Articles by Tai Adelaja



Google Searches Soar for 'Crisis' and 'Bankruptcy'

New Internet search statistics reveal Russians growing concern about the countrys economic situation, with 'credit,' prognosis,' and 'labor code' all rising in popularity.

Crisis Could Spell Trouble for Consulting Firms

The country's budding real estate consulting sector is headed for an imminent downturn as oil prices plummet, forcing developers to freeze ongoing projects, Panorama Estate said in a report released Thursday.

Moscow's 3G Rollout Delayed Again

Owners of 3G handsets wanting to use the new technology in Moscow could be in for a long wait, as the military has again delayed freeing up the necessary frequencies in the capital, said Alexander Malis, VimpelCom's director for broadband development.

Medvedev Hints at Joining OPEC

  • 12 December 08
  • Staff Writers
Facing a looming budget deficit amid low oil prices, President Dmitry Medvedev indicated for the first time Thursday that Russia was ready to join OPEC and coordinate its exports with the oil cartel.

HP Wears New Hats In Crisis

The economic crisis is thrusting Hewlett-Packard, the world's largest technology company, into the role of lender and overall problem-solver to thousands of struggling Russian contractors and distributors, said Owen Kemp, HP's managing director in Russia.

Moscow Region Land Prices Plunge

Sky-high prices for land in several prestigious areas of the Moscow region have come crashing down as banks stop offering loans and developers are forced to cut back on their investment plans.

Handset Retailers See Gloomy 2009

Handset retailers are predicting massive closures of retail outlets and a sharp decrease in sales next year as the economic downturn threatens imports and reduces the purchasing power of consumers.

Restaurants Roll Out Anti-Crisis Menus

The managers at Riva, an upscale restaurant overlooking the Moscow River, have been busy of late deleting some of the more expensive items from their menu as well as more affordable items like borshch, the salad bar and sandwiches.

4 IT Companies Merge, Seeking Strength in Size

IT consulting and integration firm BAC announced Tuesday that it has merged with three other firms to form an umbrella company, in the first signs of consolidation in the IT sector amid the economic slowdown.

Central Bank Devalues Ruble Twice in a Week

The Central Bank on Friday allowed the ruble to depreciate for the second time in a week and said it would raise key interest rates in an effort to reduce capital outflows.

Comstar in $464M Stock Repurchase

Comstar United TeleSystems, Moscow's largest fixed-line telecoms company, said Thursday that it reacquired 11 percent of its shares for $464 million but that it would have to pay for the stake in installments to maintain liquidity.

South Korea Woos Russian Investors

South Korea on Tuesday proposed an array of tax incentives and subsidies in an aggressive pitch to lure Russian investors to the country. As part of an ambitious investment plan, Seoul will grant five-year corporate and income tax exemptions and remove customs duties on capital goods for three years.

City Hall Project Beset With Problems

New Moscow Ring, an ambitious plan to surround the city with hundreds of skyscrapers, was hailed as one of City Hall's grandest construction projects when it was unveiled in 1999. Ten years later, however, the project has barely gotten off the ground, an example of the often-haphazard process of planning and building high-rises in Moscow.

Cyprus Leader Aims To Discuss Tax Code

When Cypriot President Dimitris Christofias arrives for talks in Moscow on Tuesday, the global economic meltdown is likely to overshadow Russia’s efforts to plug holes in offshore regulation.

Rents Heading Lower, But Not for Everyone

Hard on the heels of a falling ruble, house and apartment rents in some segments of Moscows real estate sector are trending lower as troubles mount in the countrys financial markets and the dollar reasserts itself as the worlds reserve currency.

MTS, Vodafone Sign Network Agreement

Vodafone and Mobile TeleSystems clinched a ""partner network"" agreement Thursday that will allow the British carrier to expand its service in emerging markets and help Russia's biggest provider develop new technologies.

Crisis Called Good Time to Rebrand

Those who rebrand when times are tough will reap the rewards, marketing executives say.

Firms Wary of Accepting Credit Cards

As the global financial crisis spreads, local businesses are becoming less willing to accept credit and debit cards.

IBM, MGU Team Up on Nanotech

IBM and Moscow State University agreed on Friday to conduct joint research into nanotechnology using a sophisticated supercomputer the university purchased in January.

Deputies Approve $18.5Bln Bailout

  • 24 October 08
  • Staff Writers
The State Duma took less than two hours Thursday to approve a raft of bills allowing the government to spend more than $18.5 billion bailing out troubled banks and supporting the plummeting domestic stock market.

PIK Wins $1Bln Housing Contract

PIK Group, one of the countrys largest residential construction companies, announced Monday that it had won contracts worth more than $1 billion from City Hall to provide much-needed affordable housing around the city.

Lender Loses License Over Liquidity Woes

The Central Bank on Friday withdrew the operating license of Eurasia-Center Bank, citing the lender's liquidity problems and violations of banking regulations.

Magnit Share Sale Shelved After Drop

Magnit said Thursday that it was canceling a planned sale of 3 million shares after the food retailer's London-listed shares plummeted 31 percent the day before.

Aricom Looking for $1Bln in Roadshow

The miner is hoping to raise the cash to fund a plant in the Far East, despite global liquidity problems.

Retailer Woes Mount in Face of Crisis

A group of the countrys largest retailers said Tuesday that the liquidity crisis has crippled their businesses, forcing them to cut back on expansion and face the prospect of a massive consolidation.

Apartment Prices Headed for a Fall

The stock market is plummeting, interest rates are going through the roof and the price of oil is far from its highs, but the citys famously high real estate prices have so far managed to stay afloat.

New Steps Proposed for Liquidity

The Central Bank on Wednesday announced a series of measures aimed at shoring up liquidity and helping to cope with the effects of the ongoing financial crisis.

Top Job Changes Hands at MICEX

Central Bank Deputy Chairman Konstantin Korishchenko has been tapped to head the MICEX Group in the first major reshuffle since recent financial turmoil wiped out more than half the value of shares on the country’s leading stock exchange.

Alfa, UralSib Predict Slower Growth in '09

Two Russian banks cut their forecasts Thursday for GDP growth next year, citing a crisis of confidence in the banking sector amid a major international liquidity squeeze.

Jet Fuel Deal Strikes Out Middlemen

Gazprom Neft and Sheremetyevo Airport signed a deal Wednesday that they said would help cut out jet fuel middlemen and reduce prices and problems for airlines, amid a government campaign targeting monopoly practices by top oil producers.