Sunday 06 September 1998
Shares of Billiton rose more than 21 per centas the metals company and its partners, Kaiser Aluminum of the US and Sural of Venezuela, said they would not bid in tomorrow's auction of Venez-uela's four state aluminium companies.
The partners - which sank the Venezuelan government's most recentattempt to sell the companies in July, when they pulled out at the last minute - said they were withdrawing because of turbulence in world financial markets. The minimum price for the stake in the four companies has been set at $207m, and the winning bidder is to assume $1.25bn of debt, about half of which is owed to the government.
Shares of Barclays fell more than 8 per cent last week, after it said on Tuesday that it expects to take a pounds 250m charge to cover losses from lending money in Russia and trading Russian securities. Barclays said it expects Russian exposure to cut second-half profit by pounds 150m.
Barclays said its exposure on 31 August amounted to pounds 340m. It is the first British bank to announce a charge because of its exposure to Russia.
Chief executive Martin Taylor said Barclays values its Russian debt at little more than 10 per cent of its original dollar value. Robert Diamond, head of Barclays Capital, said it is reassessing its position in emerging markets.
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- 4 George Galloway attacked on Notting Hill street by man 'shouting about the holocaust'
Keira Knightley topless: Usually conservative actress does own take on #Freethenipple campaign for Interview Magazine
YouTube video posted by Isis militants shows 'execution of 250 Syrian soldiers'
Oil tanker with $100 million cargo goes missing off Texas coast
George Galloway attacked on Notting Hill street by man 'shouting about the holocaust'
Brother and sister, Christopher Buckner and Timothy Savoy, arrested for 'committing incest after watching 'The Notebook''
Robin Williams Emmys tribute led by Billy Crystal criticised for including 'racist' joke about Muslim woman
The Rotherham child abuse scandal is a tale of apologists, misogyny and double standards
Scottish independence TV debate: Pumped-up Alex Salmond bounces back in bruising second round against Alistair Darling
Do you realise just how foolish the UK looks?
Ukip Douglas Carswell defection: Tory MP jumps ship to join Nigel Farage
When elitism grips the top of British society to this extent, there is only one answer: abolish private schools
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