Severstal pulls London listing

Severstal has shelved plans to float its gold unit Nord Gold in a $1.5bn (£930m) London listing due to market conditions.

The Russian miner's decision means three of Russia's four IPO hopefuls this year have cancelled their plans. But the Russian government yesterday raised about $3.3bn by selling a 10 per cent stake in the lender VTB in a secondary offering in London.