TMK 1H 2008 Net Profit slides 45.3%: comments

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

Vekselburg calls for weakening Rouble The head of Renova investment group, Viktor Vekselberg, says a Rouble devaluation is now needed to support Russia’s export-oriented economy.

Rouble woes mount as Central Bank defence falters As world's central banks reduce their refinancing rates, Russia has raised it by 1 percentage point to 12%. Analysts say the government is paying the price for bolstering the Rouble.

Gazprom and BASF join forces to turn on Urengoy gas Russian gas giant Gazprom, together with partner BASF, has tapped new supplies in the Urengoy gas field – the world’s second largest. Despite falling gas prices and a forecast drop in demand next year, the...

Timber export tariffs held off as Prime Minister Putin visits Finland Russia won't increase export duties on timber in the next nine to twelve months. Prime Minister Vladimir Putin announced the decision after negotiations with his Finnish counterpart on Wednesday. But other issues like...

EU must decide on gas pipe – Putin Prime Minister Vladimir Putin has called on Europe to make a decision on whether it wants the North Stream gas pipeline. Otherwise, he said, Russia would concentrate on liquefied gas production.

Market Watch November 12: A short, sharp, shock - down With the Micex exchange closed until Thursday, Russian investors were left with following the dollar denominated RTS exchange. As global equities continued to slide, and with crude and commodity prices gaining no...

Veropharm 9M 2008 Net Profit up 61% Russian pharmaceutical producer, Veropharm, has posted a 9M 2008 Net profit of $26.4 million under IFRS.

Shady past haunts defeated candidate An Israeli billionaire born in Russia has been defeated in the election to elect a new mayor of Jerusalem. Arkady Gaydamak’s candidacy proved rather controversial. Gaydamak, who is a businessman, a philanthropist and a...

Central Bank of Russia lifts refinancing rate Russia's Central Bank has increased its refinance rate by 1 percentage point to 12 percent. The aim is to lower capital outflow and restrict inflation.

Market Watch November 11: Back on the dipper Russian stocks took yet another beating at the hands of investors on Tuesday with commodity prices going into reverse and crude showing no real strength.

Russian insurer numbers to shrink The number of insurers in Russia could shrink by two thirds next year, and the remainder may see up to 40% falls in premiums. Insurers say, though, the financial crisis will cleanse the sector, making it healthier.

Mortgage market to get boost The Russia’s government is planning to boost the charter capital of the country’s mortgage agency by more than $2 Billion. It wants the agency to use the cash to buy credits from banks and stimulate mortgage lending.

Novatek posts 11% profit increase for 3Q 2008 Russia’s largest independent gas producer, Novatek, has posted a profit net profit of $211 million under IFRS.

Government looks at oil duty overhaul The Russian government is to reconsider oil export duty once a month. The state wants to protect the industry from the huge fall in world demand and rising costs at home.

WTO odyssey approaching final straight? Russian president Dmitry Medvedev is expected to announce this week that Russia is ready to settle the issue of its entry into the World Trade Organisation within weeks. It's understood he'll be raising the subject at...

Fed refuses to disclose who got loans In the U.S. the Federal Reserve is refusing to disclose who has received almost $2 Trillion worth of taxpayer funded loans, or what collateral it is taking, according to Bloomberg. However, under the U.S. Freedom of...

Rouble tipped for slide of up to 30% Troika Dialog, one of Russia's largest investment firms, has forecast the Rouble will gradually lose up to 30% of its value. The government is trying to strike a balance between defending the currency from speculation,...

Zany ways to beat cash crisis A growing number of Russians are searching for alternative solutions to overcome the world financial crisis. From relatively conventional ideas like sharing offices, to more unusual methods like turning to astrology or...

Learning crisis-speak An Australian governmental panel says the word “drought” sounds too depressing to farmers. “Dryness” is a term with a less negative connotation and is the national alternative. RT looks into...

Volvo prepares for the long haul The world's number two truckmaker Volvo says imports will suffer after the government hiked duties on used foreign vehicles.

G20 meeting looks for overhaul of global financial architecture G20 finance ministers and the heads of central banks met in Sao Paulo, Brazil, last week. They looked at ways to stop a global slowdown that could shrink trade world wide next year for the first time since 1982.

Market watch November 10: Russian stocks get lift from China stimulus Russia's RTS and Micex indices moved higher on Monday as crude and most commodities firmed in the wake of China's unveiling of a $586 Billion stimulus package.

From bust to boom: how Iceland plans to turn economy round The International Monetary Fund, along with several European states, is collecting money to help Iceland's collapsed banking system. The country is on the verge of bankruptcy following the world financial crisis.

BRIC countries bearing brunt of downturn The CIS states are likely to be hit by the global financial crisis more than any other developing countries according to a new report from the International Monetary Fund, which is also predicting Russia’s previously...

Market Watch November 7: Moscow's mixed bag, as the global outlook darkens... Abating selling pressure on global markets allowed some Russian equities a slight rebound, in the absence of a clear lead from the energy sector. The RTS and Micex broke both side of the starting mark before more bad...

Baltika brews 9M 2008 Net Profit increase Russia’s largest brewer, Baltika, has unveiled a 9M Net Profit of € 360.7 million under IFRS.

Outlook puts skids under truck production A controversial report by Gaz leaked to Business Today reveals Russia’s number two carmaker fears sales next year will collapse 50%.The news comes as the world’s number two truckmaker Volvo admits it will cut production...

Market Watch 6 November: Down, down, deeper and down Russian shares fell heavily in Thursday trade with stoppages on both the dollar denominated RTS and Ruble denominated Micex, as sliding crude prices and renewed weakness in the global prices for a range of metals...

Medvedev: world needs financial overhaul The world needs a new financial architecture to become more resilient to crises in the future, said Russian President Dmitry Medvedev. He was speaking along with Italian Prime Minister Silvio Berlusconi, who visited...

Power Machines posts 1H 2008 Net Profit of $17.6 million Russian turbine and generating industry heavy equipment supplier, Power Machines, has posted a 1H 2008 Net Profit of $17.6 million under IFRS.

TMK 1H 2008 Net Profit slides 45.3%: comments

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