The New Times
Andrey Borodin gave an interview to The New Times. In the interview, he said that stories about the poor state of Bank of Moscow are simply an attempt to discredit the former owners of the bank and to hide the traces of theft, which is taking place at the bank right now. According to Andrey Borodin, the hole in the Bank of Moscow balance sheet was artificially created by the VTB management in order to receive state aid for VTB’s own needs.
Read The New Times interview with Andrey Borodin in Russian here.
In the wake of London’s decision to block tighter fiscal integration in the European Union, French officials have launched a series of attacks on the British economy. Christian Noyer, the chairman of the French central bank, insisted that the UK had “more deficits, as much debt, more inflation, less growth than us”. Finance minister Francois Baroin followed this up by commenting: “The economic situation in Britain today is very worrying”. What triggered these statements was not fraternal concern for the UK’s economic health but rather anger at British opposition to the euro rescue deal and the threatened downgrade of France’s credit rating. Continue reading
The office of the Moscow Prosecutor has granted a complaint by Andrei Borodin’s attorney Mikhail Dolomanov. The complaint appealed a decision by the Main Department of Russia’s Interior Ministry for the city of Moscow to refuse to commence criminal proceedings to investigate the failure by the budget to receive proceeds from the sale of OJSC Bank of Moscow and OJSC Capital City Insurance Group shares once owned by the Government of Moscow. Continue reading
On 9 December, most members of the European Union reached an agreement designed to secure the long-term future of the single currency. All 17 members of the Eurozone agreed to the new deal, as did six non-Eurozone EU member states. There will now be binding limits on spending and borrowing, forcing the harmonisation of fiscal policy. Budget deficits of more than 3% of GDP will trigger punitive sanctions.
However, British prime minister David Cameroon refused to accept some of the planned financial services’ regulations. The UK delegation therefore used its veto to prevent the introduction of a full-blown EU treaty, thereby guaranteeing its opt out. As a result, the agreement will be implemented on an inter-governmental basis. On the positive side, this should enable the settlement to be implemented much more quickly, without the need for national consultation in most states. Continue reading
MOSCOW, Dec 12 (PRIME) — The Moscow city government headed by former Moscow Mayor Yury Luzhkov never sought to acquire control over the Bank of Moscow, the bank’s former president Andrei Borodin said in an interview with PRIME on Monday. Continue reading
Former owner of Inteko and wife of Yuri Luzhkov talks about her new projects and about Inteko the price of which has fallen several times.
Read Yelena Baturina’s interview with Vedomosti here.
RBC, 08.12.2011, Moscow 15:59:07.The Bank of Moscow’s (BoM) net profit is expected to reach RUB 15bn (approx. USD 481.5m) in 2011, Herbert Moos, CFO at VTB, a state-owned bank which took over BoM in September 2011, told reporters.
BoM reported a RUB 12bn (approx. USD 385.2m) profit in Q3 2011, and expects to generate a RUB 3bn (approx. USD 96.3m) profit in Q4, Moos said.
In January-October 2011, BoM’s RAS net profit dropped 2.4-fold year-on-year to RUB 4.1bn (approx. USD 131.6m).
An online interview with Andrey Borodin has finished on the website of Gazeta.ru The former head of Bank of Moscow, who has been placed on the international search list, spoke about the role of the former Finance Minister Alexey Kudrin in the deal with VTB and the preparation of the criminal case in relation to Investlesprom. Borodin is confident that Bank of Moscow will become a “municipal structure with no future prospects.”
Read online interview with Andrey Borodin here.
International investors have long taken the view that economic growth and energy consumption go hand in hand. More rapid growth is considered to be dependent on access to energy resources; figures from the past 200 years bear this out. Levels of economic growth were closely correlated with those for coal consumption for the period 1800-1950 and with oil consumption for the decades since then. As a result, the construction of dozens of new coal-fired power plants in China is regarded as a sign of that country’s economic prowess. Similarly, the development of large hydro schemes in Brazil and gas-fired plants in India is given as evidence of optimism in the world’s biggest emerging markets. Continue reading