Russia 091125 Basic Political Developments
Reuters: Russia's Sberbank net down 85 pct in Jan-Oct
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- Barentsobserver: Norilsk Nickel has $6.1 billion in debt
- Barentsobserver: New terminal strengthens Norilsk Nickel
- FT.com: Daimler double
Reuters: Russia's Sberbank net down 85 pct in Jan-Octhttp://www.reuters.com/article/marketsNews/idUSGEE5AN2S820091124 Tue Nov 24, 2009 2:44pm EST * 10-month net profit 17.1 bln roubles * Expects full-year net profit of at least 20 bln rbls * Figures are according to Russian Accounting Standards * Buys Eurozone sovereign securities for first time By Oksana Kobzeva MOSCOW, Nov 24 (Reuters) - Sberbank (SBER03.MM: Quote, Profile, Research, Stock Buzz), Russia's largest lender, on Tuesday reported an 85 percent year-on-year drop in net profit for the first 10 months of the year under Russian Accounting Standards State-controlled Sberbank said in a statement net profit for the period was 17.1 billion roubles ($594 million), down from 113 billion roubles a year earlier. Sberbank Chief Executive German Gref said on Nov. 10 he expected the bank to post a net profit of around 20 billion roubles or more for the full year. [ID:nLA421383] That would be less than a fifth of the 109 billion roubles earned in 2008 under Russian Accounting Standards. Sberbank's closest rival, No. 2 Russian bank VTB (VTBR.MM: Quote, Profile, Research, Stock Buzz), is expected to post a loss this year. Sberbank said on Tuesday that it acquired sovereign securities of Eurozone countries for the first time in October. It did not give details. "Of course, we will invest, if it's profitable for us," Sberbank's first deputy chief executive, Bella Zlatkis, told Reuters, referring to the securities. (Writing by Robin Paxton; editing by John Wallace) ((robin.paxton@reuters.com; +7 495 775 1242; Reuters Messaging: robin.paxton.reuters.com@reuters.net)) ($1=28.79 Rouble) Barentsobserver: Norilsk Nickel has $6.1 billion in debthttp://www.barentsobserver.com/norilsk-nickel-has-6-1-billion-in-debt.4657043-16175.html 2009-11-25 The company is now discussing with banks about the possibility of refinancing its debt by issuing a $1 billion Eurobond in the first half of next year. A banking source says to Reuters that Norilsk Nickel is in talks on various ways of debt refinancing, including placing a Eurobond, which would be worth at least $1 billion (€666 million). Reuter’s source says this may happen in the second quarter of 2010. By the end of the first half of 2009, Norilsk Nickel’s debt was $6.1 billion (€4.06 billion), of which 48 percent was short-term debt, according to Reuters. Norilsk Nickel operates mines and smelters in Norilsk in Siberia. On the Kola Peninsula the company has mines in Zapolyarny and a nickel smelting plant in Nikel near the border to Norway. Also, in Monchegorsk, south of Murmansk, the company operates a nickel and copper smelter. Last week, the Norwegian government announced that the Norwegian Pension Fund has sold all its shares in Norilsk Nickel because the company’s factories on the Taimyr Peninsula are afflicting environmental damages which clashes with the fund’s guidelines, as reported by BarentsObserver. The shares which were sold has a value of NOK 328,6 million (€ 39 million). That is approx. 0,4 percent of the shares in Norilsk Nickel. Visiting the Kola Peninsula last week, General Director of Norilsk Nickel, Vladimir Strzhalkovsky, said the company will increase its mining production in Zapolyarny on the Kola Peninsula, as reported by BarentsObserver. A total of three billion RUB will be invested in the region only in 2010, Strzhalkovsky said, MBnews.ru reported.
Mining and metallurgy giant Norilsk Nickel intends to complete the upgrade of its new port terminal in Murmansk by 2011. That will further boost the company’s ability to handle logistical operations in the region without assistance from other companies. During his visit to the Kola Peninsula last week, General Director Vladimir Strzhalkovsky confirmed that the port areas in Murmansk, which the company acquired in 2004, are quickly being modernized. In late 2010, the port terminal will be able to handle all the company's loading operations in the area, MBnews.ru reports. That will further boost the independence of the company. From before, Norilsk Nickel has built its own fleet of ice-class cargo vessels which can operate without icebreakers on the route between Taimyr and the Kola Peninsula. The port areas in Murmansk were bought from a local shipyard in 2004. They were first planned used for container shipping. However, the company in 2008 reconsidered and is now instead developing terminal capacities in the area. The new terminal as well as an upgrade of the adjacent railway infrastructure will be ready by the end of 2010, the company maintains. That will make the company less dependent on the services of the Murmansk Sea Trade Port, a port which itself might soon face upcoming changes. As reported yesterday by BarentsObserver, the trade port is one of the companies on the Russian state privatization list for 2010. The state currently owns 34 percent of the Murmansk Sea Trade Port. During his visit to Murmansk, Mr. Strzhalkovsky also said that Norilsk Nickel has decided to construct an ice-class tanker, MBnews writes.
By Daniel Schäfer in Frankfurt Published: November 25 2009 02:00 | Last updated: November 25 2009 02:00 German car and truckmaker Daimler yesterday launched two joint ventures to build trucks with its Russian partner Kamaz, writes Daniel Schäfer in Frankfurt. Daimler said it would start production of light trucks at the Fuso Kamaz Trucks Rus JV in the first quarter of 2010 and heavy trucks in another tie-up called Mercedes-Benz Trucks Vostok from the second quarter. Daimler is in talks to raise its 10 per cent stake in Russia's largest heavy truckmaker. It bought a small stake in Kamaz late last year , when it was wary of spending too much cash in the middle of a severe industry crisis. Directory: gifiles -> attach attach -> British Forces – Akrioti, Greece Griffin Fighter Squadron (84 Squadron raf) MoD announced possible Typhoon and Tornado arrivals to the base France attach -> Russia 110204 Basic Political Developments attach -> Unclassified//for official use only attach -> Adaptability Sustainment attach -> Pop-up 1 ("C" Chechnya) Header Text: Emir of the Caucasus Emirate Doku Umarov Image attach -> Russia and Islam are not Separate attach -> Chapter 13: The Northern Caucasus attach -> Russia 100209 Basic Political Developments attach -> The evolution attach -> The devolution Download 257.4 Kb. Share with your friends:
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