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 [...]
HMV in talks with Russian billionaire over sale of bookseller Waterstone’s February 27, 2011 HIGH street bookseller Waterstone’s could be sold to a Russian billionaire by its owner HMV. The retailer is said to be holding talks over a potential sale to oligarch Alexander Mamut, a wealthy businessmen best known in Britain as the backer of blogging website LiveJournal. Mamut has already built a 6.1 per cent stake in [...]
Falling in love with Gstaad February 27, 2011 I HAVE never liked the idea of skiing. I was raised strictly on a diet of city breaks and cultural immersion holidays. I thought that was the noble way forward, holiday-wise, until I went to Gstaad and stayed in the Grand Hotel Park. It might have helped that my baptism of Alpine leisure took place [...]
M&S hires overseas retail chief February 24, 2011 MARKS & Spencer (M&S) has poached Jan Heere from Spanish fashion group Inditex to lead its drive for business overseas. The clothing, homewares and food retailer yesterday named Heere as its new director of international, reporting to chief executive Marc Bolland. It said Heere, fluent in English, Spanish, French, Dutch and Russian, has worked for [...]
Abramovich set for legal fight February 23, 2011 Russian billionaire Roman Abramovich yesterday lost an appeal over a £2bn claim brought by ex-business partner Boris Berezovsky, meaning a legal battle in the British courts will go ahead in October. Berezovsky claims Abramovich pressured him into selling a stake in oil firm Sibneft at an unfair price.
WHAT THE OTHER PAPERS SAY THIS MORNINGF February 22, 2011 FINANCIAL TIMES SUGAR TRADERS CONSIDER CAP The world’s largest sugar exchange and top traders are mulling “circuit breakers” to cap the recent surge in price volatility, people familiar with the discussions said. The ICE Futures US exchange, based in New York, and the World Sugar Committee (WSC), an advisory group of top traders, are setting [...]
Spotify stake values firm at over $1bn February 21, 2011 DIGITAL Sky Technologies (DST) is understood to be close to finalising a $100m (£61.7m) investment in Spotify that would value the music streaming site at $1bn. DST already owns a stake of up to 10 per cent in Facebook and invested in the $180m fund-raising for Farmville-maker Zynga. If DST went ahead with the move, [...]