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    Medvedev Orders Tax Relief for Small Businesses

    Dec. 1 – President Dmitry Medvedev ordered US$3.3 billion in tax relief for small businesses during his annual state-of-the-nation address on Tuesday. Announcing the tax move, Medvedev said he felt compelled to mitigate the effects on businesses of an increase in payroll taxes that comes into effect in January 2011 to raise US$14.83 million for[…..]

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    Foreign Firms to Develop Moscow’s Metro

    Nov. 30 – Moscow mayor Sergei Sobyanin suggested attracting foreign firms to construct the city’s new underground transportation lines. As he said at the city hall meeting, attracting foreign builders would ensure stability in enforcing contracts and improve the quality of work. “I request that not only two to three homegrown companies work in this[…..]

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    Thomas Cook to Invest US$45 Million into Russian Travel Market

    Nov. 29 – Intourist, the Soviet day’s tourism monopoly, and Thomas Cook, Europe’s second-largest tour operator which has been chasing a deal for almost two years, will invest up to US$45 million in Russia’s oldest travel business in order to enter the fast-growing country’s tourism market. Thomas Cook will get a 50.1 percent stake in[…..]

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    Businesses in Russia to Pay Higher Taxes from January 2011

    Nov. 24 – Businesses in Russia will pay more taxes, Finance Minister Alexei Kudrin stated at a conference on taxation in Moscow. The country will implement tax increases equivalent to 2 percent of gross domestic product next year, he said. Starting in January, company payroll taxes will rise to 34 percent from 26 percent. For[…..]

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    Russia to Create ‘Titanium Valley’

    Nov. 23 – Rolls-Royce Group and Goodrich Corp. may set up production in Russia’s new “Titanium Valley” special economic zone in the Urals Federal District, according to Sergei Chemezov, chief executive officer of Russian Technologies Corp. The Russian government plans to create the US$1.3 billion “Titanium Valley” special economic zone in the Ural Mountains, which[…..]

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    Russia’s MoJ Wants Domestic Law Firms to Have Increased Presence

    Nov. 22 – Russia’s Ministry of Justice wants to disrupt the leadership of foreign law firms in the country’s legal market, Russian gazeta.ru reports. “About 90 percent of Russia’s legal services market is occupied by foreign legal firms,” Russian Minister of Justice Alexander Konovalov said on Wednesday, having qualified such situation as “abnormal.”

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    PwC Optimistic about Russia’s M&A Mid-Market Prospects

    Nov. 19 – Russia’s merger and acquisition mid-market was less affected by the crisis as compared to the overall M&A market, PricewaterhouseCoopers stated in its survey named “Regained Confidence: Mid-Market M&A in 2009–1H 2010.” The overall M&A market has not yet recovered, but investor confidence is returning and macroeconomic forecasts are positive.

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    Russia to Increase Regulatory Capital for Banking Establishments

    Nov. 17 – Russia’s central bank and the Ministry of Finance plan to mitigate bank system risks in the country revealed during the crisis by getting rid of the market’s small players, Kommersant reports. The strategy of bank sector development recommends increasing banks’ regulatory capital to US$8.3-US$16 million beginning 2015, which can reduce the number[…..]

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    Japanese and Chinese Firms to Jointly Build Fertilizer Plant in Russia’s Tatarstan

    Nov. 16 – Mitsubishi Heavy Industries Ltd. and Sojitz Corp. of Japan, jointly with China National Chemical Engineering Corporation, will build an ammonia and methanol producing plant in the Russian Republic of Tatarstan. The new fertilizer plant will be built in the town of Mendeleevsk, approximately 1,000 kilometers east of Moscow, and will be one[…..]

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    Sberbank to Issue AmEx Cards in Russia

    Nov. 15 – Russia’s largest bank, state-owned Sberbank, and American Express today announced that Sberbank will become an American Express card-issuing partner in Russia. Sberbank plans to launch the issue of premium and super-premium American Express cards in early 2011. For this purpose, the bank will offer its clients the chance to open deposits in[…..]

Showing 10 of 1333 articles