SibirTelecom posts 1H 2008 Net Profit of $79 million: comments

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

Russian Finance Ministry denies € 4 Billion loan to Iceland Russia’s Finance Ministry has denied reports in the European media that Russia will loan €4 Billion to the Central Bank of Iceland. In a statement to Interfax Deputy Finance Minister Dmitry Pankin stated that no...

Global Markets take a breather: RTS and Micex tentative after morning trading... Tuesday is seeing global markets continue to ease in the wake of a massive selloff which engulfed them on Monday. In Russia the Federal Financial Markets Service halted trade on the RTS and Micex until 13.00 Moscow time...

Panic engulfs global markets Investors have seen billions of dollars wiped from the value of holdings around the world on Monday. Russian stock markets took their most brutal one-day beating in a decade. Indices plunged by 19 per cent, forcing...

Share slump creates bargains as government mulls more support The government's preparing “extraordinary” measures to revive markets after the RTS fell a record 19.1% on Monday. The revelation came from the Micex Stock Exchange after it held crisis talks with ministers....

Fears of downturn see credit crunch eat into jobs The credit crisis has meant thousands of people around the world have lost their jobs. So far, Russia has escaped the worst – but it might not be that way for much longer.

Sell! Sell! Sell! RTS and Micex slump as global markets reel A wave of selling has again engulfed the world’s equities’ markets on Monday. Russian markets have continued to tumble despite predictions they would rise off the back of emergency measures taken in Washington and...

Sedmoi Kontinent posts 1H 2008 Net Income fall of 19% Russian grocery retailer, Sedmoi Kontinent, has posted a 1H 2008 Net Income of $42.3 million under IFRS.

Small investors take hit, but pile in for more The Russian stockmarkets have lost more than half their value this year. But, that's attracting many private investors – who are keen to try their luck as traders.

Lure of gold will keep Peter Hambro in Russia Peter Hambro says that his company intends to stay in Russia at a time when many investors are looking to pull out their cash.

Europe's giants united in face of global recession The leaders of Europe's four biggest economic powers – Britain, France, Germany and Italy – have come to a consensus on how to deal with the global financial meltdown. They have agreed to work...

Bush gets his multi-billion-dollar injection In the U.S. the $US 700-billion dollar bank rescue designed to steady the crisis-struck economy has been signed into law. This is the second version of the plan as the first one was rejected by the House of...

American yes vote on bailout shifts focus to global economy The House of Representatives of the U.S. Congress voted for the ‘Paulson plan’, aiming to improve the American economy. 263 Congressman voted in support of a plan for the allocation of 700 billion dollars on buying...

Global financial crisis undermines Deripaska’s Magna investment Oleg Deripaska’s Basic Element holding, its subsidiary, Russian Machines, and Magna have confirmed that the 20% stake in the Canadian car parts manufacturer, which the magnate purchased last year, has been sold to an...

Credit crunch stretches lending to the limit Lending rates are jumping to painfully high levels as bank credit runs dry. Sberbank has increased its interest rate for loans of all types. And dollar-linked interbank rates remain short of the record reached on...

Global economy to slow, bailout or not The fate of an economic rescue plan is now in the hands of the U.S. House of Representatives, which is gathering for a climatic vote on Friday. Either way the vote will have an impact on Russia’s economy

LVMH takes 45% stake in Ile de Beaute French luxury goods holding Louis Vuitton Moet Hennessy (LVMH) has purchased a 45% stake in Russian perfume and cosmetics retailer Ile de Beaute.

Uralsvyazinform posts 1H 2008 Net profit of $65.4 million Ekaterinburg based telecom provider, Uralsvyazinform, has posted a 1H 2008 Net profit of $70.8 million under IFRS

Somewhere between the $700 Billion bailout and a depression What is the bailout? The $700 Billion that a larger than usual part of the rest of the world will be mulling over on Friday evening Moscow time. Mulling in a more detached manner than the House members, who have already...

Americans sceptical over bailout bill The U.S. House of Representatives are to discuss a new version of a $US 700 billion plan to rescue America's financial sector after the Senate backed the bill on Thursday. The previous version was rejected by the House,...

Norilsk Nickel reports 1H 2008 Net Profit of $2.68 Billion Russian resources giant, and the worlds largest nickel producer, Norilsk Nickel has unveiled a 1H 2008 Net Profit of $2.68 Billion under IFRS.

Business to pay for pension increases The Russian government wants to triple pensions for less well-off. But it will come at the expense of business which will have to pay higher taxes.

iPhone 3G comes officially to Russia The iPhone 3G went on sale in Russia on Friday – officially bringing the smartphone to the market. Until now, users in Russia have had to purchase grey market phones or buy abroad and have them unlocked.

Bailout fraud The $700 Bln bailout is not about US cash. The U.S. is a debtor nation. The cash for the bailout has to be borrowed, primarily from the Japanese and Chinese.

Warning: testosterone can damage your wealth What caused the economic crunch? Economists worldwide have been offering all sorts of explanations. One theory suggests it’s all about testosterone. If there was less of it in high-level financial spheres, we’d be a lot...

2020 development plan will see changes to tax and social security Russia’s tax and social security system will undergo reform as part of the country’s development strategy to 2020. The latest plans were the focus of Wednesday’s cabinet meeting.

Revised bailout plan approved by U.S. Senate U.S. senators have approved the amended $US 700-billion rescue package aimed at preventing Wall Street imploding. It was passed by a wide margin of 74 to 25. The revised bailout will need the support of the House of...

Russian investors look to U.S. to sort out its financial turmoil The United States may be the epicentre of the financial turmoil, but it's also where other economies are looking to lead the way out of the crisis. Experts in Russia agree the benchmark Dow Jones industrial average is...

Gazprom-Neft reports 2Q 2008 Net Income of $2.2 Billion The oil producing subsidiary of Gapzrom, Gazprom-Neft, has unveiled a 2Q 2008 Net Income of $2.2 Billion under U.S. GAAP

Growth targets remain the same as Ministries look for compromise on path Russia’s Development Strategy through to the year 2020 will be debated on Wednesday as Prime Minister Vladimir Putin meets with ministers. It comes at a trying time for the global financial markets, but with Russia’s...

Russian shares hold ground, and then advance, after trade resumes Moscow RTS and Micex exchanges have moved higher on Tuesday after trading was halted for 2 hours in the morning. The halt was called after a wave of selling engulfed Asian markets and U.S. Markets overnight after the...

SibirTelecom posts 1H 2008 Net Profit of $79 million: comments

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