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Articles with tag "business"

Ex-Chechen Official Takes Over Danone’s Russian Unit

Danone announced its intention to leave Russia after the 2022 invasion of Ukraine. In May, Danone completed the sale of its Essential Dairy and Plant-based...

Danish Brewer Carlsberg Sells Russian Business

The move comes a day after President Vladimir Putin signed a decree ending state control of the business.
1 Min read

Russia’s Rusal to Cut Aluminum Production Amid Rising Costs, Sluggish Demand

Rusal said it would cut output by 250,000 metric tons as profit margins are squeezed by record-high alumina prices.
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Russian Aircraft Manufacturer Ousts Top Executives Amid Production Setbacks

The shake-up also comes after one of the company’s flagship jets, the SJ-100, caught fire after landing in Turkey on Sunday night.
2 Min read

Rosneft Denies Reports of Mega Oil Merger Plans

The state-backed oil giant accused journalists of trying to tarnish CEO Igor Sechin’s reputation, sarcastically referring to him as “evil Sechin.”...
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Russia Faces a Wave of Bankruptcies as Borrowing Costs Skyrocket

Corporate bankruptcies in Russia have jumped by 20% this year as soaring interest rates and liquidity shortages push firms closer to financial ruin.
5 Min read

Trump’s Win Gives Optimism to Russian Brokers

“All the talk this morning is about how to trade Russia and whether sanctions will be thrown off,” FT wrote.
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IKEA Sells Last Remaining Warehouse in Russia

The IKEA distribution center’s value is estimated at between $163 million and $183.5 million, industry experts said.
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Russian Finance Minister Confirms Hike in ‘Exit Tax,’ Sales Discount for Foreign Companies

Mandatory contributions to the Russian treasury will increase from 15% to 35%, while the discount on company sales will go from 50% to 60%.
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Moscow Police Arrest Business Partner of Bar Owner Injured in Car Bomb Attack

Russian media reported that the arrested man is Shaker Group co-founder and Belarusian citizen Vitaly Slobodyanik.
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Putin Orders Seizure of U.S.-Owned Canned Food Maker

Canned food maker Glavproduct’s parent company, Promselkhozinvest, is owned by the U.S.-registered Universal Beverage Company.

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Wildberries Subsidiary Files $400M Claim Against Bakalchuk

Tatiana Kim previously claimed that her estranged husband Vladislav Bakalchuk and his team siphoned 37 billion rubles out of the company.
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Productivity at Russia’s Largest Enterprises Rising in Effort To Keep Economy Competitive

Production at the largest Russian enterprises grew rapidly in 2012-2023 despite the pandemic, sanctions and weak impact of production growth on wages.
10 Min read

Russia Hikes ‘Exit Tax,’ Sales Discount for Foreign Companies – RBC

“Voluntary contributions” to the Russian treasury for exiting companies would be raised from 15% to 35% under the new rules, according to RBC.
2 Min read

Consumer Goods Giant Unilever Finally Exits Russia

Unilever said that it had offloaded the subsidiary to Arnest Group, a Russian manufacturer of perfume, cosmetics and household products, for an undisclosed...
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Russian Sparkling Wine Production Up 28% in September

State subsidies and a complex geopolitical climate have moved domestic producers to the forefront, but a turbulent history and concurrent anti-alcohol...
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Raiffeisen Slashes Correspondent Accounts in Russia

Such massive movements of correspondent accounts could be directly related to a significant reduction in the bank's cross-border transfers, analysts surveyed...
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Russian Manufacturing Activity Dips for First Time Since April 2022

The decline was driven by contractions in output, new orders and employment, according to S&P Global.
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Wildberries CEO Announces Successful Merger With Russ Group Following Dispute

Media report that the merger may be part of Russia’s wartime redistribution of assets, benefiting business figures linked to the Kremlin.
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Gazprom Drops From Russia’s Most Profitable Company to Outside Forbes’ Top 100

But Forbes noted that the company’s record loss last year was “more on paper,” as Gazprom’s cash flow remained stable at $24.6 billion.
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