Russia 100204 Basic Political Developments
Reuters: Russia RUSAL repays creditors Russia 100204 Basic Political Developments.143 bln
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- AP: MDA signs two contracts with Russian firm worth a total of more than $60M
- The Moscow Times: Proposal to Integrate National Payment System With Cell Phones
Reuters: Russia RUSAL repays creditors $2.143 blnhttp://in.reuters.com/article/rbssIndustryMaterialsUtilitiesNews/idINLDE61302G20100204 Thu Feb 4, 2010 11:26am IST MOSCOW, Feb 4 (Reuters) - Russia's UC RUSAL said on Thursday it has repaid $2.143 billion owed to creditors, reducing its total debt to $12.9 billion. The aluminium giant raised the funds via an initial public offering on the Hong Kong and NYSE Euronext Paris stock exchanges last month. The funds were repaid to several international and Russian lenders, as well as the Onexim Group. RUSAL did not repay any of its debt to state-owned Russian bank VEB. (Reporting by Alfred Kueppers)
By Maria Kolesnikova Feb. 4 (Bloomberg) -- United Co. Rusal cut its total debt to $12.9 billion after paying banks and billionaire shareholder Mikhail Prokhorov $2.14 billion with the cash it raised from its Hong Kong share sale last month. Rusal paid international lenders $1.46 billion, Prokhorov $278 million and Russian lenders excluding VEB $253 million, as well as $152 million in fees, the Moscow-based company said in an e-mailed statement today. To contact the reporter on this story: Maria Kolesnikova in Moscow at mkolesnikova@bloomberg.net
By Maria Ermakova Feb. 4 (Bloomberg) -- Renaissance Capital, the Russian investment bank part-owned by billionaire Mikhail Prokhorov, said it will buy Leadbank LLC from Bank of Cyprus to help expand its foreign exchange products. Renaissance named Yury Gruzglin global head of fixed income, currencies and commodities, the Moscow-based bank said in an e-mailed statement today. To contact the reporter on this story: Maria Ermakova in Moscow at mermakova@bloomberg.net
February 04, 2010 Bank of Cyprus Public Company Ltd announced that it has signed an agreement to sell 100% of the share capital of Leadbank LLC (former Bank Kypra LLC), one of its two Russian banking subsidiaries, to CJSC Renaissance Capital.
Wednesday, February 03, 2010 MacDonald, Dettwiler and Associates Ltd. (TSX:MDA) said Wednesday it has signed two contracts with the Russian Radio Research and Development Institute worth a total of more than US$60 million. The Vancouver-area company said it will provide key sub-systems for the Express AM5 and Express AM6 satellites in a contract worth more than $45 million. MDA also said it won a contract worth more than $15 million in connection with the Lutch-M weather satellite. The Russian Federal Service on Hydrometeorology and Environmental Control will use the satellite for monitoring weather patterns over Russia. About 35 per cent of MDA's roughly $1 billion in annual revenues come from its Space Division, also known as the information services. The rest comes from Information Products, which is the real estate services it provides. MDA employs more than 3,200 people in the United States, the United Kingdom and Canada. The Moscow Times: Proposal to Integrate National Payment System With Cell Phoneshttp://www.themoscowtimes.com/business/article/proposal-to-integrate-national-payment-system-with-cell-phones/398940.html 04 February 2010 Alfa Group co-owner Mikhail Fridman is hoping to convince President Dmitry Medvedev at an upcoming meeting that banks need access to cell phone operators' client information to provide Russians with payment cards. The government is preparing to submit to the State Duma legislation to create a national payment system, and state lenders Sberbank and Vneshekonombank have already offered to help provide cards. But Fridman will propose an alternative project at Medvedev's Feb. 11 meeting on modernization in Tomsk, a source close to the businessman told Vedomosti. Deputy Prime Minister Sergei Sobyanin, who heads the government administration, has taken an interest in the project and asked Fridman to propose it to the president, a source in the Russian Union of Industrialists and Entrepreneurs said. "We're suggesting that mobile operators' data on clients be used to produce and offer them bank cards," a source in Alfa Bank's management said. Under the plan, a bank would ask an operator to collect data from certain customers — for example, their gender, age and money spent on communications. For those clients whom it deems reliable, the bank would send by mail a not-yet-activated card or an offer to visit a bank branch and pick one up. The card could be real or virtual, using a password for access to Internet payments. The bank would then open an account for the client, through which all of the transactions would be conducted, but "the possibility of moving funds between bank accounts and cell phone accounts is being discussed with mobile operators," the Alfa Bank source said. They are also discussing an option to allow clients to pay for goods and services from the bank account through Bluetooth-equipped mobile phones. If the program were started now, people could begin using it much sooner than the costly national payment system, the source in Alfa Bank said. A source in the government agreed that those were the project's main advantages. As of Dec. 31, 2009, 207.91 million SIM cards were registered in Russia, according to AC&M-Consulting. Central Bank data shows that as of Oct. 1, 2009, more than 121 million bank cards had been issued in Russia. But the percentage of people who own a bank card is far lower — a VTsIOM poll in 2007 found that just 32 percent of respondents said they had one. People discussing the national payment system have not been thinking about how to make the project profitable or how to create the infrastructure to accept cards, not to mention whether the system will eventually become profitable, said Georgy Gorshakov, a member of the management board at VTB 24. He said he was unaware of Fridman's proposal. "Our bank thinks more about traditional ways to attract clients," Gorshakov said. Banks are already discussing the idea with operators. The Alfa Bank source said the lender was in talks with VimpelCom and MegaFon, in which Alfa Group holds stakes. Mobile TeleSystems "is holding talks with a series of banks about the possibility of issuing cards to network clients," a spokesperson said. MegaFon has discussed the idea with banks, spokeswoman Tatyana Zvereva said. Fridman was not available for comment, and spokespeople for Alfa Bank, VimpelCom, Sberbank and VEB declined comment. For the system to work, it would require changes to the law on personal information. The legislation will be seriously reworked in favor of mobile operators, a source close to the Duma's leadership said. But "there are no concrete proposals in the Duma yet," the source said. The government source said Alfa's proposal was timely, since the idea of an electric citizens' card is being discussed and it could just as easily be electronic. 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