The deposit insurance agency will not pay indemnification for some types of deposits. Experts of the department consider unreasonable to return means to those citizens who made claims to bank within 3 months before licence withdrawal. The amendment contains an option: in case there was no actual cash receipt in bank, and the bank did not execute the clients’ commission, i.e. was insolvent.
Russian mobile operator, VimpelCom, has posted a FY 2008 Net Income of $524 million under U.S. GAAP.
Russian energy producer, Novatek, has posted a 1Q 2009 Net profit of 2.134 billion Roubles under IFRS.
Russian GDP fell 9.5% in the first quarter of the 2009, year-on-year, and 23.2% on the fourth quarter of 2008, the Federal Statistics Service said on Friday.
Russian gas monopoly Gazprom signed agreements on Friday with transit states Bulgaria, Greece, Serbia and Italy to push forward South Stream, another pipeline to pump natural gas to Europe.
"Regional separatism" appears in Russia. More and more constituent territories of the federation start to introduce restrictions on the imported goods from other regions.
The Obama administration`s plan to reshape the opaque world of derivatives trading, unveiled on Wednesday, is only a preview of sweeping financial reform proposals that may be announced as soon as next week.
The Russian government`s foreign debt, including liabilities of the former Soviet Union, declined 2.7% in January-March 2009 to $39.5 billion, the Finance Ministry reported on Tuesday.
Russia will export a record amount of grain this agricultural year, the president of the Russian Grain Union said on Tuesday.
Russia`s Central Bank announced on Wednesday it would cut its key lending rate by 0.5 percentage points to 12% per annum from May 14, following a slowdown in consumer price growth.
Russia`s largest oil producer Rosneft will build a $14 billion petrochemical refinery in the Primorye Territory in the Russian Far East, the regional governor said on Tuesday.
As the impact of the global recession weighs in on wealthy Americans, high-end retailer Barneys New York Inc aims to close two of its seven department stores, the Wall Street Journal said, citing people familiar with the matter.
Interest rates of bank deposits reach to 20% per annum. Commercial banks in pursuit of clients raise to the maximum interest rates. This measure was caused by the consequences of the crunch on world markets resulted in difficulties with resources. Inflation also had impact on interest rates growth.
There are two Russian brands on the list of the world’s most expensive brands. Russia’s two major competitors on the market of cellular communication, MTS and Beeline, stand next to one another on the list, on the 71st and the 72nd places respectively. Google still keeps its leadership as the most expensive brand in the world. It added another 16 percent to its value and became the first brand in the world evaluated at over $100 billion - $100.039 billion to be more precise, The Vedomosti newspaper wrote with reference to the annual research conducted by Millard Brown Optimor.
To stimulate employment and the economy, the government will give 60,000 roubles ($1,700) to unemployed Russians as startup capital to open small businesses. In addition, the government will provide subsidies to companies to put employees facing imminent layoffs through re-education and training programs. Other workers will be paid to relocate to areas within their regions where jobs can still be found.
Russia`s state-controlled oil producer Rosneft announced on Monday a net loss under Russian Accounting Standards of 5.77 billion rubles ($175 million) in January-March 2009.
Gazprombank, one of Russia`s top five banks, announced on Wednesday a net loss in 2008 of 60.1 billion rubles ($1.9 billion) under International Financial Reporting Standards.
The Russian government announced on Wednesday the raising of oil export duty from the current $110 to $137.7 per metric ton from May 1.
Russia proposes to world community to join and create new additional sole currency. President Dmitry Medvedev announced this initiative at the G 20 summit.
Gazprom Neft, the oil-producing arm of Russian energy giant Gazprom, has acquired 16.95% of Britain`s Sibir Energy, which operates in Russia, the British company said on Monday.
Admiralty Shipyards in St. Petersburg will build six Kilo class diesel-electric submarines for delivery to Vietnam, the Russian business daily Kommersant said on Monday.
Professional bankers expect a quick liquidation of hundreds of banks at the end of forthcoming summer. Most of the banks will be closed due to their small capitals and because of the clients that will not be able to pay off their debts.
The anti-crisis measures of the Russian government are inefficient. Russia should have stimulated the home demand instead of giving the direct support to banks and the real sector of economy.
Reports of out Russia suggest Wal-Mart Stores Inc. may be in negotiations to buy a controlling stake in one of the country`s leading "hypermarket" big box retailers. An article in the Kommersant newspaper said the ownership stake in Lenta could approach 51%. This follows similar reports in July 2008.
Russia’s Statistics Agency, Rosstat, published the statistics about the general state of affairs in the Russian economy during the first quarter of 2009. The information provides a clear picture of the future recession in the nation’s economy.