Transport services feel the pinch as financial crisis bites: comments

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

Market Watch December 15: A little more lift out of oil and commodities A further rebound in crude prices plus some more modest gains in base metals prices, and an easing U.S. dollar helped Russia’s RTS and Micex exchanges to a healthy gain in Monday trade. At the close the RTS was 5.67%...

State lends cash-starved banks $10.5 billion Russia’s Central Bank held an auction on Monday to provide liquidity to the country’s ailing financial sector. Banks responded by taking loans of 293 billion roubles (US 1.5 billion) at an interest rate of 12.75 per...

Gazprom-Neft posts 3Q 2008 Net Income of $1.594 Billion Russian oil producer Gazprom-Neft has posted a 3Q 2008 Net Income of $1.594 Billion under U.S. GAAP.

Russia moves closer to OPEC ahead of oil production cut Russia could be on the verge of joining oil cartel OPEC, in an effort to prop up the price of crude. An extraordinary OPEC meeting on Wednesday, in which Russia will participate, might result in a significant production...

Cashing in on a need to wash clothes Self-service laundries are a common sight in most of the world's big cities. But in Moscow – a metropolis of more than 10 million people – laundromats are hard to find.Those few cleaning up say the...

Merry Meltdown! Xmas cards mock crisis As the economic downturn starts to hurt Americans, one card maker from New York is cashing in on the misery. He’s creating some less than cheery Christmas cards, and they're flying off the shelves.

Insider trading to become criminal offence The Russian government is cracking down on insider trading, in a bid to bring order to the financial markets, but bringing in a new law is only half the solution.

Russian jewellers look to innovation and palladium to keep sales momentum up Russia's jewellery business is facing tougher times, but the crisis is the best time for promoting innovation in the business – that’s the message from major jewellery producers meeting in Moscow.

Focus turns to the Rouble as devaluation pressures continue Russia’s Central bank has once again widened Rouble trading band this week. It’s the fifth time in the past month that the bank has allowed the local currency to devaluate – but not the last, say experts....

Market Watch December 12: Russian stocks lower as ‘Carmaggedon’ looms Russian stocks fell heavily in early Friday trade, with both the RTS and Micex calling trading halts for hitting the 5% daily movement band. Global equities shuddered in the wake of the rejection of the U.S. bailout...

Daimler shifts into gear for Kamaz stake As the US Senate rejects the $14 Billion bailout plan for automakers, Germany's Daimler defies the sour mood. It bought a 10% stake in Russia's top truck maker Kamaz for $250 million, which could rise to $300 million...

Daimler buys into Kamaz German automaker Daimler is buying a 10% stake in Russian truckmaker Kamaz for $300 million.

NLMK posts 3Q 2008 Net Profit of $1.229 Billion Russian steelmaker, Novolipetsk Steel, or NLMK, has posted a 3Q 2008 Net Profit of $1.229 Billion under U.S. GAAP.

State steps up support for grain producers and agricultural machinery makers Russia will increase import duties on farm machinery to 15% for the next 9 months to support domestic producers, and farmers will get subsidized loans only when buying locally produced farm machinery.

Smiley’s free again! Russia’s patent authority, Rospatent, has ruled that the smiley graphic cannot be registered as a trademark. This means that firms are free to use the graphic symbol as part of their brand names, but nobody can claim...

Market Watch December 11: Upside surfing an oil surge Russian stocks pushed higher on Thursday with crude prices surging and base metals rebounding as the U.S. dollar eased. At the close of trade the RTS was 2.16% higher at 670.28, with the Micex at 628.88, up 1.66%.

Russia looks to cut crude production - mulls OPEC membership Russia says it is not only considering cutting oil production, but is also mulling OPEC membership. President Medvedev says Russia is ready for the step and it could help put a floor under prices.

Thousands to lose their jobs in 2009 Up to 250,000 jobs could be lost in Russia in 2009 according to Mikhail Shmakov, the head of the Federation of Independent Trade Unions of Russia.

Mortgage relief proposal looks for details Russia’s Prime Minister, Vladimir Putin, has called on the government to work out the details of how the state can help Russians to pay off mortgages. Experts welcome the initiative, but say the devil is in the details.

Migrant workers face jobs axe Russia may halve the labour quotas for CIS migrant workers next year as pressure mounts to protect jobs for Russian citizens.

Sistema-HALS reports 9M 2008 Net Loss of $72.5 million. Russian property developer Sistema-HALS has reported a 9M 2008 Net Loss of $72.5 million under U.S. GAAP.

Dixy posts 9M 2008 Net Profit of $10.1 million Russian retailer, Dixy, has posted a 9M 2008 Net profit of $10.1 million under IFRS.

MMK posts 3Q 2008 Net Profit of $667 million Russian steelmaker Magnitogorsk Iron and steel, or MMK, has posted a 3Q 2008 Net Profit of $667 million under IFRS.

Lukoil posts 3Q 2008 Net Profit of $3.47 Billion Major Russian oil company, Lukoil, has posted a 3Q 2008 Net Profit of $3.47 Billion under U.S. GAAP.

Unemployment wave tipped as economy slows Russia’s commodity-based economy is struggling as oil prices plunge 70% from record levels in July, and experts anticipate a sharp rise in unemployment early next year.

Market Watch December 10: A little more upside Russian stocks pushed higher on Wednesday with firmer crude prices helping Russian energy companies, in light and choppy trade. At the close the RTS had gained 2.21% to finish at 656.13 with the Micex adding 1.78% to...

Aeroflot looking to expand as Airbus 330 goes through paces Aeroflot has taken delivery of its first Airbus 330 airliner, with nine more to come by 2010. With new aircraft on the way, and potential for mergers ahead, Russia's biggest airline looks set to ride out a turbulent...

Branson still keen on Russian operation British entrepreneur Sir Richard Branson says he is still keen on expanding Virgin Airlines into Russia.

Two projects on hold as Highland Gold braces for credit crunch London listed Russian gold miner Highland gold has announced a delay in the commencement of two projects in the wake of a review to minimize the impact of the global credit crisis.

Sedmoi Kontinent posts 3Q 2008 Net Profit of $8.9 million Russian upmarket grocery chain, Sedmoi Kontinent, has posted a 3Q 2008 Net Profit of $8.9 million under IFRS.

Transport services feel the pinch as financial crisis bites: comments

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