Russia

Binbank owner can sell its share for RUB1, expected to repay RUB350bn

bne IntelliNews September 22, 2017

Russia’s Central Bank of Russia (CBR) has started work on cleaning up the ailing Binbank (also known as B&N Bank) and the lender's main owner is ready to sell his share for RUB1 as well as repay losses of up to RUB350bn ($6bn).

Russia's Alrosa boasts biggest pink diamond of all time

bne IntelliNews September 22, 2017

Russian uncut diamond major Alrosa mined a 27.85 carat pink diamond, the company said on August 21. The diamond is nearly seven times biggest than the previous record holder which had a weight of 3.86 carats.

Russian oligarch Prokhorov sells Snob, his last media asset

bne IntelliNews September 21, 2017

The Oneksim group that belongs to Russian tycoon Mikhail Prokhorov sold 100% of Snob Media publisher to the head of the group Maria Gevorkyan, according to September 21 announcement.

Kremlin to launch massive infrastructure projects in 2018

Vladimir Kozlov in Moscow September 21, 2017

The Russian government plans to launch a series of massive infrastructure projects after the 2018 presidential election, addressing a significant shortfall the country is facing.

Russia's CBR starts work on cleaning up Binbank

bne IntelliNews September 21, 2017

Russia's central bank has given troubled Binbank an unsecured loan, but has not disclosed the amount as it starts the rescue of yet another large "Garden Ring" commercial bank.

Russian consumer statistics continue to improve with incomes up, unemployment down

bne IntelliNews September 21, 2017

Russian consumer statistics continue to improve with incomes up, unemployment down. The steady, if unspectacular, economic recovery in Russia is starting to reach down to the street. Retail sales grew by an unexpectedly strong 1.9% in August.

STOLYPIN: Russia balances wargames with mindgames in Zapad exercises

Mark Galeotti of the Institute of International Relations Prague September 20, 2017

Zapad shows the progress that has been made in rebuilding Russia’s military strength – and the extent to which Putin is relying on hype and hyperbole to make up for the rest.

Russia's Binbank asks central bank for help

Ben Aris in Berlin September 20, 2017

Another “Garden Ring” bank may be about to go to the wall after the Central Bank of Russia said that leading commercial lender B&N Bank has asked for a bailout.

Obuv Rossii has the right shoe for Russia’s regions

Ben Aris in Berlin September 20, 2017

Shoe retailer plans IPO this autumn to build on strong growth across its regional network.

Russia's MinFin confidently cuts domestic borrowing plan for 2018-2019 on bank of good economic performance

Vadim Dumes in Paris September 19, 2017

Russia’s economic recovery is going better than expected – so well that Russia's finance ministry has cut the net domestic borrowing programme from RUB1.05 trillion (€15bn) annually to RUB0.87 trillion, according to the draft federal budget

Russian budget sees little if any privatisation revenues

bne IntelliNews September 19, 2017

The new Russian three-year 2018-2020 federal budget currently being drafted by the government has less than RUB10bn ($172mn) per year worth of privatisation revenues planned, Interfax said on September 18 citing the Finance Minister Anton Siluanov.

Only a quarter of Russians keep their savings in banks

bne IntelliNews September 19, 2017

Only a quarter of Russians keep their savings in banks, according to the Russian Public Opinion Research Centre.

Back to school! Watcom shopping index improves after terrible 1H17

bne IntelliNews September 18, 2017

Russia went back to school on September 1 and the Watcom Shopping index jumped to nearly 500 as families stocked up on pens and rulers, breaking the long run of misery earlier in this year.

Volkswagen doubles exports of Russia-made cars

Vladimir Kozlov in Moscow September 15, 2017

Russia is keen to up exports and it will start with cars. Volkswagen will double the proportion of Russia-made cars it exports from 10% of the total output to 20%, Oliver Gruenberg, head of the German carmaker's plant in Kaluga, says.

Russia's CBR cuts key rate by 50bp as expected

bne IntelliNews September 15, 2017

The Central Bank of Russia resumed its monetary easing cycle after skipping a cut at the last meeting due to a food price shock and cut the key interest rate by 50bp to 8.5% at the key policy meeting of September 15, the regulator said in a closely w

Eastern Europe on alert as Russia targets “West” in largest war games for years

bne IntelliNews September 14, 2017

Nato members Poland and the Baltic states fear Russia will use the "Zapad" exercise to boost its military presence in the Kaliningrad region and possibly in Belarus.

Russian banks earned more profit in 8M17 than in all of 2016

Ben Aris in Berlin September 14, 2017

The profit of Russian banks in January-August 2017 reached RUB997bn ($17.3bn), according to Central Bank of Russia (CBR) -- more than they earned in all of 2016.

Russia's CBR expected to cut rate, refine guidance

Vadim Dumes in Paris September 14, 2017

The Central Bank of Russia is widely expected to resume the monetary easing cycle and cut the key interest rate by 50bp to 8.5% at the upcoming policy meeting of September 15.

Polyus launches giant new mine in Russia's Far East

bne IntelliNews September 14, 2017

Russia to become the world’s second largest producer of gold after Polyus launched a new mining and smelting facility at Natalka in the Far Eastern Magadan region.

OPEC raises its forecast for Russia’s oil and gas condensate output in 2017

Ben Aris in Berlin September 13, 2017

Russia is still the biggest producer of oil in the world and production is running at close to record highs, despite a deal to limit production struck with OPEC last year and extended for nine months this May.

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