Magnit posts 98% jump in 3Q 2008 Net Profit: comments

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

Leaner feasting on the way for senior managers Companies can save millions of dollars if top management will give up their year-end bonuses. That could save some companies but is unlikely to motivate top bosses.

Hedge funds look for rays of light amidst market gloom Hedge fund, Wermuth Asset Management is reported to be one the latest victims of the global financial crisis. Trading Russian stocks, it has suffered a 27% loss and is poised to default, according to Interfax. While...

Art comes to the fore as an investment in Russia The turmoil on world markets, from shares to foreign exchange, raises the question of hedging risks and finding new investment opportunities. Paintings, coins and other kinds of art are an increasingly attractive option.

Spain to help build Russian railways Russian Railways is seeking Spanish expertise in a multi-billion dollar investment project. Spain is ready to help build high-speed railways in mountainous areas and supply trains with an automatic gauge changing system.

Medvedev calls for reform of world financial system Until a couple of months ago, some economists argued Russia’s robust growth of recent years had effectively “decoupled” it from a direct correlation with the US economy. While the financial crisis proves the...

Russian markets rally The Russian markets may not be out of the woods yet, but there are at least signs of the green shoots of recovery. The Russian RTS and MICEX indices have shown a stable rise this week.

Moscow Market Watch: Saturday trade comes alive One of Russia’s infrequent Saturday trading sessions has seen the RTS and Micex move higher in light trade, with energy majors leading the way after a positive close on Wall Street, Friday night. At its 14.00 close the...

Russian stocks edge higher in Friday trade Russia’s RTS and Micex exchanges took the foot off the accelerator pedal on Friday as easing crude prices and a more subdued global outlook added a note of caution after Thursdays double digit percentage gains. At the...

Libyan leader’s visit comes with upside for business Libyan leader Moammar Gadhafi is visiting Moscow for the first time in 25-years, seeking to expand an energy and military partnership. Gadhafi is expected to sign a 2 billion dollar contract on weapon supplies, while...

Real sectors of economy wait for Government funds to flow through Russia is channeling tens of billions of dollars into the financial system to prop up the economy. But many Russian companies complain the banks are not passing it on.

Kamaz posts 1H 2008 Net Profit of $165 million Russia’s leading truckmaker, Kamaz, has posted a Net Profit for 1H 2008 of $165 million under IFRS.

Duma approves Russia’s 3 year budget The State Duma has approved Russia's budget for the next three years.

Chelyabinsk Zinc posts Net Loss of $33.51 million for 1H 2008 Russian zinc producer, Chelyabinsk Zinc, has posted a Net Loss for 1H 2008 of $33.51 million under IFRS.

Car sales crisis hits Russia The global crisis has had a devastating impact on car sales in Russia and a huge fleet of car transporters is now stuck outside Moscow. The dealer the consignment is intended for is refusing to accept the vehicles...

Crisis and competing currencies Always when there is a downturn in the economy a tirade of criticism is directed against the model of market economy and competition. And yet it is the other way around: all financial crises are the result of lack of...

MTS ties up with Vodafone The world's leading mobile telecoms company Vodafone is coming to the Russian market through a partnership with Russia's biggest mobile operator MTS.

Can IMF aid save Ukraine’s economy? Ukraine is passing a series of economic reforms required by the International Monetary Fund to secure a $US 16.5 billion loan. Given the ongoing political crisis, the question is whether the country will be able to...

Buyers return as Russian stocks push higher Russia’s RTS and Micex exchanges surged higher in Thursday trade, with buyer enthusiasm tempered only by trading halts brought about when both indices triggered halts because of the strength of the gains. The gains come...

Russian metals producers pare back to lock in the longer term Russia’s major metal giants have announced they roll back their investment plans for the next year and cut production as the demand falls worldwide.

CTC Media posts 3Q 2008 Net Income of $20.9 million Russian media group, CTC Media, has posted a 3Q 2008 Net Income of $20.9 million under U.S. GAAP.

Russian stocks push higher on Thursday Russia’s RTS and Micex exchanges have posted strong gains in Thursday trade in the wake of a further cut in the overnight funds rate in the United States, rebounding crude prices, and a strong performance in Asian trade.

New cars stuck in limbo as crisis begins to bite As the credit crisis spreads, car dealers are turning back deliveries of new vehicles. Hundreds of unsold cars line the road to Moscow as Renault Russia claims it has nowhere to put them. Truck drivers are threatening...

Russian oil producers cut capital expenditure while looking for taxation... Russian oil companies are cutting investment programs as oil price drops and credit streams dry up. To slow production fall they urge the state to cut export duties and reduce tax burden.

Crisis myths damn the bailout Researchers at the one of the 12 Federal Reserve banks, Minneapolis, have challenged U.S. authorities to publish the data which justifies the multi-billion-dollar bank bailout.

Ruble to hold firm against those looking for a devaluation The rampant dollar has been rising against every currency in the world – except the Japanese yen. That volatility has got countries like Russia keen to do more trade in their own currency.

Ukraine on the brink of financial collapse Inflation in Ukraine will accelerate and the country will find itself on the brink of a default without financing from the International Monetary Fund, according to the chairman of the National Bank of Ukraine Chairman,...

Peter Mandelson resurrects UK-Russia Committee on Trade and Investment British Business secretary Peter Mandelson has relaunched the UK-Russia Committee on Trade and Investment after a six-year hiatus.

Return to trade brings an upside for Russian stocks After being closed for Friday and Monday, as global equities continued their horror patch, Russian stocks rebounded on Tuesday on the back of firming oil prices and a more positive global outlook.

Russia and China look to move trade to new level Russia and China will jointly finance an oil pipeline to China. It's a strategic export destination for Russian energy and an essential resource for fast-growing China, while leaders of the two nations are looking to...

Strong dollar, weak dollar I got a question from a reader after my last article, suggesting the US was pursuing a strong dollar policy to refinance its economy, at huge risk to the rest of the world. The reader asked: “Isn't it the case...

Magnit posts 98% jump in 3Q 2008 Net Profit: comments

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