08/04/2008
Russian Agricultural Bank posts lower net profit in 2007
Accounting for post balance sheet events, the net profit of Russian Agricultural Bank (RAB) fell 24.13 percent to some RUB 1.711bn (approx. USD 73m) in 2007 compared to the previous year, the bank said in a statement today.
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08/04/2008
Synterra plans to issue bonds
Synterra is set to place series 01 bonds worth RUB 3bn (approx. USD 128m) by public subscription on August 7, the Russian telecommunications group said in a statement today. The interest rate is expected to reach 11-11.5 percent per year, and the securities have been included in MICEX's B quotation list.
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08/04/2008
LUKoil, Rosneft eyeing stakes in Belarus oil companies
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08/04/2008
Bank of Moscow placed 10m bonds of the first series worth a total of RUB 10bn
Bank of Moscow placed 10m bonds of the first series worth a total of RUB 10bn (approx. USD 426.99m), the bank said in a statement.
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08/04/2008
Electricity Firms Cry Foul Over Price Cap
Power producers voiced alarm Friday after a government regulator clamped down on pricing by Mosenergo, the Moscow power generator controlled by Gazprom, in the country's first-ever competitive tender for electricity capacity.
Major players in the electricity industry, grouped in the Council of Power Producers and Strategic Investors in the Power Industry, joined forces to protest after the Market Council, a government watchdog, forced Mosenergo to cut its asking price by more than 10 percent, for 875 megawatts of capacity, Market Council head Dmitry Ponomaryov said.
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08/04/2008
Goldman Sachs Buys Pokrovsky Hills
By John Wendle / Staff Writer
Investment banking giant Goldman Sachs said Friday that it had bought Pokrovsky Hills, an elite townhouse neighborhood in northwest Moscow, from U.S. insurance firm AIG and Deutsche Bank for an undisclosed sum.
Jones Lang LaSalle, adviser to AIG and Deutsche Bank, would not disclose the price, while real estate analysts put it at $350 million to $450 million.
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08/03/2008
Bank of Russia reports higher assets
Bank of Russia's assets grew 26.9 percent in June 2008 compared to the same month of the previous year and reached roughly RUB 14.042 trillion (approx. USD 600bn) as of July 1, having increased 2.99 percent in May, according to the bank's balance sheet published today.
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08/03/2008
TNK-BP Players Eye Management Shuffle
BP and AAR have agreed to discuss management changes at their troubled joint venture, TNK-BP, but neither side expects a quick end to an ongoing fight over strategy and control.
BP CEO Tony Hayward met TNK-BP shareholder Mikhail Fridman on Wednesday in Prague, kicking off a round of intensive talks on the company's future. A source familiar with the situation said the talks were unprecedented since the outbreak of a struggle for control in late May.
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08/02/2008
Former YUKOS shareholder given life sentence
The Moscow City Court has imposed a life sentence on Leonid Nevzlin, a former YUKOS shareholder. The court found him guilty of organizing several murders, as well as of an attempted murder and an armed assault.
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08/01/2008
Economy Ministry Seeks VAT at 12%
By Marianna Tishchenko / Special to The Moscow Times
The Economic Development Ministry is proposing cutting value-added tax by one-third, from 18 percent to 12 percent, in a step that is likely to bring the ministry into conflict with the Finance Ministry, which opposes a reduction.
Deputy Economic Development Minister Stanislav Voskresensky told reporters during a presentation on tourism and recreation in the Altai region that the proposal had been submitted to the government. The ministry has yet to see any of the Finance Ministry’s proposals on reducing VAT, he said.
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