UPDATE 1-VTB swings to Q3 profit, beats forecasts
http://www.reuters.com/article/idUSLDE6B108E20101202
2:29am EST
* Q3 profit 13.7 billion roubles, vs forecast 13.4 billion
* Says Russian economic growth remains fragile
(Adds detail)
MOSCOW, Dec 2 - Russian bank VTB (VTBR.MM: Quote, Profile, Research, Stock Buzz) swung to a 13.7 billion rouble ($435 million) third-quarter net profit, beating forecasts after strong growth in its corporate, retail and investment banking units.
Russia's second largest lender said on Thursday it had achieved the turnaround in line with the Russian economy, adding growth remained fragile.
VTB, which posted a 14 billion rouble loss in the 2009 period, had been expected to report a 13.4 billion rouble profit, according to a Reuters poll. [ID:nLDE6AS18H]
The bank, 85 percent controlled by the government but set to be privatised further, said nine-month net profit came in at 38.8 billion roubles.
VTB Capital, the investment banking division that dominates Moscow deal-making, made a pretax profit of 16 billion roubles during the nine-month period, up 55 percent. (Reporting by John Bowker; Editing by Dan Lalor) ($1 = 31.50 roubles)
Russia's VTB 9-mth IFRS net profit 38.8 bln rbls after loss
http://en.rian.ru/business/20101202/161587698.html
10:31 02/12/2010
VTB, Russia's second largest banking group, posted an IFRS net profit for January-September of 38.8 billion rubles ($1.251 billion) following a net loss of 45.5 billion rubles in the same period last year, the group said on Thursday.
The group's third quarter net profit amounted to 13.7 billion rubles after a year-on-year loss.
The results slightly exceeded analysts' forecasts.
MOSCOW, December 2 (RIA Novosti)
German Private Bank Launches New Russian Fund
http://www.wealthbriefing.com/html/article.php?German%20Private%20Bank%20Launches%20New%20Russian%20Fund=German_Private_Bank_Launches_New_Russian_Fund&id=33842
Wendy Spires
Group Deputy Editor in London
December 2, 2010
Metzler, the German private bank, has launched a Russia Fund which will invest in around 50 companies which are based in Russia and the former CIS countries, or which make the majority of their income there.
The fund, which is only available to German investors, will use the MSCI Russia 10/40 index as its benchmark. Run by Simone Beer, the fund will imitate the institutional version of the fund launched by the firm in the summer.
While many investors are nervous about investing in Russia due to perceptions of political instability and the region’s patchy record for protecting shareholders’ interests, a number of Russian funds have generated seriously impressive returns over the last decade. For example, last year the Swedish-based asset manager East Capital announced that one of its Russian funds had returned 1,524 per cent in US dollars terms in the period from 2000-01 to to 2009.
Those who are now looking towards Russia contend that the country’s equities remain undervalued compared to those in other emerging markets, and also point to the country’s relatively low degree of indebtedness. Commentators have commended owning Russian companies which are well-positioned to benefit from domestic growth, particularly in sectors such as consumer goods, construction, retail and banking.
Investors hope to build Europe's largest studio in St. Petersburg
http://www.screendaily.com/news/europe/investors-hope-to-build-europes-largest-studio-in-st-petersburg/5021145.article
2 December, 2010 | By Evgen Vorotnikov
AFK Sistema, the largest diversified public financial corporation in Russia, is planning to establish the Europe’s largest film studio on the base of Lenfilm, one of Russia’s oldest and largest film studios, based in St.Petersburg.
The project is expected to be go forward as a public-private partnership that will involve a complete reconstruction of “Lenfilm” studio with the goal of attraction of domestic andforeign filmmakers. AFK Sistema expects to get a controlling stake in the studio and guarantees of the return of its investment, however the final decision will depend on the Russian government.
Vladimir Yevtushenkov, head of AFK Sistema said: “We want to make the biggest studio in Europe, where we can attract foreigners filmmakers from Romania, Bulgaria, Hungary, etc. This will not be a new business center, but a production studio.”
The volume of investments at the initial stage of the project is estimated at $10-15m, while total amount may reach $100m. Before the economic crisis, Lenfilm was valued at nearly $80m, however since that time these figures fell up to $50-60m.
Prospects of the project remains a mystery. Some Russian analysts have already expressed their doubts over the ability of Lenfilm to become the Europe’s largest film studio, taking into account the fact that the number of films produced in Russia every year remains low, compared even with the European countries.
AFK Sistema currently owns Russian World Studios (RWS), one of the largest film and television production companies in Russia, with one of Russia’s largest studio space.
In this regard, some of Russian analysts believe that AFKSistema may consider the possibility of merger of Lenfilm with Moscow and St. Petersburg studios of RWS.
Successful implementation of the project will make St. Petersburg one of the European centers of film production and strengthen the positions of AFK Sistema as one of the biggest holders of media assets in the Old World.
For the Record
http://www.themoscowtimes.com/business/article/for-the-record/425481.html
02 December 2010
AvtoVAZ said Wednesday that domestic sales rose 45.3 percent in the first 11 months from the same period last year to 467,550 vehicles as the government’s cash-for-clunkers program boosted demand.
(Bloomberg)
The government plans to sell 7 percent of Sberbank next year, part on the open market and part to a strategic investor, chief executive German Gref said Wednesday.
(Bloomberg)
Norilsk Nickel said Wednesday that its Tati Nickel unit got two exploration licenses in Botswana.
(Bloomberg)
The inflation rate may be 8.4 percent this year, Economic Development Minister Elvira Nabiullina said Wednesday.
(Bloomberg)
Russia won’t add the Australian dollar to its international reserves before mid-2011, Central Bank First Deputy Chairman Alexei Ulyukayev said Wednesday.
(Bloomberg)
Do'stlaringiz bilan baham: |