Russia’s counter-sanctions: Used cars and clothes September 12, 2014 The new EU sanctions to be levelled at Russia from this morning will be harsh. They will further restrict Russian oil firms such as Rosneft, Transneft and Gazprom from borrowing or raising capital on the EU markets. This is a big deal for the Russian companies, with Rosneft already having gone cap in hand to the [...]
Kazakhstan is a long way off the high rise life in China, but the Silk Road could take it in that direction July 29, 2015 Thousands of years ago on the ancient Silk Road, horses were to Kazakhstan what silk was to China— prime commodity. Chinese traders would traverse the Tian Shan mountains of eastern Kazakhstan, caravans loaded with silk, their most valuable product. In exchange, Kazakh nomads would equip them with Central Asian horses, prized for their strength [...]
Rosneft in deal to drill in the Arctic despite sanctions August 18, 2014 Rosneft, Russia's largest oil company, is about to drill for oil in the Arctic in tandem with a Norwegian company, despite the sanctions reaching for the Russian oil industry. Statoil is the firm in question: a state-run Norwegian company that will help Rosneft to drill in the Bering Sea. The site is inside the Artic [...]
Russian billionaire Mikhail Fridman in telecoms move with Letter One Technology April 7, 2015 Russian oligarch Mikhail Fridman is preparing to expand his holdings in the telecoms market with investment vehicle Letter One. The billionaire businessman will operate the Letter One Technology platform as a private equity-style fund to invest in telecoms assets across Europe, with initial funding of $16bn (£11bn). The technology offshoot of the Letter One group [...]
Glencore in debt for equity swap with Russneft March 11, 2015 Mining firm Glencore is finalising a purchase of a 49 per cent stake in Russian oil refinery firm Russneft. The companies are preparing a deal to convert $900m (£604m) of debt into equity, which will see Glencore take on a 49 per cent holding in the producing side of the Russian firm. Glencore, which is [...]
Eon prepares to quit struggling North Sea with sale of oil assets March 23, 2015 GERMAN energy provider Eon has become to the latest major company to move away from the North Sea, as it prepares to sell off its assets in the region. The company is reported to have appointed Bank of America Merrill Lynch to look for buyers. The group reported a €3.2bn (£2.3bn) loss for 2014 earlier [...]
UK aerospace and defence sector flies high amid booming sales June 10, 2015 The UK aerospace and defence sector enjoyed a record year last year, with industry pundits predicting the boom times will be here for a while. The UK currently controls 17 per cent of the sector’s market share – second only to the US. “We are in a global growth market which could top £3.6 [...]
Delta airlines suspends its service to Moscow as dollar strengthens April 15, 2015 Is US airline Delta's Moscow route the first major casualty of the strong dollar? The airline said today that it will suspend its flights to the Russian capital from December, as the rouble's volatility and the falling price of oil pushes down demand. Moscow isn't the only one losing out: it will also cut its [...]
Politics and markets: What risks do key upcoming elections pose? October 5, 2015 Far less of a close-run thing than most had expected, the Greek elections last month confounded predictions. Syriza, led by Alexis Tsipras, bagged 7 per cent more of the vote than conservative party New Democracy – with which it had been neck-andneck in opinion polls. Now, with a more centrist hard-left party at the helm, [...]
Oil price jumps as Opec’s strategy undercuts rivals’ supply February 9, 2015 Oil prices rose after the Organisation for Petroleum Exporting Countries (Opec) said demand for its crude oil will rise this year as rivals' supplies suffer, reinforcing the group's decision not to cut production in November. Its monthly oil market report said demand for the group's crude oil will jump by around 100,000 barrels a day to 29.2m [...]