President Medvedev has ordered the government to get to work on turning Moscow into a global financial center. The main aim of the program is to make the Russian financial market more accessible to foreign institutions – first off, by cutting red tape. For example, foreign companies will not need to have their documents fully [...]
Tag: Bank
December 12, 2011
December 12, 2011
December 12, 2011
S&P gives Russian banking benefit of the doubt
Standard and Poor’s has raised ratings on 8 Russian banks under its new ratings procedure designed to provide a more accurate estimate of their financial capability. SP reconsidered ratings of 18 Russian banks. The only top ten Russian bank to see a change in its long-term rating is Alfa bank. It has been raised from [...]
December 9, 2011
Russian stocks open higher ahead of EU summit
Russian stocks opened higher on Thursday, paring some of their losses for the previous three days as investors expected a rate cut from the European Central Bank and concrete solutions at this week’s EU summit to defuse the eurozone debt crisis. European leaders are meeting later on Thursday to push for deeper fiscal integration as [...]
December 8, 2011
VTB rides out Q3 storm
VTB Group, Russia’s second largest banker, boosted its net profit 87% in the first nine months of 2011 year on year. Higher efficiency, as well as healthy lending growth helped the Group to offset global trends. VTB’s net profit was up to 72.6 billion roubles in 9M 2011, but took a third quarter hit like [...]
December 2, 2011
Russian Banks’ core business buck market trends
Unrest in European financial markets cut the net results of Russian banks in 3Q 2011. However, domestic players point to better market conditions in Russia, as both loans and deposits go up, providing for growth in the bottom line during 9M 2011. Among Russian banks reporting this week were a country’s largest Sberbank, Nomos Bank [...]
December 1, 2011
Belarus gets $2.5 bln from Gazprom for 50 pct stake in Beltransgaz
Belarus has received $2.5 billion from Russian gas export monopoly Gazprom from the sale of the remaining 50 percent stake in the national gas pipeline operator Beltransgaz, the National Bank of Belarus said on Thursday. “According to preliminary data, Belarus’ gold and foreign exchange reserves increased by $2.74 billion in November. The increase was facilitated [...]
December 1, 2011
Vladimir Putin Announces Foreign Investment Has Reached $36 Bln
Vladimir Putin Announces Foreign Investment Has Reached $36 Bln By Khristina Narizhnaya The St. Petersburg Times Published: November 30, 2011 (Issue # 1685) MOSCOW — Foreign direct investment in Russia reached $36 billion in the first 10 months of the year, Prime Minister Vladimir Putin said Monday during a meeting of the government’s commission on foreign investment, citing the Central Bank. Last [...]
November 28, 2011
Limiting Russian money for European banking
The Central Bank of Russia (CBR) has urged domestic subsidiaries of major European banks to cut credits to their parent companies, saying it doesn’t want to finance the European problems. The CBR’s proposal comes in the wake of increasing volatility in the European banking sector, where money is shrinking and liabilities are increasing, with Russian [...]
November 23, 2011
Over $400 million to be spent on Hermitage’s 250th anniversary
$413 million will be spent on events to mark the 250th anniversary of the founding of Russia’s Hermitage museum in 2014, federal bank officials said on Wednesday. Buildings in the Winter Palace complex will also see large-scale repairs. The Hermitage, among Europe’s largest museums, was founded by Catherine the Great in 1764.
November 17, 2011
Luzhkov’s lawyer denies ex-Moscow mayor plans to hire foreign attorneys
Genri Reznik, a lawyer of ex-Moscow mayor Yury Luzhkov, denied on Thursday media reports that said Luzhkov plans to ask foreign-based attorneys to represent his interests in the Bank of Moscow embezzlement case where he is a witness. Some Russian media earlier on Thursday cited Reznik as saying that Luzhkov intends to use the services [...]
November 12, 2011
‘Occupy’ movement in bid to save German democracy
The pro-equality Occupy movement is rapidly gathering pace in Germany, with fresh protests starting in the capital Berlin and the country’s financial heartland of Frankfurt. Thousands are set to join the demonstrations on Saturday, seeking to draw attention to rampant corporate greed and the increasing poverty of the masses. The German Occupy movement has also [...]
November 6, 2011
Money movers and Occupy Wall Street shakers rattle US banking world
In a national effort to make the so-called one per cent listen, hundreds of thousands of people have withdrawn money from leading banks in the United States. National Bank Transfer Day may be a grassroots movement –but it’s definitely making a move. The idea behind the movement is simple: close accounts with the big guns [...]
November 4, 2011
One Small Step and many to Follow: Ukraine pays for gas by ruble…
ruble.. RBC, 02.11.2011, Moscow 11:18:05.Ukraine and Russia have clinched an agreement which paves the way for a transition to payments for a part of Russian natural gas supplies in Russian rubles as well as U.S. dollars, National Bank of Ukraine said in a statement late on Monday. Ukraine currently pays Russia some $1 bn a [...]