Correspondent, New York
Megan's Feed
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.

Aug 27, 2013

Planemakers eye replacement sales at Russian air show

MOSCOW (Reuters) – The world’s top aircraft makers, scenting a major opportunity in replacing ageing Russian air fleets, will be touting their wares at Moscow’s MAKS air show this week in the hope of winning a big slice of that multi-billion dollar market.

Russia needs to replace hundreds of planes as rising passenger numbers drive higher demand, yet many orders are set to go to overseas planemakers.

Jul 9, 2013

Glimmer of hope for Russia’s jailed entrepreneurs

MOSCOW (Reuters) – Sergei Bobylyov once ran a successful chain of computer shops in Russia called Sunrise. Now, the 43-year-old father of two is serving nine years for fraud in a case his family blames on a corrupt legal system abused by people out to steal his business.

His wife and daughters hope though that a six-month amnesty for jailed entrepreneurs, ordered by President Vladimir Putin and signed into law by parliament last week, will set him free.

Jul 2, 2013

Weakening economy hits profit at Russian bank VTB

MOSCOW, July 2 (Reuters) – VTB, Russia’s
second-biggest bank, missed first-quarter profit forecasts and
set aside more money to cover potential bad loans, adding to
signs the country’s banks are suffering from a slowdown in
economic growth.

Russia’s $2 trillion economy has been knocked by the
weakness of its main euro zone trading partners as well as
softening commodities markets, with the government recently
cutting its 2013 growth forecast by a third to 2.4 percent.

Jun 28, 2013

Russia’s Mechel hires JP Morgan to sell US coal business-sources

MOSCOW/LONDON, June 28 (Reuters) – Russian coal producer
Mechel, under pressure to cut debts of more than $9
billion, has hired investment bank JP Morgan to sell its
U.S. business, Mechel Bluestone, sources familiar with the
matter said.

Mechel, Russia’s largest producer of coal for the steel
industry, acquired Bluestone in 2009 from private owners for
$425 million plus shares, a deal valued at the time at around
$800 million, including $135 million of Bluestone debt.

Jun 21, 2013

Russia eyes amnesty for economic crime – but selectively

ST PETERSBURG (Reuters) – Thousands of Russian entrepreneurs jailed for economic crimes could be a step closer to freedom after President Vladimir Putin said on Friday a draft amnesty bill was ready and may be taken up by parliament before its summer break.

But Mikhail Khodorkovsky, founder of defunct oil firm Yukos and a prominent critic of Putin, is unlikely to be released early under the amnesty which would only apply to those who have been convicted once. Khodorkovsky was convicted twice – of fraud in 2005 and again in 2010.

Jun 20, 2013

MegaFon may consider Rostelecom assets if government sells

ST PETERSBURG, June 20 (Reuters) – MegaFon
, Russia’s second largest mobile phone company, may
consider buying assets belonging to state-owned mobile firm
Rostelecom if the government sells its stake and
invites them to bid, its CEO said on Thursday.

Russia is considering selling its 53 percent stake in
Rostelecom to domestic rivals MTS, MegaFon and Vimpelcom
, Kommersant reported on Wednesday.

Jun 20, 2013

Investor puts faith in Wenger’s experience

ST PETERSBURG, Russia (Reuters) – Arsene Wenger’s experience as Arsenal manager will give the club an edge next season when English Premier League rivals have new men at the top, a major investor in the club said on Thursday.

Farhad Moshiri also said Arsenal would start to benefit from a 30-million-pound deal with Puma, echoing media reports that the German sportswear company was set to replace Nike as the club’s kit supplier.