DAVOS, Switzerland (Reuters) – A Russian tycoon facing a hefty fine for violating Swiss disclosure rules said the action will chill the investment climate in the Alpine nation and he will not divest his two Swiss firms.
Swiss regulators fined Victor Vekselberg a record 40 million Swiss francs ($38.17 million) for violating disclosure rules when he built up his stake in Swiss industrial group Oerlikon <OERL.VX>, his investment vehicle Renova said.
DAVOS, Switzerland, Jan 29 (Reuters) – Russia will see
several initial public offerings by technology firms this year
with 1 to 2 likely to take place before the end of the first
quarter, Anatoly Chubais, head of state firm Rusnano, said on
Rusnano, created in 2007 to spur investment in companies
working with nanotechnologies, received $10 billion from the
state to ensure that by 2015 the sector’s total sales are worth
$30 billion a year.
DAVOS, Switzerland (Reuters) – Russia will maintain its tax breaks for oil extracted from East Siberian fields but a government taskforce is reviewing the zero export duty and list of eligible fields, Finance Minister Alexei Kudrin said.
Russia granted numerous tax breaks to the oil industry last year to boost stagnating production, but the Finance Ministry has been considering whether to abolish or amend them because oil firms keep pressing for more.
DAVOS, Switzerland (Reuters) – The head of Russia’s largest lender Sberbank <SBER03.MM> called on Thursday for a privatization of Russian state-controlled banks, but Finance Minister Alexei Kudrin said markets were not ready yet.
Sberbank, controlled by the central bank, and rival VTB <VTBR.MM>, which is controlled by the government, together own about one third of the banking sector assets in Russia. Both banks were severely hit by the economic crisis.
DAVOS, Switzerland (Reuters) – MTS <MBT.N>, Russia’s largest mobile phone operator, is comfortable with its current burden of gross debt at 1.8 times OIBDA and has no plans to change it significantly in 2010, the firm’s CEO told Reuters.
“We are not planning to raise it (debt burden) above two (times OIBDA) but are not planning to cut it either,” Mikhail Shamolin said on the sidelines of the World Economic Forum in Switzerland.
DAVOS, Switzerland (Reuters) – Russia should consolidate its banking sector rather than break up the larger banks or hinder their operations, the CEO of Russia’s largest lender Sberbank <SBER03.MM> told Reuters on Wednesday.
“In Russia, we have a different theme, we need to make small banks bigger, not to break big banks into pieces,” German Gref said on the sidelines of the World Economic Forum in the Swiss resort of Davos.
MOSCOW, Jan 19 (Reuters) – Russia’s richest man, Mikhail
Prokhorov won early backing from Prime Minister Vladimir Putin
for his plan to start mass production of electric cars, Putin’s
spokesman said on Tuesday.
Russia is seeking to modernize its commodity-based economy,
which was hit hard by the global crisis when energy prices
fell, and wants to achieve growth in technology sectors where
it believes it may have some competitive advantage.
MOSCOW, Jan 13 (Reuters) – Russia said on Wednesday it has
won Turkish support for all its major oil, gas and nuclear
projects while carefully avoiding its usual harsh criticism of
the rival trans-Turkish EU-backed Nabucco gas pipeline.
Russian Prime Minister Vladimir Putin told a news conference
after talks with Turkish Prime Minister Tayyip Erdogan Ankara
had pledged to fully clear Russian gas pipeline project South
Stream before November 2010, when building is due to begin.
MOSCOW, Dec 28 (Reuters) – Russia said on Monday it had
agreed terms for a new oil deal with Ukraine a few hours after
spooking Europe with a warning the continent could face oil
supply cuts because of a dispute between Moscow and Kiev.
“Within the framework of intensive negotiations, the terms
of a transit deal have been agreed,” a spokeswoman for Russia’s
energy ministry said, adding that the deal would be signed in
the coming days and no interruption in supplies was expected.
VLADIVOSTOK, Russia (Reuters) – Russian Prime Minister Vladimir Putin said Tuesday U.S. plans for a missile defense system were the main obstacle to reaching a new deal on reducing Cold War arsenals of nuclear weapons.
The two largest nuclear powers say they are close to agreeing on a successor to the 1991 Strategic Arms Reduction Treaty (START I), although U.S. President Barack Obama and Russian President Dmitry Medvedev have yet to clinch a deal.