Fortis gets $630 MLN from Russian billionaire: comments

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With gold prices hitting all time highs should Russia to be thinking of selling some of its reserves?

Top managers in Russia earning top money With Russia's economy soaring there’s growing demand for qualified top executives in Russia. So top managers are asking for higher wages and are having no problem getting them.

Revolution on Russian gas market A new law is set to give “non-discriminatory access” to Gazprom's pipelines. The EU and World Trade Organisation have been lobbying hard for the move – but energy producer Lukoil warns the reform actually jeopardises Eur

Will we eat less? The problem of rising food prices is expected to be one of the key points at the upcoming G8 summit in Japan. In Russia, prices have been growing around three times faster than in the EU and are likely to increase still...

Russian largest carmaker expands into car parts Russia’s major automaker Avtovaz is expanding further, into the car parts industry. Its car-making division, together with Russian Technologies Corporation and investment bank Troika Dialog, plan to create an auto parts...

Gas in Europe will hit $US 500 in 2008, says Gazprom chief Gas prices to Europe could reach $US 500 per thousand cubic metres by the end of this year, up from the current $US 410, according to Gazprom's chief. Aleksey Miller says it could go even higher if oil prices continue...

Russia’s largest bank eyes expansion Russia's largest bank, Sberbank, has decided to establish a subsidiary for developing its investment business. The branch is part of the bank's five-year expansion plan.

Russian bureaucrats' take $US 125 billion a year Ruling party United Russia has held a special congress in Moscow to promise business leaders that it will stop interfering in their work. It follows President Medvedev's criticism of bureaucrats' influence on the...

MySpace & MTS create exclusive wap-portal American social network Myspace and the biggest Russian mobile operator MTS have announced a partnership. Under the agreement Myspace will create an exclusive wap-portal for subscribers of MTS.

Russia’s Power Machines sparks to life in Iraq Russia’s leading power engineering firm has resumed equipment supplies to a huge Iraqi hydroelectric project after finance was approved by the country’s Energy Ministry. Power Machines Company is now free to supply the...

Ferrari plans Russian rollout On the heels of other world automakers, Ferrari has decided to expand into the Russian market and set up its own subsidiary importer in the next 15 months.

Will Russia be Starbucks’ saviour? The world's largest coffeehouse chain Starbucks is closing even more of its U.S. shops. Around 600 underperforming stores will shut over the next 12 months. But how will this move affect the company's business in Russia?

Global crisis halts Russian insurance growth In a sign that the credit crunch may be spreading, the growth of Russia’s insurance market is slowing. That shows that the more Russia integrates with world markets, the more it is affected by the fallout of the global...

TNK-BP expats allowed back into Russia The row between TNK-BP shareholders is in full swing. One of the company's owners, Viktor Vekselberg, has called an extraordinary meeting of directors next Monday. It will consider canceling the contract of CEO Robert...

British giants to develop Russia’s Far East Britain's Peter Hambro Mining and Aricom will invest about $US 5 BLN over the next six years developing mining, banking and infrastructure assets in Russia's Far East.

Small business gets leg-up from Russian government Relief for small businesses in Russia may be coming, after the government discussed draft laws aimed at making it easier to launch and develop a firm.

Oman plans to leave Caspian pipeline project Oman is reportedly planning to pull out of the Caspian Pipeline Consortium which pumps oil from Kazakhstan to Russia's Black Sea coast. The sultanate’s government said it was not making enough profit from the project...

Soaring prices spark debate over inflation Inflation in Russia has reached 8.7% sparking fresh debate over the future of the country’s economy. Prime Minister Vladimir Putin says higher spending must go ahead to maintain the pace of development. But Finance...

BoNY risks $US22.5 BLN in Russian fraud case The big guns of the U.S. legal establishment have flown to Moscow to take sides in a massive money-laundering case against the Bank of New York. At stake is the reputation of America’s oldest bank, which is worried it...

Nickel giant elects new board The world’s bigget nickel producer, Norilsk Nickel, has elected a new board of directors. Among the new members are representatives of Rusal, which bought a stake in the company earlier this year. The new board is...

Government eyes investment opportunities in the U.S. Vladimir Putin says he wants to develop Russia’s Sovereign Wealth Fund by investing oil revenues abroad. At a meeting in Moscow with U.S. Treasury Secretary, Henry Paulson, he discussed bilateral trade, investment...

Putin: Fighting inflation might slow down economic growth The Russian Prime Minister Vladimir Putin has said fighting inflation is not justified if it slows down economic growth. He was discussing the development of the Russian economy with the country's leading political party

Energy boss's last day at the helm Anatoly Chubais, the former head of the state electricity monopoly RAO UES has his last working day on Monday as Unified Energy System ends its five-year transition period.

Investors await opening of Russian commodity exchange Russia’s first commodity exchange is scheduled to open in St. Petersburg this summer. Gazprom has said it will trade gas futures on it. The company says it wants to improve the pricing system for natural gas.

Counting the cost of transportation in Russia One of the few Russian logistics operators operating in the country, Smart Logistics Group, has opened a new warehouse facility, which it says is the largest in Europe. Though aiming to make life easier for hundreds of...

New Gazprom boss to meet the neighbours Gazprom’s new chairman, First Deputy Prime Minister Viktor Zubkov, will have his hands full in the coming months, especially when it comes to negotiating gas prices with neighbouring states.

Pipeline access could block new Russia-EU deal The first round of talks over a new Partnership and Co-operation Agreement between Russia and the EU will start in July. But there are a number of unresolved issues, including the Energy Charter Treaty.

VTB shareholders doubtful about its prospects VTB has told its shareholders it will pay them 50% of the bank's earnings. But investors have mixed reactions on the projected performance of Russia’s second largest bank, following losses incurred after last year's IPO.

Gazprom votes in new board Russian energy giant Gazprom has announced its new board of directors. Russian First Deputy Prime Minister Viktor Zubkov, who was elected Chairman of the Board, and Economic Development Minister,Elvira Nabiullina, are

Gazprom has cash waiting for TNK-BP gas field Gazprom says it has the money to buy the Kovykta gas field from owners TNK-BP. The state-controlled energy giant says it will not need to borrow to make the purchase. Despite being in debt to the tune of US$ 37 billion,...

TNK-BP’s future on the line as shareholders vote for new board The annual general meeting of TNK-BP shareholders has taken place on Thursday in Moscow’s President Hotel. A new board of directors has been elected while three Russian members of the company had earlier asked CEO...

Fortis gets $630 MLN from Russian billionaire: comments

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