Latest news with #RUB
Yahoo
4 days ago
- Business
- Yahoo
Putin orders seizure of companies that fail to fulfil defence contracts
Russian leader Vladimir Putin has signed a decree allowing companies that fail to fulfil state contracts during martial law to be placed under external management. Source: The Moscow Times, an independent Amsterdam-based news outlet Details: The document states that in such cases, shareholders are deprived of control and the functions of the head of the company are transferred to a structure proposed by Russia's Ministry of Industry and Trade. The decision applies to companies in the aviation and shipbuilding sectors that produce civilian goods, their contractors, as well as manufacturers of military equipment working with foreign clients. The Russian authorities have intensified efforts to confiscate private property since the start of the full-scale war against Ukraine. Russia's Prosecutor General Igor Krasnov said that the authorities have nationalised assets worth RUB 2.4 trillion (over US$26.5 billion). In 2024 alone, Russia seized nearly 70 companies with a total revenue of RUB 807.6 billion (over US$8.9 billion) and assets worth RUB 544.7 billion (over US$6 billion). The largest of these include companies belonging to the former owner of Yugra Bank, Alexei Khotin (over RUB 100 billion – more than US$1.1 billion), the car dealer Rolf (RUB 68 billion – over US$750 million) and the Chelyabinsk Electrometallurgical Plant (RUB 61 billion – around US$680 million). Background: Russia plans to complicate or completely block the return of assets to foreign companies that left the country after the start of the full-scale war. Putin stated that companies which "slammed the door" and left the Russian market will not be allowed to buy back their assets at low prices or reclaim their former market positions. Russian business representatives met with Robert Agee, the President and CEO of the American Chamber of Commerce in Russia, to discuss the lifting of sanctions in certain sectors of the economy. US President Donald Trump's special envoy for special missions, Richard Grenell, held closed-door talks in Switzerland on the possible supply of Russian gas to Germany via Nord Stream 2. The United States and Russia are discussing the possibility of economic cooperation in the Arctic, including natural resource exploration and the use of new trade routes. Putin ordered his Cabinet of Ministers to prepare for the return of Western companies to the Russian market. Support Ukrainska Pravda on Patreon!
Yahoo
21-05-2025
- Business
- Yahoo
Russians dream of building Starlink alternative
Russia plans to create its own analogue of Elon Musk's SpaceX Starlink satellite internet system. Source: The Moscow Times, an independent Amsterdam-based news outlet, citing Dmitry Bakanov, Head of Roscosmos, the Russian state corporation responsible for space flights, cosmonaut programmes and aerospace research Quote: "We will present our response to Starlink through our Rassvet (Sunrise) project by Bureau 1440. We will also introduce low-Earth orbit broadband communications. Thanks to this project, the accuracy of the GLONASS system for UAV control will be improved to 2.5 metres." Details: The Moscow Times also reports that during a strategic session with Russian Prime Minister Mikhail Mishustin, dedicated to the development of Russia's space sector, it was decided that the national space programme will include projects related to nuclear energy and fundamental research. Mishustin promised that over RUB 1 trillion (approx. US$12 billion) would be allocated for the development of Russia's space industry over the next three years, and about RUB 4.5 trillion (approx. US$56 billion) by 2036. He also stressed the importance of attracting private investment in space projects. Notably, Russian media had earlier reported that the project to create a satellite constellation similar to Elon Musk's Starlink might cost RUB 445 billion (approx. US$5 billion), of which RUB 329 billion (approx. US$4.1 billion) would come from non-budgetary sources and RUB 116 billion (approx. US$1.4 billion) would be allocated by the state. Earlier, Spacenews, a US-based space industry news outlet, reported that modern warfare increasingly relies on space networks, and Russia and China are stepping up efforts to counter the dominance of commercial satellite constellations, particularly Elon Musk's Starlink. The Secure World Foundation (SWF), in its 3 April report titled Global Counterspace Capabilities: An Open Source Assessment, noted that the Starlink system has become a major target for hostile countries after demonstrating its military utility in Ukraine following Russia's full-scale invasion in 2022. It had been reported previously that Russia's space sector is in a state of crisis and poses a safety threat, particularly to Russia's international projects. Former Roscosmos Head Yuri Borisov said 80% of Russian equipment on the International Space Station has exceeded its warranty lifespan. Russia is also reportedly developing a weapon that, when detonated, could create a powerful electromagnetic pulse (EMP) capable of disabling government and commercial satellites responsible for mobile and internet communications, for example, large constellations of small satellites like Starlink. It is known that the Kosmos-2553 satellite, which includes components of Russia's anti-satellite nuclear weapon system, was launched into space on 5 February 2022. The launch was reported by the Russian Defence Ministry and Roscosmos, but almost no information was provided about the satellite's purpose – only that it was equipped with systems to operate "under the influence of radiation and high-energy charged particles". Meanwhile, Europe is reported to be launching its most ambitious space programme in a decade, having signed a contract to build a satellite network worth €10.6 billion. The company SpaceRise, which includes European space and communications companies such as Airbus, Deutsche Telekom, Telespazio and Thales, will receive a 12-year concession to design, build and operate the Iris² system. The project will deploy 290 satellites in low and medium Earth orbits. Most of its capacity will be allocated to commercial broadband services offered by satellite operators to businesses and households. However, a significant portion will be reserved for security services supporting government programmes such as surveillance and crisis management. Support Ukrainska Pravda on Patreon!
Yahoo
13-05-2025
- Business
- Yahoo
Russia sets new record for labour shortage despite high wages
As of the end of 2024, Russian companies faced a shortage of 2.6 million workers, a 17% increase compared to the previous year, setting a new record. Source: The Moscow Times, citing a report by Russia's Higher School of Economics Details: The most acute shortages are in manufacturing (391,000 workers), trade (347,000) and transport (219,000). Employers in these sectors are offering salaries above RUB 100,000 (approx. US$ 717), around one and a half times higher than the national average. The study attributes the growing number of job openings in manual labour professions to a decline in migrant workers, the depreciation of the rouble, and the impact of a series of economic shocks. The outlet notes that the deepening labour crisis is directly linked to the consequences of Russia's full-scale war against Ukraine. In 2022, around 300,000 working-age men were mobilised. Meanwhile, between 650,000 and 1.1 million people left the country, protesting Kremlin policies and fleeing mobilisation. Further army recruitment has only worsened the labour shortage. At the same time, sanctions have weakened the economy and triggered a sharp fall in the rouble. This, along with tighter migration laws, has led to a significant outflow of citizens from Central Asian countries. Background: In the first quarter of 2025, domestic sales of Russian agricultural machinery dropped sharply. Support Ukrainska Pravda on Patreon!
Emirates 24/7
01-05-2025
- Business
- Emirates 24/7
Russian supermarket operator Magnit buys premium-segment competitor Azbuka Vkusa
Russian supermarket operator Magnit is consolidating its position in the sector by acquiring premium-segment competitor Azbuka Vkusa. Magnit, whose largest shareholder is the Russian investment firm Marathon, has been transforming itself into a conglomerate in recent years. It is currently purchasing a controlling stake in Azbuka Vkusa. That will add a high-end segment to Magnit's already thriving business, covering a wide range of the food retail market. Azbuka Vkusa is similar to premium grocers Whole Foods in the U.S. and Waitrose in the UK. "The acquisition of Azbuka Vkusa gives us an opportunity to substantially strengthen our retail positions in Moscow and enter into a principally new segment for us, premium retail, which will enable us to cover practically all consumer objectives in food retail," Magnit general director Yevgeny Sluchevsky said in a statement. Magnit already has a vast presence, with more than 31,000 stores in Russia and nearby Uzbekistan. It opened a total of 2,350 stores last year, according to a company earnings report. The company had strong growth last year. Net retail sales grew by 20.3% compared with the previous year, driven by a combination of 8.8% selling space growth and 11.2% like-for-like sales growth, the company said in its report. Meanwhile, the online segment skyrocketed, with e-commerce gross merchandise value (GMV), the total value of merchandise sold, more than doubling last year to RUB 100.6 billion (USD 1.23 billion). In 2023, Magnit completed its acquisition of the Kazan Express marketplace and has since transitioned it into its self-branded Magnit Market, which has more than 4,600 pick-up points across 275 cities. The current acquisition of Azbuka Vkusa is awaiting Russian government approval and the fulfillment of some terms agreed upon by the parties, according to a press release. "The Azbuka Vkusa brand is well known for its wide range of high-quality and exclusive products, as well as its high level of service and loyal customer base," Sluchevsky said. "A strong point is Azbuka Vkusa's ready-made food," Sluchevsky emphasized. "This expertise will help improve and expand the offerings of Magnit Group stores in a segment that is currently the fastest growing in retail." Follow Emirates 24|7 on Google News.
Daily Mirror
30-04-2025
- Daily Mirror
Ukrainian spy 'tried to poison Russian military pilots with doped cake and booze'
A Ukrainian spy who tried to poison scores of Russian military pilots with doped cake and booze has been sentenced to 27 years behind bars on terrorist charges. Accused Yegor Semenov, 34, had been recruited by Kyiv's Ukrainian Security Services (SBU) in a bizarre plot to kill graduates from Russia's elite Top Gun school, the trial heard. Judges at the Southern District Military Court in Rostov-on-Don heard how Semenov had been promised RUB 400,000 (GBP 3,600) by his handlers to carry out the mass poisoning. Semenov, who had the SUB codename 'Mercenary 35', had targeted 70 guests at a reunion party for Russia's Armavir Higher Military Aviation School in Krasnodar Krai. The 70-plus party-goers included some of Russia's most experienced and senior pilots, military chiefs and their families. Prosecutors told how Semenov had bought 118 bottles of booze like Jameson's Irish Whiskey and cheap Armenian Kochari brandy and a giant cake. According to the court he injected them with the huge doses of the powerful medical stimulant cordiamine, which can cause seizures and respiratory arrest. Finally, it was decided Semenov used a courier service to send the toxic treats to the party at the Tsarskaya Okhota restaurant with a note pretending saying they were gifts from a missing guest. But the closed-door trial heard how the plot fell apart when some pilots became suspicious of the medical smell coming from the cake and called police to the bash in April last year (2024). Forensic tests showed the cake and every bottle of alcohol had been doped by the deadly drug, once used in small doses by Adolf Hitler's doctor to combat barbiturate overdoses. Semenov was arrested just hours later in possession of a return ticket to Moscow and plans to flee to Egypt. The court heard how Semenov discussed the plot in encrypted messaging apps with his SUB paymasters. Prosecutors told how Ukrainian-born Semenov had moved to Russia in 2018 and obtained Russian citizenship four years later. But after the Kremlin's invasion of his homeland, he contacted the SUB and offered to help them sabotage the Russian military. Semenov admitted treason and terrorism but claimed he had been blackmailed by the SUB who had threatened to harm his mother. But under interrogation, police said Semenov had described his feelings of "pure joy" at the idea of the elite Russian pilots tucking into the poison. The trial began in January 2025 and concluded with the hefty jail sentence on 29th April. Semenov will serve the first five years in a hard-labour prison, with the remainder in a strict-regime penal colony, followed by one year of restricted freedom. Prosecutors had pushed for a full life tariff and now plans to appeal the sentence.
