Articles by Igor Semenenko



Bureya Dam Threatens Railway

In order to expand the Bureya hydroelectric power station, which came online this June, the federal government must relocate some 50 kilometers of Trans-Siberian rail line -- a 4 billion ruble ($131 million) task.

Slavneft Pays Out $350M

Oil majors Sibneft and Tyumen Oil Co. have decided to pay themselves a $350 million dividend out of Slavneft, the oil major they jointly acquired through a privatization auction late last year for $1.86 billion.

Luzhkov's Wife Goes Public With Finances

Yelena Baturina, the wife of Moscow Mayor Yury Luzhkov, has joined the list of business leaders forced to open their books in order to win access to capital markets.

Sweden's Tele2 Adds 5th GSM License

Sweden's Tele2 AB expanded its presence in Russia on Tuesday, adding Omsk to its regional roster which already includes Irkutsk, Rostov, St. Petersburg and Kemerovo.

U.S. Rolling Back Funding for Muskie Programs

Back in early 1990s, when the fate of the market reforms in the former Soviet Union was up in the air, the U.S. Congress rolled out the Muskie/FSA program to fund graduate studies in the United States.

Italy's ENEL Eyes Piece of UES Power

Anatoly Chubais' long-simmering idea to bring in foreign companies to manage Russia's power assets is finally gaining shape.

Norilsk Stock Sees Its Fortunes Shine

Bolstered by expectations of global economic recovery and a labor strike at the mines of its major international competitor, Norilsk Nickel has seen its fortunes soar.

World Bank Questions GDP Target

A World Bank report issued Wednesday cast doubt on the government's ambitious goal of doubling the size of the economy within a decade and showed that salary growth could be capped at current levels unless overall productivity improves.

The 12 Lessons of 1998 Default

According to old Soviet textbooks, Stalin ended the war with Nazi Germany in 1945 with 10 blows. The first blow was the battle of Moscow, then Stalingrad and so forth.

Brokers Ponder Lessons of 1998

Any investor who dared to put his money into UES shares amid the 1998 financial crisis would have seen his portfolio skyrocket 15-fold by now.

State Eyes Greater Share of CB Profits

The Finance Ministry's move to gain greater access to the Central Bank's vaults has ended a short-lived romance between the bankers and the government.

Oil Majors Reach Westward

Clinging to the oil industry mantra that the bigger a firm is the better, Yukos and LUKoil grabbed headlines this week with moves to expand their presence in Europe.

Surgut Insiders Buy Up Extra 1%

Oil major Surgutneftegaz reported Friday that its managers had increased their stake in the company by 1.1 percent.

Firebird Takes BP to Task Over TNK

A New York-based investment fund manager has a bone to pick with BP, saying the oil major must be more forthcoming in disclosing the terms of its merger with Russian partner TNK.

State Fed Up With Bankrupt Firms

Having lost patience with companies that use never-ending bankruptcy proceedings as a tax shelter, the government has said it will auction off assets of companies sitting under the umbrella of bankruptcy legislation.

FSC Probes 3 Top Investment Banks

The nation's stock market watchdog wants some teeth and is looking very closely at the activities of at least three major brokerages.

Bank Profits at Expense of Next of Kin

In most countries, if you die you can do so with the consolation that the money in your bank account will at least go to your family.

Some Stats Suggest an Economic Slowdown

The economy continues to hum along despite increasing investor jitters over the legal assault on Yukos, but there are increasing signs that growth may be slowing.

Goldman Sachs Bets on Russia

The world's leading investment bank is betting on Russia, or rather offering a new way for others to bet on Russia.

AIG, Interros Set Up $500M Funds

On Tuesday, U.S. financial services giant AIG grabbed the spotlight with two landmark agreements, one with Vladimir Potanin's Interros holding and one with State Construction Committee, or Gosstroi.

Potanin Buys Up SBS-Agro Remains

Another of the original oligarchs who rode roughshod over Russia's political and economic scene for much of the 1990s has all but left the stage.

Severstal to Soup Up Its Auto Holding

Automobile holding Severstal-Avto last week outlined its plans to tap capital markets and rolled out a new business strategy.

Sibneft Plans $1Bln Interim Dividend

New Chelsea soccer club owner Roman Abramovich could probably afford to buy half of the English Premier League with the $1 billion half-year dividend announced by his oil major Sibneft on Friday.

Yukos Demoted as Flight Fears Rise

Mikhail Khodorkovsky's Yukos is no longer the largest company in the country by market value.

Expert Gets Top Spot in Business Media Survey

Expert magazine has earned top honors for quality among hard copy Russian-language business publications in a survey by the Russian Managers Association, a Moscow-based lobby group.

RTS Takes Breather From Historic Drop

Buyers cautiously waded back into the market Friday to push the benchmark RTS index into positive territory despite the ongoing legal assault on Yukos, which has produced one of the most volatile trading stretches in recent memory.

Just How Far Will Putin Let the Pendulum Swing?

Apart from the already evident economic damage to the country from the Yukos affair, President Vladimir Putin could be politically weakened if he continues to sit on the fence as two Kremlin clans do battle, analysts said.

Central Bank Eases M&A Regulations

The Central Bank on Wednesday approved new measures to speed up consolidation of the fragmented banking sector by making mergers and acquisitions easier, but fundamental problems in the industry continue to be a drag on the economy, analysts said.

Market Jittery Despite Rebound

The battered stock market on Monday recovered a bit of the billions of dollars it has lost since authorities first moved against Yukos, but with no resolution of the conflict in sight it could be weeks or even months before the full amount of the damage will be known.

Setbacks to Ruble Union May Signal Its Demise

Officially, the Belarussian President's last-minute decision earlier this month to delay the introduction of the Russian ruble was due to ""technical difficulties.""