Correspondent, New York
Megan's Feed
Oct 10, 2013

Russia’s Aeroflot to launch budget airline Dobrolet

MOSCOW, Oct 10 (Reuters) – Russian carrier Aeroflot
plans to launch a low-cost airline next year, it said
on Thursday, aiming to make air travel more affordable in the
world’s largest country with fares up to 40 percent cheaper than
its current prices.

Dobrolet, which roughly translates to mean “Goodflight”,
will initially focus on domestic routes, starting next year with
several destinations for Muscovites including St Petersburg,
Samara and Ekaterinburg. But by 2016 it also aims to be flying
to Kiev and Istanbul.

Oct 7, 2013

SocGen buys VTB’s Rosbank stake in costly Russia turnaround

MOSCOW/PARIS, Oct 7 (Reuters) – France’s Societe Generale
is raising its stake in Russia’s Rosbank to above 90
percent, betting it can turn around the troubled Russian banking
unit even as rivals have quit a country where they could not
compete.

While players such as Citi and Austria’s Raiffeisen
thrive, many have found post-Soviet Russia too hard to
crack: rife with credit, legal and corruption risks, and
dominated by state giants Sberbank and VTB.

Oct 6, 2013

Exclusive: Russia’s VTB agrees deal to sell Rosbank stake to SocGen – source

MOSCOW (Reuters) – Russia’s second-largest bank VTB has agreed to sell its stake of around 10 percent in Societe Generale’s Russian unit Rosbank to the French bank, while SocGen will sell VTB a number of Russian assets, a source close to the deal said on Sunday.

State-controlled VTB, which bought into Rosbank in 2010, said in May that the stake was not a strategic investment and that it was in talks to sell the asset.

Oct 6, 2013

Russia’s VTB agrees deal to sell Rosbank stake to SocGen-source

MOSCOW, Oct 6 (Reuters) – Russia’s second-largest bank VTB
has agreed to sell its stake of around 10 percent in
Societe Generale’s Russian unit Rosbank to the French
bank, while SocGen will sell VTB a number of Russian assets, a
source close to the deal said on Sunday.

State-controlled VTB, which bought into Rosbank in 2010,
said in May that the stake was not a strategic investment and
that it was in talks to sell the asset.

Oct 3, 2013

Russian entrepreneur launches 462 million pounds credit card IPO

MOSCOW (Reuters) – Russian entrepreneur Oleg Tinkov has launched a London stock market listing for his credit card business TCS to raise up to $750 million (462 million pounds), seeking to convince investors that households will continue to pile on debt despite an economic slowdown.

Unsecured lending to Russian households grew by as much as 50 percent last year as the country’s emerging middle class demands more consumer goods and banks rush into a profitable market to offset weakening demand for credit from companies.

Oct 3, 2013

Russian entrepreneur launches $750 million credit card IPO

MOSCOW (Reuters) – Russian entrepreneur Oleg Tinkov has launched a London stock market listing for his credit card business TCS to raise up to $750 million, seeking to convince investors that households will continue to pile on debt despite an economic slowdown.

Unsecured lending to Russian households grew by as much as 50 percent last year as the country’s emerging middle class demands more consumer goods and banks rush into a profitable market to offset weakening demand for credit from companies.

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.