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OPINION: Hot telecoms debate ignites controversy Contributed by Eugen Iladi, a freelance writer covering topics related to technology, energy, business and politics
The forests around Moscow aren't the only thing on fire around the nation's capital. So is the debate over control of the next generation of mobile telecommunications.11.08.2010,
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OPINION: Will Wheat Chaff the Union? Contributed by Chris Weafer, chief strategist at UralSib
Russia’s export ban on wheat is not just causing problems to the global market but it is also posing a very early test of the strength of the still forming Customs Union between Russia, Kazakhstan and Belarus. It is also providing a major test case for the likelihood of Ukraine eventually joining the union and, beyond that, Moscow’s ambition to create a common economic area across the CIS.10.08.2010,
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OPINION: Russian telecom winds of change warily familiar Contributed by Eugen Iladi, a freelance writer covering topics related to technology, energy, business and politics
A new storm is brewing in the fiercely competitive, but lucrative, Russian telecommunications market, threatening the stakes of established operators and the stability of the sector.27.07.2010,
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OPINION: Khodorkovsky trial highlights reform progress Contributed by James Beadle, a private investment consultant
Since 2003 former Yukos executives Mikhail Khodorkovsky and Platon Lebedev have been incarcerated in Russia on charges of tax evasion. At present, as their eight year stint enters its final stages, the two are on trial once more, charged with stealing millions of tonnes of oil (reputedly the same oil that they didn't pay taxes on).23.06.2010,
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DJ INTERVIEW: Sistema Shyam in talks to outsource telecom network management - CEO Interview with Vsevolod Rozanov, president of AFK Sistema's Indian subsidiary Sistema Shyam Teleservices
Sistema Shyam Teleservices Ltd. is in talks with telecommunications equipment makers to outsource the management of its telecom networks, a move that would help the company lower its operational costs, said its chief executive.22.06.2010,
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DJ INTERVIEW:VTB to trade corporate focus, growth for efficiency Interview with VTB Group Chief Executive Andrei Kostin
VTB Group, Russia's second-biggest bank by assets, will ditch its traditional emphasis on corporate lending, eyeing efficiency rather than aggressive growth in a three-year bid to double its stock price, Chief Executive Andrei Kostin said.26.05.2010,
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OPINION: Sechin’s Very Interesting Comments Contributed by Chris Weafer, chief strategist at UralSib
New oil tax proposals by year-end. Igor Sechin, Deputy Prime Minister and Chairman of Rosneft, said Tuesday that the government will submit new oil tax proposals to the Prime Minister by the year-end.19.05.2010,
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DJ INTERVIEW: VTB sees solid 1Q profit; little loan growth in 1H Interview with VTB Bank Chief Financial Officer Herbert Moos
OAO Bank VTB will report a "convincingly comfortable level of profitability" in the first quarter for the first time since early 2008, although the bank's core corporate lending will grow slowly at best in the first half of this year, Chief Financial Officer Herbert Moos told Dow Jones Newswires on Friday.16.04.2010,
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INTERVIEW: Euroset aims for higher margins, stronger customer loyalty Interview with Euroset President Alexander Malis
Alexander Malis, the president of Russia’s largest cell phone retail chain Euroset, said that his company was focused on increasing margins as well as on strengthening customer loyalty in order to ensure stable profits.17.02.2010,
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INTERVIEW: Novatek to finalize Termokarstovoye deal with Total early 2011 Interview with Novatek Chief Financial Officer Marc Jetway
Russian natural gas producer Novatek plans to finalize the sale of 49% in the Termokarstovoye gas field to French oil and gas company Total by the end of 2010 or in early 2011, Novatek Chief Financial Officer Marc Jetway said in an interview with PRIME-TASS.08.02.2010,
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OPINION: Kazakhstan, Russia heading in different directions on oil taxation policy Contributed by Andrew Neff, senior energy analyst at IHS Global Insight
Kazakh prime minister Karim Masimov yesterday ordered his government to draw up new tax rules to abolish exemptions for foreign firms working on large hydrocarbon projects in the Central Asian state, just as the Russian government looks more closely at easing restrictions on foreign investment and reducing the tax burden on oil firms.05.02.2010,
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DJ INTERVIEW: VEB CEO the post-crisis face of Russian banking DAVOS, Switzerland, Feb 2 (Dow Jones) -- If you are looking for the post-crisis face of Russian banking, look no further than Vladimir Dmitriev.
02.02.2010,
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INTERVIEW: UK’s Inmarsat to start cell satellite ops in Russia 2010 Interview with Inmarsat Chief Operating Officer Perry Melton
U.K.-based mobile satellite operator Inmarsat plans to start providing mobile satellite services in Russia in 2010, the company’s Chief Operating Officer Perry Melton said in an interview with PRIME-TASS.25.12.2009,
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DJ INTERVIEW: VTB: Russians may borrow again after savings binge MOSCOW, Dec 24 (Dow Jones) -- Even as the Russian economy shows signs of a fragile recovery at best, the head of the country's second-biggest retail bank is confident that consumer lending will grow next year as borrowing rates fall and real incomes stabilize.
24.12.2009,
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INTERVIEW: State Treasury to hold precious metal exports steady Interview with Vladimir Rybkin, the head of Russia’s State Treasury Gokhran
Russia’s State Treasury Gokhran plans to maintain current levels of precious metal exports in the coming years, Vladimir Rybkin, head of Gokhran, said in an interview with PRIME-TASS.14.12.2009,
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INTERVIEW: Our motto is “In harmony with nature” Interview with Nobuya Koyama, president of Japan’s Kinezuka Sangyo Company
The eastern-style house, which has long ago ceased to reflect modern trends, has revealed that natural simplicity can strike roots not only in Japan, but also in Europe and Russia. These houses show that “smart” austerity is not just a philosophy, but a comfortable way of living, and Japanese-style homes are more than a whim of the owner, but a comfortable layout for living space.02.12.2009,
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INTERVIEW: Comstar to spend $400 mln on MGTS network upgrade Interview with Comstar United TeleSystems President Sergei Pridantsev
Russian fixed-line and broadband operator Comstar United TeleSystems (Comstar UTS) plans to invest about U.S. $400 million within three years in upgrading the network of its subsidiary Moscow City Telephone Company (MGTS) using Internet Protocol Multimedia Subsystem (IMS) technology, Comstar UTS President Sergei Pridantsev said in an interview with PRIME-TASS.17.11.2009,
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INTERVIEW: Russian economy may recover from crisis in 3–4 years Interview with European Bank for Reconstruction and Development President Thomas Mirow
The Russian economy could require three or four years to recover from the severe contraction that it had this year, European Bank for Reconstruction and Development (EBRD) President Thomas Mirow said in an interview with PRIME-TASS.11.11.2009,
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DJ INTERVIEW: Nissan exec sees recovery in Russian auto market PARIS, Nov 2 (Dow Jones) -- Japan-based automaker Nissan Motor Corp. is gearing up to take advantage of the gradual recovery in Russia's automobile market over the next two years following this year's collapse, and plans to build up its industrial foothold.
02.11.2009,
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OPINION: Briefing: Will Putin Bring Gas to China? Contributed by Chris Weafer, chief strategist at UralSib
A deal similar to the $25 bln loan-for-oil deal may be on the table.09.10.2009,
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INTERVIEW: MegaFon to spend up to $40 mln in Sochi in 2009-10 Interview with Tigran Pogosyan, deputy CEO for strategic projects at MegaFon
Major Russian mobile operator MegaFon plans to invest up to U.S. $40 million in the development of communications networks in the city of Sochi in 2009–2010, MegaFon Deputy CEO for Strategic Projects Tigran Pogosyan said Thursday in an interview with PRIME-TASS.08.10.2009,
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OPINION: Fund Flows: Turning Positive for Russia Contributed by Chris Weafer, chief strategist at UralSib
Best week since early June. The weekly fund flow report from EPFR Global shows improving flows into Russia funds and, although one snow flake doesn’t make a winter, it adds to the build up of optimism that investors are looking more favorably at Russia risk.02.10.2009,
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INTERVIEW: Russian fincl markets to recover later than global mkts Interview with Yekaterina Trofimova, head of Standard & Poor's division for Russian bank ratings
Russian financial markets are expected to recover from the crisis later than the global markets, Yekaterina Trofimova, head of Standard & Poor's division for Russian bank ratings, said in an interview with PRIME-TASS.26.08.2009,
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DJ INTERVIEW: Better econ easing Russia bad loan crisis Interview with MDM Bank Chairman Oleg Vyugin
Signs of recovery in the Russian economy are helping to ease the country's bad debt crisis, although consolidation within the banking sector is unlikely despite the tough conditions, according to the head of one major lender.25.08.2009,
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INTERVIEW: Russia’s economic decline over fairly soon, long recovery Interview with Shigeo Katsu, World Bank Vice President for Europe and Central Asia Region
The economic decline is expected to be over soon in Russia, but several years will be required to return to pre-crisis levels, World Bank (WB) Vice President for Europe and Central Asia Shigeo Katsu said in an interview with Prime-Tass.29.07.2009,
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OPINION: Russia: Meet the Relatives - Sorting Cheap from Expensive Stocks Contributed by Chris Weafer, chief strategist at UralSib
Revised RTS Fair Value level to 1,032 - consolidation at this level is justified before market pushes to new highs later in the year.23.07.2009,
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DJ INTERVIEW: Russia's RusHydro eyes aluminum production -CEO Interview with Vasily Zubakin, CEO of RusHydro
Russian state-controlled hydro power monopoly RusHydro sees entering aluminum production by constructing new smelters in Russia as its strategy for the future, Chief Executive Vasily Zubakin told Dow Jones Newswires Monday.07.07.2009,
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OPINION: Russia-US Summit – Investment Angles Contributed by Chris Weafer, chief strategist at UralSib
The Russia-US summit will mainly be about big-picture geopolitics, but there are also some angles that should offer both long-term and near-term investment opportunities to both strategic and portfolio investors. Most of these are in the areas of private equity and venture capital. For portfolio investors, Gazprom is the best proxy for the international perception of Russia.03.07.2009,
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INTERVIEW: Bad debt problem to intensify in Russia in Aug-Sep (Interview with Pavel Teplukhin, managing director of Troika Dialog)
The problem of bad debt will intensify in Russia's banking sector in August-September during a peak in debt redemptions, Pavel Teplukhin, managing director of investment banking group Troika Dialog, said in an interview with Prime-Tass.17.06.2009,
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INTERVIEW: World Bank prepared to lend to Russia if necessary Interview with Klaus Rohland, World Bank Country Director for Russia
The World Bank is prepared to provide Russia with appropriate financing in 2010, Klaus Rohland, the World Bank's Country Director for Russia, said in an interview with Prime-Tass.16.06.2009,
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OPINION: BRIC summit & changing global economics Contributed by James Beadle, chief investment strategist at Pilgrim Asset Management
Paying impressive homage to Jim O’Neill, the Goldman Sachs strategist who coined the BRIC acronym, Brazil, Russia, India and China this week convene their first summit. The event is obviously a significant positive, not least because it has proven so difficult for these nations to even sit down together, let alone agree on common interests.15.06.2009,
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INTERVIEW: IFC has no major problems with its Russian portfolio so far (Interview with IFC Executive Vice President and CEO Lars Thunell)
The International Finance Corporation (IFC), which is part of the World Bank Group, does not have major problems with non-performing loans in Russia amid the global economic meltdown, IFC Executive Vice President and CEO Lars Thunell said in an interview with Prime-Tass.10.06.2009,
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OPINION: Russia–EU Summit: A very long way to travel Contributed by Chris Weafer, chief strategist at UralSib
Better tone expected. The latest two day Russia-EU summit opened today in the city of Khabarovsk, the administrative capital of the Far Eastern Federal District. Both sides will come to the summit with some legacy baggage but the tone should be a lot more accommodating, and encouraging, than heard in the past.21.05.2009,
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OPINION: We will survive: But will we thrive? Contributed by Chris Weafer, chief strategist at UralSib
Prime Minister’s hopeful message. Prime Minister Vladimir Putin today delivered a report to the lower house of parliament, the Duma, on the measures taken by government to address the economic crisis. There was very little new in his speech. His comments were more aimed at the general public than the legislators with the message being:06.04.2009,
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INTERVIEW: Russia’s Magnezit to restructure 2.5 bln rbl bond Interview with Sergei Odegov, CEO of Magnezit Group
Russia’s largest refractory materials producer Magnezit plans to immediately repay half of its second, 2.5 billion ruble bond issue as a part of a planned restructuring, the group’s CEO Sergei Odegov said in an interview with Prime-Tass.06.04.2009,
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INTERVIEW: Russia’s customs sees sharp fall in collection in 2009 Interview with Boris Shkurkin, director of the Federal Customs Service's department for federal customs revenue and tariff regulation
Russia’s Federal Customs Service projects its collections for the federal budget to fall to 2.78 trillion rubles in 2009 from 4.695 trillion rubles in 2008, considering the unfavorable economic environment, Boris Shkurkin, director of the service’s department for federal customs revenue and tariff regulation, said in an interview with Prime-Tass published Monday.06.04.2009,
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DJ INTERVIEW: VTB expands investment bank ops in Asia, Mideast (Interview with Herbert Moos, CEO of VTB Capital)
As its Western rivals cope with the credit crunch and ratchet down their international exposure, the investment banking unit of Russian financial services group VTB Group is looking to expand in Asia and the Middle East as an advisor to Russian companies.24.03.2009,
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INTERVIEW: RUSAL confident in ability to ride out global turmoil Interview with Sergei Belsky, RUSAL’s director of sales
Russian aluminum giant United Company RUSAL is anticipating weak demand for aluminum to continue into 2010, but the company believes it is well positioned to weather the global financial turmoil, Sergei Belsky, RUSAL’s director of sales, said in a recent interview with Prime-Tass.18.03.2009,
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INERVIEW: Russian insurer ROSNO completes large-scale restructuring Interview with Hannes Chopra, CEO of Russian insurance company ROSNO
Russian insurance company ROSNO completed the largest restructuring in the company’s history in 2008, ROSNO CEO Hannes Chopra told Prime-Tass in a recent interview.11.03.2009,
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INTERVIEW: No bk liquidity issues, CBR to tighten unsecured lending Interview with the Central Bank of Russia's (CBR) First Deputy Chairman Alexei Ulyukayev
Russian banks do not have acute liquidity problems, the Central Bank of Russia's (CBR) First Deputy Chairman Alexei Ulyukayev said in an interview with Prime-Tass.18.02.2009,
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OPINION: Russia's new business: LNG Contributed by Chris Weafer, chief strategist at UralSib
Russia will ship its first LNG from Sakhalin tomorrow. That will mark the entry of Gazprom into a new business line and signal Russia’s intention to be an important, if not dominant, player in the growing LNG business. Below is an Op-Ed on the recently formed so-called Gas-OPEC structure and how it is tied into the development of LNG as a potential major contributor to global energy.17.02.2009,
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INTERVIEW: Govt might decide on bailing out banks within 2-6 mos (Interview with Deputy Prime Minister and Finance Minister Alexei Kudrin)
The Russian government may either decide within two months on providing subordinated loans to struggling banks or make an alternative decision within six months on investing in bank stocks, Deputy Prime Minister and Finance Minister Alexei Kudrin said in an interview with Prime-Tass published Monday.16.02.2009,
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DJ INTERVIEW: East Capital: Russia to beat emerging mkts in 09 Interview with East Capital Chairman Peter Elam Hakansson
Russian stocks are cheap and should demonstrate better performance than shares from other emerging markets in 2009, according to the head of Scandinavian investment group East Capital.06.02.2009,
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DJ INTERVIEW: Russians not hurrying to ditch mutual funds Interview with Pavel Teplukhin, chairman of Troika Dialog Asset Management
Despite a vicious economic crisis, Russians aren't hurrying to ditch mutual fund investments, although some are exiting in order to raise short-term cash, one of the country's biggest asset managers told Dow Jones Newswires in an interview.05.02.2009,
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OPINION: Russia’s dollar addiction Contributed by Chris Weafer, chief strategist at UralSib
Russia’s dollar fixation is a big part of the risk perception problem and one of the reasons why assets trade at a discount.03.02.2009,
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OPINION: Ruble: Calling time on devaluation Contributed by Chris Weafer, chief strategist at UralSib
The Central Bank has announced that it is ending its practice of “gradual devaluation” for the ruble. As a parting shot it has announced that it will move the weakest end of the benchmark basket to 41.0 from tomorrow morning. The ruble was trading at 37.2 against the basket Thursday. That is a maximum 10% move. The Chairman of the Central Bank has also said that the refinancing rate may soon be cut.23.01.2009,
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OPINION: Gas Wars: Who Won, Who Lost? Contributed by Chris Weafer, chief strategist at UralSib
Two new gas deals have been signed by the representatives of Russia and Ukraine and, Tuesday morning, gas exports to Europe via the Ukraine pipeline resumed. The new contracts will run for ten years. Following one last year of discount in 2009, the price at which Ukraine buys gas from Russia and also the price at which it charges for transit of exports to Europe, will move up to the European level.21.01.2009,
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OPINION: Ruble threat to Russian stability? Contributed by James Beadle, portfolio manager, PILGRIM Asset Management
The Russian government has by now carefully managed a ruble devaluation of about 18% versus the trading corridor, inside which the currency was held during the oil price surge last year. This puts the currency down about 23% from its 2008 high. These moves bring the currency into the range of consensus stability as it stood at the outset of the devaluation. Was the consensus right? Or is there more downside to come?14.01.2009,
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INTERVIEW: Russia should think now about competitiveness (Interview with Andrew Somers, president of the American Chamber of Commerce in Russia)
The Russian government should start thinking now about how to ensure Russia’s competitiveness after the global economic recovery, Andrew Somers, the president of the American Chamber of Commerce in Russia, said in an interview with Prime-Tass.30.12.2008,
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OPINION: Russia in 2009: Darkest before the dawn Contributed by Chris Weafer, chief strategist at UralSib
Expect 2009 to be a mirror image of 2008 – a bad market environment for the 1st half leading to a stronger market in the 2nd half.04.12.2008,
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DJ INTERVIEW: IEA keen to engage Russia in strategic talks Interview with International Energy Agency Executive Director Nobuo Tanaka
The International Energy Agency is keen to engage Russia in discussions on strategic issues such as gas supplies and technology, the head of the industrial countries' energy watchdog said Wednesday.26.11.2008,
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DJ INTERVIEW: Carlsberg CEO positive on Russia Interview with Carlsberg Chief Executive Jorgen Buhl Rasmussen
Carlsberg A/S sees scope for strong sales growth on its key Russian beer market, Chief Executive Jorgen Buhl Rasmussen told Dow Jones Newswires in an interview Wednesday.06.11.2008,
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OPINION: Russia: Over a barrel Contributed by Chris Weafer, chief strategist at UralSib
Risk of $50 p/bbl oil is increasing – so too is the threat to the currency, to growth in the economy and to corporate earnings.22.10.2008,
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OPINION: Marking a bottom? Contributed by Chris Weafer, chief strategist at UralSib
Year to date, RTS is off 63%. MSCI GEM is down 50%, MSCI is down 40%. (close at Oct 9th)10.10.2008,
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OPINION: RTS level implies oil at $50 p/bbl Contributed by Chris Weafer, chief strategist at UralSib
The current level of the RTS is betting on oil at $50 p/bbl. That's the decision for equity investors – higher or lower oil.06.10.2008,
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DJ INTERVIEW: EBRD sees welcome slowing of Russian econ Interview with EBRD Chief Economist Erik Berglof
The Russian economy will slow during the remainder of this year and in 2009, but that may be a welcome development given that it was overheating, the European Bank for Reconstruction and Development's chief economist said.12.09.2008,
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DJ INTERVIEW: Mercedes wants top rank in luxury in Russia Interview with Joachim Schmitt, the company's president and chief executive for central and eastern Europe, Africa and Asia
German automaker Daimler AG's Mercedes-Benz expects strong growth in its luxury car segment in Russia and plans to sustain its number one position there despite fierce competition, a top company executive told Dow Jones Newswires in an interview Wednesday.28.08.2008,
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DJ INTERVIEW: VimpelCom values Russian broadband at $5 bln by 2012 Interview with Jean-Pierre Vandromme, head of VimpelCom's Russian business
Russians will spend $5 billion a year on broadband Internet access by 2012, but only state-of-the-art networks can satisfy their craving for high-speed connections, according to Jean-Pierre Vandromme, head of OAO Vimpel Communications' Russian business.28.08.2008,
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INTERVIEW: No sharp increase in liquidity demand seen in Sep-Nov Interview with Alexei Ulyukayev, first deputy chairman of the Central Bank of Russia
The Central Bank of Russia (CBR) does not expect the same sharp increase in banks' demand for liquidity in September-November that occurred in the respective period of last year, CBR First Deputy Chairman Alexei Ulyukayev said in an interview with Prime-Tass.12.08.2008,
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OPINION: Safe haven no more Contributed by Roland Nash, head of research, Renaissance Capital
At a very unwelcome time for global markets, business in Russia has been reminded that there are certain rules that define the Russian operating environment. That clarification on top of a correcting oil price has finished the equity market's reputation as a safe haven. As the market attempts to price this changed status against an awful global backdrop, a great deal of value is being destroyed. At some point, the underlying value in Russian shares will reassert itself. But in the meantime, we can expect an ugly ride.25.07.2008,
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DJ INTERVIEW: Cape Lambert says hostile Evraz bid likely soon MELBOURNE, Jul 21 (Dow Jones) -- Cape Lambert Iron Ore Ltd. (CFE.AU) Executive Director Tony Sage said Monday a hostile takeover bid by Russian steelmaker Evraz Group (EVR.LN) looks likely within days, but the miner plans to press on with the sale of its Western Australian project to China Metallurgical Group, or MCC.
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DJ INTERVIEW: Sibir Energy eyes partnerships with major oil cos Interview with Deputy Chief Executive Stuard Detmer
Sibir Energy PLC, a Russian oil producer listed in London, is looking for new partnership deals with major oil companies as a way to realize its ambitious growth strategy, Deputy Chief Executive Stuard Detmer said in an interview with Dow Jones Newswires.03.07.2008,
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OPINION: The Putin plan: The Medvedev phase Contributed by Chris Weafer, chief strategist at UralSib
Russia has a very strong financial platform and the national wealth is boosted daily with record high oil and gas tax revenues. The government promises to take a much more active role in helping the country’s small- and medium-sized enterprises develop with a mixture of fiscal incentives and a step-up in efforts to deal with corruption and intrusive bureaucracy.19.06.2008,
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OPINION: St. Petersburg Economic Forum: Putting Bricks in the Wall Contributed by Chris Weafer, chief strategist at UralSib
The St. Petersburg International Economic Forum will take place this weekend. The event has displaced the annual London forum as the premier investment event concerning Russia.05.06.2008,
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OPINION: Oil taxes: Battle is joined Contributed by Chris Weafer, chief strategist at UralSib
End result has to be a more substantial tax cut than that announced last week. But real danger of some headlines declaring that there will be no more over the next few weeks, i.e. as the Finance Ministry and oil industry fight their respect – and mainly opposing – positions.02.06.2008,
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DJ INTERVIEW: Rusal wants independent chairman at Norilsk Interview with Rusal's Director of Corporate Strategy Artem Volynets
Russia's United Co. Rusal, the owner of 25%-plus-two shares in Russian mining giant OAO Norilsk Nickel, wants changes to Norilsk's board structure and an independent chairman, while questioning current Norilsk policy and strategy. "We consider it appropriate to change the current structure of the board to make it balanced and to have directors, representing interests of all three groups of shareholders equally," Rusal's Director of Corporate Strategy Artem Volynets told Dow Jones Newswires Tuesday.27.05.2008,
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OPINION: Oil taxes: Mind the gap - $20 bln tax cut but in two stages Contributed by Chris Weafer, chief strategist at UralSib
$20 bln tax savings at $100/bbl oil. We believe that the government is close to announcing a mechanism to reduce the tax burden in the oil sector. Rather than devising a new formula, we believe that the tax cut will be derived from indexing the parameters of the existing Mineral Extraction Tax (MET).26.05.2008,
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OPINION: Russia: The Honeymoon Continues Contributed by Chris Weafer, chief strategist at UralSib
LOOKS GOOD AGAIN THIS WEEK. Equities have been enjoying the honeymoon period of the country's new leadership as last week's 8.5% rally brought the rise since the start of the month to 16.8%. This compares with a rise for global emerging markets of 4.1% over the same period. The reason being a combination of an increased sense of optimism as the state moves ahead with spending plans; the prospect of reduced oil taxes; the record high price of oil and general strength in commodities as the dollar stays weak and the global economy stabilises; and also because the period of almost daily shocks to the global financial system appears to have passed.19.05.2008,
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OPINION: Medvedev-Putin - Encouraging focus on economics Contributed by Roland Nash, head of research, Renaissance Capital
Last week, Renaissance completed its move into the Naberezhnaya Tower of Moscow City, the tallest building in Europe in what will be the continent’s largest financial centre. From the 51st floor, Friday’s military fly-by, the first of its size since the break-up of the Soviet Union, looked particularly spectacular. Looking down at the cranes, it is clear how much Russia is changing, and how much is still to come.12.05.2008,
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OPINION: A tale of three Russian funds Contributed by Yaroslav Lissovolik, Chief Economist, Deutsche UFG
In the course of this year the three pillars of Russia’s macroeconomy are to be represented by an institutional framework, consisting of the Stabilization Fund, the Investment Fund and the soon to be established IT Fund. The emergence of these funds in Russia may give some insight into the ways to accelerating economic growth currently being contemplated by the Russian authorities.27.03.2006,
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INTERVIEW: Central Telegraph aims to double revenue in 4 years Interview with Central Telegraph’s General Director Vaagn Martirosyan
Russia’s Central Telegraph, a leading data transmission services provider in Moscow, plans to double its revenue in four years, Vaagn Martirosyan, the company's general director, said in an interview with Prime-Tass. He did not provide exact figures.24.03.2006,
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OPINION: Rosneft's changing IPO plans raise questions of fairness, transparency Contributed by Andrew Neff, Senior Research Analyst, Global Insight
Rosneft's continually changing IPO plans, as well as a report that the state-run Russian oil company could issue additional private shares in conjunction with the planned public stock placement later this year, should be cause for concern among potential investors.06.03.2006,
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INTERVIEW: All AFK Sistema's units eventually to make IPOs Interview with Vladimir Yevtushenkov, Sistema's chairman and major shareholder
Major Russian holding AFK Sistema plans to make an initial public offering (IPO) of all its business units sooner or later, Vladimir Yevtushenkov, Sistema's chairman and major shareholder, said in an interview with Kommersant business daily published Monday.27.02.2006,
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OPINION: Ukraine - consensus in conflict Contributed by Roland Nash, Chief Strategist, Renaissance Capital
A couple of weeks ago at our conference in Kiev, I talked politics with my cab driver. We agreed that the outlook was bleak. March elections looked likely to produce an unstable coalition government led by one of a range of equally unsavoury potential Prime Ministers.21.02.2006,
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OPINION: Russia’s FDI: Posting new highs Contributed by Yaroslav Lissovolik, Chief Economist, UFG
One of the country’s most notable economic successes in 2005 was the record-high level of foreign direct investment (FDI). According to preliminary balance-of-payments data from the Central Bank of Russia (CBR), 2005 FDI flows into Russia’s non-financial sector reached U.S. $16.7 billion, compared to $12.1 billion in 2004.03.02.2006,
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INTERVIEW: Russia's Svyazinvest units may merge mobile assets Interview with Valery Yashin, CEO of Svyazinvest
Executive directors of VolgaTelecom and Sibirtelecom, controlled by Russia's national telecom holding Svyazinvest, may consider merging their mobile assets this year, Valery Yashin, CEO of Svyazinvest, said in an interview with Prime-Tass this week.02.02.2006,
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OPINION: New restrictions a mild negative for Russian equities Contributed by Alex Kantarovich, Chief Strategist, Aton Capital
The Federal Service on Financial Markets (FSFR) has approved rules aimed at restricting new issuance and trading of Russian companies' shares outside the country. The code lowers the limit for ADR programs to 35% from 40% at present, stipulates that no more than 70% of a new issuance will be allowed to take place abroad, and allows for simpler and faster domestic listing. The new rules will become effective within 10 days of approval by the Justice Ministry.18.01.2006,
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OPINION: Russia's foreign policy - managing energy security Contributed by Roland Nash, Head of Research, Renaissance Capital
The international community is up in arms about heavy-handed Russian policy on energy; President Putin is accused of abusing state power to squash a political opponent who is lauded in the West; a conspiracy theory evolves arguing that the mess shows that Putin is either losing control or capable of major errors in judgement; another conspiracy theory emerges suggesting that it is all about gain for a few shadowy figures around the Kremlin; poor old Andrei Illarionov is demoted after being roundly ignored by the Kremlin…there is a certain sense of deja vu as Russia returns this morning from its long New Year break into 2006.10.01.2006,
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OPINION: Devil is in details of Russia-Ukraine gas deal Contributed by Andrew Neff, Senior Research Analyst, Global Insight
While Russian and Ukrainian leaders - not to mention European policymakers and U.S. officials - hailed the price deal reached yesterday to end a brief-but-damaging gas war between Russia and Ukraine, implementation of the complicated agreement will be extremely difficult.10.01.2006,
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OPINION: Minorities bill shows improvement, risks remain Contributed by Alex Kantarovich, Chief Strategist, Aton Capital
Changes to the law on joint-stock companies have been on the legislative agenda for over a year, and are widely viewed as a risk to minority investors' rights. Potentially, minorities could be forced out of their stakes at unjustifiably low prices.23.12.2005,
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OPINION: The Economics of Excess Contributed by Roland Nash, Head of Research, Renaissance Capital
Some time last weekend somebody stole my Lada. One of the under-marketed advantages of owning a Lada is that your reaction to car theft is one of mild relief. The irritation only begins when you try to register its disappearance with the police.08.12.2005,
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OPINION: What if this is as good as it gets ? Contributed by Alex Kantarovich, Chief Strategist, Aton Capital
That the RTS index has steadily regained ground to reach recent record highs shows investors continue to favor the Russian market – which seems understandable given its still-sensible valuations, slow-but-sure progress on the reform/liberalization front and abundant liquidity.29.11.2005,
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OPINION: The battle for the Russian economy Contributed by Roland Nash, Chief Strategist, Renaissance Capital
Last week’s headlines demonstrated the two central trends currently defining the Russian economy. On one side the state, a 2% holder, is building a majority on the Board of Avtovaz, and Kamaz was declared a strategic asset.28.11.2005,
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OPINION: Reshuffle in Russian politics - progress for statists? Contributed by Roland Nash, head of research, Renaissance Capital
The reshuffle in Russian politics Monday saw a shift in the balance of power, but the reaction seems to have focused too much on the changes in government and not the consequences elsewhere. Government has been secondary to the Presidential Administration for much of Putin’s tenure. It may therefore prove wishful thinking to focus on the shift of the relatively liberal Dmitri Medvedev from Head of the Presidential Administration to the potentially more high profile position of First Deputy Prime Minister. Of greater significance, may prove the promotion of Tyumen Governor Sergei Sobyanin to the more powerful vacated position at the top of the Presidential Administration. Equally, the promotion of silovik Sergei Ivanov to Deputy Prime Minister, and the effective demotion of Russia’s most powerful reformer, Alexander Zhukov, also signals much about the struggle for power ahead of 2008.16.11.2005,
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INTERVIEW: Foreign banks' market share in Russia won't exceed 15% Interview with Michel Perhirin, chairman of the board at Raiffeisenbank Austria
While foreign banks are likely to increase their presence in Russia, their share on the Russian market is unlikely to exceed 15% in the near future, Michel Perhirin, chairman of the board at Raiffeisenbank Austria, told Prime-Tass in an interview last week.07.11.2005,
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INTERVIEW: Russia’s UralSib completes merger with subsidiaries Interview with UralSib Financial Corporation's President and Bank UralSib's CEO Nikolai Tsvetkov
The merger of UralSib Financial Corporation with its subsidiaries is fully complete, Nikolai Tsvetkov, UralSib Financial Corporation's President and Bank UralSib's CEO, said in an interview with Prime-Tass last week.07.11.2005,
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OPINION: Russia in 2006 - the global context Contributed by Roland Nash, chief strategist, Renaissance Capital
With the oil price above USD50, the major domestic economic questions facing Russia are all about excess. What to do with the 7% of GDP budget surplus? Whether to spend the stabilization fund? How to mitigate the monetary impact of reserves rising by USD1 bn per week?02.11.2005,
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OPINION: Investing in Russia: The House Rules Contributed by Chris Weafer, chief strategist at Alfa Bank
Investors in Russia regularly seem to be confronted with a series of contradictions. On the one hand the country is about to record its eight consecutive year of growth, has one of the fastest growing consumer and service sectors in the world and the sovereign credit rating has again been upgraded. Russia’s fiscal health has been completely transformed by the $500 bln of oil and gas export earnings of the past five years. In 2006 the government will substantially hike budget allocations to such important social areas as education and health.02.11.2005,
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OPINION: Russia’s crude awakening ? Contributed by Peter Westin, Chief Economist, Aton Capital
The steady rise in the oil price over the last five years has resurrected Russia’s fortunes – and in the last 12 months observers have stood in awe as the price scaled heights not seen in 25 years and laid the ground for a resurgent Russia.04.10.2005,
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OPINION: Transneft's options after rejection of Pacific pipeline plans Contributed by Andrew Neff, senior research analyst at Global Insight
In a stinging rebuke of Transneft, Russia's Natural Resources Ministry yesterday rejected the state oil pipeline operator's planned route for a 4,200-km oil pipeline linking Eastern Siberia to Russia's Pacific Coast, leaving the state-owned pipeline operator with several options with how to proceed.30.09.2005,
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INTERVIEW: Russia's Promsvyazbank wants to be universal bank Interview with Promsvyazbank's President and CEO Alexander Levkovsky
Russia's Promsvyazbank is making steps to become a universal bank, Alexander Levkovsky, president and CEO of Russia's Promsvyazbank, said in an interview with Prime-Tass this week. The bank, which used to serve mostly corporate clients, began to develop its retail program last year, he said.22.09.2005,
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OPINION: Oil taxes in Russia - cash grab, or shrewd policy shift ? Contributed by Andrew Neff, senior research analyst at Global Insight
Oil companies are becoming increasingly vocal in their criticism of the Russian government's oil taxation policies, but while several policymakers have switched sides to support the oil giants, there is evidence to suggest that the government's approach is intentional.02.09.2005,
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OPINION: Turning of page in back-tax saga Contributed by Alex Kantarovich, chief strategist at Aton Capital
And, finally, good news from TNK-BP... The tax authorities have ordered TNK-BP to pay $245mn in back taxes for 2001, in a substantial reduction from the $560mn initially claimed earlier this year and appealed by the company as part of a wider bill for nearly $1bn. While the tax authorities are still sifting through other elements of the initial claim and potential claims for 2002-2003 (which TNK-BP is also likely to dispute in the courts), it is now clear that whatever the outcome, the total liability will be far less than initially expected and will not have any significant impact on the company.16.08.2005,
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OPINION: A revaluation of the Russian markets Contributed by Roland Nash, chief strategist, Renaissance Capital
On 16 May, the senior judge in the Khodorkovsky trial began reading out the evidence behind his eventual verdict. On the same day, the RTS bottomed out at 630. Since then, Russian equity has gained just under 30%. It is the largest sustained revaluation since the end of 2003, when Russia enthusiasm drove the equity market from 500 to 780. That particular rally ended when it became clear that the Kremlin really was going to take out Yukos. The question today is what will eventually stop the current bull run? The quick answer is that in the short term there does not appear to be anything obvious. Russian equity is going through one of its periodic metamorphic revaluations, and experience would suggest that these can prove stronger than most would anticipate.11.08.2005,
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OPINION: Svyazinvest privatization, why is market exuberant? Contributed by Alexander Kazbegi, telecoms analyst at Renaissance Capital
The news that the Interior Ministry agreed to the long-delayed and long-awaited privatization of Svyazinvest was taken by the market as exuberantly as one could possibly only imagine -- the shares of Regional Telecom Companies (RTOs) were up 6.3% on average in two days and the shares of Rostelecom were up by 8.2% in the same time.08.08.2005,
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OPINION: Russia’s fiscal expenditures, quality vs quantity Contributed by Yaroslav Lissovolik, chief economist at UFG
Back in the crisis years of the Great Depression John Maynard Keynes postulated the so-called “paradox of thrift”. Contrary to the conventional wisdom at the time, which espoused the virtues of higher savings and investment, Keynes argued that the main problem in the development of industrialized countries was not the lack of saving, but rather insufficient spending by households. The recipe was to tax the affluent strata of the society that had the highest savings rates in the economy. It appears that Russia today is trying to grapple with its very own strain of the “paradox of thrift” that has afflicted the economy during a period of unprecedented affluence rather than a full-fledged crisis.28.07.2005,
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OPINION: Sberbank’s share price triumphs over earnings Contributed by Alex Kantarovich, chief strategist at Aton Capital
Sberbank's seemingly unstoppable rally has accelerated: the stock posted an 11% weekly gain and capitalization has jumped by over a fifth in just a month. The longer-term performance has been just as staggering: up 68% in the year-to-date and 96% in 12 months. The preferred price trajectory has turned vertical of late, with the shares advancing 50% in one week.26.07.2005,
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OPINION: Questions over debt highlight Ukraine's gas dilemma Contributed by Andrew Neff, senior research analyst at Global Insight
Concerns over the implementation of an August 2004 gas debt deal between Gazprom and Naftogaz Ukrainy should serve as further evidence that the Russian-Ukraine 'transit-for-supplies' gas agreement is fatally flawed.22.07.2005,
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OPINION: Chinese revaluation a minor positive for Russia Contributed by Peter Westin, chief economist at Aton Capital
China has loosened its dollar peg, letting the yuan fluctuate against a basket of currencies within a narrow band. Pressure on China to revalue its currency had mounted steadily over the last couple of years, and the U.S. recently threatened to impose a 27.5% import tariff on Chinese textiles, prompting yesterday’s move.22.07.2005,
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INTERVIEW: UralSib wants to be Russia’s major commercial bank Interview with President of UralSib Financial Corporation Nikolai Tsvetkov
Russia’s Uralo-Sibirsky Bank (UralSib) plans to become one of Russia’s largest commercial banks, President of UralSib Financial Corporation Nikolai Tsvetkov said in an interview with Prime-Tass last week.18.07.2005,
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