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 [...]
Bob Dudley gets another chance to succeed in Russia’s oil market January 17, 2011 BP’s latest attempts to expand in Russia will be a chance for chief executive Bob Dudley to mend his relationship with the country, following his troubled time as president of TNK-BP, the firm’s ongoing joint venture in the country. Dudley was forced to leave Moscow in 2008 when his visa was not renewed, following a [...]
UK listing for Severstal gold mining group January 17, 2011 RUSSIAN steel company Severstal yesterday announced plans to float its Nord Gold unit in London to raise more than $1bn (£629m). It values the company at over $4bn. The premium listing of at least 25 per cent of the gold miner is set to be the biggest mining float since Nate Rothschild’s $1bn offering of [...]
Russian billionaire’s stellar rise to the top January 17, 2011 AS THE SON of Soviet-era mill workers, Alexey Mordashov’s rise to become one of the richest men on the planet has been astronomical. The steel baron in charge of Russia’s second largest steel producer and gold miner Severstal, in which he has a controlling share, rose from humble beginnings to become one of the world’s [...]