By John Helmer in Moscow
Severstal has announced a transaction which returns the Italian steelmaker Lucchini to Alexei Mordashov, the controlling shareholder of the Severstal group, who originally bought the asset and then re- sold it to his company in 2005-2006.
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By John Helmer in Moscow
Dodon was the power-mad, menopausal tsar in the opera, Zolotoi Petushok (Le Coq d’Or, Golden Cockerel), by Nikolai Rimsky-Korsakov, and he is making his comeback in St. Petersburg. This time the role is being played by Valery Gergiev (image), who usually keeps to the conductor’s podium in the orchestra pit, or in his office as the Mariiinsky Theatre’s administrative and artistic director. Never underestimate the ambition of leading lights of the Russian stage to play tsar, Stalin, or Dodon.
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By John Helmer in Moscow
After weeks of fierce, behind the scenes campaigning for votes to boost Rusal’s takeover attempt against Norilsk Nickel, shareholders of the latter struck back at Monday’s Annual General Meeting, flooring Deripaska. Rusal has issued a statement promising a counter-attack at a proposed Extraordinary General Meeting of shareholders – if, within the 60 to 90-day interval before this can be held, Deripaska can rally enough votes to avoid another knock-down.
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By John Helmer in Moscow
As Ronald Reagan used to say, when stumped for words in the presidential debate against then President Jimmy Carter: There you go again!
When the Russian owners and managers of High River Gold announce they are launching bankruptcy action in the Russian courts against Prognoz Silver LLC, you ought to ask what is the calculation by Alexei Mordashov, the controlling shareholder of HRG and its parent, Severstal Gold? Is he planning another hostile takeover, as he attempted unsuccessfully against HRG’s minority shareholders last year? Is the true value of the Prognoz deposit about to disappear into anonymous hands, before reappearing at a new valuation on the asset ledger of Severstal Gold, before it goes to IPO?
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By John Helmer in Moscow
A new London investment company called Vallar is being floated by two men whose most recent claim to public trust is what they have done, or advised doing with Russian money — Nathaniel Rothschild with Oleg Deripaska’s company Rusal, and James Campbell as a director on the Evraz board — that’s Roman Abramovich’s money, along with Eugene Shvidler, and Alexander Abramov.
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By John Helmer in Moscow
Never let it be doubted that sunshine comes out of the EBRD’s arse after all – along with $50 million.
According to a June 23 announcement from European Bank for Reconstruction and Development (EBRD) headquarters in London, the bank is proposing to lend the Joint Fruit Company (JFC), Russia’s dominant banana producer, shipper and distributor, $50 million. Pre-approval of the loan was given this week, and board approval is scheduled for July 20.
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By John Helmer in Moscow
Prime Minister Vladimir Putin met yesterday at Novokuznetsk city, in the Kemerovo region, with families of miners who were killed at the May 8 explosions that destroyed the Raspadskaya coking-coal mine, one of Russia’s largest. In remarks published on the prime ministry website, Putin hinted that he holds Raspadskaya’s management and owners, which include the Evraz steel group and Roman Abramovich, responsible for inadequate safety measures at the mine; and also for a scheme of miner bonuses which encouraged safety violations leading to the two fatal methane detonations.
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By John Helmer in Moscow
Even if you had all the kit you need – auditor’s green eyeshade, diamantaire’s magnifying loupe – it is not easy to find what is news in yesterday’s release of Alrosa’s financial report for 2009, audited according to International Financial Reporting Standards (IFRS) by PriceWaterhouseCoopers.
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By John Helmer in Moscow
Everyone who is watching the World Cup has his or her favourite moments of the competition. Depending on their national or other allegiances, many prefer to speak of extraordinary wins; the South African team’s defeat of France 2 to 1, for example. For me, it’s been the bravery of defence against all odds that is more inspiring — Greece against the repeated onslaught against goal by Argentina, to go down 0 to 2; and New Zealand holding Italy to a 1:1 draw.
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