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Business News

Gazenergoprombank grants Home Credit & Finance Bank a 1.8bln rubles loan

Commenting on the agreement, Gazenergoprombank CEO Mikhail Khodursky calls the deal a confirmation of the banks systemic role that enables it to offer other banks loans secured by low-risked assets within the framework of the Bank for Banks project...

Global property adviser Cushman & Wakefield gets a new CEO for Russia

The CEO designate, who has worked at C&W Russia since 2003, will succeed the current CEO, Mark Stiles, the co-founder along with Sergey Riabokobylko of Stiles & Riabokobylko firm acquired by C&W in 2005...

 

A landmark bank loan for Tatneft and the whole of Russian business

The loan, offered in two tranches for 3 and 5 years, will attract interest rates of LIBOR+5.85% and LIBOR+6.85%, respectively, will be used to finance the construction of Tatnefts Taneko oil refining and petrochemical factories complex in Nizhnekamsk...

Issue: Vol. 4, No. 11     Author: Inga Friedelhaus
Tags: Tatneft

Deceuninck Rus CEO bags best manager award and inclusion in presidents staff reserve

The honor, granted by the Russian Public Commission, is meant to show public recognition of the moral and business authority of Russia's best CEOs...

 

Kaspersky Lab CEO receives Chinas highest honor for foreigners

According to the official citation, Kaspersky was granted the Chinese highest award for foreigners for his outstanding contribution to the country's information security industry...

Bank of Moscow unveils new products and new lending terms

Specifically, these changes include improved terms of consumer credits for urgent needs and car purchases, consumer credits, consumer credit collateralized with a vehicle, etc...

 

Advanced production technologies protect Russias ecology

Such a positive scenario, according to experts, is only possible on the condition that comprehensive eco-friendly measures are taken to protect the environment...

ICR Partners with Presidium Communications to extend IR Services to Russia

Commenting on the partnership agreement, Presidium CEO Maria Erokhova lauded ICR as one of the best firms in the IR-services industry with a strong reputation in the entire global investment community...

 

Ingosstrakh and Bupa Intl launch an international medical insurance services program

Commenting on the project, Ingosstrakh CEO and Board Chairman Alexander Grigoriev noted that the companys goal is to offer clients the world's best medical insurance services...

Tatnefts conformity to ISO and OHSAS standards confirmed by independent auditors

The positive results of the random inspections were announced by Alexander Nasonov, the head of the auditing group at Bureau Veritas Certification...

 

London High Court orders Chigirinsky to pay Rub3.24bln to VTB

It is retribution time, as financially distressed Russian oligarchs defaulting on their multibillion obligations are being forced by courts to honor creditors debt claims along with accrued interests and penalties for untimely repayments...

Russia and Turkey deepen mutual cooperation on energy with new agreements

Moscow and Ankara finally tidied up the loose ends in their energy cooperation issues last month via penning joint agreements that will allow a new strategically vital Russian oil pipeline project planned for the region to go ahead...

 

Russia pledges to continue to protect South Ossetia and Abkhazias sovereignty

Russia reiterates humanitarian reasons for its swift intervention in the Georgia-led attacks on South Ossetia and its eventual recognition of the republic and Abkhazias independence from Tbilisi at the first anniversary of the new states long-awaited political sovereignty last month...

Russia and EBRD appraise past achievements, map out new plans for the future

With its over $11bln investments into the strategic sectors of the Russian economy, EBRD President Thomas Mirow and Russian Prime Minister Vladimir Putin have outlined more ambitious plans that will enable the bank to retain its leading investment role in the country...

 

Tatneft extracts the first barrels of Libyan oil

Russian oil major Tatneft has made significantly progress in Libya as it drilled its first oil, totaling 400 barrels, from its A1-82/04 plot in the Gedames last month, making it the first Russian oil corporation to get a foothold in the North African Arab nations energy industry...

Tatneft launches the construction of a major oil-trunk pipeline project

Tatneft has started the realization of its NPS Kaleykino-Nizhnekamsk Oil Refinery Co. oil trunk pipeline project, a vital part of the companys major refineries and petrochemical plants complex in the city of Nizhnekamsk...

 

RusHydo searches for aid to revamp its Sayano-Shushensk hydrostation

Financial aid is on the way for RusHydro, the owner of the devastated Sayano-Shushensk Hydropower Station, the Russian and worlds largest source of hydropower energy, as Sberbank and the Russian government pledge to help...

OPK and Hyundai Heavy Industries pen a protocol on joint shipbuilding cooperation

Top executives of Russia-based United Industrial Corp. and South Korea-based Hyundai Heavy Industries Co. Ltd. have recently penned a strategic agreement on joint shipbuilding cooperation...

 

EDB and EuroChem outline cooperation parameters for operations in Kazakhstan

The managements of the Eurasian Development Bank and EuroChem have signed an MoU on the possibility of pooling efforts together to execute the latters large-scale project in Kazakhstan...

VTB helps diffuse highly volatile social and labor tensions in Pikalyovo

VTB President Andrei Kostin has honored the promise he made last month in Pikalyovo at a meeting chaired by Prime Minister Vladimir Putin by granting a R250mln loan to BasElCement factory in the city...

 

Sberbank CEOs revelations at banks annual general meeting of shareholders

Sberbank CEO German Gref presents a comprehensive report on the banks current state of affairs, remunerations for management and employees as well as payments of dividends at AGM...

Home Credit Bank opens a special services Cabinet for VIP clients

Commenting on the new service, Home Credit Bank Managing Director Ivan Svitek said the project will enable the bank to occupy a unique niche by offering full banking services to the upper median representatives...

 

PROMT opens a Corporate Sales Department

Konstantin Presnyakov, the companys director for corporate sales, has noted that corporate translation system will enable users to raise the overall performance of personnel that work with information in foreign languages on average by 40-60%...

Issue: June 2009, Vol. 4, No.5     Author: Alex Freedmann
Tags: PROMT

Deceuninck's Russian subsidiary posts strong operations report for 2008

The achievement of such strong positive performance growth by the Russian subdivision has been attributed in parts to the increase in investments into the companys plant in the Moscow Region...

 

BTA Bank raises interest rates on private clients deposits

BTA Bank also plans to introduce new deposit service for private clients that will reflect the current trends on the financial market, such as providing for preterm payments of the accrued interests...

Issue: June 2009, Vol. 4, No.5     Author: Alex Freedmann
Tags: BTA Bank

Kravtsov rejoins PBN from Basic Element and AmCham as vice president

The appointment marks a return engagement for Kravtsov, who held senior positions in PBNs U.S., Russia and Ukraine offices from 1994 to 1998...

Issue: June 2009, Vol. 4, No.5     Author: Alex Freedmann
Tags: PBN
 

RSPP and Kremlin to jointly seek solutions to problems confronting Russian businesses

Speaking at a Kremlin meeting with the RSPP leadership, President Medvedev said the government will henceforth work more closely with the business community to search for the most optimal ways of solving the most pressing problems faced by companies in crisis times...

Issue: May 2009, Vol. 4, No. 4     Author: Edwards Johnson
Tags: RSPP

Microsoft Corp. and Space Research Institute to co-launch a scientific research center in Russia

According to the signatories, the noncommercial agreement, amongst others, provides for carrying out joint researches into factors that influence global climate changes, other key ecological issues and the interrelations between them...

 

VTB Group strengthens its position in football and related investment spheres

According to the memorandum signed by the VTB Group and Dynamo Society, the owner of the Dynamo Moscow Football Club (FC)and its Peterovsky Park Stadium, currently being developed by Dynamo assets management firm, VTB will control a 75%-minus-one-share stake in the assets management firm and 74% stake in the FC...

Crisis-initiated castling in business elite elevates Prokhorov to the pinnacle of Russian oligarchy

Having successfully cashed out from his problematic investment projects prior to this crisis, Onexim Group owner Mikhail Prokhorov has become the richest Russian businessman, with $14.1bln...

 

Direct Group and Otto Group conclude the biggest distance selling deal in Russia

Otto Group has acquired a 90% stake in in NA DOM Group and PROMOPOST in a deal designed to expand its business on the Russian distance selling and e-commerce market...

RusAl not excluding Russian government stake acquisition in the company

UC RusAl CEO Oleg Deripaska says all debt restructuring options for his seriously battered business empire are on the table, including possibly ceding stakes to the Russian government...

 

S7 Airline confirms cancellation of Boeing Dreamliner purchase contract

In a big blow to Boeing's pet project global sales prospects, Russian airline S7 has confirmed cancellation of a contract to purchase 15 Dreamliners, previously valued at $2.4bln...

Issue: March 2009, Vol. 4, No. 2     Author: Edwards Johnson
Tags: S7

OPK to complete the production of steam generators for the worlds first floating nuclear power station by 2009

The station is being designed in form of a non-self-propelled vessel, measuring 144m in length, 30m in width and has water displacement of 21,500metric tons, and will be powered by two nuclear power plants capable of generating up to 70 megawatts...