Sapsan train races ahead in profitability for Russian Railways
The Sapsan high-speed train launched by Russian rail monopoly Russian Railways (RZhD) less than twelve months ago has proved to be the monopoly's sole profitable enterprise in the passenger transport sector, with its profit margin hitting 30 percent, RZhD President Vladimir Yakunin said on Tuesday.
"The other types of rail passenger transportation are loss-making," Yakunin said in an interview with Vedomosti business daily, adding that losses amounted to 34 billion rubles ($1.1 billion) from commuter train carriage and 36 billion rubles from long-distance train transportation.
Commuter train tariffs are regulated by regional authorities while rates for economy-class coaches are set by the Federal Tariff Service. These rates are lower than the economically justified level and therefore the government has to compensate the rail monopoly for its losses, an RZhD representative said. Tariffs for Sapsan fast-speed trains, however, are regulated directly by Russian Railways, which offers competitive rapid carriage services compared with other means of transport.
The demand for high-speed rail passenger carriage has proved to be so strong that the company is considering buying another eight Sapsan trains, Yakunin said, without specifying the terms of the expected deal.
The company plans to make a decision on the purchase by the end of 2010, Valentin Gapanovich, RZhD senior vice-president, said on Friday.
Russian Railways currently has eight high-speed Sapsans produced by the German engineering group Siemens. They run between St Petersburg, Moscow and Nizhny Novgorod. The Sapsan occupancy rate is 84.5 percent, according to RzHD.
The company's revenues from ticket sales may amount to 205 million euros annually at the current ticket price, while profits from the operation of these trains exceed 61 million euros.
MOSCOW, October 26 (RIA Novosti)
Yandex launches job aggregator
Tuesday 26 October 2010 | 08:32 CET
Yandex launched Yandex.Jobs, a job aggregator that enables job seekers to find information about employment opportunities in their area in Yandex's search results. Yandex.Jobs gathers various job offers posted on the largest recruitment websites in Russia, Ukraine, Belarus and Kazakhstan. At present, Yandex.Jobs shows 500,000 job offers from 121,000 employers. Users of the service can search for vacancies by specific parameters such as salary, working hours or education requirements. Employers interested in promoting their vacancies to Yandex users can place their offers on one of recruitment websites partnering with the Yandex.Jobs service. The list of partner websites currently includes HeadHunter, Rabota@Mail.ru, Rabota.ru, RosRabota, SuperJob, Zarplata.ru and several of regional job search resources. Yandex encourages recruitment websites to participate in its partner programme.
Metalloinvest holder mulls selling stake –paper
Tue Oct 26, 2010 4:47am GMT
MOSCOW Oct 26 (Reuters) - One of the major stakeholders in Russian steel and iron ore firm Metalloinvest, Vasily Anisimov, is mulling selling his 20 percent stake in the firm worth around $4 billion, the business daily Vedomosti reported on Tuesday.
Billionaire Alisher Usmanov, who controls Metalloinvest through his 50-percent ownership, is helping to find a buyer for Anisimov's stake, the newspaper reported, citing a source close to the company.
"As of today I don't have a definite decision regarding the Metalloinvest stake," the newspaper cited Anisimov as saying. "But I always think about next steps ... I'm 59 years old, and I work 18 hours a day. I would like to spend more time with my family."
Anisimov said that if it comes to him selling the stake, he will do so only for its maximum worth. (Writing by Lidia Kelly; Editing by Clarence Fernandez)
By Brad Cook
Oct. 26 (Bloomberg) -- Vasily Anisimov may sell his 20 percent stake in Russian billionaire Alisher Usmanov’s Metalloinvest holding company for $4 billion, Vedomosti reported, citing Anisimov and its own estimates.
Anisimov, 59, is discussing selling his stake with Usmanov and State Duma Deputy Andrei Skoch, owners of 50 percent and 30 percent of Metalloinvest, respectively, the Moscow-based newsaper said, citing Anisimov. Usmanov is helping Anisimov find a buyer if he chooses to sell, Vedomosti said.
Metalloinvest, the largest producer of iron ore in the former Soviet Union, plans to hold an initial public offering early next year, according to the newspaper.
To contact the editor responsible for this story: Brad Cook at email@example.com
Last Updated: October 26, 2010 00:33 EDT
Turkey's Is Bankasi buys Bank Sofia in Moscow
Turkey's Is Bankasi said that it signed an agreement in Moscow and purchased 100 percent of Closed Joint Stock Company Bank Sofia.
Tuesday, 26 October 2010 10:12
Turkey's Is Bankasi said on Monday that it signed an agreement in Moscow and purchased 100 percent of Closed Joint Stock Company Bank Sofia.
According to a statement released by Is Bankasi, the purchasing transaction had taken place in return for 40 million USD, noting 36 million USD took place during the share transfer and 4 million USD would take place in one-year term.
The statement said Bank Sofia, with its 400 staff, was headquartered in Moscow. He said the bank had six branches and 7 representations in Moscow, Balakovo, Samara, Saint-Petersburg, Saratov and Novosibirsk.
"As of December 31, 2009, Bank Sofia has around 127 million USD total assets and 28 million USD equity capital," the bank said.
Is Bankasi underlined that approval of Turkey's Banking Regulatory and Supervisory Agency, Russian Government Commission and Russian Central Bank was necessary for share transfer.