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It was the 19th century English poet William Wordsworth who once warned that “in modern business it is not the crook who is to be feared most; it is the honest man who doesn’t know what he is doing.” Since self-proclaimed presidential candidate Sergei Glazyev isn’t a crook, and he sues television broadcasters for moral [...]

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Ahead of official announcements by Severstal and Lucchini, sources close to the Russian steelmaker expect that Severstal will sign an agreement this week to pay $570 million for a 62-percent stake in the Italian steelmaker, Lucchini. The family-owned business has been losing more than a quarter of a billion dollars per year, and is carrying [...]

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By John Helmer in Moscow Limits on the transfer of shares between Russia’s state-controlled tanker companies, Novorossiysk Shipping Company (Novoship) and Sovcomflot, will fall short of the ambition of Sergei Frank, former Transport Minister and chief executive of Sovcomflot for two years. An international IPO of what may be, potentially, the third largest oil tanker [...]

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By John Helmer in Moscow Less than a year after announcing the purchase of major coalmine group Prokopievskugol for about $100 million, Vladimir Lisin, one of Russia’s richest men and proprietor of the country’s most profitable steelmaking group, Novolipetsk, is selling the coamine back to the state for a rouble. That is considerably cheaper than [...]

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By John Helmer in Moscow Did Nicolas Sarkozy, the small rightwing candidate for President of France, benefit from the brief imprisonment in Lyon of one Russian billionaire, and from the award of a medal, days later in Paris, to another Russian billionaire, who happened to be the business partner of the first? And was Sarkozy [...]