March 2012, Vol. 7, No.3
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Turris marks Rossiya Hotel's golden jubilee with splendor
Most often, famous Soviet-era business brands are either discarded as corporate entities unfitted for free market economy operations or radically restyled and/or even rebranded into new business models that better reflect market needs and consumer aspirations in the new realities of post-Soviet capitalist Russia. Indeed, it is only a few Soviet-era corporations, such as the St. Petersburg-based legendary Rossiya Hotel, which had transcended their industries that have been spared of this inevitable ordeal. This is why in this edition we have joined the owners and employees in celebrating their hotel’s historic Golden Jubilee and wishing it more happy returns ... |
Putin’s absolutization of incumbency powers nullifies his rivals' chances for the Russian presidencyWith the huge resources at his disposal and the incumbent president refusing to seek a legal second term, Putin easily scored a landslide victory... |
Winter’s frost-related damages run into hundreds of lost lives and billions of rublesThough the final estimates of the damages have yet to be done, it is clear today that the scale - expected at 2% and 5% - of the nation’s annual GDP, will be breathtaking... |
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Russia and China’s veto is not against Syrians, but against West’s hypocrisyIf the Syria stance reflects Beijing and Moscow’s model of behavior in the looming post-crisis era, then the West will have to make real adjustments to its diplomacy doctrine... |
Quintiles and RVC Biofund to expand clinical development capabilities in RussiaCommenting on the agreement, RVC CEO Igor Agamirzian noted that RVC Biofund was established with the purpose of investing into biopharmaceutical companies and biotech start-ups... |
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Russian young business executives launch Leaders Club non-profit partnershipArtem Avetisyan, the club's president, said the organisation's membership comprises young people, who are not indifferent to Russia's fate... |
Russia’s Grocery industry union to establish a national quality products sealMaxim Protasov, the union's head, said the Quality Seal concept will be finalized either by the end of 2012 or early next year... |
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Alpari brokerage to simplify foreign assets investment procedures for Russian clientsThe head of Alpari's Investment Products Department said the emergence of these products stems from the growing interest in foreign markets among Russian investors... |
Khodorkovsky and Putin share a common view on legalization of privatization dealsThe fact that Putin has added his voice to this idea, unpopular among the Russian business titans, means Kremlin has decided to review 1990s' questionable privatization deals... |
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Legendary Rossiya Hotel marks its golden jubilee in 2012This year, the St. Petersburg-based Rossiya Hotel, celebrates its Golden Jubilee with pomp and new attractive offers and presents for clients and guests... |
Interior Ministry suspects fraud in Renova’s purchase of a Trade Mission buildingViktor Vekselberg, the group owner, said bringing criminal charges against his company will be a big surprise for everyone in and outside the company... |
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Average growth rate of elite suburban cottages’ prices to reach 12% in 2012The greatest demand is for properties located within 20-30klm from the Moscow ring road, where buyers were mostly interested in 300-400sqm houses worth $1mln-$2mln in 2011... |
The volume of real-estate assets under construction in Moscow exceeds 1 trillion rublesThe main task facing the city in the construction sector, according to the deputy city mayor overseeing urban development policies, is to reduce this volume several times... |
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Moscow Ritz Carlton owners eyeing the acquisition of the neighboring National HotelMoscow’s legendary National Hotel, listed among the nation’s objects of historical and architectural heritage that only changed its ownership in 2011, may soon be up for sale again... |
Moscow Hotel’s capital renovation will require over 16bln rubles of investmentsThe reconstruction plan envisages building of a new, 185,500sqm, mixed-use complex that will house a 180-room luxury suite hotel, 46 residences, shopping center, etc... |
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Moscow’s Transstroybank in the near future plans to build 20 hotels across RussiaTransstroybank President Petr Chitipakhovian said he plans to build up to 20 hotels across Russia in cooperation with the Marriott chain... |
St. Petersburg’s Talion Hotel to undergo pre-sale preparation under Marriott managementThis step, experts say, will help the owner, who has placed the hotel on sale, to profitably sell it, as this move will increase the asset's value in the eyes of future buyers... |
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BMW does not intend to invest into new auto production plants in RussiaThe BMW Group Russia CEO, however, also noted that the Kaliningrad-based BMW’s Russia subsidiary, Avtotor, will produce 20,000 vehicles and increase its dealership centers in 2012... |
Volvo sums up its Russia operations in 2011 and announces plans for 2012The units' CEOs noted that in 2011 a special attention was paid to post-sales services to end customers, while their plans for 2012 include launching several new products... |
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FAVORIT MOTORS launches the sale of the new KIA Optima business-class carThe presentation took place at the new KIA FAVORIT MOTORS showroom on Leninsky Prospekt, where the novelty - KIA Optima business-class sedan - glowed in its glory... |
Russlavbank and Russian Standard Bank launch a new online payment serviceThe new facility's reak beauty is the relative ease and convenience of getting all banking services in one office within a walking distance from home or places of work... |
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VTB and Sberbank come under fire for fueling inflation and bank interest ratesResponding to CEOs complaints against Sberbank and VTB Group, Putin last month ordered the finance minister to fix the causes of unjustified growth of interest rates on bank loans for companies... |
Majority of Russia’s largest banks in dire need of generous recapitalizationAccording to S&P data, only a few of the largest Russian banks’ capitalization as at the end of 2010 could be classified as 'adequate' or 'more than adequate'... |
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Kremlin's 'Strategy 2020' meeting focuses on possible growth scenarios for RussiaThe high profile conference, attended by top bureaucrats, industry experts and business schools execs, was devoted to macroeconomics, a key component of the strategy... |
Prevailing trends in Russia's economy favorable for mass privatizationThe market conditions are better than they were during the crisis, and therefore, mass privatization, which must include the natural monopolies, should be done right now, official says... |
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Russia loses 4% of GDP through the illegal cash conversion and export of capitalA top official says the negative practices affect the pace of Russia's economic development, reduce investment incentives and poses a serious threat to its national security... |
Russia’s Financial Monitoring Agency to be transformed into a Financial Police ForceThe strategy that will combine the functions of financial intelligence and crimes detection will enable the authorities to detect and verify suspicious financial transactions... |
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Audit Chamber ready for privatization review and drafting of compensation sumThe Russian Audit Chamber is ready to reevaluate the 1990s privatization and calculate the amount of a possible one-time compensation payment to the state, the agency said... |
Expensive cars and elite real estate properties to subjects of luxury taxationThe finance minister specially noted that the interests of poor people will not be affected by the introduction of such luxury property taxes... |
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Eurozone’s financial woes cast pessimism over global growth forecasts in 2012The gloomy views were aptly described at the Davos Forum, which describes the economy as ‘a highly troubled world' being pressed for urgent solutions across a number of fronts... |
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