At the G20 finance summit in St Andrews, the problem of unemployment was raised as well as 'uneven growth'; Russian Finance Minister Alexei Kudrin has said that 'exit strategies' will have to be considered.  Kudrin apparently believes that a second wave of crisis is unlikely.  Goldman Sachs will not become the key adviser to Rusal on its intended $30 billion stock-market listing, a decision which is 'mutual'; the Bank of America Merrill Lynch will take its place.  Apparently Goldman Sachs may have been deterred by Rusal owner Oleg Deripaska's problems in the US, fueled by allegations that he is involved with organized crime.  The government has nearly completed the initial development of an agency designed to help provide subsidies for exports loans and regulate export tariffs.  Mitsubishi has acquired a 40% stake in Russia's Rolf Import.  ...

After months of painstaking negotiations, GM has scrapped the Opel sale on the basis that it was 'no longer in the best interests of GM, now that the environment for car sales has started to improve', reports the Independent.  The decision comes just after Opel's labor force had agreed to contribute $390 million in annual savings.  'Management had planned a release saying that they will proceed with Magna, so there must have been a fundamental change of view within the board', the FT quotes an insider as saying.  The Russian government is planning to raise $1.87 billion to bail out ailing carmaker Avtovaz, most of which will be apparently allotted to bad debts, and some of which will be allocated to modernization and on job creation, Prime Minister Vladimir Putin has reportedly announced.  Daimler Trucks will proceed ...

Reuters has a feature on the nanotechnology surge; Rusnano head Anatoly Chubais sees the crisis as an opportunity to drive the economy away from oil and gas.  Chubais has apparently said that Russia's Moscow Bank may create an innovation market that would have a trading floor the equivalent of Nasdaq.  Bloomberg reports on how the collapse in oil and gas prices has pushed Vladimir Putin towards economic reform.  Rushydro is looking for a 10-year, $234.7 million loan to pay for some of the repairs to the Sayano-Shushenskaya power plant.  Truck maker Kamaz intends to establish two joint ventures with US company Case New Holland.  To prevent the ruble from strengthening and assist exporters, Russia's central bank reportedly bought between $750 million and $1 billion in foreign currency yesterday.  Billionaire Mikhail Prokhorov is quoted in the Moscow ...

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Tuesday October 6, 2009

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The first aluminum diesel piston rolled off the line today at Federal-Mogul Corporation’s (Nasdaq: FDML) joint venture with KAMAZ, the leading manufacturer of heavy-duty trucks in Russia. The 50/50 JV, called Federal-Mogul Naberezhnye Chelny, located in Tatarstan, Russia, will produce pistons, piston rings and cylinder liners for KAMAZ’s OE and OES products, and serve the Russian and global automotive and aftermarket industries.

Further addressing consumer expectations for mobile phones that deliver performance equivalent to stand-alone consumer devices,

...

Sberbank has slackened restrictions for individuals seeking loans, after last year's crisis driven squeeze on credit.  The government intends to establish a new state holding to oversee Russia's geological reserves, the Moscow Times reports.  Fertilizer producer Acron has said it may borrow up to $2.2 billion from Sberbank and VTB to finance development.  Gold output has increased by 18.5% year-on-year in the first eight months of 2009.  Daimler is attempting to fortify its share of the Russian market by planning a truck and bus joint venture with Kamaz.  Raiffeisenbank has explained that it had filed to bankrupt media firm RBC, but will withdraw the suit imminently as it hopes to come to a debt restructuring plan for the company.  Russian-Israeli tycoon Arkady Gaidamak has been charged with money laundering and fraud to the tune of ...

The chairman of the German government-backed trust designed to oversee the sale of Opel has said that GM cannot afford to keep control of the European unit, as it needs to focus on its fortunes stateside.  According to the New York Times, the company's Vice President maintains that it wishes to sell but that certain questions remain.  The president of AvtoVAZ, Boris Alyoshin, has resigned.  Russia plans to create a holding company to put together the state's stakes in the country's two biggest car makers, Avtovaz and Kamaz.  Car manufacturer Gaz is adapting to the conditions of a low-demand market, says its CEO.  The Moscow Times reports that the number of consumers planning to buy a car within the next year has doubled to 6%.  VTB has acquired rights to a controlling stake in developer Don ...

President Medvedev has said that bankruptcy laws need to be changed to maximize the possibilities of 'revamping an enterprise'.  Apparently Russian bailiffs are on the point of selling Telenor's stake in Vimpelcom to cover the $1.7 billion court fine against the Norwegian company, which is 'outraged' by the prospect.  Telenor has warned Vimpelcom that if it is ousted as a shareholder, the company will deprive itself of opportunities to expand.  Car sales have sunk to a new low of 58% in May; LDV has gone bankrupt, as a last minute rescue package from Malaysian firm Weststar fell through.  The GAZ-owned company will make 850 workers redundant in central England.  The GM plant in St Petersburg will halt production until June 28; however a 5-day week will return after June 29.  Truck maker Kamaz has ...

Financial NewsJason Corcoran in Moscow28 Jul 2008 The Russian investment bank benefits from privatisations Andrei Sharonov, managing director and chairman of the board of directors at independent Russian investment bank Troika Dialog, knows more than most about the links between Russia’s public and private sectors. He served in the Government for a decade, including nine years as Deputy Minister of Economic Development and Trade.Troika’s status as, in observers’ eyes, the Kremlin’s preferred investment bank has been cemented by its leading role in the recent sale of a 25% stake in state-controlled carmaker AvtoVAZ to France’s Renault, its mandates from the break-up of the electricity monopoly UES and its involvement in the privatisation programme of the state-owned rail giant RZD.The deals have propelled Troika to the top of the Russian mergers and acquisitions league table for the first six ...