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[1/3] Russian Foreign Minister Sergei Lavrov and his Indian counterpart Subrahmanyam Jaishankar attend a news conference following their talks in Moscow, Russia, November 8, 2022. India is keen to boost trade in this way, said the source, as it tries to narrow a ballooning trade deficit with Russia. During the Moscow visit, Jaishankar said India needed to boost exports to Russia to balance bilateral trade that is now tilted towards Russia. The list of items from Russia, which runs to nearly 14 pages, includes car engine parts like pistons, oil pumps and ignition coils. India is hoping to boost its exports to nearly $10 billion over coming months with Russia's list of requests, according to the government source.
It sold its plant, now renamed the Moscow Automobile Factory Moskvich, for another rouble. [1/6] A view shows a car under the Soviet-era brand Moskvich during a ceremony marking the launch of the production at the Moscow Automobile Factory Moskvich in Moscow, Russia, November 23, 2022. The government's ultimate target of producing 100,000 Moskvich vehicles a year, some of which will be electric, is far below the industry average for a car plant of 200,000-300,000. "The first Moskvich cars will come off the production line in December 2022," Kamaz (KMAZ.MM) said in a statement. The car goes on sale in Russia next month, it added, although the price has yet to be disclosed.
It sold its plant, now renamed the Moscow Automobile Factory Moskvich, for another rouble. The ultimate target of producing 100,000 Moskvich vehicles a year, some of which will be electric, is far below the industry average for a car plant of between 200,000-300,000. "The first Moskvich cars will come off the production line in December 2022," truck maker Kamaz <KMAZ.MM>, the plant's technological partner, said in a statement. Sources have told Reuters that Chinese carmaker JAC's design, engineering and production platform will be used to produce the brand. The ministry said the launch of full-scale production would provide jobs for around 40,000 more people.
Yandex buys up remaining IKEA Russia inventory
  + stars: | 2022-11-18 | by ( ) www.reuters.com   time to read: +1 min
SummarySummary Companies This content was produced in Russia where the law restricts coverage of Russian military operations in UkraineMOSCOW, Nov 18 (Reuters) - Yandex Market, owned by Russian internet giant Yandex (YNDX.O), said on Friday it had agreed to buy up the remaining inventory of Swedish furniture giant IKEA (IKEA.UL), which has closed its shops in Russia. Yandex will sell the products in a section of its online marketplace designated 'IKEA goods', which combines items from production sites in Russia which used to supply IKEA, shop inventory and IKEA goods brought from overseas. IKEA decided to close its shops in Russia after Moscow sent troops to Ukraine in February in what it said was a 'special military operation'. Many other western companies - from energy producers to food and clothing chains - have left Russia. Main franchisee Ingka, which owns most IKEA stores, including those in Russia, said last month it had not decided whether to sell its IKEA stores in Russia, which generated around 4% of its group sales in 2021.
[1/4] Hyundai cars are seen at a customs terminal on the outskirts of Saint Petersburg, Russia June 1, 2022. REUTERS/Anton VaganovMOSCOW, Nov 16 (Reuters) - President Vladimir Putin urged the Russian government on Wednesday to control car prices, as one industry head said Western sanctions could send annual sales crashing to below 1 million for the first time since records began. Manturov also proposed extending preferential car financing to military personnel, adding: "Today we can speak of an emerging trend towards a recovery of the industry." He said the number of cars sold in Russia would this year fall below 1 million, a first in modern history. Reporting by Caleb Davis and Gleb Stolyarov; Editing by Kevin LiffeyOur Standards: The Thomson Reuters Trust Principles.
Nov 11 (Reuters) - Russian telecoms firm Tele2 has started legal proceedings in Moscow against Ericsson (ERICb.ST) over what it says is the Swedish firm's refusal to honour agreements to supply equipment, Tele2 representatives told Reuters on Friday. A spokesperson for Ericsson said: "We are aware of a lawsuit reported in Russian news media, but cannot comment further at this time." In a statement to Reuters on Friday, Tele2 said: "We have initiated proceedings against Ericsson Corporation and Satel TVK due to the refusal of the companies to fulfil their obligations to provide equipment. Satel TVK is a Russian company that supplied Tele2 with Ericsson equipment. Tele2 said it had engaged in eight months of negotiations with Ericsson to attempt to find a solution, but had not received "constructive proposals" from the company.
New car imports were well below February levels in August, data from Russian analytical agency Autostat showed, but those of used cars more than doubled to 23,117 from 11,055. The vast majority, 76%, of used cars were imported from Japan, with Belarus distant second with a 5.3% share, the data showed. Almost 70% of the 10,257 new cars imported in August came from China, the data showed. "One dealership, due to a lack of deliveries of new cars, has pivoted to selling and leasing used cars," the central bank said. In January-September, new car sales were down almost 60% to 506,661 units.
Russia's Yandex posts 46% jump in revenues in Q3
  + stars: | 2022-11-03 | by ( ) www.reuters.com   time to read: 1 min
SummarySummary Companies This content was produced in Russia, where the law restricts coverage of Russian military operations in UkraineMOSCOW, Nov 3 (Reuters) - Russian internet giant Yandex (YNDX.O) on Thursday reported a 46% year-on-year increase in total revenues in the third quarter to 133.2 billion roubles ($2.14 billion) and expanded its dominant share in the domestic search market. Yandex in August sold its news aggregator, content platform Zen and homepage yandex.ru to state-controlled VK in a move that is expected to tighten the government's grip on the internet, but maintains Yandex's stranglehold on online searches, which account for a little under half of its revenues. ($1 = 62.1000 roubles)Reporting by Alexander Marrow and Gleb Stolyarov; Editing by Kevin LiffeyOur Standards: The Thomson Reuters Trust Principles.
[1/2] The Mercedes-Benz logo is seen on a car at a new Mercedes-Benz plant's cornerstone laying ceremony in the town of Esipovo outside Moscow, Russia, June 20, 2017. REUTERS/Tatyana MakeyevaBERLIN/MOSCOW, Oct 26 (Reuters) - Mercedes-Benz (MBGn.DE) said on Wednesday it would withdraw from the Russian market and sell shares in its industrial and financial services subsidiaries to a local investor, becoming the latest carmaker to exit the country. Mercedes-Benz Russia said shares in the local subsidiaries would be sold to car dealer chain Avtodom. "Final completion of the transaction is subject to the authority's approval and the implementation of contractually agreed conditions," he added. The Association of European Businesses (AEB) said 9,558 Mercedes vehicles were sold in Russia from January to September, down 72.8% from a year earlier.
Prices for most goods and services rose sharply soon after Russia sent thousands of troops into Ukraine in February, sparking hefty Western sanctions. The Federal Antimonopoly Service (FAS) said MTS would have to lower prices to economically justified levels and pay a fine, the size of which would be determined after an investigation. "The adjustment of tariffs took into account the growth in costs of servicing telecoms infrastructure, which exceeds the growth of telecoms service revenues," MTS said in a statement. "In August, September and October 2022, MTS again raised the cost for these tariff plans," the FAS said. The FAS said MTS had not provided enough evidence of its costs.
Nissan takes $687 mln loss as sells Russian business for 1 euro
  + stars: | 2022-10-11 | by ( ) www.reuters.com   time to read: +3 min
A view shows the logo of Nissan on a car in Moscow, Russia, July 6, 2016. The Japanese automaker transfer its shares in Nissan Manufacturing Russia LLC to state-owned NAMI, it said. The deal will give Nissan the right to buy back the business within six years, Russia's industry and trade ministry said. The deal makes Nissan the latest major company to leave Russia since Moscow sent tens of thousands of troops into Ukraine in February. The Nissan deal was "of great significance for the industry," Russia's Industry and Trade Minister Denis Manturov said in a statement.
A view shows the logo of Nissan on a car in Moscow, Russia, July 6, 2016. REUTERS/Maxim ZmeyevSummarySummary Companies This content was produced in Russia where the law restricts coverage of Russian military operations in UkraineMOSCOW, Oct 11 (Reuters) - Japanese automaker Nissan (7201.T) is selling its Russian assets to Russian state ownership, with an option to buy back the business within six years, Russia's industry and trade ministry said on Tuesday. Nissan in a statement said it had decided to exit the Russian market and expected to incur an extraordinary loss of approximately 100 billion yen ($686.72 million) from the asset transfer. Renault reportedly sold its stake in Avtovaz for one rouble ($0.0157). "'Nissan Manufacturing Rus' is transferring its assets to the state - a deal of great significance for the industry," Industry and Trade Minister Denis Manturov said in a statement.
"Foreign aircraft will drop out of the fleet," Rostec said in a written response to Reuters questions about its plans and the situation in Russia's aviation industry. "We believe that this process is irreversible and Boeing and Airbus planes will never be delivered to Russia," it said. Russian airlines, including Aeroflot, splurged on Boeing and Airbus aircraft as they sought to rebuild their fleets after the chaos of the 1990s. The MS-21 has been Russia's attempt to break into the main part of the jet market dominated by Airbus and Boeing. Then we will install PD-8 engines on this type of aircraft," Rostec said.
Sollers in talks to buy Mazda out of Russian joint venture
  + stars: | 2022-09-26 | by ( ) www.reuters.com   time to read: +2 min
Register now for FREE unlimited access to Reuters.com RegisterEmployees work on the production line of the CX-5 model car at the Mazda Sollers Manufacturing Rus joint venture plant of Sollers and Japanese Mazda in Vladivostok, Russia September 10, 2018. Valery Sharifulin/TASS Host Photo Agency/Pool via REUTERS/File PhotoSummarySummary Companies This content was produced in Russia where the law restricts coverage of Russian military operations in UkraineMOSCOW, Sept 26 (Reuters) - Russian automaker Sollers (SVAV.MM) is in talks with Mazda Motor Corp (7261.T) about buying the Japanese company's stake in their Russian joint venture, Sollers said on Monday, as Mazda prepares to wind down operations in Russia. The Nikkei newspaper on Saturday first reported the talks with Sollers. Sollers said it was in talks with Mazda over stopping car production in Vladivostok and on buying out Mazda's stake in the venture. A Mazda spokesperson said the company was discussing ending vehicle production in Vladivostok, without giving details.
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