Saturday 18 November 2017

Business in brief: PetroNeft's vote

PetroNeft's biggest shareholder has written to investors saying he wants the oil company to be run from Russia, where its main assets are located, under a radical plan he'll put to a vote at next month's EGM.

Russian businessman Maxim Korobov has written a circular to PetroNeft shareholders ahead of the EGM on May 9.

The letter, issued by Mr Korobov's Natlata Partners, names Pavel Tetyakov as his choice to be the new chief executive of PetroNeft in the event a motion to remove five members of the current board succeeds.

BITBUZZ BOOM MONTH

Wifi network operator Bitbuzz, said it recorded one million logins across Ireland and the UK in March, representing the company's busiest month to date.

The week to St Patrick's Day alone accounted for more than 250,000 logins, with Sunday, March 16 being the busiest day on record, with 43,893 logins.

In July 2013, Bitbuzz had an average monthly login rate of 550,000.

The March 2014 figure marks an 82pc year-on-year increase.

EURO VIEWS ON A HIGH

EuroZONE sentiment rose for a fourth consecutive month to a three-year high in April, helped only by investors' upbeat view of current conditions as powerhouse Germany lost steam and expectations for the currency bloc dimmed.

Sentix research group said its index that tracks morale in the euro zone rose to 14.1 points in April, its highest level since April 2011 and up from 13.9 in March.

AUDI SALES SURGE 15PC

Audi, the world's second-largest maker of luxury cars, said March sales surged 15pc, joining Mercedes-Benz in posting the best single month for deliveries, because of rising demand in China.

Audi's registrations rose to 170,450 vehicles last month, the division of Volkswagen said. Mercedes-Benz, the third-largest maker of premium cars, said last week that demand in March climbed 13pc as new compact models and the S-Class sedan attracted buyers.

UKRAINE'S CRIMEA LOSS

Ukraine's ecology and natural resources minister estimated that Kiev had lost natural resources and related assets worth 127 billion hryvnias (€8bn) when Russia annexed Crimea.

Andriy Mokhnyk told a news conference that Ukraine intended to go to court to try to recover the money, his spokeswoman confirmed.

Irish Independent

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