Russia

VTB-Magnit deal is "spit in the face of all investors", says Prosperity Capital Management

Ben Aris in Berlin February 16, 2018

Leading Russia-dedicated fund says the state-owned bank has deliberately bought just under the 30% threshold in the retailer that would have triggered a mandatory offer to minority shareholders.

Russia’s industrial output performs better than expected in January rising 2.9% y/y

bne IntelliNews February 16, 2018

Russia’s industrial output performed better than expected in January, rising 2.9% y/y after contracting in both November and December, Rosstat said on February 16.

Magnit’s Galitsky calls it a day and sells 29% stake to VTB

Ben Aris in Berlin February 16, 2018

Sergei Galitsky, founder of Russian regional supermarket chain Magnit, has sold most of his shares to state-owned banking powerhouse VTB for $2.4bn.

Four out of eight candidates in Russia’s presidential elections lied about their income

bne IntelliNews February 15, 2018

Four out of eight candidates registered in Russia’s presidential elections next month are believed to have misreported their income to election officials

CEE monthly bond wrap: 2018 off to a strong start in CEE

Ben Aris in Berlin February 14, 2018

There were $5.8bn of issues in the bond markets of Central and Eastern Europe in January, well ahead of the $390mn of issues a year ago.

Iran does not need OFAC license to buy Sukhoi Superjet, official says

bne IntelliNews February 13, 2018

Iran may buy up 100 of the Russian airliners once US veto on exports is lifted.

Russia risks missing $200bn China trade target

bne IntelliNews February 12, 2018

Trade turnover between Russia and China was up by 27% in January, but faster growth is needed to reach the $200bn target by 2020.

Sberbank shrugs off Brexit fears by doubling capital of its London business

Jason Corcoran in Moscow February 12, 2018

Russia's largest bank Sberbank's UK operations has faced a litany of problems from sanctions to sexual harassment lawsuits, but it is sticking to its guns and injected £40mn to boost the units capitalisation in January, bne IntelliNews can reveal.

Russian Novaport plans IPO after consolidating 20 airport assets

bne IntelliNews February 12, 2018

Russia’s largest airport holding Novaport plans an IPO or to attract a strategic investor after consolidating 20 airport assets, the co-owner of the holding Roman Trotsenko said

Russia's sports establishment remains too hard a nut to crack

Carmen Valache in Berlin February 6, 2018

Despite proof of an industrial-scale doping campaign, as shown in the "Icarus" documentary, Russia will still compete at the Winter Olympics as if it did nothing wrong.

INTERVIEW: IBS at the heart of Russia’s digital transformation

Ben Aris in Moscow February 5, 2018

IBS is focused exclusively on the domestic IT market and is known as the 'Russian SAP'. With the Kremlin pushing hard to create a digital economy, IBS is playing a central role in this, says Svetlana Balanova, IBS' CEO.

Russia's fishy business

Ben Aris in Moscow February 5, 2018

With only three harvests under its belt, Russian Aquaculture is already the largest player in the Russian fish business, with a 22% market share.

Russian manufacturing PMI stays strong in January, industry optimistic for 2018

bne IntelliNews February 2, 2018

Russia’s manufacturing continued its strong expansion in January rising to 52.1 in the month, up by 0.1 from a month earlier, according to the IHS Markit manufacturing Purchasing Managers' Index (PMI) index, well ahead of the 50 no-change mark.

Russia’s banking sector saw a strong acceleration in retail lending across all segments in 2017 – and that is a bad thing

Ben Aris in Berlin February 2, 2018

Russia’s banking sector saw a strong acceleration in retail lending across all segments in 2017 – and that is probably a bad thing. Some 35mn new retail loans, totaling RUB5.7 trillion, were issued last year, according to the United Credit Bureau

Russia's "Ivanov" consumers are becoming more optimistic about their future says Sberbank survey

Ben Aris in Berlin February 2, 2018

Russian consumers are becoming more optimistic about their future and starting to spend on bigger ticket items again, according to the latest Sberbank’s Ivanov consumer confidence index.

INTERVIEW: Tinkoff Bank builds a virtual lifestyle bank

Ben Aris in Moscow February 2, 2018

Tinkoff Bank is the new kid on Russia’s banking block, its biggest purely online bank. Its idea is to focus on allowing the customer to spend money easily.

Russia's GDP grows 1.5% in 2017, below official 2.1% target

bne IntelliNews February 2, 2018

Russia's GDP increased by 1.5% in 2017 to RUB92.08 trillion ($1.64 trillion), according to the first estimate of RosStat statistics agency, missing the 2.1% target

Russia's gross international reserves top $450bn

bne IntelliNews February 2, 2018

The FX and gold reserves of the Central Bank of Russia topped $450bn as of January 26, adding over $10bn week-on-week, the regulator said on February 1. This marks the highest value of CBR reserves since October 2014

Iranian general warns of threat posed by Telegram's Gram cryptocurrency to banks

bne IntelliNews February 1, 2018

Officials nervous as service hugely popular in Iran sets out to double as a global payment platform.

Russia global top oil producer in November

bne IntelliNews January 31, 2018

Russia produced an average of 10.12mn barrels of oil daily in November 2017, down from 10.86 a month earlier but Russia is still the world's top oil producer in the reporting month.

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