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It was not immediately clear how the government would choose to implement the measures and whether they would apply to every deal. The last line is the most important.
2 minute readDecember 30, 20226:33 PM GMTLast Updated 14 hours ago
Russia outlines plan for 'unfriendly' investors to sell up at half-price
Reuters
A view shows Russia's Finance Ministry building in Moscow
A sign is on display outside Russia's Finance Ministry building in Moscow, Russia March 30, 2021. A sign reads: "Ministry of Finance of the Russian Federation". REUTERS/Maxim Shemetov/File Photo
Summary
This content was produced in Russia, where the law restricts coverage of Russian military operations in Ukraine.
MOSCOW, Dec 30 (Reuters) - Foreign investors from "unfriendly" countries selling stakes in Russian assets may have to do so at half-price or less, the finance ministry said on Friday, with the Russian budget potentially taking a 10% cut of any transaction.
Since Moscow sent its army into Ukraine in February, many Western companies - from energy producers to food and clothing chains - have left Russia.
Minutes from a meeting of a government commission monitoring foreign investment listed a set of measures that could apply to "foreign persons associated with foreign states that commit unfriendly acts against Russian legal entities and individuals" when selling assets.
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The term "unfriendly" describes countries that have imposed sanctions on Russia in response to its military intervention, including members of the European Union, the United States, Japan, Canada, Britain and Australia.
It was not immediately clear how the government would choose to implement the measures and whether they would apply to every deal.
Thu, 22 December 2022 at 4:45 pm GMT
(Reuters) - President Vladimir Putin said on Thursday that Russia wants an end to the war in Ukraine, and all armed conflicts end with diplomatic negotiations.
"Our goal is not to spin the flywheel of military conflict, but, on the contrary, to end this war," Putin said. "We will strive for an end to this, and the sooner the better, of course."
Speaking a day after Ukrainian President Volodymyr Zelenskiy's visit to the White House, Putin told reporters: "I have said many times: the intensification of hostilities leads to unjustified losses."
Russia has persistently said it is open to negotiations - prompting intense scepticism from Ukraine and its ally the United States, who suspect it wants to buy time after a series of defeats and retreats in the 10-month war.
Since February the conflict in Ukraine has affected all international commerce to some extent. The effect on our operations, including funding group subsidiary companies has been minimal to date. We took the decision to stockpile ore from West Kytlim at the beginning of the mining season due to our strong cash position, volatility in the market currently, and in anticipation of higher realisable sales revenue in the future. As such, despite producing 167 kg of PGM concentrate (113kg for full year 2021), we have made no commercial sales of platinum in the period, instead opting to retain this PGM concentrate, which has a net realisable value of c.£3 million for refining at a later date. The value ascribed to this concentrate is for the platinum content only and does not include any other PGMs or gold.
Possible sale of Russian assets
The Company continues to focus on selling its Russian assets, a process led by Mergers and Acquisitions Officer Dmitry Suschov with support from Artem Matyushok, Non-Executive Director of the Company, as well as from the Company's Representative Office in Japan.
Summary Highlights:
· Further to the proposal (the "Proposal") from the credible party (the "Buyer") on the potential asset sale announced via RNS on 12 May 2021, the Buyer has informed Eurasia in writing that it has successfully completed its due diligence.
· As announced via RNS on 30 September 2021, since the receipt of the Proposal in May for the potential acquisition of substantially all of the Company's assets, additional interest from other parties is being considered by the Board.
· It is the Board's intention to advance several options with advice from UBS, DLA Piper and other advisers.
Until a transaction is finally concluded there can be no certainty that a transaction will occur or on what terms.
28th October 2021.
Christian Schaffalitzky, Executive Chairman of Eurasia commented: "The Directors are delighted that we are advancing several transactions concurrently. We see competition for Nickel-Copper-PGM assets (with a similar basket of metals like ours and the assets included in our agreement with Rosgeo) increasing on a global scale".
UK chancellor Jeremy Hunt is a major sweep of reforms to the financial sector being described as the second ‘Big Bang’. The UK Treasury said it plans to reform short selling, consult on removing the rules for capital deduction at banks and reform securitisation. There is expected to be a sweep of more than 30 regulatory reforms as the UK desperately tries to maintain its position as a key global financial hub post Brexit," she said.
· Monchetundra Definitive Feasibility Study being progressed for completion by the end of 2022.
· Metallurgical testwork reports now available for compilation into the larger DFS report. New metallurgical study by SGS, Mekhanobr-St Petersburg, LIMS and Gipronickel (Norilsk Nickel's engineering arm) suggests grades, recoveries and flowsheet unchanged from the 2016 feasibility study.
Good morning Ian glad to hear you are much better, enjoy your breakfast club. Please put me down for Thursday 8th of December for next RNS my sisters birthday. Good luck all genuine holders.
Simon English
Tue, 29 November 2022 at 9:24 am
(Gareth Fuller/PA) (PA Wire)
(Gareth Fuller/PA) (PA Wire)
EASYJET soared back from Covid with booming bookings as Brits desperate to escape strikes and government austerity plot holidays abroad.
The budget airline lost more than £1 billion 2020 and 2021 as the pandemic raged and flights were mostly banned.
All airlines were hit, but easyjet was seen as especially vulnerable given its low prices and small margins.
It even faced a cheeky takeover bid from Wizz Air.
Today chief executive Johan Lundgren says easyJet will benefit from austere times.
He said: “easyJet does well in tough times. Legacy carriers will struggle in this high-cost environment. Consumers will protect their holidays but look for value and across its primary airport network, easyJet will be the beneficiary as customers vote with their wallets.”
Easyjet is still loss making, down £178 million in the year to September.
But revenue rose from £1.5 billion to £5.8 billion.
The airlines says it is seeing growth at Gatwick. Sales at the October half-term and for Christmas are “back to normal” and Easter bookings look strong.
Research by easyJet shows that 64% of consumers plan to fly abroad next year. They will prioritise a holiday over other expenditure, with sales at peak periods expected to be particularly strong.
Lundgren added: ““We just had a half-term in October that was strong, we see strong demand for Christmas, for new year, for the ski season where easyJet is the largest airline in Europe to the ski markets.”
The research shows that people will cut back on eating out, new clothes and new cars to afford a vacation.
There is gossip in the industry that easyJet might fall to a bigger rival. Ryanair’s Michael O’Leary has said WizzAir and Easyjet must merge to avoid a takeover.
Lundgren said: “There is a lot of nonsense speculation out there. I would ignore a lot of those rumours to be honest.”
Lundgren added: “easyJet goes into the 2023 financial year with one of the strongest balance sheets in European aviation.”
The Board will take a view on the best opportunity to refine to saleable metals at a later date, meanwhile production is ongoing at the time of writing, and we look forward to updating on our electric power and dragline projects, both expected to contribute to the winter 2022/23 stripping programme."