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.
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.
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.
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.
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.
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.
An agreement between oil producer club OPEC and Russia to produce less to drain a global glut sent prices soaring in record trading volumes on Thursday, even as analysts warned other producers will likely top up supply. On Wednesday in Vienna, the Organization of the Petroleum Exporting Countries reached a deal to reduce their oil production by 1.2 million barrels per day in order to raise global prices. The deal also hinges on non-OPEC countries contributing an additional 600,000 barrels per day worth of cuts, with about half of that coming from Russia. On Thursday Azerbaijan said it was also willing to engage in talks on cuts.
The oil trend is still fluctuating. According to Claudio Descalzi, Eni CEO, although the cost per barrel suffers decided fluctuations, the price remains in continuous ascent: "It grow up by 33-34 dollars per barrel and reached 50 and this is combined with the fact that the offer, then the production, was down compared with the demand. "
Launched in 1997, WEREE has been advised by Elbrus beginning October 2013. Over the three years, it has improved its risk-return profile and has significantly outperformed its benchmark and competitors. The Fund is now in the top quartile performance among its peers for the period and ranks highly in industry databases and monitoring services such as Morningstar1 (4 stars) and Quantalys2 (5 stars). WEREE invests in liquid listed equities in Central and Eastern Europe, including Russia and the former Soviet states. The Fund implements a hybrid investment process that combines fundamental research stock selection with a model-driven macro overlay that determines the appropriate level of equity exposure for a given period or market environment.
Russia has no plan to change its current level of oil output, said Russian Energy Minister Alexander Novak, albeit he applauds OPEC oil cartel's agreement to curb production. "Russia will carefully consider those proposals which will be eventually drawn up. ... But our position is keeping the volume of production at the level that has been reached. These are the main principles that were earlier being considered,” said Novak. The comments came after OPEC reached a preliminary deal Wednesday on the sidelines of the International Energy Forum to cut current production to 32.5 - 33.0 million barrel per day (bpd), for the first time since 2008.
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