RBS in MUFJ project deal November 3, 2010 ROYAL Bank of Scotland (RBS) is in talks to sell a $6.4bn (£4bn) project finance book to Japan’s Mitsubishi UFJ Financial, which includes loans for London’s orbital M25 motorway and a gas pipeline between Russia and Germany. Sources told City AM the sale would help the government–backed bank boost its balance sheet. RBS, led by [...]
Petropavlovsk lowers targets November 3, 2010 RUSSIAN gold miner Petropavlovsk yesterday further lowered its gold production guidance for 2010 while claiming many difficulties it encountered this year have now been overcome. Petropavlovsk, formerly known as Peter Hambro Mining, now expects to produce 510,000 to 530,000 ounces of gold in 2010, down from the 636,500 to 670,000 guidance stated in August and [...]
Lebedev bank is stormed by armed and masked cops November 2, 2010 Armed police stormed a Moscow bank controlled by the billionaire owner of the Independent and Evening Standard in a dramatic raid yesterday. Around 30 Russian police carrying Uzis and clad in balaclavas terrified staff as they demanded access to documents. Tycoon and former KGB spy Alexander Lebedev was in the offices of his National Reserve [...]
Hats off to 1920s elegance October 28, 2010 Hats these days get a raw deal. They’re either dramatic creations worn for summer occasions – all too often resembling odd flower arrangements or wedding cakes – or they’re unseemly woollen things we wear for skiing. But it seems that with the resurgence of 1920s glamour, hats are having a moment of long-neglected elegance. Sahar [...]
England’s 2018 bid team retracts complaint over Russian criticism of ‘boozy, crime-ridden’ London October 28, 2010 ENGLAND have decided to turn the other cheek in the war of words with rival World Cup 2018 bidders Russia amid fears an escalating row could damage their chances. Relations reached a new low this week when one of Russia’s top football figures, Viacheslav Koloskov, dismissed England as “absolutely primitive”. That barb was in response [...]
Russians slam English again October 27, 2010 FOOTBALL: Russia have been accused again of denigrating England’s bid to host the 2018 World Cup after one of their top officials labelled their main rivals “absolutely primitive”. Viacheslav Koloskov, honorary president of the Russian Football Union, lashed out after England complained about criticisms of London made by Alexei Sorokin, chief of the Russian bid. [...]
Mail.ru eyes $878m IPO October 27, 2010 FACEBOOK investor, Mail.Ru Group’s initial public offering (IPO) is up to two times oversubscribed with nearly two weeks left before pricing, financial market sources said yesterday. Fund managers said the organisers put total bids as of Tuesday night at $1.1bn. Mail.ru was looking to raise up to $876m in the sale of 16 per cent [...]
PIMCO’S GROSS ISSUES WARNING OVER A BRAZEN PONZI SCHEME: QE October 27, 2010 PIMCO’S resident bond expert Bill Gross yesterday, in his usual verbose fashion, issued a stark warning over the upcoming second round of quantitative easing (QE) in the US – dubbing it no less than a “Ponzi scheme” on the part of the Federal Reserve. “Check [sic] writing in the trillions is not a bondholder’s friend; [...]
TNK-BP profit down as Rosneft prospers October 26, 2010 Russian oil company TNK-BP, a joint venture that makes up more than a quarter of BP’s reserves, said yesterday its third-quarter net profit fell as transportation and other costs rose. The company generated net profit of $1.45bn (£913m) on revenues of $11.4bn. A year earlier TNK-BP earned $1.68bn on revenues of $10.26bn. Meanwhile, its largest [...]
We can still lure world’s best to Man Utd, says Gill October 25, 2010 Man City’s wage bill may have overtaken United’s but chief executive insists they’ll go on competing MANCHESTER UNITED chief executive David Gill is adamant they can still attract and keep the world’s top players despite refusing to spend as much on wages as Premier League rivals Chelsea and Manchester City. United’s wage policy was thrust [...]