BP's Russian Joint Venture Falters

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August 06, 2008
Europe Insider Keep up-to-date with the latest news from Europe

NEWS  THIS WEEK'S TOP STORIES FROM EUROPE BP's Russian Joint Venture Falters BP's profitable joint venture, TNK-BP is crumbling over a wrangle with its Russian partners about reinvesting dividends

Inside: This Week In Europe Doing business in Russia has never been easy. Yet dealings have got harder of late -- just ask European energy giant BP, which is in a protracted fight with its Russian partners for control of the joint venture TNK-BP. Stanley Reed gets to the bottom of why BP's multi-billion dollar adventure in Russia suddenly has turned sour. We've also got solar-powered mobile telecoms, Europe's gamble on carbon emissions trading, and the plight of Turkey's economy. Plus, further problems for UBS, the failed WTO trade talks, lessons from the credit crunch, and a variety of other tech, finance, and innovation stories. Don't miss the architecture of the upcoming Olympic Games and Robert Parker on Washington State winemaking. Andy Reinhardt, Europe Editor E-MAIL A FRIEND  |  GET RSS  |  SIGN UP FOR OTHER BW NEWSLETTERS

MORE EUROPEAN NEWS TECHNOLOGY Making Mobile Networks Cheap and Green VNL of Sweden unveils a solar-powered base station for the cellular industry that is a fraction of the size and cost of conventional towers ENERGY Is Europe Leading or Losing on CO2 Emissions? The continent's bureaucrats hope their counterparts in China, India, and the U.S. will embrace carbon regulation next year in Copenhagen ECONOMICS & POLICY A Cloud over Turkey's Economy Recedes The decision by Turkey's top court not to close down the ruling AK Party brings relief to the country's businesses and to foreign investors TECHNOLOGY Economic Woes Boost Videoconferencing Videoconferencing equipment makers, such as Norway's Tandberg and its U.S. rival Polycom, are riding high as companies try to cut costs FINANCE The Investment 'Albatross' at UBS UBS has been charged with manipulating the auction-rates securities market before its collapse EUROPE • From Spiegel Online Bad News Piles Up for European Economy Rising prices and weaker consumer demand are increasing the risk of a recession in the area where the euro is used EUROPE • From The Independent Lessons from the Credit Crunch The Bank of England's governor and nine other luminaries share their outlook on the banking industry a year after the crisis began EUROPE • From EUobserver Will Credit Crunch Destroy the Euro Zone? Business sentiment is deteriorating across the euro zone as the year-old credit crisis leads to recession in the U.S. and Britain TRADE POLICY WTO: Why India and China Said No to U.S. Trade talks broke down July 29 as India and China refused to bow to U.S. demands on agricultural subsidies EUROPE • From EUobserver EU 'Heartbroken' over Failed Trade Talks The WTO Doha talks collapsed on July 29, with the U.S. unable to come to an agreement with China and India over price-protection tariffs for farmers EASTERN EUROPE • From Transitions Online Here Comes Booming Bratislava A hot real estate market in the Slovak capital is pushing its suburbs into Hungary and Austria, and easier cross-border movement is making it possible AUTOS July Auto Sales Highlight Small Cars' Success While nearly every automaker was punished last month, small, fuel-efficient cars offer a lifeline NEWS & FEATURES • From Gizmag.com Honda Goes Green and Sporty At the British Motor Show, Honda unveils its low-emission roadster concept, the OSM TECHNOLOGY • From silicon.com Sweden's IKEA Offers Cheap Phone Calls The furniture retailer claims that its new pay-as-you-go mobile service for loyal customers is Britain's cheapest by 25% TECHNOLOGY Google, Symbian: Cooperation Needed The field is crowded with efforts to build open source software for cell phones; the players would get more mileage—and better compete with Apple and Microsoft—by working together TECHNOLOGY • From silicon.com Gen Y Is Setting the Tech Agenda With tech "embedded into everything Gen Yers do," the twenty-somethings are leading the way. But companies are having a hard time keeping up COMPANIES Alzheimer's Drugs: Investors' Impatience Mixed drug trial results at the International Conference on Alzheimer's Disease deflate Wall Street, but scientists remain hopeful EUROPE • From Spiegel Online German Companies Get Out of China Due to quality problems and rising labor costs, about 20% of German companies with manufacturing operations in China plan to leave BUYOUTS Gores' Siemens Buy: One Big Bet Buyout specialist Alec Gores sees promise in Siemens' troubled telecom business NEWS & FEATURES • From Architectural Record Beijing Olympics: The Buildings With the National Stadium in Beijing, Herzog & de Meuron have created an icon that reaches beyond the Olympics EUROPE • From The Independent HSBC: Waiting It Out for Korean Bank Despite no regulatory approval of the buyout by its deadline, the British bank's bid for Korea Exchange Bank will continue EASTERN EUROPE • From Transitions Online New Romanian Highway Outrages Enviros Romanian conservationists are worried that a new road threatens pristine forests in the Retezat Mountains PARKER ON WINE Andrew Will Winery's Washington Wonders One of the longtime stars of Washington State winemaking is Chris Camarda of Andrew Will Winery  BW'S PICKS FROM AP NEWS >> • BoE expected to keep rates on hold • BP, Verenium team up to produce biofuels • German industrial orders drop • BNP 2Q net profit drops 34 pct • Iraq could have $79 billion budget surplus MORE BREAKING NEWS FROM AP >  BW MALL   SPONSORED LINKS Countrywide Home Loans  Govt-insured mortgages up to $729K in select areas. Lower rate options Will the Greenback make a Comeback?  Learn to Trade the Dollar. Risk-Free Practice Account. Try Now. Check Out IT Certification Preparation Materials  Sign Up With SkillSoft & Get Access to Training Materials for Over 50 Professional Certifications. Free Report from Ken & Daria Dolan  8 Secrets Your Credit Card Company Won't Tell You. Erase Debt, avoid hidden fees, save money & more! Study accredited UK postgraduate degrees  Earn an industry focused accredited masters degree in 1 year full-time or 3 years online. Ranked 2nd in UK for employability by FT. Aberdeen Business School offers courses in business, information and law. We are based in the oil capital of Europe. Buy a link now! This newsletter is a FREE service provided by BusinessWeek.com. To sign up for other newsletters, cancel delivery, change delivery options or change your e-mail address, please go to our Newsletter Preferences page. 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