WHAT THE OTHER PAPERS SAY THIS MORNING February 15, 2011 FINANCIAL TIMES JERSEY AND ISLE OF MAN OFFER TAX SOP TO BRUSSELS Jersey and the Isle of Man have announced changes to their corporate tax regimes in an effort to neutralise criticism from Brussels. Both crown dependencies said they were withdrawing laws that aim to stop local shareholders from avoiding personal income tax by rolling [...]
Pressure on Bob to deliver a miracle February 15, 2011 CHIEF executive Bob Diamond’s grand promise of a six per cent rise in returns in three years was greeted with incredulity in some circles yesterday. Evolution Securities’ Arturo de Frias decried the promise, saying: “We find all this way too bullish, and very difficult to believe… We don’t believe in ‘miracles.’” The plans rely on [...]
Kremlin kicks off sale with VTB offering February 14, 2011 RUSSIA has kicked off a massive $60bn?(£37.4bn) privatisation drive with the sale of part of its stake in the country’s second biggest bank VTB, raising $3.26bn. The Kremlin sold a ten per cent stake in the lender, which it stepped in to rescue at the height of the financial crisis. Russian Prime Minister Vladimir Putin [...]
Russian iron firm plans London IPO February 13, 2011 RUSSIA’S biggest iron ore producer is planning to sell 20 per cent of its shares on the London Stock Exchange, valuing the company at £12.3bn. Metalloinvest, which is half-owned by oligarch Alisher Usmanov, could be launched into the FTSE 100 by the listing. The company has appointed Deutsche Bank, Merrill Lynch and Credit Suisse to [...]
London snubbed by Russian Papa John’s February 13, 2011 THE RUSSIAN franchise of Papa John’s, the global pizza chain, has snubbed London to list on the Frankfurt Stock Exchange. Worldwide Papa’s, which operates four outlets in St. Petersburg under the American brand Papa John’s, will today begin trading in Germany. The development comes after a slew of Russian companies pulled plans to list in [...]
BP offers TNK-BP a role in Rosneft deal February 11, 2011 BP has offered its Russian venture TNK-BP a chance to join its partnership with Rosneft, TNK-BP’s deputy CEO has told reporters, signalling a possible resolution to a row. “We had an offer from BP … about its agreements with Rosneft. For the company, obviously, the partnership would be interesting,” Maxim Barsky told reporters on a [...]
Russian IPOs pulled due to Egypt unrest February 10, 2011 NORD GOLD, the gold mining unit of steel giant Severstal, has become the latest Russian firm to scrap plans for a London initial public offering (IPO). The miner, led by billionaire Alexey Mordashov, is the latest casualty of the ongoing volatility in emerging markets, fuelled by unrest in Egypt. Nord Gold had been seeking to [...]
BP’s Russian deal is put on hold until March by arbitration panel February 10, 2011 BP must wait until at least March to learn the fate of its £10bn share-swap with Russian oil firm Rosneft, after an arbitration tribunal yesterday extended the injunction blocking the deal. Russian investor group AAR, which owns half of BP’s Russian venture TNK-BP, obtained an injunction last week to halt the deal until 25 February [...]
Jaeger moves into Russia February 10, 2011 Jaeger has signed a deal with JamilCo, one of Russia’s leading luxury brand distributors, to bring the British brand to Russia. The first two stores are set to open in spring 2011 in Moscow, with more to follow in autumn 2011 in Moscow and St. Petersburg. “We are delighted to be expanding into the Russian [...]
ALSO OUT THIS WEEKEND February 10, 2011 FILMS JUST GO WITH IT Rom com with Adam Sandler and Jennifer Anniston. For masochists only. YOGI BEAR New animated version of the Sixties cartoon, with Dan Ackroyd on “pick-a-nick basket” duties. SON OF BABYLON Iraqi drama about a boy and his grandmother in the chaos of modern Iraq. DVD EAT PRAY LOVE Julia Roberts [...]