MOSCOW, May 31 (Reuters) – Former U.S. Senator Christopher
Dodd said the shocking disclosure by JPMorgan Chase & Co
of a $2 billion trading loss is proof of the need for
legislation he co-authored to limit excessive risk-taking by
“This was a big deal, it might have sounded like a minor
glitch but there were some major commitments made here,” said
Dodd, speaking to Reuters on the sidelines of a Moscow
conference, when asked about the JPMorgan trade.
MOSCOW (Reuters) – In the hands of powerful former deputy prime minister Igor Sechin, Russia’s state-controlled oil giant Rosneft (ROSN.MM: Quote, Profile, Research) is likely to make a grab for low-hanging fruit in Russia to feed its reserves and market value.
Sechin could eye targets such as Surgutneftegas (SNGS.MM: Quote, Profile, Research), Russia’s No.4 oil producer which is friendly with the Kremlin, or Zarubezhneft, which spearheads state energy investments in Vietnam and Cuba, sources and analysts said.
MOSCOW, May 17 (Reuters) – Russia’s richest man recognized
the value of Facebook Inc three years ago when he
invested in the social networking company and now stands to
enjoy a payday of around $1 billion, propelling him further
ahead of Russia’s oligarchs, who have largely stuck with oil and
Alisher Usmanov, who topped Forbes magazine’s annual list of
Russia’s richest investors in April, began his career making
plastic bags and built his fortune in metals and mining. He is
now worth $18.1 billion, up from $2.6 billion six years ago,
according to Forbes.
MOSCOW, May 15 (Reuters) – Telecoms operator Vimpelcom
said it was seeing signs of a turnaround in its core
Russian business, and it had a good chance of winning one of the
next-generation 4G licences to be awarded by the government.
Though overall first quarter net profit fell by nearly a
third, hit by higher taxes and rising finance costs, New
York-listed Vimpelcom said core profit in Russia had reversed a
decline seen last year and revenues were growing.
MOSCOW, May 14 (Reuters) – Russian miner Polymetal
is selling its S iberian g old deposit to a company founded by the
former chief executive of Ca nadian miner Centerra Gold,
who is on the hunt for other deals in the region, the companies
said on Monday.
Polymetal said on Monday it has sold the Veduga deposit to
Polygon Gold, founded by Leonard Homeniuk, a n on-executive
director of Polymetal who was ch ief executive at Ce nterra from
2004 to 2008.
PARIS/MOSCOW (Reuters) – Renault and Japanese partner Nissan moved to expand in the growing Russian car market on Thursday with a $750-million deal that would give the French manufacturer effective control of Lada maker OAO AvtoVAZ.
The tentative agreement to double the alliance’s 25-percent stake via a joint venture with a Moscow state entity ups the ante for Renault-Nissan boss Carlos Ghosn’s four-year-old bet on the Russian market, though some analysts said the deal looked dear – valuing AvtoVAZ at nearly treble its $1.2-billion market capitalization – and was prone to legal and political vagaries.
MOSCOW/NOVO-OGARYOVO, Russia (Reuters) – Russia and China will announce progress on a joint investment fund during a visit by the man expected to be China’s next premier, while their leaders hinted on Friday at differences behind a show of amity and common ground on global issues.
Chinese Vice Premier Li Keqiang, who is on track to succeed Premier Wen Jiabao this autumn, met Russian President-elect Vladimir Putin and outgoing President Dmitry Medvedev during a trip that will also take him to Hungary and Belgium.
MOSCOW April 27 (Reuters) – Middle East investors are
pumping $175 million into Russian power generator Enel OGK-5
in what is thought to be the largest injection by a
Gulf investor into the country so far, members of the investment
Italy’s Enel, which acquired a 56.4 percent stake
in OGK-5 as part of reforms to break up Russia’s Soviet-era
power monopoly, was not a party to the transaction.
MOSCOW (Reuters) – Russian freight firm Globaltrans Investment (GLTRq.L: Quote, Profile, Research, Stock Buzz) is buying the railcar unit of iron ore miner Metalloinvest for $540 million, boosting its fleet to around 60,000 units, it said on Friday, as it forecast more consolidation for the sector.
As part of the deal, Globaltrans will provide rail freight transportation and logistics services to Metalloinvest, controlled by Arsenal football club and Facebook shareholder Alisher Usmanov, Russia’s richest man, for three years.
MOSCOW, April 26 (Reuters) – JP Morgan’s Russia head
Jeff Costello is to retire and deputy CEO and head of
investment banking, Yan Tavrovsky, will replace him, the bank
said on Thursday.
Tavrovsky rejoined JP Morgan in 2010 from Morgan Stanley
. He had previously worked at JP Morgan in Moscow and
London from 2000 to 2005.