MOSCOW, March 28 (Reuters) – Russia’s No.1 carmaker Avtovaz
slumped to a loss last year, hit by falling sales of
its flagship Lada and underlining the task facing its new CEO as
he battles to revive the business amid economic uncertainty
caused by the Crimea crisis.
Once tipped to overtake Germany to become Europe’s biggest
auto market, Russia saw car sales drop 5 percent last year as
economic growth faltered, according to industry group AEB.
MOSCOW (Reuters) – Sberbank (SBER.MM: Quote, Profile, Research, Stock Buzz) has plans in place to cope if the Russian economy worsens due to the Ukraine crisis and sanctions and is prepared for a scenario where growth hits zero, inflation spikes and consumer demand weakens.
Shares in Sberbank and VTB (VTBR.MM: Quote, Profile, Research, Stock Buzz), Russia’s two largest state banks, have fallen sharply this month due to uncertainty over what impact the Ukraine crisis and subsequent sanctions will have on Russia’s economy.
PARIS/MOSCOW (Reuters) – U.S. and European sanctions against Russia are already having a ripple effect beyond their immediate targets, with Visa (V.N: Quote, Profile, Research, Stock Buzz) and MasterCard (MA.N: Quote, Profile, Research, Stock Buzz) halting payment transaction services for clients of a bank not even on the blacklist.
SMP bank’s co-owners are two of the 20 Russians targeted by U.S. President Barack Obama as he tries to punish Russian President Vladimir Putin for annexing Crimea.
MOSCOW, March 18 (Reuters) – The damage to consumer
confidence in Russia from a plunge in the value of the rouble
could be offset for local carmakers as they become more
competitive against foreign imports, industry leaders and
government officials said on Tuesday.
The rouble has dropped 11 percent this year as investors
price in the risk that Russia’s annexation of Crimea may lead to
economic retaliation from the West.
MOSCOW, March 18 (Reuters) – Russia said its long-delayed
privatisation programme could be postponed again, the latest
victim of a deepening economic crisis over Ukraine that has put
off IPOs, debt issues and conferences.
Russia’s MICEX index, already hurt by an economic
downturn, has fallen 13 percent this year, while the rouble is
down 11 percent against the dollar on concerns about the
impact of deteriorating relations with the West.
MOSCOW, March 13 (Reuters) – Credit Bank of Moscow, which is
contemplating a possible London initial public offering, is
aiming to increase the proportion of retail loans in its
portfolio betting on the capital’s resilience to Russia’s
Russia’s economic growth slowed to 1.3 percent last year and
events in Ukraine – where Russian forces have seized Crimea
prompting Western calls for sanctions – could knock it further,
causing lasting damage and pushing it into recession. [ID
MOSCOW, March 13 (Reuters) – Russian companies looking to
raise money via initial public share offerings are waiting to
see how severely Moscow will be hit by western sanctions for its
incursion into Ukraine, banking and other sources said.
Several IPOs are in the wings including German retailer
Metro’s ‘s Russian wholesale business, children’s goods
retailer Detsky Mir, and consumer and corporate credit company
Credit Bank of Moscow.
MOSCOW, March 12 (Reuters) – Russia’s largest bank Sberbank
has postponed one of the country’s highest profile
investment conferences due to volatility stemming from the
situation in Ukraine, the bank said on Wednesday.
The move underscores increasing nervousness in Moscow’s
banking sector in the face of Western threats of economic
sanctions in response to Russia’s seizure of Crimea.
MOSCOW (Reuters) – Russia’s central bank is taking steps to prevent the bankruptcy of the Moscow subsidiary of Ukraine’s Privatbank, the Bank of Russia said on Friday, after Privatbank accused it of putting Moskomprivatbank under administration for political reasons.
The central bank said it was taking the measures under a law on banking system stability which enables the state-run Deposit Insurance Agency to provide financial assistance to banks, acquire their property and liabilities, acquire shares, and sell collateral.
MOSCOW (Reuters) – Russia’s third-biggest mobile phone operator Vimpelcom (VIP.O: Quote, Profile, Research, Stock Buzz) fell to a fourth-quarter net loss, missing analysts’ expectations, mainly due to writing down the value of its assets in Ukraine following recent turmoil in the country.
It said its $2.7 billion fourth quarter loss reflected non-cash impairments of $2.9 billion, including just over $2 billion in Ukraine related to “macro-economic developments, an increase in the country risk premium and weakened operational performance”.