CITY MOVES | WHO’S SWITCHING JOBS August 19, 2010 Permira The European private equity company has appointed Wulf Bernotat, the former chief executive of energy giant E.ON, as a senior adviser. Bernotat is one of Germany’s most experienced businessmen and retired from his position at E.ON in April this year. He is also a member of the supervisory boards at Metro, Allianz, Deutsche Telekom [...]
ENRC lifted by new mines August 18, 2010 KAZAKH miner Eurasian Natural Resources Corporation (ENRC) posted an 80 per cent rise in first-half pre-tax profit yesterday and raised its earnings per share 63 per cent to 70 cents, crediting a rise in production and acquisitions. Shares dipped by four per cent to 928.5p, however, as the firm voiced concern over falling commodities prices. [...]
THREE OTHERS: OUR FAVOURITE STEAK RESTAURANTS August 18, 2010 GOODMAN This Russian-owned steakhouse is widely considered the epitome of red meat in London – and now there’s a City branch. The 150 day-aged corn-fed USDA beef is second to none, and there’s lots of other goodies on the menu too. 11 Old Jewry, EC2R 8DU, tel: 020 7600 8220. HAWKSMOOR This Old Street favourite [...]
Investors should look East if they want strong yields August 17, 2010 FIXED income is at a cross roads. While yields on G3 government bonds continue to fall to record lows, investors are left in a quandary: put up with low yields because these are the “safest” bonds in the world, or sell their stakes and move into the higher-yielding debt of emerging markets. Since the onset [...]
Russian drought set to hit grain output August 16, 2010 RUSSIA’S severe drought may cut its grain output by 40 per cent this year, a leading research group said yesterday, as Russia’s weather service forecast short-lived rains in some areas which could help planting for next year. Leading Russian agricultural analyst’s body SovEcon said it cut its 2010 grain crop forecast to 59.5-63.5m tonnes from [...]
Russian grain ban fuels fears of food price inflation August 15, 2010 CONCERNS over sharply rising food prices were stoked yesterday as Russia, the world’s third largest wheat seller, brought in an emergency ban on grain exports. Experts said the price of bread could shoot up by ten per cent after Prime Minister Vladimir Putin said the government had banned grain exports until 31 December. Putin said [...]
WHAT THE OTHER PAPERS SAY THIS MORNING August 12, 2010 FINANCIAL TIMES BARCLAYS REFUSES TO USE TARGETS The head of Barclays’ small business division has firmly refused to sign up to UK lending targets in a move that could fuel government criticism of the industry’s willingness to ease credit constraints in the economy. Speaking to the FT after Barclays broadened the remit of its business [...]
Deripaska eyes new IPO August 11, 2010 Russian oligarch Oleg Deripaska is understood to be valuing his electricity producer EuroSibEnergo at around $8bn (£5.1bn) ahead of a planned Hong Kong IPO this autumn. The billionaire, who successfully listed aluminium giant Rusal on the same bourse in January, is currently marketing his power unit – formerly called En+ Power – to potential cornerstone [...]
Russians lead army of oil rich shoppers in UK August 9, 2010 The UK has seen a rise in international shoppers from oil rich countries, according to new data. In July there was an 81 per cent increase in shoppers from the Russian Federation, 60 per cent more from the Middle East and 38 per from Nigeria, compared to the same period last year. According to the [...]
Panic over a new global food crisis is over-egged August 9, 2010 TRADERS have been watching wheat markets breathlessly over the past few days as the grain bounced up and then down. Having gained 8.08 per cent last Thursday – up 80 per cent on prices in the middle of June – the grain plummeted on Friday, wiping out much of Thursday’s gain to end the day [...]