THE TIPSTER January 30, 2011 THE EMBATTLED oil giant BP may have found support after ingratiating itself with the Russians over the controversial Rosneft deal. But threats continue to linger over the Gulf oil spill and brokers who had been viewing the stock as something of a bargain are now tempering their outlook. Combine this with waning oil prices and the [...]
BP faces legal action over Rosneft deal January 27, 2011 RUSSIAN billionaires involved in BP’s Russian venture TNK-BP yesterday took legal action to block BP’s $16bn (£10bn) share-swap with Russia’s state-owned oil group Rosneft. The four partners in TNK-BP, who operate through a group named Alfa-Access-Renova, claim that BP’s deal with Rosneft might breach earlier agreements that give TNK first refusal on any BP activity [...]
United’s keeper puzzle January 27, 2011 Van der Sar retirement forces Ferguson to line up a suitable successor MANCHESTER UNITED manager Sir Alex Ferguson is facing a summer of upheaval after goalkeeper Edwin van der Sar confirmed he is to retire at the end of the season. The 40-year-old, who is quitting to spend more time with his family, is one [...]
Nord Gold plans to raise £1bn in IPO January 27, 2011 RUSSIAN mining group Severstal’s gold unit Nord Gold is seeking up to £933m from a London float, that would see the firm valued at up to £2bn. The conglomerate announced it would spin out its mining arm, a gold producer focussed on emerging markets, earlier this month. Nord Gold is expected to begin trading in [...]
Priced out by foreigners, bankers are on the move January 27, 2011 BONUS season is in full swing and – despite the dire economic figures released earlier this week – there is likely to be no shortage of cash being splashed in the next few months. Recent figures from Savills show that bankers are due to spend £1bn on homes this year. But whereas in the old [...]
What the other papers say this morning January 26, 2011 FINANCIAL TIMES TALKTALK CUTS WORKFORCE BY 13 PER CENT Broadband provider TalkTalk is cutting its workforce by almost 13 per cent as part of efforts to improve profitability. Dido Harding, chief executive, announced yesterday that the company was cutting 580 jobs from its 4,500-strong UK workforce. The staff cuts, which are likely to be achieved [...]
Medvedev bid to lure finance firms to Russia January 26, 2011 RUSSIAN President Dmitry Medvedev launched an audacious bid to lure financial services to Moscow in his speech at the World Economic Forum at Davos last night, promising minimal regulation and support for risk-taking. Speaking the day after 35 people were killed in Moscow Domodedovo airport by terrorists, he began by thanking other world leaders for [...]
BUSINESSES AND INDIVIDUALS NEED LONG TERM PLANS January 26, 2011 GROUP CHIEF EXECUTIVE, AVIVA AS INSURERS, we’re here to help secure our customers’ financial futures and we understand the responsibility that comes with that. Ours is a long term business. We have to be there for our customers throughout their lifetimes, and beyond. So inevitably the sustainability of our business is a key priority for [...]
Costly case of mistaken identity January 26, 2011 “THERE’S a whole ocean of oil under our feet! No one can get at it except for me!” So screams Daniel Day Lewis as Plainview in Paul Thomas Anderson’s film There Will be Blood. Until yesterday, Heritage was on the verge of a similarly huge find in the semi-autonomous Iraqi region of Kurdistan. Heritage did [...]
What the other papers say this morning January 25, 2011 FINANCIAL TIMES RUSSIANS PREPARE FOR LISTING SPREE IN LONDON Four industrial and mining companies from Russia are set to list in London within the next few weeks, the first in a string of companies from the country rushing to raise an estimated $15bn-$20bn (£9.5bn-£12.7bn) this year. The companies are taking advantage of a narrow window [...]