Correspondent, New York
Megan's Feed
Sep 27, 2013

Russia’s roads, trains, planes frustrate business

MOSCOW (Reuters) – Traffic jams, potholes, snail-paced trains and flights which don’t connect are top of the list of frustrations for Russia’s businessmen as they try to move goods and people across nine time zones.

The world’s largest country is one of the top exporters of oil, gas, grains and metals. Yet Russia carries less freight by rail today than it did in the Soviet era.

Sep 25, 2013

Russia needs more risk takers

MOSCOW (Reuters) – Russia needs more risk takers willing to strike out on their own as entrepreneurs, said Boris Titov, an official whose role is to relay the concerns of business to the government.

Businesses run up against a host of problems in Russia such as red tape, high costs, corruption and the danger of wrongful imprisonment. A poll by the Levada Center in May showed that 38 percent of Russian entrepreneurs wanted to emigrate.

Sep 24, 2013

Russia’s Megafon in talks to start bank

MOSCOW (Reuters) – Megafon, Russia’s second-largest mobile phone company, may start up a bank to capitalize on growing interest among consumers in managing their finances on-the-go and to cross-sell services to existing customers.

Russian mobile operators, trying to boost profits in a maturing market, have been searching for avenues to earn more from their subscriber base.

Sep 23, 2013

Russia’s Alfa Group unit buys stake in Regal Petroleum

MOSCOW (Reuters) – A1, an investment vehicle of Russian billionaire Mikhail Fridman, told Reuters on Monday it had acquired a 24.4 percent stake in Regal Petroleum (RPT.L: Quote, Profile, Research, Stock Buzz), which produces gas and gas condensate in Ukraine.

News of the deal sent Regal’s shares sharply higher in London and they closed up 10.6 percent on the session.

Sep 13, 2013

Kerimov selling $3.7 billion Uralkali stake to Russian banker: reports

MOSCOW (Reuters) – Russian tycoon Suleiman Kerimov is selling his stake in potash producer Uralkali (URKA.MM: Quote, Profile, Research, Stock Buzz) to investor Vladimir Kogan for $3.7 billion, a prominent Russian lawyer and news agencies said on Friday.

Shares of major European and North American potash producers jumped on speculation that a sale might lead Uralkali to rejoin an export partnership with state-owned Belaruskali, averting a possible collapse in prices for the soil nutrient.

Sep 13, 2013

Kerimov selling $3.7 bln Uralkali stake to Russian banker-reports

MOSCOW, Sept 13 (Reuters) – Russian tycoon Suleiman Kerimov
is selling his stake in potash producer Uralkali to
investor Vladimir Kogan for $3.7 billion, a prominent Russian
lawyer and news agencies said on Friday.

Shares of major European and North American potash producers
jumped on speculation that a sale might lead Uralkali to rejoin
an export partnership with state-owned Belaruskali, averting a
possible collapse in prices for the soil nutrient.

Sep 12, 2013

Russian bank VTB sets aside more cash to cover bad loans

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.

Sep 12, 2013

Tycoon Kerimov cornered in Russia-Belarus potash row

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.

Sep 5, 2013

Russia’s Mail.Ru sells remaining Facebook stock

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.

Aug 27, 2013

Russian airshow kicks off with Superjet deals

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.