June 2011, Vol. 6, No. 5
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Yandex’s successful IPO puts Russia in global limelight
The stridently positive excitement generated by Yandex’s recent IPO on Nasdaq stemmed from its obvious hegemony in Russia, where it currently controls almost 65% of the local Internet-based search engine services industry, condemning even the global leader, Google, to playing a second-fiddle role in the CIS region. These were just parts of the positive factors that pushed the company’s IPO capitalization to almost $10bln, a value that is 500 times the company’s worth in 2000, when the first equity investors bought into it, and several times its chartering capital in 1997. These are the types of ‘success stories’ about the Russian economy that TRCW will always be proud to have on its front pages ... |
Kremlin launches radical overhaul of state corporations’ boardroom compositionsAnnouncing the new policy, President Medvedev noted that the move was aimed at winning back the trust and whipping up the interest of investors in the economy... |
Business leaders searching for alternatives to Russia’s commodities-based economyThe plenary session was officially opened by a keynote address by Putin, who outlined highly ambitious economic policies to make Russia a better country... |
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Business as usual, as bureaucrats typically ignore Kremlin’s BoD ban against officialsThe appointment of First Deputy Prime Minister Shuvalov and other federal and regional officials to the VVTs board runs contrary to the Kremlin’s ban against bureaucrats sitting on state firms' BoDs... |
Russia needs to emulate China’s example of successful economic expansion into AfricaChina’s position in Africa began to change at the end of the 20th century, when it was able to force other global players to respect its interests in the region... |
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EBRD marks 20th foundation anniversary with pride and enthusiasm to the futureThe EBRD has played a key role in the economic transformation of the region of its operations, having committed over 60bln euros to these countries since 1991... |
Yandex IPO marks full internationalization of Russia’s search engine marketWhile Yandex was not the first Russian Internet company to float its stocks on international exchanges, it was its IPO that drew the largest global attention... |
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Business representatives told not go into politics for self-enrichment sakeSpeaking in May at a meeting with Russian parliamentarians, President Medvedev urged business executives not to use politics as a means for self-enrichment... |
Central Bank’s current ‘blacklisted bankers' database holds almost 200 namesThe Russian Central Bank has added 195 names to its so-called ‘database of ‘blacklisted bankers’ ineligible to hold senior positions in financial institutions... |
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Putin sets up a National Front political movement to consolidate hold on power in RussiaPrime Minister Putin has set up a new political alliance to boost the chances of United Russia Party of keeping its majority in the parliamentary elections... |
Defiant and unrepentant Khodorkovsky and Lebedev file petitions for paroleEx-Yukos owner Mikhail Khodorkovsky and ex-Menatep CEO Platon Lebedev have filed petitions for parole at a Moscow court, despite claiming innocence... |
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Multibillionaire promises to secure a second place for Just Cause party in the State DumaTo achieve this lofty objective, Prokhorov says he is ready to do everything possible, including using his vast wealth and changing the party’s name... |
Downgraded speaker loses the privileges of the third highest political figure in RussiaLost privileges included an official car fitted with a siren, residence and other pecks enjoyed by the third highest political figure in Russia's hierarchy... |
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InterContinental Moscow Tverskaya to replace former Minsk Hotel in central MoscowThe Hotel InterContinental Moscow Tverskaya, slated for opening later this year will be a real ‘Russian-styled’ hospitality facility... |
Hotel Ararat Park Hyatt Moscow readies its Conservatory Bar for summer operationsThe facility’s white tents protection from the sun and its natural wooden floor really make it look like a deck of a cruise ship... |
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A change of ownership at Moscow’s elite Ritz-Carlton HotelThe buyer is reportedly affiliated with Bulat Utemuratov, a billionaire and former head of the Kazakh presidential affairs department... |
The Rezidor Hotel Group to operate a third hospitality facility in downtown MoscowAmong the hotel special offers are a spacious 360sqm lobby, six conference halls, a fitness center equipped with Technogym-branded exercise facilities... |
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Ekonika crowns its rebranding procedures with a new corporate nameThe company’s new name ‘Novard’ comes from the ancient word ‘navarh,’ which means ‘the flagship of a fleet’... |
Demand for Prokhorov’s People's Yo-mobile overshoots targeted annual production plansAccording to the company's data, the results of the preliminary order reservations, which kicked off on May 16, have shown that the demand for Prokhorov’s ‘people’s car’ has exceeded its projected annual production target... |
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Multibillionaire Lebedev seeking buyers for a controlling stake in his bankThe multibillionaire specially emphasized that his bank does not have any problems, “as it has a clear structure of assets and liabilities... |
Russian-Mongolian negotiations end with penning of new strategic agreementsAmong the vital documents signed at the meeting was an Intergovernmental Agreement on Mutual Protection of Intellectual Properties... |
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Trust-based partnership and growth-focused course elevate Russian-Austrian ties to a new levelIn his reply, the Austrian president said he fully shared the view that the bilateral ties are developing very well... |
Russia and Brazil outline new projects and areas for future strategic cooperationIn his response, Brazilian Vice President Michel Temer called the outcomes of his talks with Putin fruitful... |
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