Baby on Board? February 27, 2013 Frustrated by the lack of power that the boards of Russian state-owned companies have, banking and media mogul Alexander Lebedev has recommended his own son for the board of Aeroflot. The news was released by the airline's press team. His son is 15-months old. Lebedev Tweeted: Мораль сей шутки такова:в советах госкомпании практически нет реальных полномочий-зачем [...]
Mail.Ru expects slower growth February 26, 2013 Russian internet group Mail.Ru joined rival Yandex in forecasting slower revenue growth this year, following a moderation in the online advertising market. Mail.Ru forecast revenues would rise 25 per cent to 28 per cent this year, down from 39 per cent growth last year to 21.2bn roubles (£457m).
Polymetal buys $96m gold field February 21, 2013 JSC Polymetal, the subsidiary of Russian precious metal producer Polymetal, has agreed to buy ZAO Maminskaya Gornorudnaya kompania, which has a mining licence for the Maminskoye gold mining field in Russia, in a deal worth $95.5m (£62.7m). The licence is valid until 2023. Scoping studies show that the field could have the potential to produce [...]
Severstal lays out spending plans February 21, 2013 Russian steelmaker Severstal yesterday said it would spend $1.3bn (£850m) this year, focusing mostly on its Russian operations. Out of the $1.3bn, it will direct $704m towards its Russian steel business, to spend on projects such as building steel mills and modernising operations across the region. Around $107m will be spent in Severstal’s North America [...]
Branson pledges to give away half his worth February 19, 2013 SIR Richard Branson yesterday pledged to give away half his fortune to good causes. The British entrepreneur and his wife Joan were one of 12 new signatories to Bill and Melinda Gates’ Giving Pledge Initiative. They join a list that includes Mark Zuckerberg, David Rockefeller and Warren Buffett. Yesterday saw the first billionaires from outside [...]
Carlsberg hit by Russia sales and rising costs February 18, 2013 DANISH brewer Carlsberg said yesterday it had scrapped its profit margin target for eastern Europe, blaming volatile markets and raw material costs, and dampening hopes the region can offset sluggish demand in western Europe. The world’s fourth-biggest brewer said that sales growth had stalled in its key Russian market and the cost of an efficiency [...]
Britain’s Facebook is already here but we lack the tools to identify it February 18, 2013 IT’S been described as “the $4.2 trillion (£2.7 trillion) opportunity”. According to the Boston Consulting Group, there will be 3bn internet users globally by 2016. If it were a nation, the internet-based economy would rank in the world’s top five. And the UK sits at the forefront, with 8.3 per cent of GDP now online [...]
Qatar interest lifts VTB stock February 14, 2013 SHARES in Russian bank VTB shot up as much as five per cent yesterday after reports that Qatar’s sovereign wealth fund is preparing to invest up to $3.5bn (£2.3bn). VTB, which has offices in Moscow, London New York and Singapore, is said to be in the final stages of talks with the Qatar Investment Authority [...]
A Good Day to Die Hard is a ludicrous, outdated relic February 14, 2013 FILM A GOOD DAY TO DIE HARD Cert: 12A ** John McClane is a family man. When he purged that New York tower block of eastern European terrorists in 1988, he wasn’t doing it out of patriotic or professional duty – he was doing it for his wife who was trapped in the building. A [...]
Letters to the Editor February 13, 2013 True entrepreneurs [Re: Europe needs to be more relaxed about entrepreneurs getting filthy rich, yesterday] Few people have a problem with people like Google’s Eric Schmidt becoming wealthy if they have been genuinely entrepreneurial – creating something new by effort and ingenuity. But Paul Ormerod doesn’t seem to recognise a difference between Schmidt and many [...]