BP venture to pay highest ever dividend October 12, 2010 TNK-BP HOLDING, the publicly traded part of BP’s joint venture in Russia, said yesterday it has recommended a record-high interim dividend of 124bn roubles (£2.6bn). Russia’s third-biggest oil company, which elected former BP chief executive Tony Hayward to its board last month, has recommended the payout in what several analysts said is a move to [...]
Russia hoping to sell stake in VTB?for $3bn October 12, 2010 THE Russian government hopes to sell a 10 per cent stake in VTB, the country’s second biggest lender, for at least $3bn (£1.9bn) in late 2010 or early 2011, first deputy Prime Minister Igor Shuvalov said yesterday. The sale is set to kick-off Russia’s biggest privatisation campaign since the 1990s, with the government hoping to [...]
Hunting growth on the frontiers as the West sinks deep into solipsism October 11, 2010 PLAMEN Monovski doesn’t immediately come across as an aggressive investor in some of the world’s least explored markets. He sits almost demurely at a table overlooking a sunny, 12th-floor view of the City, sipping a cappuccino and speaking in genteel, accented tones, often punctuated by a mild smile. But don’t be fooled. Monovski has been [...]
London float for Russian internet firm October 11, 2010 A Russian internet service provider part-owned by billionaire Alisher Usmanov is floating on the London market to raise an estimated $500m-$750m (£314.7m-£472.1m). Usmanov and other investors in Mail.ru Group plan to offer up to 15 per cent of the group’s share capital, giving it a market value of about $5bn, a source close to the [...]
Heathrow traffic climbs as long haul flights rise October 11, 2010 HEATHROW Airport posted record September traffic figures after 6.2m people used the UK hub, raising hopes of an air industry recovery. Passenger numbers at Heathrow were up by 7.6 per cent last month, marking the largest yearly increase since July 2004, according to airports operator BAA. Heathrow saw more passengers flying to Brazil, India, Russia [...]
Potash plans break up to avoid BHP bid October 10, 2010 POTASHCORP, the Canadian chemicals giant, is believed to be working on a potential break up of the company as one way of fending off a $38.6bn (£24.1bn) hostile bid from the mining company BHP Billiton. The plan is among several strategies being worked on at Potash – whose advisers include RBC Capital Markets, Goldman Sachs [...]
WHAT THE OTHER PAPERS SAY THIS MORNING October 7, 2010 FINANCIAL TIMES UK AND FRANCE IN TALKS ON TRIDENT MAINTENANCE An agreement being negotiated by the UK and France would see British nuclear warheads serviced by French scientists and break with half a century in which neither country has collaborated on its independent deterrent. Ahead of a summit in three weeks, the governments are close [...]
CITY MOVES | WHO’S SWITCHING JOBS October 7, 2010 Jefferies The investment bank has hired Simon Hampton from Bank of America Merrill Lynch as its new European head of real estate, gaming and lodging investment banking. Hampton spent over 13 years at BoA Merrill Lynch, including eight as head of the real estate, gaming and lodging investment banking group for the EMEA region. Prior [...]
BP to develop gas fields in Azerbaijan October 6, 2010 BP is expected to close a deal with Azerbaijan’s national oil company today to explore and develop a huge natural-gas field in the Caspian Sea. The field, Shafag-Asiman, has estimated reserves of 17 trillion cubic feet, according to the State Oil Company of the Azerbaijan Republic (Socar). If confirmed, that would make it almost as [...]
Russian grocer O’key planning a £315m London share offer October 5, 2010 RUSSIA’S third biggest food retailer O’key plans to raise up to $500m (£315m) in a London share offer to fund expansion, making it the latest Russian firm to revive IPO plans. O’key, which operates a 52-store chain, will launch a global offering of global depositary receipts (GDRs), with each GDR representing one share, by the [...]