MOSCOW, Sept 12 (Reuters) – Russia’s second-biggest bank,
VTB, set aside more money than expected to cover
potential bad debts in the second quarter, joining rivals in
feeling the effects of flagging economic growth.
Russian banks have piled into high-margin consumer lending
as demand for corporate credit slowed. But a faltering economy
has raised fears that people will struggle to repay their debts,
prompting lenders to put aside cash to cover potential defaults.
MOSCOW (Reuters) – Russian tycoon Suleiman Kerimov built his multi-billion-dollar fortune with an appetite for risk, debt and excellent political connections.
Yet there are signs that the secretive mining tycoon has used up his credit with President Vladimir Putin, who exerts a tight grip over the strategic natural resources that fuel Russia’s $2 trillion economy.
MOSCOW (Reuters) – Russian internet firm Mail.Ru has sold its remaining shares in social network group Facebook Inc for $525 million, making a hefty profit on its original investment and paving the way for a possible one-off payout to shareholders.
Mail.Ru, part-owned by Russia’s richest man Alisher Usmanov, bought a small stake in Facebook for $200 million in 2009.
ZHUKOVSKY, Russia (Reuters) – Russia’s first civil plane since the fall of the Soviet Union bagged a clutch of deals with mainly domestic buyers on the first day of an airshow near Moscow, as the country battles to revive its aircraft industry amid stiff foreign competition.
Prime Minister Dmitry Medvedev pledged at the event on Tuesday to make Russian aircraft more competitive as part of the Kremlin’s drive to sell planes worth $250 billion by 2025.
MOSCOW (Reuters) – The world’s top aircraft makers, scenting a major opportunity in replacing ageing Russian air fleets, will be touting their wares at Moscow’s MAKS air show this week in the hope of winning a big slice of that multi-billion dollar market.
Russia needs to replace hundreds of planes as rising passenger numbers drive higher demand, yet many orders are set to go to overseas planemakers.
MOSCOW (Reuters) – Sergei Bobylyov once ran a successful chain of computer shops in Russia called Sunrise. Now, the 43-year-old father of two is serving nine years for fraud in a case his family blames on a corrupt legal system abused by people out to steal his business.
His wife and daughters hope though that a six-month amnesty for jailed entrepreneurs, ordered by President Vladimir Putin and signed into law by parliament last week, will set him free.
MOSCOW, July 2 (Reuters) – VTB, Russia’s
second-biggest bank, missed first-quarter profit forecasts and
set aside more money to cover potential bad loans, adding to
signs the country’s banks are suffering from a slowdown in
Russia’s $2 trillion economy has been knocked by the
weakness of its main euro zone trading partners as well as
softening commodities markets, with the government recently
cutting its 2013 growth forecast by a third to 2.4 percent.
MOSCOW/LONDON, June 28 (Reuters) – Russian coal producer
Mechel, under pressure to cut debts of more than $9
billion, has hired investment bank JP Morgan to sell its
U.S. business, Mechel Bluestone, sources familiar with the
Mechel, Russia’s largest producer of coal for the steel
industry, acquired Bluestone in 2009 from private owners for
$425 million plus shares, a deal valued at the time at around
$800 million, including $135 million of Bluestone debt.
ST PETERSBURG (Reuters) – Thousands of Russian entrepreneurs jailed for economic crimes could be a step closer to freedom after President Vladimir Putin said on Friday a draft amnesty bill was ready and may be taken up by parliament before its summer break.
But Mikhail Khodorkovsky, founder of defunct oil firm Yukos and a prominent critic of Putin, is unlikely to be released early under the amnesty which would only apply to those who have been convicted once. Khodorkovsky was convicted twice – of fraud in 2005 and again in 2010.
ST PETERSBURG, June 20 (Reuters) – MegaFon
, Russia’s second largest mobile phone company, may
consider buying assets belonging to state-owned mobile firm
Rostelecom if the government sells its stake and
invites them to bid, its CEO said on Thursday.
Russia is considering selling its 53 percent stake in
Rostelecom to domestic rivals MTS, MegaFon and Vimpelcom
, Kommersant reported on Wednesday.