opposite the Bank of England. Its owner has become embroiled in a little local difficulty involving global asset freezing. The Libyan Investment Authority (LIA), the sovereign wealth fund that administers the troubled country’s oil billions, has owned 14 Cornhill since December 2009, when [...]
TNK-BP talks up chances of Rosneft deal March 1, 2011 EXECUTIVES at TNK-BP are keen to join BP’s Arctic drilling deal with Russian oil company Rosneft, its chief financial officer confirmed yesterday. “In relation to Arctic opportunity it has been accurately reported that management at this point has proposed that the board consider participation in the Arctic opportunity,” Jonathan Muir told a conference call, adding [...]
HMV shares dive as profit warning bites March 1, 2011 HMV shares plunged yesterday after the struggling retailer warned that its profit was likely to miss targets. The book, CD and DVD company also said it would have to renegotiate some of its loan agreements as it struggles to steady the business. HMV insisted it is not yet in breach of any of its lending [...]
Telenor in key ruling to stop Vimpelcom dilution March 1, 2011 NORWAY’S Telenor faced a London court for a second time yesterday, seeking to protect its voting rights in Russian cellphone company Vimpelcom. Telenor is asking for an injunction to prevent the dilution of its 36 per cent stake in Vimpelcom, which is buying $6bn (£3.7bn) in telecom assets from Naguib Sawiris’s Wind Telecom. Telenor is [...]
Pressure increases for Rusal to offload Norilsk February 28, 2011 A REPORT that Russia’s Sual partners may sell its 15.8 per cent stake in Rusal adds to pressure on the aluminium giant to divest its minority holding in Norilsk Nickel, analysts said yesterday. Viktor Vekselberg, one of Sual’s core shareholders, has said Rusal should accept a $12.8bn offer to buy 20 per cent of Norilsk [...]