{{{?}}} Pursuing the goal of setting up its own payment operation and clearing centers to circumvent US-based Visa and MasterCard, Russia may have its own homemade chip for banking cards as early as next year. According to East-West Digital News, the first all English-language online resource dedicated to Russian digital industries, citing the Russian business daily… Continue Reading
Sberbank CIB opens second RUB 6.8 bln line of credit for INTECO Group
{{{?}}} Sberbank CIB1 has signed an agreement with INTECO Group on the financing of construction of the 146,000 sq. m “Liner – Zapad” Multifunctional Complex in the Khodynskoe Polye neighbourhood. This line of credit totals RUB 6.8 bln. The agreement was signed for a period of 4.5 years. On behalf of Sberbank CIB this deal was structured… Continue Reading
Microsoft supports Moscow University-based computer vision and big data research
{{{?}}} Microsoft and Lomonosov Moscow State University, Russia’s most renowned institution of higher learning, shook hands earlier this month on a joint $1m research project, East-West Digital News, the first all English-language online resource dedicated to Russian digital industries, reported last week, citing a press release from the US company. The three-year agreement calls for close collaboration… Continue Reading
EBRD channels $40 million to support Ukrainian grain farmers
{{{?}}} The European Bank for Reconstruction and Development (EBRD) is once again demonstrating its commitment to Ukraine’s agribusiness sector, which received over €160 million from the Bank in 2013 alone. The EBRD is providing a loan of up to US$ 40 million to over 30 farms and elevators across Ukraine owned by NCH New Europe… Continue Reading
RUSSIAN SECURITIES FORUM 2014
RUSSIAN SECURITIES FORUM 2014 Infrastructural & Strategic Challenges In The Russian Post-Trade Market 3 – 4 June, 2014, Hotel Baltshug Kempinski, Moscow, Russian Federation Event Website RSF is the definitive post-trade and operational infrastructure event with an unrivalled programme featuring leading brokers, custodians, CSDs, regulators and innovative service providers. Book online or Call +… Continue Reading
RenCap makes top appointments for Turkey team
By Andrei Skvarsky. Renaissance Capital has hired Mike Harris from Bank of America Merrill Lynch as chief strategist for the Russian investment bank’s business in Turkey and made four other senior appointments for its Turkish team. {{{?}}} Harris will be based between London and Istanbul and report to David Nangle, Head of equity research at… Continue Reading
MNI says consumer sentiment in Russia down, Sberbank argues it’s edging up
By Andrei Skvarsky. A monthly survey by a Deutsche Börse think tank suggests that consumer sentiment in Russia has dropped by more than 10% since the start of 2014 and plummeted to its lowest level since March 2013 because of global fallout from Russia’s annexation of Crimea. {{{?}}} The research firm, MNI Indicators, said its… Continue Reading
EXCLUSIVE: Russia’s BCS hires ex-RBS banker to run global collateral trading
By Andrei Skvarsky. Russian investment firm BCS Financial Group has hired Christian von Gradowski, a former repo trader at Royal Bank of Scotland and Dresdner Kleinwort, as director of collateral trading at its global markets arm. Von Gradowski will be based at BCS’s London office and “focus on the repo and stock loan presence to… Continue Reading
Veteran banker Sucher to co-oversee Credit Bank of Moscow business
By Andrei Skvarsky. Credit Bank of Moscow (CBM), a high-profile privately owned lender, has given a seat on its newly elected supervisory board to Bernie Sucher, an American who has been a key figure in building Russia’s investment banking. {{{?}}} The other two newcomers on the board are Thomas Grasse, a nominee of the European… Continue Reading
Renaissance Capital makes net profit of $14m for FY13
By Andrei Skvarsky. Renaissance Capital, one of Russia’s leading privately-owned investment banks, has reported a net profit of $14.09m for fiscal year 2013 after losses it had been sustaining before its takeover by billionaire Mikhail Prokhorov’s Onexim group a year ago. {{{?}}} RenCap lost $378.24m for fiscal year 2012, the Moscow-based bank said in a… Continue Reading
EXCLUSIVE: Deutsche Börse analyst says sanctions push Russia towards recession
By Andrei Skvarsky. A Deutsche Börse analyst argues that Russia will plunge into recession if the West follows up its recent penalties against the country in retaliation for its annexation of Crimea with widespread trade and financial sanctions. {{{?}}} “Given that the economy grew by just 1.3% in 2013 and growth has pretty much ground… Continue Reading
Post-Crimea capital outflow huge threat to Russian growth – minister
By Andrei Skvarsky. With a boost given by the international political aftermath of Moscow’s annexation of Crimea, capital outflow threatens to drastically slow Russia’s economic growth, with recession not unlikely, the economics minister has warned. {{{?}}} An estimated $60bn has been taken out of Russia since the start of 2014, about as much as for… Continue Reading
Deutsche Börse-owned firm: Crimea fallout makes Russian businesses pessimistic
By Andrei Skvarsky. A survey by a Deutsche Börse-owned research firm suggests the international fallout from Russia’s annexation of Crimea has brought a lot of pessimism to the Russian business community. {{{?}}} With the looming threat of tough anti-Russian sanctions, business confidence among Russian companies has dropped in March to its lowest level in three… Continue Reading
6th Russia & CIS Summit on Anti-Corruption – March 25-27, 2014 – Moscow
{{{?}}} The anti-corruption enforcement environment in Russia is rapidly evolving. Attend the region’s premier anti-corruption compliance event and equip your company and client with the tools to stay one step ahead of the enforcement curve. One of the most complex political and business environments in which to function, over the past year several companies are… Continue Reading
IronFX brokerage: dollar likely to bounce soon after decline
By Andrei Skvarsky. Online broker IronFX Global says the US dollar’s slide on March 13 is likely to be short-lived because of the escalating Ukrainian crisis. {{{?}}} The dollar’s downturn against all the G10 currencies and 15 principal emerging market currencies is the effect of a risk-on sentiment that took shape the day before, according… Continue Reading
Deutsche Börse analysts: consumer sentiment in Russia plunges
By Andrei Skvarsky. A Deutsche Börse-owned research company has said a survey it took in February before the crisis in Ukraine reached its disastrous proportions showed consumer sentiment in Russia to have slumped to its lowest level since March 2013. {{{?}}} Previous surveys by MNI Indicators showed consumer optimism to have risen in December and… Continue Reading
Markit: emerging markets still “downbeat” about future
By Andrei Skvarsky. Global financial information provider Markit says a survey it made last month suggests emerging markets remain “downbeat” about the future. {{{?}}} “Improving confidence and post-crisis high capex and hiring intentions in the developed world contrast markedly with ongoing downbeat expectations for the year ahead across the emerging markets,” the London-headquartered company said… Continue Reading
Sberbank says anti-hacking operation saves client money
By Andrei Skvarsky. Sberbank has said its security operatives have helped to prevent the theft of “tens of millions of rubles” from clients of Russia’s biggest lender by foiling a hacking scheme. {{{?}}} An operation by Russia’s Federal Security Service (FSB), the Sberbank security department and Russian computer security company Kaspersky Lab resulted in the… Continue Reading
Lombard Odier banker: Sberbank, VTB to survive Western sanctions
By Andrei Skvarsky. A top executive at Lombard Odier, one of Europe’s biggest private banking firms, has argued that Sberbank, VTB and other Russian state-controlled banks would most likely be targets of potential Western sanctions against Russia because of its invasion of Crimea but that the lenders would stay afloat without major damage. {{{?}}} Domestic… Continue Reading
EXCLUSIVE: Chief economist at Deutsche Börse-owned firm argues what reforms Russia needs
In this interview with EmergingMarkets.me, Philip Uglow, chief economist at MNI Indicators, a Deutsche Börse-owned research firm, explains what he believes Russia needs to do to achieve sustainable growth. {{{?}}} You have said Russia needs structural changes to its growth model. Could you outline what specifically such changes should be? Russia’s weak business climate remains… Continue Reading
Deutsche Börse analysts: business optimism in Russia rises
By Andrei Skvarsky. A survey by a Deutsche Börse research subsidiary has shown growing optimism among Russian companies for the second consecutive month in February, but the think tank largely attributes this to the Sochi Olympics and warns the upturn may not last. {{{?}}} MNI Indicators, which is owned by the German stock exchange, said… Continue Reading
RenCap makes two senior hires for global fixed income team
By Andrei Skvarsky. Russia’s Renaissance Capital has re-hired one of its former senior managers, Rupert Preece, putting him in charge of Sub-Saharan fixed income trading, and hired Marina Ryabokon from Australian mortgage broker Liquidity Finance as director in its international fixed income sales service. {{{?}}} Both Preece and Ryabokon will be based in London, RenCap… Continue Reading
RenCap names chiefs for South Africa
By Andrei Skvarsky. Renaissance Capital, one of Russia’s top-tier investment banks, has announced a minor reshuffle in its African business, promoting Robert Lamprecht, who joined the firm last month, to chief executive for South Africa and appointing Clifford Sacks as chairman of the South African unit. {{{?}}} Lamprecht was hired by RenCap in January as… Continue Reading
Credit Bank of Moscow gets top accolade for asset quality control
By Andrei Skvarsky. Credit Bank of Moscow (CBM), one of Russia’s leading universal privately owned lenders, has won the top award for asset quality control in a competition arranged by Russian rating agency Expert RA and based on a survey of more than 700 companies and banks. {{{?}}} CBM, which received the accolade at the… Continue Reading
RenCap hires banker from Goldman Sachs to run London trading
By Andrei Skvarsky. Renaissance Capital, a Russian emerging- and frontier-markets investment bank, has hired David George from Goldman Sachs as head of trading in London. {{{?}}} George will be based in London in his new job, which he takes in March, and report to RenCap’s global head of equities, Ben Samuels. His duties will include… Continue Reading
Oracle Capital launches advisory service on investment in art
By Andrei Skvarsky. Oracle Capital, a global multi-family office and wealth consultancy, has launched an advisory service on the purchase and maintenance of fine art collections. {{{?}}} A panel of experts would advise on specific paintings and art periods and movements, and address key valuation issues such as trends, authenticity and emerging art markets, the… Continue Reading
Sberbank book of maps takes “fresh look” at Russian economy
By Andrei Skvarsky. Sberbank is bringing out a book of maps in which Russia’s biggest lender takes “a fresh look at each of the major market sectors in Russia”. {{{?}}} “Russia Book of Maps 2014 – The Heart of Eurasia” is a collection of maps going region by region and containing macroeconomic information and data… Continue Reading
Deutsche Börse group: consumer confidence in Russia rises
By Andrei Skvarsky. A Deutsche Börse-owned think tank says consumer confidence in Russia went up in January after slumping late last year but expresses suspicion that the upturn will be short-lived. {{{?}}} But the current Winter Olympics in Sochi were the likeliest reason for consumer optimism rising for the second consecutive month in January to the highest level… Continue Reading
EAST CAPITAL COMMENT: Confessions of an emerging market optimist
By Marcus Svedberg, Chief Economist, East Capital.* Arguably it is not very easy to be an emerging market (EM) optimist these days. It seems like almost everything and everyone is against the group of markets that were once the darlings of investors. Tapering is the most obvious cause for pessimism and is the most important… Continue Reading