What the other papers say this morning January 23, 2011 FINANCIAL TIMES AUDITORS SEEK TO EASE FEARS The four biggest auditors have denied that their dominance of the market for large companies had created a systemic risk akin to that posed by the leading banks. Deloitte, Ernst & Young, KPMG and PwC have told the European Commission that they are willing to help draw up [...]
Hayward in talks to join Glencore board January 23, 2011 FORMER BP chief executive Tony Hayward is in early talks about joining the board of commodities trader Glencore as part of its planned initial public offering, it emerged yesterday. Hayward, who is a non-executive director for Russian oil venture TNK-BP, recently met with Glencore chief executive Ivan Glassenberg to discuss taking a non-executive role, according [...]
Inter RAO hunts for investors January 20, 2011 INTER RAO could seek a strategic investor for a 25 per cent stake and may also consider share swaps as it continues to grow, the Russian state-controlled group’s head Boris Kovalchuk said yesterday. The electricity generator and power trader is being used by Russia as a home for billions of dollars of assets as the [...]
What the other papers say this morning January 19, 2011 FINANCIAL TIMES MOD FACES FRESH CRISIS OVER ITS FUNDING Senior figures in the Ministry of Defence are warning of a possible reopening of last October’s Strategic Defence and Security Review because the MoD lacks the funds needed to provide the military capability demanded by the government for 2020. The department has discovered that it needs [...]
Double-bagel woe for fading Safina January 18, 2011 DINARA Safina became the first former world No1 to suffer a grand slam double-bagel as she crashed out of the Australian Open to Belgium’s Kim Clijsters. The Russian, who has plummeted 74 places in the world rankings in just 15 months, lost 6-0, 6-0 to third seed Clijsters in just 44 minutes. Elsewhere there were [...]
POLITICIANS ARE DRIVING EURO-DOLLAR January 18, 2011 DIRECTOR OF CURRENCY RESEARCH, GFT THE euro/dollar found itself on a decidedly more shaky ground at the start of this week’s trade after Germany’s Finance Minister stated that the EU’s largest and most important economy had no intention of adding more capital to the EFSF fund. Wolfgang Schauble told German media he does not support [...]
What the other papers say this morning January 17, 2011 FINANCIAL TIMES CHINA’S LENDING HITS NEW HEIGHTS China has lent more money to other developing countries over the past two years than the World Bank, a stark indication of the scale of Beijing’s economic reach and its drive to secure natural resources. China Development Bank and China Export-Import Bank signed loans of at least $110bn [...]
Baltacha: I can shock Henin January 17, 2011 BRITISH No1 Elena Baltacha is convinced she can produce a major upset in the second round of the Australian Open when she faces former world No1 Justine Henin. Baltacha, 27, yesterday secured progress at the first grand slam of the year with victory over American qualifier Jamie Hampton 3-6, 6-4, 7-5. It was a day [...]
BP shares rise after historic Russian deal January 17, 2011 BP SHARES edged up yesterday in the market’s first chance to react to its $16bn (£10.1bn) deal and share swap with Russia’s state oil firm Rosneft. BP closed up 0.24 per cent at 500.7p, beating an overall decline in the FTSE 100 index, despite a likely dilution of earnings per share through the deal. As [...]
Cameron denies any political tensions over Rosneft deal January 17, 2011 POLITICAL tensions over BP’s deal with Russian state-owned Rosneft were played down yesterday by the UK government. A spokesman for Prime Minister David Cameron said the share swap was “a commercial deal between two companies”, and did not indicate a thaw in political relations between Britain and the Russian government. He said: “The Prime Minister [...]