The Russian president’s belligerence drew U.S. sanctions that could squelch the oil giant’s $700 mln Arctic drilling venture. That may deprive the company of a shot at a gusher down the road. For now, though, it’s a chance to make needed cost cuts – and delay a risky project.
Prosecutors have accused the fallen energy tycoon of insider trading and are trying to freeze his assets. A conviction would be a first. The case could just as easily expose the country’s legal shortcomings. That presents an opportunity to make good use of the Batista fiasco.
Grupo Aval wants to raise $1.1 bln on the NYSE. It earns better returns than most U.S. banks and operates in Latin America’s fastest-growing economy. But dual-class shares give its founder near-total control. And the lender’s using the proceeds to boost capital, sapping earnings.
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