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. Last Updated: 07/27/2016

Reuters Inaugurates Moscow Headquarters

Reuters officially opened its new Moscow headquarters Thursday, a $2 million investment that includes television studios, satellite dishes and high-tech data equipment.

Reuters Chief Executive Peter Job said the new facility, in the Radisson Slavjanskaya Hotel, would help the company provide state-of-the-art information services to Russians and improve the agency's services from here.

"We expect to strengthen the scope and quality of our news, photo and television coverage for all of our business information and media clients worldwide", Job said in a press release.

Reuters currently has 300 clients in the Commonwealth of Independent States, a 30 percent increase over one year ago.

Job said in an interview that the majority of subscribers are commercial banks who use the agency's financial services. But he said new press freedoms in Russia and Eastern Europe had helped Reuters add to the profitability of its media division, which has lagged behind its financial services. About 85 customers are news organizations.

"The piece of the market we go after relates to what Russians need from abroad", Job said. The company is considering a Russian-language news service, similar to the one it offers Japanese subscribers, Job said. But he said the company's financial news products are "ahead of the demand curve" right now.

"People are still not quite aware where Russia's financial markets are headed and how they will be organized", he said.

Job would not disclose Reuter's total investment in Russia so far, but said: "We've sunk quite a lot of money into computers and satellite equipment", for subscribers.