Russia moves to retaliate over sanctions by cancelling flights August 5, 2014 RUSSIA is preparing plans to retaliate against the EU after the 28 nations and America imposed heavy sanctions on the country in the wake of the downing of Malaysian Airline MH17 last month. Russian Prime Minister Dmitry Medvedev threatened to take action against the EU yesterday, after the sanctions caused low-cost airline Dobrolyot to ground [...]
Counting the cost of a Russian trade war – Bottom Line August 5, 2014 It’s hardly the Cold War all over again, but Russia’s announcement that it intends to retaliate against sanctions imposed on it by Europe and America are an unfortunate escalation. The sanctions are well-deserved in the wake of Russia’s interventions in Ukraine and the downing of flight MH17. But trade is two-way and sanctions hurt the [...]
Inmarsat share price dips as broadband network delayed by Russian rocket launch failure August 5, 2014 British satellite operator Inmarsat warned yesterday its new broadband communications network would be delayed by as much as six months following the failure of its Russian launch provider Proton. Inmarsat also reported a nine per cent drop in profits to $168.3m (£99.8m) during the half year to 30 June. It was hit by the strength [...]
Russia can’t decide if it’s made an oil deal with Iran or not August 5, 2014 Russia announced it had agreed a five-year deal with Iran to help export oil from the Middle Eastern country earlier today, only for Russian energy minister Alexander Novak to later withdraw his statement about the agreement. Novak had said: "Based on Iran's proposal, we will participate in arranging shipments of crude oil, including to the [...]
BBC refuses Russian request to remove web story in Kremlin media crackdown August 5, 2014 The BBC has refused a request by Russia’s state media watchdog to remove an interview with the activist and artist Artem Loskutov from its Russian service website which the government deems “extremist”. Roskomnadzor, the state-run media regulator, requested the story published on 31 July be removed from bbcrussia.com to comply with the country’s laws on [...]
CNBC Comment: Why markets are drowning in uncertainty August 4, 2014 It’s been a hot summer for some, with US stock markets breaking out to fresh highs in July, and European investors debating whether to dip a toe in the water on the back of more European Central Bank (ECB) action. But as thunder clouds roll in, and after Wall Street suffered its worst week since [...]
EU sanctions freeze out Russia’s biggest banks as growth forecasts slashed July 31, 2014 New European Union sanctions against five of the largest Russian banks will hit the City hardest, according to analysts, while major restrictions on arms sales will not apply to France’s warship sales to Moscow. Sberbank, the largest bank in Russia, was named by Brussels in the tranche of sanctions yesterday. The institution raised $5.2bn (£3.08bn) [...]
Russia tensions kick Adidas to profit warning July 31, 2014 Adidas shares plunged 15 per cent yesterday after the sportswear giant became the latest big European company to warn that the Ukraine crisis was taking a toll on the business. The sportswear giant, which supplies kit to Premier League clubs such as Russian-owned Chelsea FC, warned that it would miss its profit and revenue targets [...]
Rise in rich Russians moving to the UK July 31, 2014 There has been a sharp rise in the number of wealthy Russians migrating to the UK, according to Home Office figures. By applying for elite “investor visas”, they have been able to secure settlement in Britain more quickly than they would if applying via the normal route. These specialist visas are for migrants [...]
Adidas share price falls following warning on Russia July 31, 2014 Shares in German sportswear brand Adidas took a hit today after the company announced that conditions in Russia could affect profits, and that its targets for 2015 were no longer achievable. Adidas currently runs 1,000 stores in Russia, but it revealed that it intends to close some of its branches to "reduce risk and [...]