Business

Putin's hockey pal and Russia's richest man Vladimir Potanin has been 'snapping up banks for cheap' amid an exodus of Western owners

5 days ago   |   By

Russia's President Vladimir Putin played hockey with Vladimir Potanin. Mikhail Svetlov/Getty Images
Putin ally Vladimir Potanin is reportedly snapping up Russian banks at a discount rate.
Western businesses fled the country en masse following Putin's invasion of Ukraine.
Per Forbes, Potanin is said to be Russia's richest man - worth just shy of $30 billion.
Russia's richest man has been snapping up domestic banks at a discount rate, after their Western owners ditched the country, reports say. The Russian economy has been in freefall since the invasion of Ukraine, after Western powers...
Read more ...

 

Russia's largest shipping company is selling ships to buyers in Dubai and Singapore to repay its debts to western banks, a report says

5 days ago   |   By

Russia's Sovcomflot says it plans to sell part of its fleet to repay its debt to western banks. Anton Vaganov/Reuters
Sovcomflot is selling ships to buyers in Asia and the Middle East to repay loans to western banks.
Per the WSJ, the deals come ahead of a Sunday deadline for EU companies to stop business with Russia.
As Russia's largest shipping company, it operates 122 ships, including oil tankers and gas carriers.
Russia's leading shipping company has sold ships to buyers in Asia and the Middle East to repay its loans to Western banks. The Wall Street Journal and Lloyd's List first...
Read more ...

 


Search by Tags

   Business      Finance      News      Weekend BI UK      Ukraine      Russia      Vladimir Putin      Vladimir Potanin      Oligarchs      Sanctions      Banks      Asia      Deals      Dubai      Pacific      Singapore      Transportation      Shipping      Shipping companies      EU  


Interesting Facts About Dubai Miracle Garden

Dubai Miracle Garden - The World's biggest flower Garden located in Dubai. Plan your trip to Dubai & visit this garden. Before visiting go through these interesting facts... Read more ...

Interesting Facts About Dubai Miracle Garden

Dubai Miracle Garden - The World's biggest flower Garden located in Dubai. Plan your trip to Dubai & visit this garden. Before visiting go through these interesting facts... Read more ...

Experience the magical ambience of the fall season by visiting the best...

Autumn is one of the fascinating seasons for a holiday in Italy. This beautiful season comes with a round of fresh wine, delightful delicacies, and vibrant colors that will... Read more ...

20 of the World's Best Racers Who Failed to Qualify for the Indianapolis 500

20 of the World's Best Racers Who Failed to Qualify for the Indianapolis 500

The 2022 Indianapolis 500 won't include “Bump Day” in its qualifying weekend - with 33 cars in this year's field, there's no need for last-chance qualifying to compete for a... Read more ...

Shanghai reports 82 confirmed, 637 asymptomatic local COVID-19 cases

Shanghai reports 82 confirmed, 637 asymptomatic local COVID-19 cases

China's Shanghai reported 82 confirmed locally transmitted COVID-19 cases and 637 local asymptomatic cases on Wednesday, the municipal health commission said Thursday. Read more ...

The Modern VW Bus Will Cost Nearly $60,000 in Germany

The Modern VW Bus Will Cost Nearly $60,000 in Germany

Volkswagen's most fun vehicle doesn't have a very fun price, Mercedes-Benz is on a hunt to maximize profit margins and another fatal Tesla Autopilot crash is under government... Read more ...

In Sichuan, quarantine sites near completion

In Sichuan, quarantine sites near completion

In response to the severe epidemic situation in one of its counties, Guang'an, Sichuan province, plans to finish building new quarantine sites with 20,000 beds this week. Each... Read more ...

Shanghai to reopen subways in easing of COVID lockdown

Shanghai to reopen subways in easing of COVID lockdown

The locked-down Chinese metropolis of Shanghai will reopen four of its 20 subway lines Sunday as it slowly eases pandemic restrictions that have kept most residents in their... Read more ...

China relaxes some COVID test rules for U.S., other travelers

China relaxes some COVID test rules for U.S., other travelers

China has removed some COVID-19 test requirements for people flying in from countries such as the United States and shortened the pre-departure quarantine for some inbound... Read more ...

Mohamed El-Erian says the stock sell-off is in a new phase, as investors add...

Mohamed El-Erian, Chief Economic Advisor of Allianz Lucy Nicholson/Reuters Mohamed El-Erian said the plummet in US stocks Wednesday marks a new phase in this year's brutal... Read more ...

Melvin Capital to shut down one year after GameStop short-squeeze caused...

Alex Flynn/Getty Images/Bloomberg Gabe Plotkin's Melvin Capital is shutting down and returning money to its investors after a poor showing of performance. Melvin Capital lost... Read more ...

Canoo CEO: Reports of Our Death Are Greatly Exaggerated

Canoo CEO: Reports of Our Death Are Greatly Exaggerated

Last week, Canoo released a scary first-quarter earnings report saying that “there is substantial doubt about the Company's ability to continue as a going concern.” That had me... Read more ...

Subprime Car Loan Defaults Hit an All-Time High in February

Subprime Car Loan Defaults Hit an All-Time High in February

The good times of easy credit seem to be coming to a close as subprime borrowers are increasingly falling behind on payments. That scary trend is happening on debts ranging... Read more ...