BEST of the BROKERS July 9, 2012 MONEYSUPERMARKET.COM Numis has downgraded the price comparison website from “reduce” to “sell” on the back of an “intensifying threat” from Google. The broker, which predicted in May that Google’s experiment with financial price comparison would divert traffic away from sites like Moneysupermarket, says the threat has been “stepped up a notch” and Moneysupermarket’s valuation is too [...]
Sechin takes the helm at Rosneft May 22, 2012 Russian Prime Minister Dmitry Medvedev yesterday appointed Igor Sechin as chief executive of state-controlled Rosneft, putting the man who ran energy policy in the last government in charge of Russia’s largest oil company. Sechin recently masterminded three offshore deals with western oil majors. He pledged to boost Rosneft’s production in taking the post.
LONDON WEEK AHEAD July 29, 2012 RESULTS season continues with a slew of banks, energy and leisure firms due to update this week, while the Bank of England’s monthly decision on interest rates is due on Thursday. Today’s biggest news comes in the form of interims from under-fire banking giant HSBC and household goods behemoth Reckitt Benckiser. The Bank is set [...]
TNK-BP co-owner invites in bidders for the business May 31, 2012 TNK-BP, British oil major BP’s Russian joint venture that is embroiled in a shareholder dispute, may get a third investor, co-owner and former chief executive Mikhail Fridman. Fridman, one of the four Soviet-born tycoons who share control of the 50-50 venture via the AAR consortium, quit as chief executive on Monday, deepening a leadership crisis [...]
As BP faces difficulty at its Russian venture, is the country a safe place for UK investors? May 29, 2012 YES John McRoberts There has always been concern around election time in Russia but, now that Vladimir Putin is again President, I expect another period of stability. He has transformed the country, putting in place a new environment for business, built primarily on transforming the tax system. Personal income tax is now a flat 13 [...]
Tips to take away from the Ruspetro flotation January 23, 2012 THE successful flotation of Ruspetro, the Russian oil and gas explorer, is being looked on by many in the City as an opportunity to finally get a moribund IPO market off the ground. It’s the first main market listing of the year and it follows a period during which only the most courageous or crazy [...]
BP may explore Arctic through TNK-BP venture with Rosneft May 7, 2012 BP’S hopes of exploring the largely untapped waters of the Russian Arctic could be revived a year after a deal with Russia’s state-controlled oil company Rosneft collapsed. TNK-BP, the firm’s 50-50 joint venture with Russian consortium AAR, said yesterday it had been approached by Rosneft to take part in projects to explore the region’s vast [...]
Big free float for Ruspetro December 18, 2011 RUSSIAN oil firm Ruspetro would have a free float of more than 25 per cent if it lists in London in the first quarter of next year, sources told City A.M. yesterday. The group is planning a London listing, making the company the latest Russian resource company to seek liquidity and international profile on the [...]
Statoil hails Arctic deal as production edges up May 8, 2012 STATOIL yesterday gave an upbeat assessment of its new Arctic oil exploration deal in Russia yesterday as it reported forecast-beating first quarter production figures. The Norwegian oil and gas company said it was optimistic about a new tie-up with Rosneft to drill for oil in the Arctic, although it said the project was high risk. [...]
Statoil hails Arctic deal as production edges up May 8, 2012 STATOIL yesterday gave an upbeat assessment of its new Arctic oil exploration deal in Russia yesterday as it reported forecast-beating first quarter production figures. The Norwegian oil and gas company said it was optimistic about a new tie-up with Rosneft to drill for oil in the Arctic, although it said the project was high risk. [...]