Petroneft raises $43m for Russian drilling October 19, 2010 Petroneft Resources, the Russia-focused oil and gas explorer, raised $43m (£27m) to finance the development of two of its Russian fields. The Aim-listed firm sold 63,125,000 new ordinary shares at 43p each to raise the cash. The firm said it will use the money to accelerate exploration and business development at its licences 61 and [...]
Unloved, unowned but undervalued: Emerging Europe shakes off its past October 19, 2010 SANDWICHED between the bright stars of emerging Asia and the fading light of the West lies Eastern Europe, an investment destination that is often forgotten and perennially unfashionable. This is partly because the region has struggled to shake off its Soviet legacy – at least in the minds of Western investors it is still tainted [...]
Ancelotti unfazed by Terry mindset in Moscow October 18, 2010 SPARTAK MOSCOW vs CHELSEA Sky Sports 2, kick-off 5:30pm IF recent history is anything to go by, Chelsea manager Carlo Ancelotti has good reason to fear his side’s visit to the Luzhniki Stadium this evening. Last time the Blues played there John Terry ended the night in tears after the captain’s penalty shoot-out miss denied [...]
BP links bonus pay to safety October 18, 2010 FOURTH?quarter bonuses for staff at embattled oil major BP will be based entirely on safety, chief executive Bob Dudley has said. Dudley has sent an email to all staff members saying their performance in terms of safety and risk management would be the only factor used to work out bonuses. “We are taking this step [...]
CITY MOVES | WHO’S SWITCHING JOBS October 17, 2010 ICAP The inter-dealer broker has appointed Iain Torrens as group finance director, after incumbent Matthew Lester, pictured, said he would leave to take up a role as the next chief financial officer of Royal Mail. Torrens joined ICAP in 2006 and has been group financial controller since July 2008. Lester, who also formerly held senior [...]
From Japan to Oman: the life of Mark Mobius October 12, 2010 EMERGING markets may be the most popular investment flavour of the past decade but Franklin Templeton’s charismatic and distinctive guru Mark Mobius can safely lay claim to having been one of the first to spot the opportunities these countries offered. Countries like Hong Kong and Japan were deemed emerging markets when Mobius started looking at [...]
Russian rail group plans London IPO October 12, 2010 RUSSIAN transport group TransContainer is poised to launch an initial public offering (IPO) in Moscow and London, in a bid to raise as much as $500m (£317m). TransContainer, a subsidiary of the state-owned Russian Railways group, will float 35 per cent of its equity, or 4,863,170 shares. Last week, Russian Prime Minister Vladmir Putin signed [...]
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 [...]