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Moscow Tops Tokyo in Ranking of Cities with Priciest Luxury Real Estate

7 months ago adcity Comments Off on Moscow Tops Tokyo in Ranking of Cities with Priciest Luxury Real Estate
Pixabay Moscow has come in 13th place in a world ranking of cities with the most expensive high-end real estate. The ranking, produced by the international consulting company Knight Frank, lists the number of square meters that can be purchased for $1 million in cities throughout the world. According to data compiled at beginning of Read More

Russia’s Banking Sector Is on the Mend After a Catastrophic Summer

7 months ago adcity Comments Off on Russia’s Banking Sector Is on the Mend After a Catastrophic Summer
Central Bank of Russia (Anton Belitsky / TASS) Russia’s banking sector earned an aggregate profit of just 18 billion rubles ($300mn) in the first 10 months. But, if you exclude state-owned retail giant Sberbank’s stellar third-quarter results, then the sector is actually still loss-making. Until September, monthly profits were running well ahead of last year’s results, Read More

The Importance of Russia’s Unimportant Prime Minister (Op-ed)

7 months ago adcity Comments Off on The Importance of Russia’s Unimportant Prime Minister (Op-ed)
Russia’s Prime Minister Dmitry Medvedev (Valery Sharifulin / TASS) Elections in 2018 are very unlikely to mean a new president for Russia, but they could see a new prime minister appointed. It is tempting to see this as of little real significance, like a choice of head butler to administer the president’s affairs. However, while Read More

Russians Cold on Prices Despite Cheaper ‘Herring Under Fur Coat’

7 months ago adcity Comments Off on Russians Cold on Prices Despite Cheaper ‘Herring Under Fur Coat’
Salad ‘Herring Under Fur Coat’ / Youtube (Bloomberg) — Elvira Nabiullina says Russians will get to enjoy some lower prices in time for New Year’s Eve parties, but her countrymen aren’t buying it. The central bank has compiled special holiday-staple price indexes to press the point that inflation is in fact coming down, according to the governor.  Read More

Russian Railways to Spend $17 Mln on Bridge to Sakhalin in 2018

7 months ago adcity Comments Off on Russian Railways to Spend $17 Mln on Bridge to Sakhalin in 2018
Evgeny Stepanov / Interpress / TASS Russia’s state-run rail company has allocated 1 billion rubles ($17 million) to connect the island of Sakhalin to the Russian mainland in a grand infrastructure bid that could end in Japan. The railroad connection will be some 580 kilometers long and will connect Selikhino in Khabarovsk to Nysh, a Read More

Sotheby’s Bids to Block Russian Billionaire Alleging U.K. Fraud

7 months ago adcity Comments Off on Sotheby’s Bids to Block Russian Billionaire Alleging U.K. Fraud
Dmitry Rybolovlev (Eric Gaillard / Reuters) (Bloomberg) — Sotheby’s is trying to prevent Russian billionaire Dmitry Rybolovlev from using documents in the U.K. for a lawsuit alleging that the auction house was partly complicit in defrauding him by as much as $1 billion in artwork he bought from Swiss dealer Yves Bouvier. The preemptive move has Read More

Incomes in Russia Continue 4-Year Plunge

7 months ago adcity Comments Off on Incomes in Russia Continue 4-Year Plunge
Pixabay After subtracting inflation, food and utilities, the amount of money Russians have left to spend on themselves has shrunk for the fourth year running. Western sanctions over the Ukraine crisis, the collapse in oil prices and the ruble’s devaluation drove inflation to double digits before it dipped back below Russia’s target of 4 percent Read More

Russia’s Maverick Tech Prodigy Durov Says His $5 Billion App Telegram Can’t Be Bought

7 months ago adcity Comments Off on Russia’s Maverick Tech Prodigy Durov Says His $5 Billion App Telegram Can’t Be Bought
Bloomberg (Bloomberg) — Even half-naked on Tinder, where he just popped up, Pavel Durov loves to play hard to get. “Not looking for anything serious or not serious here,” the Russian privacy crusader warns potential dates in Dubai, where he’s finally trying to settle down after roaming the globe for three years. “Just playing with the Read More

Russia’s Optimistic GDP Projections Fall Shy of Targets

7 months ago adcity Comments Off on Russia’s Optimistic GDP Projections Fall Shy of Targets
Russia’s GDP is expected to grow by 1.9 percent in 2017 and 2018 in the latest outlook published by the Organisation of Economic Cooperation and Development (OECD) on Nov. 28. The OECD’s optimistic forecast is almost in line with 2-2.1 percent official government’s target, which was recently undermined by the disappointing third-quarter GDP numbers and industrial Read More

How Russia’s Bank Clean-Up Got Hijacked and Landed a Senator in Jail

7 months ago adcity Comments Off on How Russia’s Bank Clean-Up Got Hijacked and Landed a Senator in Jail
Gleb Fetisov (Artem Korotayev / TASS) The cleanup of Russia’s banking sector is proving dangerous for some owners. It’s not the bank owners that have stolen billions of dollars from their own deposit vaults who get locked up, but victims of sharp operators that use the clean-up to make fast buck and let the state Read More