Baring Vostok cancels plans for $1.3bn sixth fund

Ben Aris in Berlin November 22, 2019

Leading Russian fund Baring Vostok has cancelled plans to raise a sixth fund that could have been worth $1.3bn, as five of its senior managers face fraud changes and three of them languish in prison.

Russians involved in large-scale intelligence operation in Serbia, President Vucic says

Denitsa Koseva in Sofia November 22, 2019

Vucic says “no logic” to spy affair that surfaced days before his visit to Moscow, given warm relations between two states.

Putin says humanity will end up in caves if it abandons hydrocarbons

bne IntelliNews November 21, 2019

If humanity completely abandons hydrocarbons in the energy sector it will “end up in caves”, Russian President Vladimir Putin told delegates at the VTB Russia Calling investment summit.

BOOK REVIEW: Why Germany’s commercial interests prevail in its dealings with big, bad Gazprom

Jason Corcoran in Moscow November 21, 2019

There is an enigma as to why German political and public opinion is in favour of the Kremlin’s controversial Nord Stream-2 gas pipeline. "The Bridge: Natural Gas in a Redivided Europe" by Thane Gustafson tries to solve the riddle.

Build build build: Russia’s national projects get underway

Ben Aris in Berlin November 21, 2019

Russia’s RUB25.7 trillion ($390bn) investments planned for the 12 national projects are getting underway and the state will inject additional spending of 4% of GDP each year. The lion's share of investment will go into building roads.

Fintech services adopted by 82% of Russians

bne IntelliNews November 21, 2019

Russia is in the global top 3 in terms of fintech services penetration, with 82% of Russians regularly using fintech solutions in 2019

Russia's consumer demand is back after incomes tick up in October

bne IntelliNews November 21, 2019

After four years of stagnation consumer demand is finally back as a main driver of Russia’s economic growth. An uptick in real incomes in October has fed through to retail sales which expanded by 1.6% year-on-year.

Russian retailer Dixy to launch online sales with Sberbank

bne IntelliNews November 20, 2019

One of the largest Russian retailers Dixy Group will launch online grocery sales of its format Viktoria in 1H120, the CEO of the group Igor Pletnev told Vedomosti daily. Pletnev did not specify which is the marketplace the sales will be hosted on

Norilsk Nickel to ramp up capex into increasing production and cutting emissions

Ben Aris in Berlin November 20, 2019

Norilsk Nickel doesn't expect to change its generous dividend formula in the next four years, despite ramping up investment to increase production and reduce the company's emissions

Hungarian government acknowledges delay at Paks nuclear power plant

Tamas Szilagyi in Budapest November 20, 2019

Budapest seeks to delay repayment of Russian loan for nuclear power plant expansion as new units now not expected to be up and running before 2030.

Russia's Sberbank accepts Yandex restructuring, to sell golden share for €1

bne IntelliNews November 20, 2019

Russia's largest bank Sberbank will sell the "golden share" in the internet major Yandex for €1, Vedomosti and RBC business portal reported on November 19 citing the announcement of the bank.

Russia's industrial production dips to 2.6% in October

bne IntelliNews November 19, 2019

Russia’s industrial production rose by 2.6% y/y in October, which is down from the 3% y/y growth in the previous month, Rosstat reported on November 18.

Russia’s Sberbank moves to acquire another stake in internet major

bne IntelliNews November 19, 2019

Russia’s largest bank and tech giant wannabe Sberbank followed up on previous announcements and signed a non-binding agreement to acquire stakes in holding companies that have shares in

Norilsk Nickel target price upped by a quarter as climate crisis to send the cost of nickel and palladium soaring from 2020

Ben Aris in Berlin November 18, 2019

Analysts at VTB Capital increased the target price of Norilsk Nickel shares by a quarter in anticipation of a spike in the prices for nickel, palladium and other platinum group metals next year as the climate crisis intensifies.

Markets react positively to Yandex' change of governance rules

bne IntelliNews November 18, 2019

Changes at the Russian internet giant were intended to allay the state’s fears that a “strategically important” technology company will fall under the control of foreign powers.

Yandex sets up NGO to hold its golden share, changes governance to reassure government and investors

Ben Aris in Berlin November 18, 2019

Russian internet giant and one of Europe’s largest tech companies Yandex has come to an agreement with the Russian authorities to amend its governance and give an NGO with public participation control over its “golden share” with veto powers.

Veteran Russian tour operator Intourist reportedly considers IPO

bne IntelliNews November 18, 2019

Russia’s oldest and largest tour operator Intourist is planning an IPO, after Anex Tour owner Neşet Koçkar completes a buyout of its shares from troubled Thomas Cook.

Gazprom extends its lead in the King of the castle race

Ben Aris in Berlin November 16, 2019

State-owned gas company Gazprom extended its lead over rival state-owned banking giant Sberbank in the race to be Russia’s most valuable company, after its market capitalisation stepped up by over $10bn in November to make the company worth $93bn.

Russia's billionaire car salesman, owner of Rolf to sell up

bne IntelliNews November 15, 2019

The owners of the largest car dealer in Russia Rolf are looking for buyers for 100% in the company, Vedomosti daily reported on November 14 citing the founder of the dealer Sergei Petrov.