Mobile TeleSystems (MBT), Eastern Europe’s largest cellular operator, announced results for third-quarter 2009 with earnings per ADS of $1.31 exceeding the Zacks Consensus Estimate of $1.17. Net income, however, dipped 4.1% year over year to $494.4 million on lower revenue and higher interest expenses on US dollar denominated debt.  Revenue, ARPU & Churn  Consolidated revenue declined 19.4% year over year to $2.27 billion, affected by the macroeconomic volatily across key markets and unfavorable exchange rate (rouble versus dollar) movements which hurt the company’s dollar-denominated revenues. On a geographic basis, revenue increased in Russia (7.2% year over year) and Turkmenistan (113.2%) while declining in Ukraine (1.7%), Uzbekistan (1.9%)and Armenia (3.1%).   In Russia , churn (customer switch) increased sequentially and year over year while ARPU (average revenue per user) increased from the previous quarter but declined year over year. Churn at Ukraine declined year over year while increasing ...

The International Energy Agency increased its forecast for 2010 global oil demand as the pace of economic recovery in Asia and the Middle East quickens, but has apparently cautioned that rising oil prices could jeopardize the green shoots of recovery. President Medvedev called for an end to Russia's 'humiliating' dependence on commodities in yesterday's state of the nation speech, whilst it is rebounding oil prices that are palliating Russia's current economic problems. Gazprom plans to increase its investment program by 5% next year, to $27.94 billion. The heads of the Russian state giant and Naftogaz are to meet to discuss the Ukrainian company's parlous financial status and issues related to the November supply of gas. Russia will apparently produce next-generation nuclear reactors and new types of nuclear fuel by 2014. Gazprom has confirmed plans ...

According to the FT, Russia, Belarus and Kazakhstan have abandoned their attempt to join the World Trade Organization as a single customs union, after WTO members made clear the unprecedented suggestion would elongate the process by some years.  The trio will reportedly attempt to join simultaneously.  French retailer Carrefour has made a swift exit from Russia, only four months after the opening of its first store.  Bad news for Avtovaz: Sberbank and VTB have declined an offer to take stakes in the company in exchange for debt.  Gazprombank had its worst month of the year in September, posting losses of $529 million, the sixth time this year that the bank has posted a monthly loss.  Italy's Cremonini Group is set to open a $148 million meat-processing plant in the Moscow region to produce hamburgers for McDonalds by ...

TODAY: United Russia sweep polls at regional elections; accusation of vote-rigging fly.  Mitvol receives unusual delivery.  Medvedev had no time for Yushchenko at CIS summit; positive on Obama's peace prize; Ecuador looking for weapons deals?; Russia bids to host World CupWith almost 90% of the votes counted in Moscow, the city's election Committee has reported that the United Russia party has garnered 66.10% of the vote, with the Communist Party coming in second at 13.28%, sufficient for three seats in the 35-member chamber.  Vladimir Putin's party is apparently likely to have dominated in other regions.  The Guardian reports on allegations of vote-rigging; talk of which has seen leading opposition candidates scorn Medvedev's promise to uphold ...

TODAY: Iran uranium plan waiting to be concluded; Russia backs Serbia on Kosovo; Lavrov exit denied; Ingushetian cabinet out.  Ex-US Yukos unit to launch mammoth lawsuit; picketed journalist gets unlikely defender; UN says Russia should improve immigration policies; grave problem for MoscowThe Washington Post reports that Foreign Minister Sergei Lavrov has announced that an agreement between Tehran and six world powers to allow Russia to help enrich uranium for an Iranian reactor awaits finalizing.  ITAR-TASS says that the Foreign Ministry has denied rumors that Lavrov may resign.  The Foreign Minister has rebuffed questions about who truly runs Russia, Putin or Medvedev, at a press conference, where he answered, 'you should not pit the Kremlin against ...

Ria-Novosti reports that first deputy prime minister Igor Shuvalov believes the path towards a customs union with Belarus and Kazakhstan is clear.  Bank of America Corp. has increased Russia's economic growth forecast for 2010 to 3.9% from 2.4%.  Citigroup Inc. estimates that Russia's economy will grow faster than previously estimated, according to Bloomberg.  Arabtec Holding has started foundation-test work on the Gazprom tower.  Sberbank may sell its stake in Opel to VEB, if a sale to GAZ Group falls through, Reuters reports.  President Medvedev has told German Chancellor Angela Merkel that he is willing to provide state guarantees for Opel investments in Russia, says Reuters.  A possible windfall for Avtovaz: the company may be assembling Nissan cars by 2012.  The Telegraph reports on tough times for the Lada.  The Times reports that Yelena ...

TODAY: EU chief has faith that Russia will not stand in the way of sanctions against Iran; US reproaches Russia on human rights; hope for WTO bid?  Yushchenko suggests NATO bid would receive popular backing; ethnic haters charged; new accusation for Berezovsky; chess matches and political clashes. Drama at the Bolshoi. EU foreign policy head Javier Solana has said that he does not believe that China and Russia will oppose new sanctions against Iran.  US diplomat Douglas Griffiths has told the UN Human Rights Council that 'in Russia we are concerned about killings with impunity of human rights defenders and journalists in the North Caucasus'.  First Deputy Prime Minister Igor Shuvalov has said that Russia ...

Venezuelan President Hugo Chávez is known for his erratic behavior, but his latest move to extend official recognition to Georgia's separatist regions of South Ossetia and Abkhazia during his visit to Moscow is a bit of a head-scratcher.  In theory, it shouldn't come as a surprise, as probably the strongest predictor of Chávez's future behavior is anything perceived to be contrary to U.S. interests.  That includes sometimes illogical policies and relationships, such as red carpet welcomes for Sudan's Omar al-Bashir, cooperation with Iran on missile and nuclear technology, hugs for Alexander Lukashenko of Belarus, and tea parties with Coronel Muammar Qaddafi. 

What is strange is that Chávez waited a whole year before joining up with his surrogate state

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Very intriguing news brief from Reuters, as the cops in Minsk find themselves stamping out anti-Russia protests:Thousands of Russian soldiers have started to arrive in Belarus for joint exercises that will continue until Sept. 29. Riot police moved in to disperse the meeting minutes after protesters unfurled banners saying "Russian army go home" and "No Russian occupation". "This is our response to the beginning of the exercises, to the entry of Russian troops onto the territory of Belarus. Belarus should not be with Russia, but with Europe," protester Dmitry Bondarenko told journalists.

Presidential aide Sergei Prikhodko has stated there has been 'progress' in the construction of a nuclear power plant in Belarus with Russia's assistance.  Energy was a focal point for discussion between Russian presidential envoy to the Far East Viktor Ishayev and South Korean President Lee Myung-bak.  Emphasis was put upon 'oil and gas development, coal deposit exploration, the construction of pipelines'.  Prime Minister Putin has reportedly suggested paying all natural gas extraction revenue tax straight into the federal budget to boost revenue.  Gazprom has stated that Ukraine is pumping gas into underground storage at sufficient rates to ensure the stability of gas transit to Europe over the coming winter months.  The Guardian reports that UK coal has begun a 'buy British' marketing campaign to counter Britain's dependence on Russian energy resources.  Lukoil has seen a 44% ...