March 2010, Vol. 5, No. 2
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World leaders call for new Bretton Woods Agreement
Top global leaders, inspired by the ongoing consolidation of the 'green shoots' of recovery from the worst economic recession in modern history, are now actively searching for ways to reform capitalism that will protect national economies from the perennial cyclic ‘busts and booms’ and their negative consequences for businesses worldwide. It is such aspiration that is driving global leaders, such as President Sarkozy, to call for a new Bretton Woods treaty to create a better post-crisis world... |
The Russian market equities performance monthly roundupSerious negative news from European countries tethering on bankruptcies such as Greece and other pessimistic trends across the globe continued to worsen the volatility trends on financial markets in February... |
Bespoke tailoring for presidents and business executivesSammy Kotwani, the CEO of The Imperial Tailoring Co., tells TRCW about his rise to the tailoring Olympus, with several presidents and top business executives among his clients... |
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Russian president discusses global economy with World Bank presidentRussian President Dmitry Medvedev and World Bank President Robert Zoellik discussed global economic issues and possible expansion of Russian participation in WB’s projects... |
Russia boosting full-scale presence in Latin American countriesRussian Foreign Affairs Minister Sergei Lavrov in February went on a weeklong tour of Latin America, during which he met the leaders of Nicaragua, Cuba, Guatemala and Mexico... |
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Crisis-hit Greece’s leader in Russia to seek support and closer ties with KremlinAfter failing to secure financial aid from its EU-zone partners, George Papandreou, the prime minister of Greece turned to Moscow last month to seek closer ties with Russia... |
The Nord Stream approvals underscore the benefits of economic symbiosisThe Nord Stream approval in February by Finland, the last of the four littoral states to do so, finally put an end to some countries' efforts to sabotage the project... |
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Higher court upholds lower court rulings on Techneftinvest’s payment of $33mln to VTBIn other words, the higher arbitration court rejected the plaintiff’s appeal, petitioning it to void the decisions of the lower courts to pay the contested sum... |
Telenor will not receive indemnifications from Farimex court actionsThe Norway-based Telenor’s legal problems in Russia began after a local firm, Farimex, accused it of blocking the purchase of Ukrainian Radiosystems by VimpelCom... |
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Date set to hear Goldman Sachs legal suit to collect 3bln rubles from its debtorsAccording to the court materials, the Russian subsidiary of the U.S. investment giant filed the suit following its debtors’ failure to honor their bond obligations... |
Ararat Park Hyatt Moscow hires a new executive chefJoly has joined Ararat Park Hyatt Moscow as its executive chef, bringing with him over 20 years of experience of working with internationally renowned French chefs... |
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Soon-to-be opened Lotte Hotel Moscow becomes an LHW memberAccording to LHW, requirements for becoming a member stipulate that a hotel must meet exacting standards of excellence in all areas of hospitality client services... |
Eurolux hotel becomes part of Umaco under the Katerina Park brandAccording to the new management, the property is currently being rebranded as a part of the Katerina chain and will be opened at the end of spring 2010 under the Katerina Park brand... |
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Astrus management unveils ambitious plans for refurbishing CHTTop hotel staff and media representatives discussed the final phases of the rebranding program and the hotel’s new vision at a press launch in February... |
State to pressure bailed-out-of-crisis companies to participate in modernizationThe president noted that the government has the all rights to count on the companies it helped during the crisis to play more active parts in the economy modernization programs... |
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Calls for creation of legislative base for a ‘national company’ conceptLUKoil president has defined a national company as 'a large corporation, which is registered in Russia and is an official tax resident in the country'... |
Antitrust agency again targeting the ‘Big Troika’ in price-policy collusionThe term, ‘Big Troika,’ is used to refer to MTS, VimpelCom and Megafon, as their aggregated market share, currently standing at 85%, far exceeds the threshold required for monopolistic domination of an industry... |
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DIA reviewing ways to extend bank deposits insurance protection to companiesDeposit Insurance Agency is currently studying the possibilities of extending the state’s obligatory bank deposits insurance policy for individuals to companies... |
Government to liquidate all barriers to facilitate inflow of foreign investmentsPutin plans to create favorable conditions for the inflow of foreign investments and activation of innovative activities in a move to turn Russia into one of the new global financial centers in the post-crisis era... |
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Business executives searching for the best innovative projects among youthDelovaya Russia chairman said the goal of the competition, labeled, “Modernization,” is to seek the most talented youth in science, business, education, cultural innovations... |
Renova to execute Kamchatka Gold IPO at the Hong Kong Exchange by yearendAccording to the management, Kamchatka Gold, the largest manufacturer of precious metals in the Kamchatka Region, will sell up to a blocking stake of its assets via IPO... |
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Record-high daily sales turnover enriches anywayanyday presentationThe highlight of the event, however, was the news that just a day before the presentation, the company posted a record daily sales turnover of $100,000... |
A ‘prodigal’ oligarch returns home to focus on investment activities across RussiaSpecifically, the oligarch is targeting the Chechen Republic and several other key cities, notably, in Moscow and Sochi, the 2014 Olympics host city, for investments... |
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Paris-based NYSE Euronext waiting for leading Russian companies’ stocksNYSE Euronext Vice President Ronald Kent said the Paris-based exchange is ready to receive Russian companies interested in listing their stocks on the exchange... |
Fiat Group partnering with Sollers to set up global auto alliance in RussiaThe importance of the project for Russia is underscored by the Russian government’s commitment to offer not only political, but also financial support for the JV... |
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Tatneft improves ecological safety at its production plantsOne of the most perspective of these is the project dedicated to increasing the effectiveness of utilization of APG between 2009 and 2013... |
Confidence in business future gradually returning to global CEOsPwC pollsters, in a reflection of looming economic recovery, say confidence in economic growth is returning to global business leaders... |
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Russian can survive 2010 without seeking sovereign loansTroika Dialog chief economist questions the rationale behind the government's official policy to seek sovereign bonds to augment budget in 2010... |
CEE and Central Asian countries’ fates brighter, but overall recovery remains fragileThe upward revision, according to the EBRD, was driven by stronger than expected performance in four large economies in the region - Poland, Turkey, Russia, and Kazakhstan... |
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Finance Ministry clarifies the official bonds placement policy in 2010Officials had said that the decision to issue sovereign bonds in 2010 was final, and that all that remains is 'concretization' of details... |
Mironov’s Putin criticism should be a wakeup call for Russia's ruling eliteThe recent sudden revelation by Sergei Mironov that 'he no longer completely and unconditionally supports Vladimir Putin' took the ruling elite by surprise... |
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The secrets of creating a successful business from translation servicesFonetix CEO talked about the current industry trends, his company and what it takes to become a real professional translator and create a successful business from translations services... |
Highlights and key lessons from the 2010 Davos ForumThe yearning for changes was evident in the forum’s conclusions as leading global business executives and politicians called for fundamental changes in world affairs... |
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