Correspondent, New York
Megan's Feed
May 29, 2014

Profits slide at Russia’s Sberbank as Ukraine crisis, economy bite

MOSCOW, May 29 (Reuters) – Sberbank, Russia’s
biggest bank by assets, reported an 18 percent slide in profits
on Thursday and more than doubled its provisions for bad loans,
hit by the Ukraine crisis, a falling rouble and an economy
flirting with recession.

Once feted for its fast-growing economy, Russia is now
forecast to achieve growth of just 0.5 percent this year, hurt
by Western sanctions and instability brought by the stand-off
with Kiev and wider emerging market uncertainty.

May 27, 2014

Russian bank VTB’s profit plunges as Ukraine crisis bites

MOSCOW, May 27 (Reuters) – Russia’s second-largest bank, VTB
, laid bare the economic damage being
inflicted by the Ukraine crisis, missing forecasts with a
98-percent plunge in first-quarter net profit as it set aside
more money to cover potential bad loans.

Russian banks have been increasing their provisions against
potential loan defaults for some time as economic growth slowed.

May 23, 2014

China and Qatar seek more Russia investment as U.S. interest fades

ST PETERSBURG, Russia (Reuters) – Sovereign wealth funds in China and Qatar on Friday signaled their increased commitment to Russia, boosting Moscow’s hopes of strengthening ties with Asia and the Middle East as relations with the West deteriorate.

Major sovereign wealth funds in the Middle East and Asia have invested in Russian businesses and backed its state-funded private equity fund, the Russian Direct Investment Fund (RDIF). By contrast, U.S. financial investors in the country remain few.

May 23, 2014

China seeks more Russia investment as U.S. interest fades

ST PETERSBURG, Russia, May 23 (Reuters) – China’s $575
billion sovereign wealth fund said on Friday it wants to
increase its investment in Russia, boosting Moscow’s hopes of
strengthening ties with Asia as relations with the West
deteriorate.

Major sovereign wealth funds in the Middle East and Asia
have invested in Russian businesses and backed its state-funded
private equity fund, the Russian Direct Investment Fund (RDIF).
By contrast, U.S. financial investors in the country remain few.

May 22, 2014

Russian vanity projects lose luster

SKOLKOVO, Russia (Reuters) – Students at Moscow’s new science-focused university crowded into a lecture theatre outside the capital earlier this month to hear Canadian-born Nobel prizewinning molecular biologist Sidney Altman speak.

The students at Skoltech are yet to have their own campus because it is still under construction, so the lecture was held at the Moscow School of Management, a long dreary journey from Moscow city centre by metro and then bus up a traffic-clogged road.

May 14, 2014

Renault-Nissan’s Russian resilience has limits

PARIS/MOSCOW, May 14 (Reuters) – Renault is
looking closely at Western sanctions on Russia even though its
carmaking alliance with Nissan appears better
positioned than others to ride out the crisis over Ukraine.

The European Union and the United States have already
imposed economic sanctions on Russia, including some against the
deputy chairman of OAO AvtoVAZ, a Russian carmaker in
which Renault-Nissan has a controlling majority.

May 13, 2014

Western corporate bosses pull out of Russian economic forum

MOSCOW/LONDON, May 13 (Reuters) – Around a dozen chief
executives and chairmen of major U.S. and European corporations
have withdrawn from an economic conference in Russia as pressure
between Moscow and the West grows over the crisis in Ukraine.

Eleven business leaders who were listed in late March as
scheduled to attend the May 22-24 St. Petersburg International
Economic Forum are no longer on the forum’s website.

May 13, 2014

Western bosses withdraw from Russian economic conference

MOSCOW/LONDON, May 13 (Reuters) – Around a dozen chief
executives and chairmen of major U.S. and European corporations
have pulled out of an economic conference in St Petersburg as
pressure between Russia and the West grows over the crisis in
Ukraine.

Eleven business leaders who were listed in late March as
scheduled to attend the St. Petersburg International Economic
Forum from May 22-24 are no longer on the programme on the
forum’s website.

Apr 28, 2014

Sanctioned Chemezov runs conglomerate with many foreign partners

MOSCOW, April 28 (Reuters) – Sergei Chemezov, who worked in
the old communist East Germany at the same time as President
Vladimir Putin, sits atop sprawling conglomerate Rostec, which
has stakes in some of Russia’s largest industries and
partnerships with foreign companies.

Encompassing weapons, cars and metals, Rostec was created in
2007 by Putin from assets of arms exporter Rosoboronexport to
boost the non-resources sectors of Russia’s economy. Chemezov
had run Rosoboronexport, which is now 100 percent owned by
Rostec.

Apr 4, 2014

Renault-Nissan sees bright future in Russia as it relaunches Datsun

MOSCOW, April 4 (Reuters) – The head of the Renault-Nissan
alliance said on Friday he sees great potential in Russia
despite a slowdown in car sales and is unperturbed by the
geopolitical situation, seeming to shrug off Moscow’s standoff
with the West over Ukraine.

Carlos Ghosn, who heads both Nissan Motor Co and
Renault as chief executive, was in Moscow to unveil
the resurrected Datsun model for the Russian market.