X5 hit by Forex for 3Q but posts $138 million Net Profit for 9M 2008: comments

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

The global financial crisis and NATO's commitment to Afghanistan An analysis of the impact of the global financial crisis on NATO’s operations in Afghanistan shows that the economy is inextricably linked to security, with social conflict remaining a key issue for Alliance countries.

MDM Bank and URSA Bank to merge Private Russian banks, MDM Bank and URSA Bank, have announced the two will merge, to form the second largest private bank in Russia, in the latest consolidation move in Russia’s banking sector.

Razgulay chief calls for increased support for Russian agriculture The head of Russia's largest listed agricultural company has demanded the Kremlin match foreign support for farmers.

Saturn shielded from financial chaos by combined state and private sector... Prime Minister Putin’s visit to Yaroslavl came with significant upside for embattled Aerospace firm, Saturn

Market Watch December 2: The gift horse Russian stocks shrugged off some ominous early sentiment, despite little lead from oil and commodities, and with a possible Rouble devaluation hanging over banks and retailers. The RTS added another stoppage to its...

Turnaround plan brings 3Q 2008 profit for Pharmacy 36.6 Russia’s largest retail chemist, Pharmacy chain 36.6, has posted a 3Q 2008 Net profit of $3.6 million under IFRS.

Insider trading to come into focus with new laws Prime Minister Vladimir Putin has vowed there will be no restrictions on foreign capital in Russian stock markets. He also pointed towards a move to make insider trading, currently not punishable by law in Russia, a...

Fuming drivers set to drive petrol price scrutiny Petrol prices have been slashed across the world, with crude hovering at just a third of its $147 peak. Now Russia's Anti-Monopoly watchdog's set to force Russian oil companies to cut rates.

Market Watch December 1: And then depression set in Russian stocks came under renewed downward pressure on Monday as falling crude and metals prices put the skids under local sentiment, while more clouds moved onto the radar globally, and combined to make the day a...

Rosneft posts 3Q 2008 Net Income of $3.46 Billion Russia’s largest oil producer, Rosneft, has posted a 3Q 2008 Net Income of $3.46 Billion under U.S. GAAP.

Pirate attacks on shipping have upside for Russian railways Pirate attacks are making cargo transit through the Suez Canal unsafe. This is providing an opportunity for increased container shipments from Asia to Europe, through Russia, by rail, with Russian railways looking to...

Americans ditch snacks as recession bites Shops and businesses are closing down across the U.S. as the global recession deepens. Unemployment is rising and ordinary Americans are making financial sacrifices to stay afloat. This often means cutting down on...

Market Watch November 28: Feeling for the bottom A light days trade in the absence of a pointer from Wall Street, with easing crude and metals, saw the RTS and Micex both ease lower, without too much to catch the eye apart from strong outings by Wimm Bill Dann,...

CBR hikes refinancing rate as Rouble balancing act gets tougher Russia’s Central Bank raised its refinancing rate for the 2nd time this month, and 6th time this year, in a bid to fight inflation and stem capital outflow.

We triggered financial crisis – Al Qaeda Al-Qaeda is indirectly responsible for the financial crisis, one of the terrorist group’s leaders has said in a video posted on the internet. According to Reuters, Ayman al-Zawahiri said American taxpayers were paying...

Credit crisis brings bargains in Spanish real estate market The dream of many Russians – a house on the Spanish Riviera – may come true at a cheaper price. That’s because more than ever before, Spain’s cash-strapped developers are dependant on foreign...

Business jumps for collection agencies during crisis Few sectors can claim to benefit from a tanking economy. The exception is collection agencies that help their clients deal with late-paying – or non-paying – customers.

West Siberian Resources posts 3Q 2008 Net profit of $131.6 million Russian focused independent oil producer, West Siberian Resources, has posted a 3Q 2008 Net profit of $131.6 million under IFRS.

Rusal Nominates Prokhorov for Norilsk Nickel board Rusal has nominated former major Norilsk Nickel shareholder Mikhail Prokhorov for a place on the Norilsk Nickel board.

Central Bank ups refinancing rate once again - to 13% The Central Bank of Russia has increased its refinancing rate for the 6th time this year.

Credit crunch stalls President’s plan The financial crisis has hit Dmitry Medvedev’s plans as outlined in the Presidential address to the Federal Assembly. The downturn has turned out to be much deeper than first thought and the consequences are already...

Comstar-UTS posts 3Q 2008 Net Profit of $36.45 million Russian telecoms provider, Comstar United TeleSystems, has posted a 3Q 2008 Net profit of $36.45 million under U.S. GAAP.

Light beckons from depths of financial crisis The credit crisis has not spared Russia, with its vast reserves and its once-massive windfall fund. But as severe as the current financial mess may seem, it will come to an end and experts are beginning to see light at...

Independent Directors rise in prominence on Russian company boards Oleg Deripaska's RusAl has nominated two independent directors for the Norilsk Nickel board this week, as part of the resolution of a long running shareholder dispute. Settling such disputes in corporate Russia can be...

Market Watch November 27: A quiet day with some upside Russian stocks gained in Thursday trade, along with their counterparts in Europe and Asia, with Energy and Commodity stocks leading the way.

Russia can escape worst effects of downturn - Roubini The economist who most accurately forecast the global financial crisis, Nouriel Roubini – or Doctor Doom as the press calls him, says Russia will recover fast – so long as the government implements...

Morgan Stanley cuts 25% of jobs in Russia US investment bank Morgan Stanley is shedding one in four jobs at its Russian office in a bid to cut costs, Russian daily Vedemosti reports.

Medvedev trip sees deals on oil and agreement on currencies President Dmitry Medvedev’s trip to Venezuela has cleared the way for increased Russian participation in developing Venezuela’s oil reserves, with the leaders of both nations agreeing to encourage the use of their...

Art sales hit by credit crunch Four of London’s most prestigious auction houses are holding a week of Russian art sales. They’re trying to sell more than $113 million worth of paintings, Faberge items, Orthodox icons, silver and porcelain. It’s the...

Market Watch November 26: Easing lower - with a floor forming? Wednesday saw Russian stocks ease lower, while firmer metals prices provide some upside, as globally investors absorbed news of further rate cuts in China, a stimulus package proposed by the European Union, and some...

X5 hit by Forex for 3Q but posts $138 million Net Profit for 9M 2008: comments

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