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Chase Bank Limits Cash Withdrawals, Bans International... Before you read this report, remember to sign up to for 100% free stock alerts Chase Bank has moved to limit cash withdrawals while banning business customers from sending...

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Richemont chairman Johann Rupert to take 'grey gap... Billionaire 62-year-old to take 12 months off from Cartier and Montblanc luxury goods groupRichemont's chairman and founder Johann Rupert is to take a year off from September, leaving management of the...

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Cambodia: aftermath of fatal shoe factory collapse... Workers clear rubble following the collapse of a shoe factory in Kampong Speu, Cambodia, on Thursday

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Spate of recent shock departures by 50-something CEOs While the rising financial rewards of running a modern multinational have been well publicised, executive recruiters say the pressures of the job have also been ratcheted upOn approaching his 60th birthday...

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UK Uncut loses legal challenge over Goldman Sachs tax... While judge agreed the deal was 'not a glorious episode in the history of the Revenue', he ruled it was not unlawfulCampaign group UK Uncut Legal Action has lost its high court challenge over the legality...

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Rhode Island Plastic Surgeon Delivers Lectures in Moscow to Help Russian Surgeons Raise the Quality of Patient Care

Category : Stocks, World News

Dr. Patrick K. Sullivan Will Lead Several Courses at an International Plastic Surgery Conference in Moscow, Russia Focusing on Facial Rejuvenation Techniques and Technology

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At the Cutting Edge of Innovation: MasterForex Picked Up 3 Brokerage-Industry Awards

Category : Stocks, World News

ST. PETERSBURG, RUSSIA–(Marketwired – May 15, 2013) -

See original here: At the Cutting Edge of Innovation: MasterForex Picked Up 3 Brokerage-Industry Awards

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Brics nations mull development bank

Category : World News

Leaders of the Brics nations – Brazil, Russia, India, China and South Africa – meeting in Durban discuss the formation of a new development bank.

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Russia and Cyprus in last-ditch talks to find way out of bank levy deadlock

Category : Business

Russian envoy expresses outrage at ‘expropriation’ plan for levy on holders of Cyprus bank accounts

The carefully nurtured financial ties between Russia and Cyprus were close to snapping on Tuesday night as officials congregated in Moscow to discuss last-ditch methods of saving the bankrupt country.

After a proposed levy on bank deposits was rejected by the Cypriot parliament, Michael Sarris, Cyprus’s finance minister, who had tendered his resignation only for the island’s president to reject it, flew to Russia for frantic talks. The Russian government had expressed outrage at the European Union’s proposed levy on Cypriot bank depositors, arguing it would hit Russian individuals and businesses.

The plan was described by Vladimir Chizhov, Russia’s envoy to the EU, who is also in the Russian capital, as “similar to forceful expropriation … The principle … is wrong”.

The small EU country is by far the largest investor in Russia and accounts for almost half of all foreign investments.

According to Russian state statistics agency Rosstat, Cyprus-based businesses invested $78.2bn (£52bn) in Russia in 2011 alone. That is almost four times Cyprus’s €17bn gross domestic product.

The suggestion from eurozone leaders, particularly in Germany, is that a significant proportion of the Russian funds flowing through Cypriot bank accounts – which account for about 22% of the cash in the system – are simply being laundered.

Cash allegedly flows from Russia to Cyprus and then back again in the form of investments – which is why EU officials insisted that the Cyprus government impose the levy on deposits in the banks.

The island is also seeking an extension to a €2.5bn loan it received from Russia in 2011, which expires in 2016.

It remains unclear how Russia could assist Cyprus – and defeat the EU plan – without increasing the island’s debt burden to unsustainable levels. Additional Russian involvement might also push the EU and International Monetary Fund to withdraw their €10bn bailout proposal.

Steve Keen, professor of economics and finance at the University of Western Sydney, told CNBC that Russia could retaliate against the EU if the deposits of its citizens remain targeted for a levy. “If you try to target the Russians, and there’s President Putin acting under the image of the strongman of Russia, why would he not then decide to shut down gas supplies to Germany until that was righted?”

He said European leaders should be clear about what they are trying to do: “If you’re going to attack money laundering then attack it directly, don’t make Cypriot peasants and small businessmen collateral in your campaign against Russian oligarchs. Declare the campaign rather than doing it under the carpet like this.”

He added that Putin might be prepared to escalate the issue and use Russia’s largest state-owned gas firm, Gazprom, to reduce gas supplies to Europe, as it did in 2009 during a dispute with a Ukrainian energy company.

Are Russian killers on the streets of Britain?

Category : Business

A jogger who collapsed and died in leafy Weybridge turns out to have been blowing the whistle on one of Russia’s biggest tax frauds. Mark Townsend reports on a crisis that has pitted the Kremlin against the US Senate and British police

Shortly after 5.15pm on 10 November 2012, a jogger turned into Granville Road, Weybridge, running along the hedge-lined street of one of Britain’s wealthiest enclaves. Then, 50m from his home, he staggered into the road and died.

In the days that followed, Surrey police believed they were dealing with a natural, if unusual, death. Four months on, the passing of 44-year-old Alexander Perepilichnyy still remains a mystery. Two post-mortems have proved inconclusive, but the outcome of what Surrey police promise is their “full range” of toxicology tests is imminent.

To piece together Perepilichnyy’s final years is to drill down into the core of Russian criminality, according to one account.

What we know of Perepilichnyy is slight. In another age he might have been a rocket scientist. Peers called him a “genius”, a Ukranian whiz-kid with an uncanny knack for numbers. His favourite waste of time was, they say, discussing the theories behind cosmogony and Kondratiev waves – the long-term cycles of capitalism. However by the time Perepilichnyy arrived to study at the Moscow Institute of Physics and Technology – famous for supplying the brains behind the Soviet space race – Russia’s lunar ambitions had curdled with the collapse of communism. Instead Perepilichnyy applied his talents to the world of finance and

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TMK OAO (TMKXY: OTCQX International Premier) | TMK Launches Production of Super-Chrome Steel VIT

Category : Stocks, World News

TMK, a leading global manufacturer of tubular products for the oil and gas industry, has shipped the first pilot batch of vacuum insulated tubing (VIT) made of 13CrS steel (super-chrome steel) for Gazprom’s Bovanenkovo oil and gas condensate field on the Yamal peninsula. The quantity is about 500 running meters. Super-chrome steel VIT are highly resistant to aggressive environments. < ?xml:namespace prefix = o ns = "urn:schemas-microsoft-com:office:office" />

“When used in northern fields development, VIT contribute to greater energy efficiency and safety while reducing environmental impact and increasing wells’ life. The development and production of the new tubing is a good example of replacing imported products with those made domestically: previously, Russia had all these pipes supplied from abroad. Today, TMK is the only Russian company that has the technology in place to produce super-chrome steel VIT,” said Alexander Shiryaev, the Company’s CEO.


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Russia ‘losing billions illegally’

Category : World News

Russia’s central bank governor Sergei Ignatiev says that $49bn (£33bn), or 2.5% of GDP, left the country illegally last year.

Originally posted here: Russia ‘losing billions illegally’

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Ukraine cautious on Russian union

Category : Business

Kiev should try to meet the conditions of Russia’s customs union with ex-Soviet states, Ukraine’s President Yanukovych says without committing to membership.

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RusHydro JSC (RSHYY: OTC Link) | Notice of management shareholding change

Category : Stocks

of management shareholding change

December 28, 2012.
Moscow, Russia.

JSC RusHydro (ticker symbol: RTS, MICEX, LSE: HYDR; OTCQX: RSHYY) announces
that Konstantin Bessmertny, Member of the Company’s Management Board, changed
his shareholding in RusHydro’s affiliated company, Yakutskenergo (a subsidiary
of JSC RAO Energy Systems of the East) share capital from 0.006386% (or 0.005471%
of the company’s common shares) to 0%.

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Alexander Lebedev seeks Independent, Evening Standard partner

Category : Business

Billionaire’s move is due to forecasts of continuing losses amid unprecedented pressure from Russia’s security services

Russian billionaire Alexander Lebedev is seeking a minority partner for his UK media holdings, the Independent and the Evening Standard, due to forecasts of continuing losses.

The move comes a month after the tycoon announced he was drawing up “contingency plans” for the papers, as he faces charges of hooliganism and battery that he says are designed to stifle his criticism of corruption in Vladimir Putin’s Russia.

The 52-year-old former KGB agent, who is worth $1.1bn according to Forbes, has said his chief businesses will make losses this year – an expected $5m at his small airline Red Wings and 1.5bn roubles (£29.9m) at his National Reserve Bank, amid unprecedented pressure from Russia’s security services. He is also considering floating his stake in Novaya Gazeta, Russia’s chief opposition and investigative newspaper.

This month his son, newspaper publisher Evgeny Lebedev, wound up a high-profile investigative journalism initiative his family launched to expose corruption. The London offices of the Journalism Foundation were closed less than a year after the project was launched.

Alexander faces up to five years in prison if found guilty of punching Sergei Polonsky, a property developer, in the face live on television in September 2011. He faces the same hooliganism charge as that levelled against the punk protest band Pussy Riot, who were jailed after performing anti-Putin songs in a Moscow cathedral.