Latest news with #MikhailFridman
Irish Times
4 days ago
- Business
- Irish Times
Healthy returns at Holland & Barrett
Health foods are proving healthy for the bottom line at the parent of retailer Holland & Barrett, which saw its 66 Irish outlets deliver sales of just over €1 million each last year, on average. Turnover rose almost 18 per cent to €66.4 million over the 12 months to the end of September last, although rising costs saw pretax profits slip 37 per cent to €2.65 million compared with €4.2 million the previous year. Attention to detail is evident in disclosures that the business monitors average footfall per store, average items per basket and average transaction value 'on a regular basis'. That data presumably helped the wellness group make the case for the expansion that saw it add seven stores to its Irish business last year compared with just two in 2023. Allowing for two closures, the group now has 66 outlets. READ MORE It's all a far cry from the tumult of war that has been rumbling in the background at ultimate parent, Luxembourg-based LetterOne Investment Holdings, which bought Holland & Barrett back in 2017 for £1.77 billion. LetterOne was cofounded in 2013 by Russian oligarchs Mikhail Fridman and Petr Aven, largely on the back of proceeds of the sale of Russia 's third-largest oil producer TNK-BP to state-controlled Rosneft. When Russia invaded Ukraine , the European Union almost immediately imposed sanctions on both men who quickly stepped aside from their roles at the investment group even while protesting the EU move. At the time, LetterOne chairman Mervyn Davies and chief executive Jonathan Muir noted the LetterOne assets of the two men who 'own less than 50 per cent' of the business were 'effectively frozen'. The affair has rumbled on in the background with the EU's second-highest court last year ruling that the imposition of sanctions on the two men was unfair. Neither appears to have returned to their board positions thus far. Back at Holland & Barrett, the business last year paid a dividend to its owners of €59.14 million. On the basis of the company statement when they stepped down, neither Aven nor Fridman will see any of that. With all that drama, perhaps no one will notice that the director's report of the Irish business managed to consistently misspell their own company's name. Attention to detail indeed.
LBCI
14-03-2025
- Business
- LBCI
EU envoys renew sanctions on Russian individuals, entities
The European Union agreed on Friday to renew sanctions on Russian individuals and entities but kept Russian tycoon Mikhail Fridman on the list despite pressure from Hungary, EU diplomats said. EU sanctions must be renewed every six months in a unanimous vote by the 27 member states' ambassadors to Brussels. The deadline for renewal was Saturday and the list has now been renewed until September 15. Hungary, which has maintained cordial ties with Moscow despite the Ukraine war, had threatened to block the renewal unless certain individuals were delisted. Two diplomats said Budapest had initially asked for nine names to be removed from the list, including Fridman's, but the other envoys managed to reduce the number to three Russians. They are Gulbakhor Ismailova, who is the sister of prominent businessman Alisher Usmanov, businessman Viatcheslav Moshe Kantor and Russian sports minister Mikhail Degtyarev. A fourth, businessman Vladimir Rashevsky, was removed due to a weak legal case rather than pressure from Budapest. Three others were removed from the list because they have died. The EU has more than 2,400 individuals and entities on its Russia sanctions list. Reuters
Yahoo
14-03-2025
- Business
- Yahoo
FT: EU is losing patience with Hungary and wants to deprive it of its voting rights
Budapest's reluctance to extend a series of EU sanctions against Russia in recent days has led to intensified discussions among EU member states about the need to deprive Hungary of its voting rights in key EU decisions. Source: Financial Times, as reported by European Pravda Details: Financial Times reported that the day before, EU ambassadors argued all day with the Hungarian ambassador to Brussels, who demanded that Russian oligarch Mikhail Fridman and seven other individuals be removed from the sanctions list. Otherwise, Budapest threatened to refuse to support the extension of some anti-Russian sanctions for another six months. Faced with the possibility that around 2,000 sanctioned individuals, including Kremlin ruler Vladimir Putin, could be exempted from sanctions due to a Hungarian veto, 26 ambassadors agreed to remove three individuals from the list. They had agreed to remove one more name a week earlier. Eventually, according to sources, it was decided to extend the sanctions for six months. But Hungary's latest attempt to blackmail the rest of the countries to gain benefits for the Kremlin has pushed the patience of other capitals to the limit. More details: Meanwhile, if Hungary repeats its blackmail in July, when the decision to extend economic sanctions against Russia, including the freezing of state-owned natural resources in Europe, is made, the EU's determination to take action against Budapest may reach its peak. Failure to extend the sanctions could actually unfreeze up to 30% of Russia's total frozen assets. According to estimates, it could be about €60 billion of unfrozen funds or even more. Read more: Hungary defies sanctions: Trump ally moves to unfreeze billions in Russian assets Support Ukrainska Pravda on Patreon!
Yahoo
14-03-2025
- Business
- Yahoo
EU ambassadors agree to extend sanctions against Russia
A source familiar with the matter has told European Pravda that EU ambassadors agreed on Friday 13 March to extend a number of EU sanctions against Russia after reaching an agreement with Hungary. Source: European Pravda Details: The source said the decision was made in writing. As a result, the sanctions will be extended for six months, until 15 September 2025. Which countries are involved is not known for certain. The EU Council will make this information public later. The Financial Times reported earlier that Hungary had supposedly insisted on removing Russian oligarch Mikhail Fridman from the list of EU-sanctioned individuals. Luxembourg also supported the same position, according to Bloomberg sources, but Fridman will remain under sanctions. Failure to extend the sanctions could actually unfreeze up to 30% of Russia's total frozen assets. According to estimates, this could be about €60 billion of unfrozen funds or even more. Support Ukrainska Pravda on Patreon!
Reuters
14-03-2025
- Business
- Reuters
EU envoys renew sanctions on Russian individuals, entities
BRUSSELS, March 14 (Reuters) - The European Union agreed on Friday to renew sanctions on Russian individuals and entities but kept Russian tycoon Mikhail Fridman on the list despite pressure from Hungary, EU diplomats said. EU sanctions must be renewed every six months in a unanimous vote by the 27 member states' ambassadors to Brussels. The deadline for renewal was Saturday and the list has now been renewed until September 15. Hungary, which has maintained cordial ties with Moscow despite the Ukraine war, had threatened to block the renewal unless certain individuals were delisted. Two diplomats said Budapest had initially asked for nine names to be removed from the list, including Fridman's, but the other envoys managed to reduce the number to three Russians. They are Gulbakhor Ismailova, who is the sister of prominent businessman Alisher Usmanov, businessman Viatcheslav Moshe Kantor and Russian sports minister Mikhail Degtyarev. A fourth, businessman Vladimir Rashevsky, was removed due to a weak legal case rather than pressure from Budapest. Three others were removed from the list because they have died. The EU has more than 2,400 individuals and entities on its Russia sanctions list.
