Thursday, December 12, 2019
German company Gebr Heinemann has expanded its presence in Russia by acquiring Kapo Duty-Free, the country’s leading border-shop duty-free retailer, TRBusiness reported. Kapo operates 12 border shops as well as three smaller regional airport stores in Russia. It has been a Gebr Heinemann wholesale customer for over 20 years, Heinemann...
Russia could be stripped of its high rating and positive outlook by rating agency Fitch next year if the United States imposes sanctions designed to punish buying of Russian government debt, Reuters reports. The proposed sanctions, already under consideration in Washington, would effectively prevent U.S. and other big foreign investors from...
Russian company O’Key said on Friday that the country’s biggest bank, Sberbank, had expressed interest in the food retailer’s hypermarket business, Reuters reported. Earlier, sources told the news agency that O’Key’s discount chain Da! could be left out of the possible deal. O’Key currently has a market value of...
Russian President Vladimir Putin said he believes that the target of joining the world’s top five most developed economies is "absolutely manageable," Gazeta.ru reports. "Regarding (plans) to take our rightful place among other industrial powers, that is a challenging task, but overall it is absolutely manageable," he said at a...
The Russian national payment system Mir, so far restricted to home operations, has expanded its services to Turkey, in partnership with the country’s largest banking chain and 10,000 Turkish online retailers, the Moscow Times reports. According to the CEO of Russia’s national payment system (NSPK), Vladimir Komlev, the move is...
The Russian Ministry of Finance intends to increase the planned volume of borrowing in the domestic market in the second quarter by adding a new bond-offering mechanism to the OFZ placement auctions, Konstantin Vyshkovsky, director of the state debt and state financial assets department of the Russian Ministry of...
A sanctions-hit Russian firm connected to German energy giant Siemens has started liquidation proceedings, Reuters reported citing a Russian companies database. The company, part-owned by Siemens, was hit by U.S. punitive measures for its role in installing the German company’s turbines in Crimea. Interavtomatika notified authorities of its decision to cease operations on...
The Indian government is likely to pay for Russian arms in euros in order to bypass the threat of U.S. sanctions for purchase of military hardware, the Economic Times reported citing sources. According to the report, the payments will be made to a Russia-nominated bank, with state-run lender VTB reportedly...
The AliExpress Russia, a subsidiary of Chinese holding company Alibaba, Mark Zavadsky, will step down in May, RBC reported. He became the first staff member of the online retail service in Russia in 2014 and was in charge of localizing all services. A spokesman for Alibaba refused to explain the reasons...
The biggest risk to the Russian economy at the moment comes from uncertainty related to western sanctions, which destabilizes socio-economic processes and triggers an outflow of foreign investors, experts from the Moscow-based Gaidar Institute for Economic Policy wrote in a report released on Wednesday. According to the experts, this uncertainty...