News by tag: Russia

25.04.2017

US military spending grew, Russia became third in the ranking

The United States remains the country with the highest annual military expenditure in the world, according to new figures from the Stockholm International Peace Research Institute (SIPRI). US military spending grew by 1.7 per cent between 2015 and 2016 to $611 billion, for the first time in six years. Military expenditure by China, which was the second largest spender in 2016, increased by 5.4 per cent to $215 billion, a much lower rate of growth than in previous years. 

 
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18.04.2017

Zug Crypto Valley could be a model for Crimea

Boris Titov, the Russian business-ombudsman, has proposed the creation of a region in the Crimea similar to the “kriptodoliny” (Cryptovalley) in Zug, Switzerland for funding cryptocurrency and blockchain organizations, according to Rambler News Service. “Maybe we can make a Crypto Valley Crimea,” Titov said. This initiative was talked down during the Russian science-practical forum called “Blockchain: dialog between business and government” on the 13th of April in Moscow.

 
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22.03.2017

Money laundering: from Russia to UK trough Big Banks

HSBC, the Royal Bank of Scotland, Lloyds, Barclays and Coutts are among 17 banks based in the UK, or with branches here, believed to have processed almost $740 million on behalf of Russian money launderers with ties to gangsters and intelligence services, according a major investigation carried out by the Organized Crime and Corruption Reporting Project (OCCRP) and Novaya Gazeta, and reported by the Guardian. The figure was gathered by documents covering the years 2010-2014 showing at least $80 billion was moved out of Russia by an organisation called the Global Laundromat. Investigators are still trying to identify who is behind the nickname, but the task is difficult as the owners of offshore entities that moved money through the banks often kept their identities secret, the report noted, adding the documents include details of about 70,000 banking transactions, including 1,920 that went through UK banks and 373 via US banks.

 
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21.03.2017

Big Nordic banks involved in money laundering fraud

Two of the Nordics' biggest banks, Nordea and Danske Bank, are involved in a money laundering scandal that involves billions of Danish krona, reports Berlingske.  They are cooperating with authorities over possible incidents of money laundering via their overseas branches from 2011 to 2014, it added. The Danish newspaper cites investigations into authorities in countries including Latvia and Moldova, which show that large amounts of money passed through Danish banks into tax havens like the Seychelles and Panama. The origin of the money is not certain, but sources point to Russian organized crime. Meanwhile, according to Berlingske, fourteen Moldovan judges have been arrested and are awaiting trial for aiding the perpetrators.

 
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30.01.2017

Two London-based traders guilty over defrauding Russian Bank

Two City traders, George Urumov and Vladimir Gersamia, were convicted of multiple fraud offences following a four-month trial at Southwark Crown Court. The pair were handed jail terms of seven and 12 years respectively. The victim of the complex fraud scheme was Russian bank Otkritie, with the size of the losses related to the illegal actions exceeding £141 m ($176 m), according to a report in the Financial Times. The first part of the fraud was carried out in 2011, when Urumov joined Otkritie Securities Ltd (OSL) and manipulated the company into paying him approximately $25m as a “sign-on” fee under the false impression that it would be distributed to others also joining the company. 

 
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25.01.2017

Russian railways: Swiss franc is the least volatile currency

Russian Railways suggests reviewing the use of Swiss francs as a settlement currency for the transit traffic, president of the company Oleg Belozerov said, as Tass agency reported. "We calculate transit in Swiss francs. The Swiss franc has been historically used for international settlements. I asked colleagues to consider and give an assessment whether the franc is the proper currency now to make settlements," he said.

 
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23.01.2017

Russia big bank to launch robot lawyer

Russia's biggest bank, Sberbank, has recently announced a launch of a robot lawyer which will be assigned a task to process letters of complaints. The innovation will axe approximately 3000 specialists currently working in the bank structure, according to a report by TASS agency, citing Sberbank’s Deputy CEO Vadim Kulik. On the sidelines of the annual Gaidar Forum, Kulik announced robot lawyer was launched in Q4 of 2016, with full robotization to be completed in the first months of 2017. “It means that approximately 3000 specialists who have been processing letters of complaints will be freed from performing this particular task. We have quite ambitious plans. We are planning to launch robot lawyers in a range of fields", he added. 

 
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16.01.2017

The 8 richest men hold half of the world

Eight men now own the same amount of wealth as the poorest half of the world. A top corporate CEO earns as much in a year as 10,000 garment factory workers in Bangladesh. And the world's 10 biggest corporations together have revenue greater than the 180 poorest countries combined, according to a study published Sunday by Oxfam. The charity's report, "An economy for the 99%", was released as global leaders and the business elite traveled to Davos, Switzerland, for the annual meeting of the World Economic Forum; it suggests the wealth gap is wider than ever, with new data for China and India indicating that the poorest half of the world owns less than previously estimated. 

 
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10.01.2017

LinkedIn banned by Russian government

LinkedIn will not be accessible in Russia as the State Government have asked to remove the app from the app stores. The decision was reached after a local court in Russia found LinkedIn to be in violation of their law requiring any service that collects data on Russian Citizens to house that data within Russia’s borders. As per the directions from the Russian government, Google and Apple have removed the access to the LinkedIn App.

 
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12.12.2016

Historical agreement OPEC/non-OPEC to cut oil production

Eleven more oil producing nations have agreed to cut their production to try to boost global crude oil prices. The deal follows an announcement by OPEC 11 days ago that its members would collectively cut production by just over 1 million barrels a day. Large oil exporters, including Russia and Mexico, said they would mimic the Opec protocol agreed at the end of November and adjust their own production to 300,000 and 100,000 barrels a day respectively from the start of 2017. Oil prices have languished at less than or around $50 a barrel since the US became largely self-sufficient on shale from 2014 onwards; but with Opec’s announcement that production would be cut on 30 November, prices recently surged more than 15 per cent, rising last week briefly above $55. 

 
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