THE Irish-backed investment Niche Group has reached initial agreement to buy a 5% stake in Arar Petrol ve Gaz — one of the leading exploration companies in Turkey.

The FTSE 100 Index slumped more than 2% today after markets across the globe were shocked by a downgrade of the US government’s debt outlook.

The 20-year-old son of Roman Abramovich, the billionaire owner of Chelsea Football Club, has followed in his father’s footsteps by taking a multi-million pound stake in a London-listed firm.

The FTSE 100 Index slipped further below the 6000 mark today as heavily-weighted banking stocks suffered from renewed European debt concerns.