Articles by Nadia Popova



Prokhorov Puts His Bets on Debt

Mikhail Prokhorov, Russias richest businessman, said a government goal to halve inflation to about 6 percent was realistic, and he criticized the authorities for cutting investment in infrastructure.

Prokhorov Says Nets Will Make Profit in 2011-12

Prokhorov, who agreed to invest $200 million into the construction of a sports arena for the team in Brooklyn, also said he believed that the $4.9 billion stadium and a nearby development project would soon overcome a legal challenge.

Billionaire Eyes Heating Reform

Prokhorov, who controls 25 power stations in the European part of Russia, told The Moscow Times that urgent changes in the states approach toward the sector were needed.

Timber, Hotels Beckon U.S. Investors

Russian lobbyists will push investment in the timber and small hotel markets during a three-day visit to Washington starting Monday.

Utilities Get Creative to Collect Bills

In addition to using debt-collection agencies, utility companies are increasingly having to act as gumshoes, conducting investigations into their customers to help court marshals, or even acting as court marshals themselves.

Prokhorov Bids for U.S. Basketball Team

Billionaire Mikhail Prokhorov said Tuesday that he would fund the construction of a new stadium for NBA franchise the New Jersey Nets in exchange for the right to buy a controlling stake in the team.

TagAZ Denies It Stole GM Design

A division of General Motors in Korea had accused the Russian carmaker of stealing the design of a Chevrolet model in the creation of its own passenger sedan.

Skolkovo Students Seek Connections

The state-backed school, organized by Troika Dialog and sponsored by Sberbank, seems to be on track toward attracting future and current entrepreneurs who want that key combination of Russian connections and Western-style business training.

Rusnano to Sell $5.9Bln in Bonds by 15

The state nanotechnology corporation may issue bonds for up to 53 billion rubles in 2010, 39 billion rubles in 2011 and 88 billion rubles from 2012 to 2015.

Deputies Balk Over High Cost Of Hotels

The Federal Anti-Monopoly Service said it suspected that Moscow travel agencies were driving up the prices, while local agencies said many other people were refusing to book rooms when they heard they would cost a small fortune.

Toy Car Production Could Come to Tolyatti

The proposal which comes as the state is looking for ways to cope with failing in factories to prevent social unrest could help diversify Tolyatti's economy away from reliance on the auto giant.

Just 3,000 Small Firms Open With State Aid

The government had hoped that a flurry of small businesses would provide new jobs and help pull the resources-dependent economy out of recession.

E.On, Gazprom Put Station Plan on Hold

E.On and Gazprom agreed in February last year to build a gas-fired 1.2-gigawatt power plant in Lubmin that was to come on line in 2011. The plant was slated to be managed through a joint venture and to use gas delivered by the Nord Stream pipeline.

Rents Go Up on Moscow Apartments

The rental price of a one-room, economy-class apartment rose 13 percent to 24,900 rubles ($790) a month in August.

Budget Spending Inefficient

Not a kopek was spent on some federal projects, including those fighting smoking and alcoholism, the Audit Chamber said Friday.

State Seeks to Keep Peace in Pikalyovo

A truce brokered in June by Prime Minister Putin in a town where hundreds of unpaid workers blocked a highway appeared to falter Thursday, in the latest snag in a conflict that has highlighted the dangers for the government of micromanaging complex business disputes.

Chubais Predicts Big Growth in Nano Jobs

Rusnano chief Anatoly Chubais said Wednesday that the country's virtually nonexistent nanotechnology industry will need 150,000 specialists by 2015, adding that last year, only 100 people graduated with degrees in the field.

Evraz Posts $999M H1 Loss, Sees Hope

The loss at the countrys second-largest steelmaker was higher than analysts expected and contrasted against its $2 billion profit a year earlier.

Evraz Posts H1 Loss of $999M

Russian steelmakers have suffered from weak domestic demand, particularly from builders and carmakers, since last September, prompting steel prices to fall more than 50 percent.

Alrosa Sells Gas Firms to Pay Debts

Alrosa, the state-run diamond monopoly, will sell two oil and gas assets to VTB, its main creditor, for $620 million, an Alrosa source said Friday.

Russians Suffered More in 98 Crisis Than Now, Survey Says

Russians suffered more during the 1998 crisis than they are during the current one, according to a survey released Thursday.

Lithuania and Russia Resolve Trade Feud

Russian and Lithuanian customs officials have come to an agreement on a dispute over vehicle inspections, both sides said Thursday after Russias agricultural watchdog banned imports of dairy products from four Lithuanian producers.

Bill Gives Priority to Gas Power

The government submitted a bill that would give priority access to the wholesale electricity markets to electricity stations that are fueled by associated gas, the Energy Ministry said Wednesday.

Wimm-Bill-Dann to Open Georgia Plant

Wimm-Bill-Dann, Russias biggest dairy and baby food producer, will open a plant in Tbilisi in late September, spokeswoman Marina Kagan said Tuesday.

Regional Leaders Criticized for Overspending

Prime Minister Vladimir Putin on Monday scolded regional leaders for spending too much and urged them to borrow carefully as the federal government faces its first budget deficit in a decade.

Entrepreneurs Daunted by Real World

The entrepreneurial spirit is strong in young Russians, a poll published on Friday showed. Its only after they finish university and go out into the real world that they lose their desire to be their own boss.

Generators Get Break On Bidding Deadline

The government has canceled the 2010 deadline for bidding on reserve capacities, the Energy Ministry said Friday, giving private generators a respite as demand for electricity plummets and financing for the sector has dried up.

Deripaska Consolidates Power Assets to Pay Debts

En+ Group, controlled by billionaire Oleg Deripaska, has consolidated its power assets to better manage the companies and increase their ability to raise capital, Vyacheslav Solomin, chief executive of EuroSibEnergo, the company that will unite the assets, said Thursday.

Medvedev Orders State Purchases Oversight

President Dmitry Medvedev has instructed the Federal Anti-Monopoly Service and the Economic Development Ministry to tighten their control over the system for placing state purchases, a statement on the Kremlin web site said Wednesday.

Mechel Takes Over Failing Steel Factory

Mechel will take over management of Zlatoust steel mill, the Chelyabinsk region said Monday, in a deal many say was driven more by political than economic considerations.