X5 to slash office staff by 30% and freeze new store openings in 2010-2011: comments

Post comment

RT asks

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

Tatneft 1H 2008 Net Income up 27% Russian oil producer, Tatneft, has reported a 1H 2008 Net Income of 21 Billion Rubles or $778 million, under U.S. GAAP.

6-9 months before economic improvement as retailers brace for impact of downturn A top government official's warned it could take 9 months before Russia's economy turns the corner. Banks and builders are already in crisis-driven consolidation. The head of the country's largest restaurant chain says...

Ruble slump puts currency movements in spotlight The Ruble hit its lowest level against the dollar in 2 years on Wednesday – as the greenback made strides against all the major currencies. Analysts say Russia's currency will track oil prices, which have...

Energy week sees focus on investment in gas production Stronger together – the message from the first day of Energy Week in Moscow. Representatives of OPEC are talking to Russia's government about the organisation's efforts to support the oil price, possibly by...

Rouble slumps against dollar The Russian Rouble has fallen to its lowest level against the U.S. dollar in 2 years, after 6 successive days of falls.

Gazprom muscles up with $10 Billion 1Q 2008 Net Profit Gazprom has posted a 1Q 2008 Net profit of $10.1 Billion under IFRS.

RTS and Micex wilt as oil heads south in Wednesday morning trade Russia’s RTS and Micex exchanges have opened sharply lower on Wednesday with sliding crude prices, combining with overnight losses on Wall Street and a weak Wednesday performance in Asia, outweighing the start of...

New Russian airline to heighten competition Russia will soon have a new national air carrier – a project of the Moscow City Government and the State Corporation Rostekhnologii. It could spell trouble for Aeroflot and other domestic carriers.

Gas troika to become new player in energy Russia, Iran and Qatar have agreed to work together to find and produce gas. But heightened cooperation between gas producers is worrying to Western consumers.

Trading places: Man Vs. Machine in battle for profit While for most investors topsy-turvy markets are a headache, some see them as a lucrative and money-spinning opportunity. Now, with the struggle to stay afloat growing, the question is who is more likely to make a...

Government rebuffs faltering rouble rumours after public rush for dollars The Russian government has added $US 6.7 billion of liquidity to the markets and set aside the same amount for the next year in a bid to stabilise the economy. But despite Tuesday’s move there have been reports of some...

US mistakes have damaged Russian economy – Medvedev Russia is being made to pay for the financial blunders made by the US as it fights the effects of the global financial crisis, according to Dmitry Medvedev. The Russian President was speaking at the opening of the...

Russia joins Iran and Qatar in gas troika Russia, Iran and Qatar have agreed to form a so-called gas Troika, for joint exploration and production, according to Russia's Gazprom.

Foreign investors and Russia look to long term Foreign investors have confirmed their intentions to launch multi-million dollar projects in Russia. The announcement was made by Prime Minister Putin after a meeting of the Foreign Investment Advisory Council in...

Sberbank cashes in as government looks to inject into smaller banks Sberbank has revealed better than expected half-year profits, despite warnings the credit crisis has spread to Russia's biggest bank and its rivals. The news comes as the government changes the law to stop its loans...

Ukraine postpones ‘apocalyptic’ election The President of Ukraine, Viktor Yushchenko, has signed a decree to postpone a snap parliamentary election in the country by seven days, moving them back to December 14. It follows Prime Minister Yulia Timoshenko's...

Credit crunch hits Russia’s richest in the pocket The recent losses of Russia's richest businessmen, in the wake of the meltdown of the worlds equities markets, and ensuing financial chaos, have been calculated by Smart Money magazine. If the upside of being a wealthy...

Sberbank 1H 2008 Net Profit jumps 40% Russia’s largest bank, Sberbank has reported a Net Profit of 67.2 Billion Rubles, or $2.55 Billion under IFRS.

RTS and Micex in positive mood on oil rebound, as Government starts buying Russia’s RTS and Micex exchanges have pushed higher on Monday, buoyed by a rebounding oil price, a positive mood in Asian and European trade, and ahead of moves by the Russian government to intervene in the markets by...

Job market changes focus as credit crunch begins to bite The global financial crisis is reshuffling Russia's job market. Financial sector and real estate workers are suffering. But Russian state-owned companies and manufacturers now have a chance to hire top managers who were...

World leaders to unite for finance crisis summit The presidents of the United States and France, as well as the head of the European Commission, have agreed to start consultations with world leaders on holding a series of summits devoted to fighting the global...

Immigrants the scapegoats of economic woe With the financial crisis raging, and the threat of recession looming, the British government says it can’t support immigration at its current level. Political analyst John Bourke looks into the implications of the move.

Icelanders hope for Russian cash The past week has been a tough one for Iceland. The island of 300,000 people has so far been the most serious state victim of the global credit crunch. Its economy has nosedived after years of prosperity, with its banks...

Russian cash to rescue China? Apart from steep falls in the stock market, Russia has so far escaped the worst of the global financial crisis. That’s according to a source in the Finance Ministry. There’s even talk that Russia could offer a lifeline...

Russian retailers brace for impact of credit crunch The liquidity crisis is spreading to Russia's retailers, forcing them to cut back on expansion and possibly a wave of consolidation. Just like the banks, retail players may also get support from the...

Government share buy up looms, as markets cry out for cash, amidst worries... The Russian government will start buying top stocks as early as next week, using money from the national wealth fund. The country's Finance Minister said the State was forced to intervene after Billions of dollars flew...

VEB steps in to buy Globex Bank In further fallout from the credit crunch engulfing the Russian banking world, Globex bank joined Kit Finance and Sviaz Bank as the latest Russian bank to be taken over by a state owned institution, with VEB chairman...

Russia and the unfolding global recession There will be a global economic downturn, but there are a few factors specific to Russia that offer at least a ray of hope that it can minimize the effects locally, and get its economy into better shape for the upturn...

Russian Duma holds budget hearing as oil slide threatens funding basis Russia’s federal budget for 2009 could go into deficit as the price of Urals crude falls below $70/BBL, sharply cutting revenues of the world largest energy exporter. The drop comes as the State Duma is holding a second...

World financial system needs to be revised – Sarkozy EU leaders, who are meeting in Brussels, say the current world banking system needs an overhaul. French President Nicolas Sarkozy says that it’s vital to hold talks on the revision of the world financial system by the...

X5 to slash office staff by 30% and freeze new store openings in 2010-2011: comments

Post comment

RT asks

Russian police system in need of urgent reform – human rights activists

Hackers catch scientists on global warming data manipulation

Nadal begins with loss in London

ROAR: United Russia “determined itself as a right-wing party”

The US needs a peaceful revolution

US public demands a Fed audit

Russian carmaking plan under discussion as Avtovaz noise gets louder

Kalina posts 9M 2009 Net Income of $13 million

Putin’s United Russia address puts economy in focus

More turbulence ahead as air travel looks to take off

Corruption clouds ability to address economic reform

Prime Ministers put on smiles to fend off new gas dispute

PPP puts toll roads into overdrive

Shipping jazz to Moscow

Russia’s Victoria crowned Mrs. World

Russian girl Wins Silver at 2009 Junior Eurovision

Nadal begins with loss in London

Mercedes names Rosberg first driver for 2010

Sharapova Russia’s richest sportsperson of 2009

Remember the Large Hadron Collider? It’s alive & kicking!

Cannibals survived brain disease epidemic thanks to a mutation

Fusion power project launch date doubted