Tag: Business
NEWSLINK Reuters: ‘Putin the Polite,’ chilling hero of Russian souvenirs.
Russia’s ‘Foreign Agents’ Risk Losing Right to Run Media
(Moscow Times – themoscowtimes.com – Daria Litvinova – August 21, 2015) As the crackdown on Russian NGOs continues, the Communications Ministry has suggested forbidding those labeled as “foreign agents” from launching and registering media outlets. The proposal, part of a bill that the ministry published on a government website for draft laws, stipulates that non-governmental organizations registered as “foreign agents” […]
» Read morePutin Said Ready to Revamp Inner Circle as Ally Yakunin Goes
(Bloomberg – bloomberg.com – Irina Reznik, Ilya Arkhipov, Olga Tanas – August 18, 2015) Russian President Vladimir Putin’s ready to start replacing long-serving allies in his inner circle after the sudden departure of OAO Russian Railways chief Vladimir Yakunin as head of the country’s largest employer. Putin intends to bring in trusted younger people to shake up his team ahead […]
» Read morePutin May Be Tiring of His Cronies
(Bloomberg – bloomberg.com – Leonid Bershidsky – August 18, 2015) Vladimir Yakunin seemed eternal: Nothing he could do appeared to undermine his standing in the system President Vladimir Putin has built to run Russia. Yet now he is leaving the top job at the national railroad monopoly, after 10 years of mismanaging it. Putin may be realizing that tough economic […]
» Read moreNEWSLINK The Times (UK)/Mark Franchetti: “The last days of an oligarch” (Boris Berezovsky)
Russian Press Digest (17 August 2015)
(opendemocracy.net – EDITORS OF OPENDEMOCRACY RUSSIA) This Monday, the Russian press reports on the import ban on foreign medicines, Rosneft’s taxes, and an attack by Orthodox activists on a Moscow sculpture exhibition. Kommersant opens with an article on new plans to ban imports of a range of medical products. Several large NGOs, including Vera and Podari zhizn, involved in medical […]
» Read moreU.S.-Russian Paper Startup Sees Massive Success Despite Political Tensions
(Moscow Times – themoscowtimes.com – Matthew Bodner – August 18, 2015) One of the largest office supply retailers in the United States has offered a group of young Russian and American entrepreneurs an exclusive distribution deal for a new sticky note developed by the team after raising almost $250,000 on crowd-funding site Kickstarter. Founded in January by two Russian cousins […]
» Read moreHead of Russia’s Mighty Rail Monopoly Looks Set to Step Down
(Moscow Times – themoscowtimes.com – Ivan Nechepurenko – August 18, 2015) Vladimir Yakunin, one of Russia’s most powerful executives and a close ally of President Vladimir Putin, was nominated as a senator for the upper chamber of the Russian parliament Monday, a position that would oblige him to step down as head of the state rail monopoly Russian Railways (RZD). […]
» Read moreNEWSLINK The Hollywood Reporter: Movie Attendance Hits Five-Year High in Russia
Russians Named Europe’s Least Productive Workers
(Moscow Times – themoscowtimes.com – August 11, 2015) The productivity of the Russian workforce is the lowest among European countries, according to a report issued Monday by the France-based international Organization for Economic Cooperation and Development, or OECD. In Russia, labor productivity – measured by the gross domestic product valued in U.S. dollars divided by the total number of hours […]
» Read moreRussia is swimming in oil; Russia’s oil industry lacks the infrastructure to avoid spills and leaks; and the environmental consequences are horrific
(opendemocracy.net – July 28, 2015) Georgy Borodyansky is an Omsk-based correspondent for Novaya Gazeta. Russian oil giant Rosneft has dumped on us northerners once again. It’s unlikely that anyone apart from the locals would have heard about the pipeline which burst on the outskirts of Nefteyugansk if not for photos of the aftermath on social media. The pictures were taken […]
» Read moreRussia’s Book Industry Wanes as Russians Stop Reading
(Moscow Times – themoscowtimes.com – Anastasia Bazenkova – July 30, 2015) More Russian bookshops are facing closure every year, shaking the publishing industry and threatening writing as a profession. Bookselling, never the most profitable retail business, is struggling to stay afloat thanks to expensive shop rental rates and decreasing interest from customers. In Moscow, considered the most well-read city […]
» Read moreClasses Aimed at Raising a New Generation of Russian Businessmen
(Moscow Times – themoscowtimes.com – Alexandra Tyan – July 28, 2015) The newly renovated VDNKh park in northern Moscow is investing in the future with the Young Investor School, which will open at Pavilion 14 early next month. Starting on Aug. 6, every Thursday and Friday, children between the ages of 8-14 can learn about the career of investment banking […]
» Read moreUkrainian President’s Russian Candy Factory Wins Case Against Russian Taxman
(Moscow Times – themoscowtimes.com – July 23, 2015) A local court has sided with a Russian chocolate factory owned by Ukrainian President Petro Poroshenko in a dispute with the tax authorities, news agency RIA Novosti reported Wednesday citing a court statement. The decision is a rare victory for the Roshen Confectionary Factory in Lipetsk, about 440 kilometers south of Moscow, […]
» Read morePutin frees small business from inspections for three years
(Moscow Times – themoscowtimes.com – July 14, 2015) Russian President Vladimir Putin has signed a law giving small companies a three-year holiday from regular inspections, a measure lawmakers hope will spur the development of small business in the country, according to a document published Tuesday [14 July] on the government’s legal information website. Small business is relatively underdeveloped in Russia, […]
» Read moreMajority of Russians think it is impossible to make millions honestly
(Business New Europe – bne.eu – Francesca Moll in London – July 23, 2015) Most Russians believe that the country’s millionaires earned their money dishonestly, according to a recent survey. In a survey by the independent pollster Levada Centre, an overwhelming 70% of respondents answered “no” when asked if they thought you can earn millions of rubles honestly now in […]
» Read morePutin Warns Russian Defense Industry Not to Fall Behind
(Moscow Times – themoscowtimes.com – Matthew Bodner, Anna DolgovJ – July 20, 2015) Russia’s military modernization drive is stalling this year under the weight of Western sanctions and the decay of the domestic defense industry, a deputy defense minister told President Vladimir Putin. The defense industry is struggling to keep to schedule on government contracts under a decade-long 20 trillion […]
» Read moreNEWSLINK TheStreet: Hedge Fund Mgr. Calls Putin ‘Single Greatest Threat to World Peace’ (Bill Browder)
Are The E.U. And Asia Turning A Blind Eye To Russian Sanctions?
(Oilprice.com – Robert Berke – July 8, 2015) In a previous article on Oilprice, I questioned whether western sanctions imposed on Russia were being regularly breached by E.U. and Asian companies, noting that sanctions only work if all countries unite behind them. In June, the Financial Times reported that only one year after being imposed, the sanctions are eroding. It […]
» Read moreSaudi Arabia to invest $10bn in Russia via fund
(Business New Europe – bne.eu – bne IntelliNews – July 7, 2015) Saudi Arabia’s Public Investment Fund, a sovereign wealth fund, will invest $10bn in Russia via the government-run Russian Direct Invest Fund (RDIF), in what will be Saudi Arabia’s biggest ever investment in Russia. “This is a landmark transaction, one of the largest transactions in the realm of sovereign […]
» Read moreAttack on Chubais Ally Marks Death of Russian Meritocracy – Experts
(Moscow Times – themoscowtimes.com – Ivan Nechepurenko – July 4, 2015) The criminal case opened this week against Leonid Melamed, the founder of Russia’s flagship innovations project, is directed against its divisive current head Anatoly Chubais, and reflects Russia’s drift away from a merit-based ruling elite, pundits told The Moscow Times on Friday. Rusnano’s reformist head Chubais has long been […]
» Read moreRussia Beyond the Headlines: Dismissal of American vice rector in Nizhny Novgorod causes controversy
(Russia Beyond the Headlines – rbth.ru – Yekaterina Sinelschikova, RBTH – July 3, 2015) The dismissal of an American lecturer from a leading position at a Russian university following an “incriminating” report on television sparked talk of an increase in the harassment of foreigners. Russian lawmakers are planning to introduce a “patriotic stop list” – a list of foreign funds […]
» Read moreNEWSLINK Christian Science Monitor: Anti-Americanism provides big boost to Russia’s small IT businesses
Russia’s economic conditions seem like they couldn’t be less hospitable to starting a new company. But small software firms are starting to thrive, in part because of Western sanctions
» Read moreEtalon still building as world huffs, puffs, tries to blow Russia’s house down
(Business New Europe – bne.eu – Ben Aris – June 24, 2015) The world may be huffing and puffing and trying to blow Russia’s house down. But the house made of brick is proving to be a match for sanctions and falling oil prices, to the extent that Russia’s leading residential developer Etalon Group continues to see its business prosper […]
» Read moreConsumer-Rights Advocate Calls Putin ‘Paranoid’ After ‘Foreign-Agent’ Slur
(RFE/RL – rferl.org – Tom Balmforth – MOSCOW, June 24, 2015) A Russian consumer-protection group lambasted by President Vladimir Putin as a “foreign agent” after giving cautionary advice to Russians traveling to annexed Crimea has accused Putin of “paranoia” and called him “badly informed.” Mikhail Anshakov, chairman of the Moscow-based Society for the Protection of Consumer Rights (OZPP), said his […]
» Read moreBusiness confidence in Russia falls but firms see economy improving
(Business New Europe – bne.eu – Henry Kirby in London – June 22, 2015) Russia has fallen from the “positive” into the “neutral” expectations range in a Europe-wide study measuring business confidence of companies operating there. Russia’s score in the Association of European Businesses’ AEB-GfK Index dropped by 9 points from 115 in 2014 to 106 this year, out of […]
» Read moreSt. Petersburg Economic Forum opens under a cloud
(Business New Europe – bne.eu – Ben Aris in St Petersburg – June 18, 2015) The St. Petersburg International Economic Forum (SPIEF), dubbed the “Davos of Russia”, kicked off on June 18 to a reasonably heavyweight turnout from the business world despite global tensions over Ukraine. With thousands of delegates from 144 countries, this is one of the biggest events yet, but […]
» Read moreNEWSLINK Reuters: Putin says Russia is weathering sanctions storm
Investment in Russia has slowed to a trickle, capital flight has risen and the economy has been sliding into recession since oil prices tumbled last year and the West imposed economic sanctions on Moscow over the Ukraine crisis.
» Read moreQuiet days for books on Russia published in first half of 2015
(Business New Europe – bne.eu – BOOK REVIEW: Chris Weafer in Moscow – June 18, 2015) The first half of 2015 can hardly be described as a vintage period for new books about Russia. It seems that the Ukraine crisis and recession have led to many authors delaying completing their work until there is a little more clarity on how […]
» Read moreNEWSLINK Wall Street Journal: Russia’s Struggling Economy Clouds St. Petersburg Economic Forum. Corporate executives head to President Vladimir’s Putin hometown for annual event
NEWSLINK New York Times: Despite Tensions, U.S. Company Officials Attend Russian Economic Forum
The published forum program listed as attending Jim Rogers, chairman of the Miami financial company Beeland Interests; John Wories, president of Amsted Rail; and Jacob Frenkel, chairman of J. P. Morgan Chase International. David Bonderman, a founder of TPG capital, a private equity investor with shares in a grocery store chain here, also reportedly planned to attend. http://www.nytimes.com/2015/06/19/business/international/despite-tensions-us-company-officials-attend-russian-economic-forum.html?_r=0
» Read moreHow the Soviet Union Wrecked Russia’s Military-Industrial Complex
(Moscow Times – themoscowtimes.com – Matthew Bodner – June 11, 2015) While Russia’s tussle with Ukraine may seem an unfair match, Ukraine does have one simple advantage – it makes a number of important vehicles and components that Russia needs to equip its military. After Moscow’s annexation of Crimea last year, Kiev brought its leverage to play and placed a […]
» Read moreRussia mines a richer seam; Amidst all of the doom and gloom in Russia’s economy, some of the large metals and mining companies had a surprisingly good 2014
(Business New Europe – bne.eu – Mark Adomanis in Philadelphia – June 5, 2015) I’ve written before about Russia’s banking system and the annus horribilis of 2014. With the possible exception of Sberbank, Russia’s other large banks have been beset on all sides, massively writing down the value of loans they had previously extended to Russian corporations and also taking […]
» Read moreNEWSLINK Wall Street Journal: U.S. Business Consultant Jailed in Russia
Scott Blacklin has been held in Nizhny Novgorod since May 20, for alleged visa violation
» Read morePoll shows 80 per cent of Russian businessmen see economic crisis in the country
(Interfax – Moscow, May 28, 2015) Data from a telephone poll conducted by the Public Opinion Foundation (FOM) shows that an overwhelming majority of Russian businessmen (80 per cent) believe Russia to be in an economic crisis now, while 16 per cent are sure that there is no crisis. Two-thirds of those polled believe that the crisis harms the sector […]
» Read moreRussia on track for poor harvest
(Business New Europe – bne.eu – Ben Aris in Moscow, May 28, 2015) Russia is on course for a poor harvest after rains failed in key agricultural regions in the south. Following a record harvest in 2014, this year’s grain production could fall to levels last seen during the disastrous drought of 2010 – bad news for an economy already […]
» Read moreNEWSWATCH Wall Street Journal: The Putin Recession; Russia’s economy keeps shrinking, but the West won’t take advantage
The Wall Street Journal editors address Russia’s economic crisis and the West’s apparent unwillingness to step up economic pressure. The Russian recession is expected to continue unfolding. An oddity of recent weeks has been the attempt to argue that Russia’s economy isn’t as awful as it looks. Then along comes Friday’s report that GDP fell 1.9% year-on-year in the first […]
» Read moreRussian Foreign Direct Investment Dropped 40% in 2014
(Moscow Times – themoscowtimes.com – May 19, 2015) Overseas investment by Russian companies fell to $56 billion last year, a 40 percent decline from 2013, even as China led a wider boom in foreign direct investment from emerging economies, according to a report by the United Nations Conference on Trade and Development (UNCTAD) released Monday. The figure means that Russia […]
» Read moreNEWSLINK Bostinno: What Now for MIT and Moscow’s ‘Innovation City’? [Skolkovo]
In 2011, MIT and Russian institutions including the Skolkovo Foundation launched a multi-year collaboration to facilitate the conception of the Skolkovo Institute of Science and Technology—dubbed Skoltech— a private graduate research university in a suburb of Moscow that was designed to stimulate the Russian entrepreneurial ecosystem and address a number of pressing global issues. http://bostinno.streetwise.co/2015/05/16/mits-skolkovo-tech-incubator-skoltech-struggles-in-russia/
» Read moreMoscow Times: Despite Crisis, Most Russian Companies Aren’t Cutting Jobs
(Moscow Times – themoscowtimes.com – May 13, 2015) Despite the economic crisis, two-thirds of Russian companies aren’t cutting jobs and prefer to survive the crisis by shortening work hours or cutting workers’ salaries, a study by global management consultancy Hay Group found. “A lot of companies have refused to take radical measures, as in some sectors the situation has stabilized,” […]
» Read moreMoscow Government Approves Plans for Russian Disneyland
(Moscow Times – themoscowtimes.com – May 12, 2015) Moscow’s urban planning commission has approved plans for a children’s amusement park along the lines of Disneyland to be built in the Nagatinskaya Poima park in southeastern Moscow, City Hall said in a statement. The amusement park will include an indoor theme park operated by Hollywood animation studio DreamWorks, another park operated […]
» Read moreIs Gazprom a “buy”?
(Business New Europe – bne.eu – MOSCOW BLOG: Ben Aris in Moscow – May 7, 2015) [Chart here http://www.bne.eu/content/story/moscow-blog-gazprom-buy] With the RTS Index up 30% year-to-date, foreign investors are drifting back into Russian shares simply because they are so cheap. But is the bluest of Russian blue chips and long-time market proxy Gazprom a buy again? Russian investment bank Renaissance […]
» Read moreDividend season opens and Russian companies are paying
(Business New Europe – bne.eu – bne IntelliNews – May 6, 2015) It’s reporting season and some Russian companies are paying handsome dividends to their shareholders. Almost twice as much as emerging-market peers, in fact, relative to their stock prices, after the sudden ruble rout of last year bolstered exporters’ cash piles. Russian stocks have been performing well off the […]
» Read moreSanoma sells Vedomosti to comply with Russian media law
(Business New Europe – bne.eu – bne IntelliNews – April 30, 2015) Finnish publishing company Sanoma has sold its 33.3% share in the Russian business daily Vedomosti to publishing executive Demyan Kudryavtsev, in the latest shake-up to Russia’s media landscape caused by new legislation limiting foreign ownership. The stake in Delovoi Standard, the publisher of the daily, was sold to […]
» Read moreRussian Businessman Buys Moscow Times and Vedomosti Newspapers
(Moscow Times – themoscowtimes.com – April 30, 2015) Finnish media group Sanoma said Thursday it would sell The Moscow Times newspaper to a Russian businessman. Sanoma has agreed to sell United Press, which publishes newspapers and magazines in Russia including The Moscow Times, and signed a deal to sell its minority stake in business daily Vedomosti, the company said in […]
» Read moreOpen economy should be created in Russia – Putin
ST. PETERSBURG. April 28 (Interfax) – Raising private investment for different economic sectors, including the defense industry, is one of the key paths for the development of the Russian economy in general, President Vladimir Putin has said. “Raising private investment is one of the general paths of economic development as a whole. It is one of the main points that […]
» Read moreNEWSLINK Forbes: Here’s How Much Russian Stock Values Have Eroded Since Sanctions
For Russia investors, timing was everything. Those who bought on the bad news of last summer were hit with more bad news come the end of summer when the U.S. sanctioned Gazprom, Rosneft and Lukoil. Then the Russian Central Bank went into panic mode and raised interest rates to save the ruble. The market sensed that the bank was getting […]
» Read moreNEWSLINK AFP: Russia’s vast Arctic gas project aims to avoid Ukraine deep freeze
Spread across the frozen whiteness of the Russian Arctic, the ambitious $27 billion Yamal gas megaproject aims to defy both the extreme temperatures and the Ukraine crisis impacting its funding. Some 2,500 kilometres (1,600 miles) northeast of Moscow, the Yamal site — a joint venture by Russia’s Novatek, France’s Total and China’s CNPC — is eventually meant be one of […]
» Read moreNEWSLINK CNBC: Why Russia is more confident: Finance Minister
Russia’s economy has been through a series of seismic shocks in the past year – but there are increasing reasons to be optimistic as the amount of money being pulled out of the country slows, according to the country’s Finance Minister, Anton Siluanov.
» Read more