DIRS.INFO The most relevant business & tech news

☆ Russian gold miner Uzhuralzoloto announces IPO despite UK sanctions on owner
▼ + stars: | 2023-11-09 | by ( Anastasia Lyrchikova | ) www.reuters.com time to read: +2 min

Alfa Bank analysts valued UGC's share capital at 140.5-170.8 billion roubles ($1.53-1.86 billion). Britain imposed sanctions on 29 individuals and entities in Russia's gold and oil sectors on Wednesday, including Strukov and two of Russia's largest gold producers, Nord Gold and Highland Gold Mining, but not UGC itself. Britain's National Crime Agency (NCA) also issued an alert to financial institutions, warning them about Russian attempts to use gold to evade sanctions. Strukov said the IPO would allow UGC to reach more investors, diversify the shareholder structure and lower its debt burden. A string of small offerings has breathed some life into Russia's equity capital markets in recent months.

Persons: Uzhuralzoloto, Konstantin Strukov, Strukov, Anastasia Lyrchikova, Felix Light, Alexander Marrow, Mark Potter Organizations: UGC, Alfa Bank, Reuters, Nord, Highland Gold Mining, Crime Agency, Astra, Thomson Locations: Russia, Ukraine MOSCOW, Moscow, Britain, Ukraine, Nord Gold

☆ Russian oligarch Kuzmichev put under formal investigation in France - source
▼ + stars: | 2023-11-01 | by ( ) www.reuters.com time to read: +2 min

PARIS, Nov 1 (Reuters) - French investigative judges on Wednesday put Russian tycoon Alexey Kuzmichev under formal investigation, a source at the financial prosecutor's office said. Kuzmichev, who had been held for questioning since Monday, was put under formal investigation over allegations of laundering of tax evasion proceeds, money laundering and concealed work, the source said. While the financial prosecutor's office had sought for Kuzmichev to be placed in pre-trial detention, he will be set free under judicial supervision, the source said. Being placed under formal investigation in France does not imply guilt or necessarily lead to trial but shows judicial authorities consider there is enough to the case to proceed with the probe. Kuzmichev was one of very few Russian tycoons who stayed in the West after Russia invaded Ukraine.

Persons: Alexey Kuzmichev, Kuzmichev, Vladimir Putin, Forbes, Russian tycoons, Ingrid Melander, Felix Light, Diane Craft, Sandra Maler Organizations: Wednesday, Kuzmichev's Paris, European Union, Russia's Alfa Bank, Thomson Locations: France, Ukraine, Russian, West, Russia

☆ Russian Oligarch Kuzmichev Detained in France in Laundering, Sanctions Probe
▼ + stars: | 2023-10-31 | by ( Oct. | At A.M. | ) www.usnews.com time to read: 1 min

PARIS (Reuters) - Russian tycoon Alexey Kuzmichev is detained for questioning in France in connection with alleged tax evasion and money laundering and for violating international sanctions, the French Financial Prosecutors’ office said on Tuesday. Searches took place on Monday at Kuzmichev's Paris home and in the Mediterranean Var region as part of the investigation, the office said, confirming a report in French daily Le Monde. Kuzmichev was still being detailed on Tuesday but has not yet been charged in the case. French customs agents last year seized the oligarch's 27-metre yacht "La Petite Ourse", sparking a legal battle between authorities and Kuzmichev, one of the main shareholders of Russia's Alfa Bank. (Reporting by Dominique Vidalon, editing by Tassilo Hummel)

Persons: Alexey Kuzmichev, Kuzmichev, Dominique Vidalon, Tassilo Hummel Organizations: PARIS, Financial Prosecutors, Kuzmichev's Paris, Russia's Alfa Bank Locations: France, Le

☆ Russian oligarch Kuzmichev detained in France in laundering, sanctions probe
▼ + stars: | 2023-10-31 | by ( ) www.reuters.com time to read: +1 min

PARIS, Oct 31 (Reuters) - Russian tycoon Alexey Kuzmichev has been detained for questioning in France in connection with alleged tax evasion and money laundering and for violating international sanctions, the French Financial Prosecutors’ office said on Tuesday. Kuzmichev was still being detained on Tuesday but has not yet been charged in the case. Russia will be able to defend Kuzmichev's rights once Paris provides detailed information about his case, Kremlin spokesman Dmitry Peskov said. "As far as I understand, he is a citizen of the Russian Federation so we should receive information about the detention through our diplomatic mission," Peskov told reporters. "Once we receive the information, and if the detainee so wishes, we will of course assist in protecting his rights as a Russian citizen."

Persons: Alexey Kuzmichev, Kuzmichev, Philippe Blanchetier, Dmitry Peskov, Peskov, Vladimir Putin, Dominique Vidalon, Tassilo Hummel, Christina Fincher Organizations: Financial Prosecutors, Kuzmichev's Paris, Russian Federation, European Union, Russia's Alfa Bank, Thomson Locations: France, Le, Russia, Paris, Russian

SummaryCompanies This content was produced in Russia, where the law restricts coverage of Russian military operations in Ukraine. MOSCOW, Oct 3 (Reuters) - Russian technology company Astra plans to open the books for an initial public offering (IPO) on the Moscow Exchange on Thursday, two financial market sources told Reuters, with trading due to start on Oct. 13. Sberbank, Gazprombank, Alfa Bank and Start Capital were chosen as organisers of the offering, said the sources, who asked not to be named because the information is private. Astra dominates Russia's operating system (OS) market with its Astra Linux software. ($1 = 98.3250 roubles)Reporting by Olga Popova and Gleb Stolyarov; Writing by Alexander Marrow; Editing by Mark TrevelyanOur Standards: The Thomson Reuters Trust Principles.

Persons: Olga Popova, Gleb Stolyarov, Alexander Marrow, Mark Trevelyan Organizations: Astra, Moscow, Alfa Bank, Start, Astra Group, Astra Linux, Thomson Locations: Russia, Ukraine, MOSCOW, Russian, Moscow

Oct 2 (Reuters) - Russian technology company Astra on Monday said it was planning to list its shares on Moscow Exchange this month in an initial public offering (IPO), potentially breathing some life into Russia's moribund equity capital markets. Electric scooter firm Whoosh (WUSH.MM) was the only Russian firm to hold an IPO last year, but its debut raised less than half its initial target and relied heavily on Russian retail investors for capital. Astra dominates Russia's operating system (OS) market with its Astra Linux software. Alfa Bank analysts valued Astra, which more than doubled its core earnings year on year to 5.4 billion roubles in 2022, at around 70 billion-90 billion roubles ($707 million-$909 million) in a report published on Monday. Also on Monday, spirits producer Kristall said it was hoping to raise 1.5 billion roubles in a fourth quarter IPO on Moscow Exchange, something it said would significantly accelerate growth.

Persons: pipemaker, Ilya Sivtsev, Sivtsev, Kristall, Alexander Marrow, Louise Heavens, Kirsten Donovan Organizations: Astra, Moscow, Astra Linux, Reuters, Alfa Bank, Moscow Exchange, Thomson Locations: Russian, Ukraine

☆ Russian central bank surprises with sharper-than-expected rate hike to 8.5%
▼ + stars: | 2023-07-21 | by ( ) www.reuters.com time to read: +3 min

"Pro-inflationary risks have increased significantly over the medium-term horizon," the bank said in a statement. The central bank raised its year-end forecast for inflation - now just below 4% - to 5.0-6.5% from 4.5-6.5%, and said it was holding open the possibility of further hikes at future meetings. "The much larger-than-expected 100bp interest rate hike ... underscores policymakers’ concerns about inflation risks," said William Jackson, Chief Emerging Markets Economist at Capital Economics. Alfa Bank Chief Economist Natalia Orlova said the rate hike looked like a reaction to the situation on the currency market, given that the other inflation pressures mentioned had been evident at the previous central bank meeting on June 9. Central Bank Governor Elvira Nabiullina will shed more light on the bank's forecasts and policy in a media briefing at 1200 GMT.

Persons: William Jackson, Natalia Orlova, Wagner, Central Bank Governor Elvira Nabiullina, Alexander Marrow, Andrew Osborn, Kevin Liffey Organizations: Reuters, Capital Economics, Alfa Bank, Central Bank Governor, Thomson Locations: Russia, Ukraine MOSCOW, Ukraine, Moscow

But based on Friday's figures, Russia posted a surplus in March of 181 billion roubles, improving on deficits of 821 billion roubles in February and 1.76 trillion roubles in January. Spending accelerated 34% in the quarter to 8.1 trillion roubles, the preliminary data showed. Overall government income was down 20.8% in the quarter compared with 2022 at 5.7 trillion roubles, led by a 45% dive in energy revenues to 1.64 trillion roubles, the data showed. "The large budget deficit...increases nervousness on the market in relation to the price that geopolitical tensions are costing, and requires efforts directed at improving budget revenues," she said. The central bank has repeatedly warned that the budget deficit poses inflationary risks and may compel it to raise interest rates from the current 7.5%.

☆ Russia's Alfa Bank follows in VTB footsteps with record 2022 loss
▼ + stars: | 2023-04-06 | by ( ) www.reuters.com time to read: +2 min

Alfa Bank had made a net profit of 136.6 billion roubles in 2021, a record year for Russian banking sector profits. Provision costs for possible loan losses jumped about five times to 167.4 billion roubles, Alfa Bank's report said. However, net interest income rose to 211.7 billion roubles from 175.8 billion roubles in 2021 and Alfa Bank's assets increased to 5.82 trillion roubles, from 5.62 trillion roubles. Alfa Bank did not respond to a request for comment. Sanctioned Russian businessmen Mikhail Fridman and Petr Aven are in talks over selling their stake in Alfa Bank to their longtime business partner and its co-founder Andrei Kosogov.

Last week's official data showed annual industrial output decline slowed in February, largely thanks to the defence sector, offsetting some of the damage wrought mainly by sanctions on Russia's key energy exports. Russian industrial output fell 1.7% year-on-year in February after a 2.4% drop in January, data from the federal statistics service Rosstat showed. Polevoy estimated that non-defence industrial production shrank about 8% year-on-year, while output of sectors with a high share of state defence orders jumped 36%. The decline in energy revenues has pushed Russia's budget deficit to $34 billion in January-February, compared with a surplus of $4 billion in 2022. LONG-TERM DECLINEAn independent study last month suggested Russia's middle class will shrink as social inequality grows, even if sanctions get relaxed.

☆ Fridman, Aven in talks over selling stake in Russia's Alfa Bank
▼ + stars: | 2023-03-10 | by ( ) www.reuters.com time to read: +1 min

March 10 (Reuters) - Sanctioned Russian businessmen Mikhail Fridman and Petr Aven are in discussions over selling their stake in private Russian lender Alfa Bank to longtime business partner and Alfa Bank co-founder Andrei Kosogov, the bank said on Friday. "As far as we know, such a deal is indeed being worked out," Alfa Bank said. Alfa Bank has been placed under Western sanctions, imposed in response to Russia's invasion of Ukraine last year. Fridman and Aven are seeking to have the personal sanctions on them removed. "Neither Andrei Kosogov nor the seller are under sanctions, so it is likely that the approval of the deal by foreign regulators will not be needed," Alfa Bank said.

Summary This content was produced in Russia, where the law restricts coverage of Russian military operations in Ukraine. MOSCOW, March 2 (Reuters) - Russia's central bank said on Thursday that it would extend capital controls affecting foreign currency withdrawals and transfers abroad, warning that some economic sectors continued to feel the pinch from sanctions despite their resilience. The central bank and the government responded with sweeping capital controls, including a ban on sending foreign currency abroad to shore up the rouble and stabilise its banking sector. Russia's economy has proved remarkably resilient in the face of tough Western sanctions, but analysts still predict a 1.9% drop in economic output in 2023, after an estimated 2.1% slide in 2022. Those sanctioned last week have responded in a largely relaxed manner, with some saying disruption will be limited and others restricting foreign currency transactions or suspending euro trading on brokerage accounts.

REUTERS/Maxim ShemetovSummarySummary Companies This content was produced in Russia where the law restricts coverage of Russian military operations in UkraineMOSCOW, Feb 27 (Reuters) - Russian banks and politicians have played down the latest foreign sanctions on Russian lenders, promising speedy solutions to any problems with clients' foreign currency dealings. Those sanctioned last week have responded in a largely relaxed manner, with some saying disruption will be limited and others restricting foreign currency transactions or suspending euro trading on brokerage accounts. Russia's major banks have rallied after an initial hit from last year's Western sanctions and now jostle for business from the state, particularly a burgeoning defence budget, and big corporate accounts. Sanctions have mostly hurt Russians wanting to travel abroad or hold foreign currency. Alexander Shokhin, Russia's top business lobby chief, was more cautious, saying the situation could change rapidly, and that Russian banks needed to act pre-emptively.

☆ Analysis: Russia's falling oil revenues could create vicious circle for budget, rouble
▼ + stars: | 2023-01-16 | by ( Darya Korsunskaya | ) www.reuters.com time to read: +4 min

Jan 16 (Reuters) - Russia's attempts to plug its budget deficit by selling foreign currency reserves could lead to a vicious circle that pushes the rouble higher and further reduces the Kremlin's crucial export revenues, analysts say. That process could trigger a cycle of weaker export revenues, requiring more foreign currency sales and leading to an even stronger rouble, exacerbating the budget hole. Finance minister Anton Siluanov said in December that the price cap imposed on its oil could mean Russia's budget deficit is wider than current plans for 2% of GDP in 2023. Government officials have also publicly said they would like to see a weaker rouble - something the foreign currency interventions seem likely to prevent. Russia's budget for this year is based on a Urals blend price of around $70.10 a barrel, though Russia's main blend is currently trading at around $50 a barrel.

☆ Analysis: Russia may hike taxes as military spending, oil price weigh on budget
▼ + stars: | 2023-01-13 | by ( Darya Korsunskaya | ) www.reuters.com time to read: +5 min

"The growing dependence of the budget on oil raises concerns," Alfa Bank said in a note that warned a decline in revenue from gas and oil product exports "looms on the horizon." Analysts say that as the government increased spending by more than a quarter in 2022, in part to finance its military in Ukraine, the oil price required to balance the budget jumped from $67 to $101 a barrel. "When there is a big gap between the actual price (of oil) and the balancing price, it cannot be sustainably covered by borrowing," said Natalia Orlova, chief economist at Alfa Bank. VAT rates, profit taxes and income tax would not be changed, Sazanov said, but other industries may face a higher tax bill. The measures are expected to net an additional 3.6 trillion roubles for the Russian budget over three years.

☆ Rouble plunges below 68 per dollar to hit over 7-month low
▼ + stars: | 2022-12-19 | by ( Alexander Marrow | ) www.reuters.com time to read: +2 min

Summary Rouble dives around 5% against dollar, yuanHits 68.1100 vs dollar, weakest since May 11Weak oil prices, sanctions fears hurtThis content was produced in Russia where the law restricts coverage of Russian military operations in UkraineMOSCOW, Dec 19 (Reuters) - The Russian rouble slumped past 68 per U.S. dollar to a more than seven-month low on Monday, hurt by low oil prices and fears that sanctions on Russian oil could crimp the country's export revenue. By 1248 GMT, the rouble was 5.3% weaker against the dollar at 68.02 , its weakest mark since May 11. The currency also lost 4.2% to trade at 72.00 against the euro , its weakest since May 6. Relatively low oil prices and risks of lower export revenue in the light of the $60-a-barrel price cap on Russian oil imposed by the G7, the European Union and Australia, have pressured the rouble. The dollar-denominated RTS index (.IRTS) was down 5.4% to 982.8 points, a more than two-month low.

This year, Russia is on track to post a record high current account surplus after its imports of goods and services fell due to Western sanctions while globally high commodity prices boosted its export revenues. Exports rather than import compression are responsible for the majority of the rise, the Institute of International Finance has said. As an oil price cap and export embargo kick in, the surplus will likely decline in 2023. That drop could put further strain on Russia's economy, already saddled with subdued consumer demand, falling disposable incomes and the impact of President Vladimir Putin's partial mobilisation order on workforce numbers. Russia's economy is doomed to see a fall in productivity, with consumption and investments also expected to drop, Nadorshin said, predicting a 5-10% economic contraction in 2023.

☆ Russia's more gradual economic contraction to extend into 2023
▼ + stars: | 2022-12-02 | by ( Alexander Marrow | ) www.reuters.com time to read: +3 min

After initially dire predictions of a double-digit GDP slump, analysts and officials have gradually been improving forecasts as the Russian economy demonstrates better-than-anticipated resilience. But the decline will continue at a similar pace in 2023, with analysts now forecasting a 2.5% drop. Over time, economists have acknowledged that the contraction is likely to be less sudden, but more prolonged than first expected. "We cannot rule out a deeper contraction next year when compared with 2022, it could be 5-6%." After a rate hold on Dec. 16, the bank will continue easing monetary policy in 2023, the poll suggested, with the key rate set to end next year at 6.75%.

☆ Russian weekly consumer prices edge up slightly
▼ + stars: | 2022-11-09 | by ( Marianna Parraga | Brendan O'Boyle | ) www.reuters.com time to read: +3 min

MOSCOW, Nov 9 (Reuters) - Consumer prices in Russia rose slightly for the seventh consecutive week at the start of November, data published on Wednesday showed, as the central bank tries to balance competing inflationary pressures across the economy. Russia's consumer price index rose 0.01% in the week to Nov. 7, the Rosstat federal statistics service said. That was down from a 0.07% rise in prices recorded a week earlier, a trend some analysts said was signs of weakening consumer demand. The central bank targets inflation at 4%. "The main reason behind the downward trend of inflation is the weakening of consumer demand," said analysts at Alfa Bank.

In Spain, six vessels were frozen following sanctions imposed after Russia's invasion of Ukraine in February. The "majority" of the owners are paying their maintenance, crew, docking and insurance fees, a source with knowledge of the matter said. In March, Spain's Prime Minister Pedro Sanchez vowed, when announcing the freezing of one yacht in Spain, to hit Putin's allies "decisively" and "hard". read more read moreProposals by the United States and European Union to sell seized Russian assets and give the proceeds to Ukraine have stalled. In France, five yachts have been frozen.

☆ Минфин Молдовы опроверг фейк о переводе Додону 20 млн евро
▼ + stars: | 2020-11-13 | by ( ) ehomd.info time to read: 1 min

Минфин РМ опровергло сообщение о том, что якобы на банковский счет Игоря Додона в российский «Alfa Bank» было переведено 20 млн евро. В пресс-релизе ведомство призвало СМИ «не участвовать в политических играх, продвигая ложные новости, в которых напрямую преследуется Министерство финансов». «В противном случае нам придется подавать в суд на любого, кто распространяет эту ложь», – сообщается в документе, сообщает Cenzura. Напомним, ранее в СМИ появилась новость с документом, согласно которому Минфин РМ перевел деньги на личный счет Игоря Додона. Эксперты сразу же подвергли сомнению подлинность фотографии из-за очевидной при рассмотрении низкокачественной обработке документа в фоторедакторе.

Persons: Игорь Додон Organizations: Alfa Bank, Минфин, СМИ, Министерство финансов Locations: РМ

☆ Минфин опроверг фейковую информацию об Игоре Додоне
▼ + stars: | 2020-11-12 | by ( ) actualitati.md time to read: 1 min

Министерство финансов опровергает недостоверную информацию, запущенную в общественное пространство, о том, что государственное казначейство якобы перевело на личный счет Игоря Додона в российском «Alfa Bank» 20 млн. евро с назначением «инвестиции». – Призываем представителей СМИ не участвовать в политических играх, продвигая лживые новости, в которых упоминается министерство финансов. В противном случае мы будем вынуждены подать в суд за распространение этой лжи, – указывается в пресс-релизе министерства финансов.

Persons: Игорь Додон Organizations: Alfa Bank, Министерство финансов, СМИ

☆ Минфин опроверг информацию о переводе €20 миллионов на счет Додона в России
▼ + stars: | 2020-10-12 | by ( ) point.md time to read: 1 min

Минфин опровергает информацию о переводе €20 млн на счет Додона в России. Фото: Point.md. Минфин опровергает недостоверную информацию, запущенную в общественное пространство, о том, что госказначейство якобы перевело на личный счет Игоря Додона в российском «Alfa Bank» €20 миллионов с назначением «инвестиции».

Persons: Додон, Игорь Додон Organizations: Alfa, Минфин Locations: Россия

Search resuls for: "Alfa Bank"

24 mentions found