MOSCOW, Jan 28 (Reuters) – Vimpelcom, Russia’s third
biggest mobile operator, said it would slash its dividend to pay
down debt piled up in an aggressive expansion drive, marking an
unexpected policy shift that spooked shareholders.
Vimpelcom’s expansion into Africa, Asia and continental
Europe left the group with more than $20 billion in debt,
according to its latest quarterly results. [ID nL5N0IR0PC]
MOSCOW, Jan 15 (Reuters) – Russian car sales fell in 2013
and face another weak year as a stuttering economy puts off
buyers, dealing a blow to western automakers that have invested
heavily in the country on the expectation it would soon become
Europe’s biggest car market.
A lobby group for Europe’s top carmakers said on Wednesday
sales of new cars in Russia fell 5.5 percent last year, bringing
three years of double-digit growth to an abrupt end.
MOSCOW, Dec 23 (Reuters) – All-purpose sport-utility
vehicles, offering prestige as well as protection from snow and
bad roads, are proving to be the bright spot in an otherwise
ailing Russian autos market, where overall car sales are down
around 6 percent so far this year.
“I cannot get enough XC60 at this moment,” said John Stech,
president and CEO of Volvo Cars in Russia, referring to the
Swedish firm’s luxury compact sports utility vehicle (SUV) which
retails in Russia from 1.5 million roubles ($45,600). Volvo is
owned by China’s Zhejiang Geely.
MOSCOW, Dec 23 (Reuters) – A year of disappointing auto
sales in Russia has dealers and carmakers worried that a
once-red hot market that was set to become Europe’s largest may
have slipped out of gear.
Stuttering economic growth, unhelpful demographic trends and
a coming increase in car capacity could dampen one of the few
bright spots in a global market that is under pressure.
MOSCOW (Reuters) – Japan’s Nissan Motor Co (7201.T: Quote, Profile, Research, Stock Buzz) is to unveil its resurrected Datsun brand in Russia in April, seeking to lure young first-time buyers away from the used car market to its sub-400,000 rouble ($12,100) model.
Nissan retired the Datsun brand in 1981 but announced last year that it would relaunch the small car in emerging markets, targeting Indonesia, India, Russia and South Africa.
MOSCOW (Reuters) – Russian shares are expected to rise 6 percent in 2014, recouping only some of this year’s losses, as investors are lured by an attractive dividend yield and equity market valuation, a Reuters poll found.
Russia’s emergence as an equity value play follows a lackluster year. Investors, spooked by a slowing economy, shoddy treatment of minority shareholders and a Kremlin crackdown on political opposition, fled the country.
MOSCOW, Dec 5 (Reuters) – VTB, Russia’s
second-biggest bank, missed analyst forecasts with a sharp fall
in third-quarter profits because of currency losses, but held
off from revising its full-year forecast as some had
VTB previously forecast it would make a net profit of more
than 100 billion roubles ($3 billion) – the same forecast it
made but did not meet in 2012 and 2011.
MOSCOW, Nov 28 (Reuters) – Russia has opened a criminal
investigation into former Defence Minister Anatoly Serdyukov for
ordering troops to build a road to a luxury resort which was
later visited by President Vladimir Putin.
Serdyukov was dismissed a year ago over suspected fraud at
the Defence Ministry but has not faced charges before. Finally
pressing charges now could be intended to appease opponents who
say Putin is not serious about tackling corruption, a
centuries-old problem in Russia which discourages foreign
DUESSELDORF/MOSCOW, Nov 20 (Reuters) – Germany’s Metro AG
, aims to list up to a quarter of its Cash & Carry
Russia business in London by the second quarter of 2014, three
sources familiar with the deal said.
The initial public offering (IPO) is likely to value the
unit of Europe’s fourth-biggest retailer at 4 billion euros
($5.4 billion) or more, one of the sources said.
MOSCOW/DUESSELDORF (Reuters) – Europe’s fourth-biggest retailer Metro AG (MEOG.DE: Quote, Profile, Research, Stock Buzz) is considering a stock market listing of a minority stake in its Russian unit to help fund its expansion, the company said on Tuesday, confirming an earlier Reuters story.
Metro, which has been restructuring its portfolio to cut debt and focus on core businesses, said it wanted to maintain long-term control, a spokesman said in a written statement, stressing no formal decisions had been made on the issue.