Articles by Andrew Hurst

SocGen Trader Gives Himself Up to Police

  • 28 January 08
  • Reuters
A junior trader blamed for causing a $7 billion loss at French bank Societe Generale has handed himself into the police and is cooperating with their investigation, a prosecution official said on Saturday.

CEO Steps Down from MDM Bank

  • 05 December 05
  • Reuters
The Western-trained chief executive of one of Russia's biggest private banks, MDM Bank, said on Friday that he was resigning over strategic differences with its owners but would remain until a successor was found.

Top Managers Not Making the Grade

  • 14 November 05
  • Reuters
As the economy powers ahead on high oil prices, business education is failing to keep pace and employers complain of a chronic shortage of managers trained to international standards.

Oil-Rich Moscow Shrugs Off Investors

  • 10 November 05
  • Reuters
The country's leaders are being lulled into a sense of complacency by an oil price boom that has brought cash flooding into the economy, sapping their drive to attract foreign direct investment into key productive areas.

Sakhalin Island Fears Oil Wealth Passes It By

  • 25 October 05
  • Reuters
Residents are resentful that only 5 percent of royalties from oil and gas projects will make its way back to the island.

Alfa Group May Be Losing Its Touch, Skeptics Say

  • 12 September 05
  • Reuters
Alfa Group is admired and feared in equal measure for the ruthlessness with which it does business, but some doubters wonder whether Russia's most fleet-footed dealmaker may be losing its sureness of touch.

Russia Drifts Aimlessly in a Sea of Petrodollars

  • 26 August 05
  • Reuters
Russia is drowning in dollars as prices for oil -- its main export -- soar, forcing government policymakers to rethink assumptions that the bonanza would be short-lived.

Fitch Cheers Russian Moves to Cut Debt

  • 04 August 05
  • Reuters
Fitch Ratings upgraded RussiaТs sovereign credit rating on Wednesday, rewarding President Vladimir PutinТs government for channeling record oil revenues into slashing public debt.

Bishkek Swings Open Door to Foreign Cash

  • 24 May 05
  • Reuters
Kyrgyzstan is in talks with Russia's biggest aluminum company, RusAl, which could lead to a $2.5 billion investment in a power and aluminum-smelter project, Kyrgyzstan's deputy prime minister said late Sunday.

Kudrin Pessimistic in Fight Against Inflation

  • 06 April 05
  • Reuters
Russia is losing the fight against inflation, Finance Minister Alexei Kudrin said Tuesday, as new figures showed that monthly retail price growth accelerated in March.

What Took Standard & Poor's So Long?

  • 02 February 05
  • Reuters
When Standard & Poor's finally decided to award Russia investment-grade status, well after their rivals had already moved, reaction from bankers and analysts ranged from downbeat to almost dismissive

OECD Warns of State-Run Economy

  • 01 December 04
  • Reuters
Growing state involvement in the oil and gas industry, the engine behind Russia's booming economy, may erode efficiency and slow growth, the Organization for Economic Cooperation and Development said Tuesday.

Caribbean Court Hears New Reiman Claims

  • 12 November 04
  • Reuters
IT and Telecommunications Minister Leonid Reiman has been the target of allegations in a Caribbean court of abusing his position as a public servant to amass interests in the mobile phone industry.

Boom or Bust for Siberian Software Makers

  • 05 November 04
  • Reuters
This is a tale of two Siberian software companies and how one got rich and the other lost its way.

Ministry Threatens TNK-BP's Licenses

  • 16 September 04
  • Reuters
Natural Resources Minister Yury Trutnev warned Wednesday that production licenses of foreign and domestic oil companies can be torn up at will if the nation's fabulous natural wealth is not exploited on Moscow's terms.

IMF Criticizes Budget Policy

  • 14 September 04
  • Reuters
The Central Bank has to turn the monetary screws tighter than needed in the midst of an oil boom to make up for a slack fiscal policy, a top International Monetary Fund official said Monday.

Mega-Bond Proposal for Soviet Debt Stirs Interest

  • 30 August 04
  • Reuters
Russia, which only six years ago suffered a humiliating financial meltdown, says it wants to use growing oil wealth to pay creditors early but may find it hard to swap debts for a massive bond issue, analysts said Friday.

Reformers On Top After Cabinet Spat

  • 26 August 04
  • Reuters
A Cabinet row over how to double the size of the economy may have strengthened the hand of modernizers who say the government risks squandering a chance to achieve its most cherished goal, analysts say.

Foreigners Line Up to Buy Russian

  • 12 August 04
  • Reuters
The state's ferocious legal onslaught on oil giant Yukos may have alarmed investors but foreigners are lining up to buy Russian businesses as never before.

Bendukidze: Top Issue in Georgia Is Tax Take

  • 29 June 04
  • Reuters
Georgia's new economy minister said he never knew how rampant tax evasion had become here until his bodyguards asked to be paid in cash.

Communal Living Not Dead -- Yet

  • 11 May 04
  • Reuters
In the celebrated Soviet-era novel ""Doctor Zhivago,"" the hero returns home from the war to find his comfortable apartment seized by Bolshevik revolutionaries and turned over to the poor.

Waiting for the Gazprom Boom

  • 30 March 04
  • Reuters
Shares in gas monopoly Gazprom could join the ranks of the most widely traded in the developing world if the government ditches restrictions on foreigners buying the stock, say analysts and fund managers.

Putin Kicking Reform Drive Into High Gear

  • 11 March 04
  • Reuters
President Vladimir Putin is set to slash red tape, encourage small business and attempt to loosen a chronic dependence on oil exports with renewed vigor after he wins a second presidential term March 14.

Cafe Culture Spawns Coffee-Savvy Society

  • 30 September 03
  • Reuters
A thriving cafe society is spawning scores of new home-grown chains in Moscow serving everything from high-quality espresso to fruit-flavored coffee inspired by exotic offerings from America's West Coast.

Weakening Dollar Making Russia Stronger

  • 28 May 03
  • Reuters
Russia, basking in a flood of cheap money, may prove to be a big beneficiary of the U.S. Federal Reserve's steady loosening of monetary policy.

A New Oil Supermajor in the Making?

  • 21 April 03
  • Reuters
Oil majors Yukos and Sibneft may be on the verge of combining their operations to create one of the world's largest energy companies, investment banking sources said.

Cherepovets a Steel Girder in the New Economy

  • 14 April 03
  • Reuters
Severstal and its subsidiaries employs some two-thirds of the working population in Cherepovets, and owns the local hockey team as well as local radio and television stations.

Chances of Quick WTO Entry 'Gloomy'

  • 07 April 03
  • Reuters
Russia's top trade negotiator said Friday his advisers were gloomy over Russia's chances of joining the World Trade Organization soon and that some member countries were now dragging their feet.

Mordashov: Spread the Wealth

  • 01 April 03
  • Reuters
For a man who has acquired vast riches while only in his thirties, steel magnate Alexei Mordashov says he is acutely uneasy about the vast gulf between Russia's rich and poor.

Investment Grade Still a Ways Off, Analysts Say

  • 10 February 03
  • Reuters
Russia is keen on joining a select band of emerging countries that have won cherished investment-grade status but will be hard pressed to earn it any time soon, credit risk analysts said.