Correspondent, New York
Megan's Feed
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.

Jun 20, 2013

Soccer-Investor puts faith in Wenger’s experience

ST PETERSBURG, Russia, June 20 (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 ($47-million) deal with Puma, echoing media reports that the German sportswear company was set to replace Nike as the club’s kit supplier.

Jun 18, 2013

Russian coal miner Sibanthracite says plans London IPO

MOSCOW, June 18 (Reuters) – Russian niche coal miner
Siberian Anthracite plans to list its shares in London and could
raise up to $200 million, two market sources said, but it may
struggle to attract investors at a challenging time for coal
producers.

Sibanthracite did not disclose how much it was planning to
raise through the offering of 25 percent of its shares, but
based on the estimate from the sources, the initial public
offering would value the company as high as $800 million.

Jun 13, 2013

Exclusive: Russia’s Lenta picks banks for possible IPO – sources

MOSCOW (Reuters) – Russian hypermarket chain Lenta, part-owned by U.S. private equity firm TPG TPG.UL and Russia’s VTB Capital (VTBR.MM: Quote, Profile, Research, Stock Buzz), has selected banks for a possible 2014 initial public offering (IPO), two sources familiar with the situation said on Thursday.

The banks chosen are JP Morgan Chase & Co (JPM.N: Quote, Profile, Research, Stock Buzz), Credit Suisse (CSGN.VX: Quote, Profile, Research, Stock Buzz), UBS (UBSN.VX: Quote, Profile, Research, Stock Buzz), Deutsche Bank (DBKGn.DE: Quote, Profile, Research, Stock Buzz) and VTB (VTBR.MM: Quote, Profile, Research, Stock Buzz), the sources said.

Jun 13, 2013

Russia’s Lenta picks banks for possible IPO-sources

MOSCOW, June 13 (Reuters) – Russian hypermarket chain Lenta,
part-owned by U.S. private equity firm TPG and Russia’s
VTB Capital, has selected banks for a possible 2014
initial public offering (IPO), two sources familiar with the
situation said on Thursday.

The banks chosen are JP Morgan Chase & Co, Credit
Suisse, UBS, Deutsche Bank and
VTB, the sources said.