DIRS.INFO The most relevant business & tech news

[1/2] The logo of Russian technology giant Yandex is on display at the company's headquarters in Moscow, Russia December 9, 2022. Maksut Shadaev, the head of Russia's ministry of digital affairs, told parliament in December that around 100,000 IT specialists had left Russia in 2022. It is not yet clear whether Volozh's comments may have any bearing on how Russia decides to proceed with the company. One of the sources said "hawks" in state companies believed nothing at all should be paid to foreigners. Two sources said VTB had never been a serious option as a buyer, given sanctions on the state lender.

Persons: Yandex, Maksut Shadaev, Ramzan Kadyrov, Arkady Volozh, Andrei Kostin, VTB, Alexei Kudrin, Alexander Marrow, Polina Devitt, Mike Collett, White, Susan Fenton Organizations: REUTERS, nationalising Nasdaq, Reuters, Yandex NV, Yandex, U.S, Kremlin, Thomson Locations: Moscow, Russia, nationalising, Ukraine, Serbia, Yandex

Often dubbed "Russia's Google", Yandex has struggled to balance domestic pressures with the interests of its Western investors since Russia sent troops into Ukraine in February 2022. Yandex's net income fell to 9.6 billion roubles ($106.8 million) while its adjusted earnings before income, tax, depreciation and amortisation (EBITDA) fell 4% to 24.7 billion roubles. Revenue continued to grow, however, gaining 55% to 182.5 billion roubles, Yandex said. Yandex's Dutch-registered holding company is advancing plans to divest ownership and control of most of Yandex Group with a corporate restructuring. U.S. sanctions imposed last week on Alexei Kudrin, the former finance minister now spearheading Yandex's restructuring efforts, could hamper those plans.

Persons: Yandex, Alphabet's, Alexei Kudrin, Gleb Stolyarov, Alexander Marrow, Jason Neely, Emma Rumney Organizations: Google, Yandex, Reuters, Thomson Locations: Russian, Ukraine, Russia, Yandex's, U.S

☆ Russia's Kudrin accepts role as adviser to tech giant Yandex
▼ + stars: | 2022-12-05 | by ( ) www.reuters.com time to read: +1 min

MOSCOW, Dec 5 (Reuters) - Alexei Kudrin, who resigned as head of Russia's Audit Chamber last week, said on Monday he had accepted an offer from technology giant Yandex (YNDX.O) to become an adviser on corporate development. Yandex last month announced a review of a possible sweeping governance overhaul that would leave its major business units in Russia under new ownership. Sources told Reuters that Kudrin had been discussing the move to Yandex with President Vladimir Putin. Yandex confirmed that Kudrin was joining the company. A veteran of around 25 years in public service, Kudrin was finance minister for more than a decade between 2000 and 2011, and while maintaining close ties with Putin, Kudrin kept a relatively low profile in his current role as head of the Audit Chamber, Russia's public spending watchdog.

☆ Russian parliament approves Kudrin's exit from Audit Chamber, paving way for Yandex move
▼ + stars: | 2022-11-30 | by ( ) www.reuters.com time to read: 1 min

Nov 30 (Reuters) - The upper chamber of Russia's parliament approved the resignation of Alexei Kudrin as head of the Audit Chamber on Wednesday, paving the way for him to take up a potential role at Russian technology giant Yandex (YNDX.O). Kudrin, a close ally of President Vladimir Putin throughout his career, becomes the highest profile government official to leave a post since Russia sent tens of thousands of troops into Ukraine in February. Reporting by Reuters; Editing by Andrew Heavens/Guy FaulconbridgeOur Standards: The Thomson Reuters Trust Principles.

☆ Former Russian finance minister Kudrin announces departure from Audit Chamber
▼ + stars: | 2022-11-29 | by ( ) www.reuters.com time to read: 1 min

Nov 29 (Reuters) - Former Russian finance minister Alexei Kudrin said he is leaving his role as head of Russia's Audit Chamber, the country's public spending watchdog, paving the way for a possible move to technology company Yandex. In a statement posted on his Telegram channel, Kudrin said: "I have spent about 25 years in the public sector. Now I would like to focus on large projects that are related to the development of private initiatives ... therefore, I am leaving the post of Chairman of the Audit Chamber." Reporting by ReutersOur Standards: The Thomson Reuters Trust Principles.

☆ Russia's Kudrin to leave Audit Chamber, opening door to Yandex move
▼ + stars: | 2022-11-29 | by ( ) www.reuters.com time to read: +2 min

Kudrin, who has been seen as both a pro-Western economic liberal and close ally of President Vladimir Putin throughout his career, would become the highest profile government official to leave a post since Russia sent tens of thousands of troops into Ukraine in February. "In total, I spent about 25 years in the public sector," Kudrin wrote on his Telegram channel. He served as a powerful finance minister for more than a decade between 2000 and 2011, and while maintaining close ties with Putin, Kudrin kept a relatively low profile in his current role as head of the Audit Chamber, Russia's public spending watchdog. In a late-night meeting last week, Kudrin and Putin discussed Yandex's future, three people familiar with the matter told Reuters. Reporting by Marina Bobrova, Jake Cordell and Alexander Marrow; Editing by Himani SarkarOur Standards: The Thomson Reuters Trust Principles.

☆ Putin, Kudrin touch on future of Yandex in late-night meeting -sources
▼ + stars: | 2022-11-25 | by ( ) www.reuters.com time to read: +2 min

[1/2] The logo of Russian internet group Yandex is pictured at the company's headquarter in Moscow, Russia October 4, 2018. Sources told Reuters that Kudrin, one of the country's top economic officials and a long-time colleague of the president, is expected to leave his role as head of Russia's Audit Chamber to take up a position with Yandex. Two of the sources, who spoke on condition of anonymity in order to speak freely, said Putin and Kudrin had discussed Yandex. Kremlin spokesperson Dmitry Peskov said he could not confirm whether the meeting had taken place or not. Reporting by Polina Devitt, Darya Korsunskaya and Alexander Marrow; editing by Jason NeelyOur Standards: The Thomson Reuters Trust Principles.

☆ Yandex parent to review ownership of Russian tech giant, seek divestment
▼ + stars: | 2022-11-25 | by ( ) www.reuters.com time to read: +2 min

SummarySummary Companies This content was produced in Russia where the law restricts coverage of Russian military operations in Ukraine. Yandex N.V. said it had started a "strategic process to review options to restructure the group's ownership and governance in light of the current geopolitical environment". "As part of the intended restructuring of the group, the board anticipates that Yandex N.V. will in due course be renamed, with the business to be divested retaining exclusive rights for the use of the Yandex brand," Yandex N.V. said in a statement. Russian President Vladimir Putin and former finance minister Alexei Kudrin addressed the future of Yandex in a late-night meeting, three people familiar with the matter told Reuters on Friday. Yandex N.V. said the strategic process was at a preliminary stage and that any changes would ultimately require shareholder approval.

☆ Russia's Yandex seeks Putin's approval for restructuring - FT
▼ + stars: | 2022-11-24 | by ( Hadeel Al Sayegh | ) www.reuters.com time to read: +1 min

Nov 24 (Reuters) - Russian internet giant Yandex NV (YNDX.O) is seeking President Vladimir Putin's approval to sell its operations in the country and spin off its main international projects, the Financial Times reported on Thursday, citing sources. The company has informally enlisted former finance minister Alexei Kudrin to win Putin's approval, in principle, for the restructuring plan, according to the report. Often referred to as Russia's Google, Yandex like many Russian companies has had turbulent few months after grappling with Moscow's increasing isolation in the wake of the Ukraine conflict. In August, VK, a state-controlled company with close links to Putin, agreed to buy Yandex's news feed and homepage. In exchange, Yandex acquired food delivery company Delivery Club from VK to focus on other business areas, such as food delivery and ride-hailing.

Search resuls for: "Alexei Kudrin"

9 mentions found