IntelliNews

Yandex parent closes on Russia exit to focus on AI startups in Europe

Yandex NV (YNV) today announced it has closed on the sale of its Russian assets, freeing the Dutch company up to focus on a collection of AI-related businesses that it aims to build up into a major European tech player. The NASDAQ-listed company, best known as the parent of the “Russian Google”, has completed the biggest exit from the Russian market since the full-scale invasion of Ukraine in a $5+ billion sale – albeit this is at a fraction of the company’s pre-war value, after a Kremlin-imposed haircut on companies looking to sell up and leave Russia. “That was the price of freedom,” said on...

Hungary's OTP Bank unlocks potential in Uzbekistan's fast-growing market

OTP Bank's acquisition of Ipoteka Bank is serving as a model for the future privatisation of state-owned banks in Uzbekistan and represents a pivotal moment in the country's economic transformation. Hungary’s leading lender entry to the fast-growing market is bringing expertise and knowledge crucial to Uzbekistan's evolving financial market. As the country of 37mn continues its transition to a market economy, demand for retail banking services, consumer loans and business financing is set to rise. OTP, which already holds a strong position in mortgage and consumer lendingt, is bracing for robu...

OTP Bank's strategic investment in Uzbekistan's financial market: unlocking potential in a fast-growing market

OTP Bank's acquisition Ipoteka Bank has served as a model for the future privatisation of state-owned banks in Uzbekistan and represents a pivotal moment in the country's economic transformation. CEE’s leading lender has entered the buoyant and fast-growing market, bringing its expertise and knowledge crucial to Uzbekistan's evolving financial market. As the country of 37mn continues its transition to a market economy, demand for retail banking services, consumer loans and business financing will rise. OTP already holding a strong position in mortgage and consumer lending on the market is brac...

Iranian cleric warns of security threat from collapsing birthrate

By bne Tehran bureau Imam of Yasuj in the south of Iran, Nasir Hosseini, has issued a stark warning about the security threats posed by Iran's ageing population, urging for a strong national and religious response, Asriran reported on May 17. In his Friday sermon speech, Ayatollah Hosseini said that the demographic shift could weaken national strength, lead to an identity crisis, and threaten the future of the Iranian nation in what is seen as a stark comment from the provinces for the first time. Iran is facing a demographic dilemma with an increasing number of elderly citizens and declining ...

Turkey simply relabels Russian oil products and exports them to Europe, research indicates

More evidence that Turkey simply relabels Russian oil products and re-exports them to Europe as Turkish emerges from a new study by the Centre for Research on Energy and Clean Air (CREA) and the Centre for the Study of Democracy (CSD). “Turkey, the world’s largest buyer of Russian refined oil products, has emerged as a strategic pitstop for Russian fuel products rerouted to the EU, likely generating hundreds of millions in tax revenues for the Kremlin’s war chest,” said Martin Vladimirov, senior energy analyst at CSD and co-author of the report. The report reveals that from the point the EU/G7...

The use of the ruble in EU trade settlements reaches a record $15.2bn in March

The use of the ruble in settlements for goods and services exported by Russia to European partners was up 58.5% in March 2024 to record levels, according to data from the Central Bank of Russia. This marks a significant increase from the previous year, with the ruble's share rising by 10.8 percentage points annually and 9.6 percentage points month-on-month. Statistics from the Russian Federal Customs Service indicate that exports to Europe in the first quarter of 2024 accounted for 15.2% of the total volume of Russian goods exports, equivalent to $15.4bn. The Russian Central Bank, which resume...

MOSCOW BLOG: Putin's guns and butter plan

By Ben Aris in Berlin Russian President Vladimir Putin was on a lovefest to China this week as the two continue to move closer together. Xi even offered Putin a bro-hug, something he doesn’t really do. The headline discussions were all about war, BRICS, and the non-aligned ties, which I wrote up. However, I also included a complete list of the delegation that went with Putin. The CIA missed a trick as if it had shot down all the planes it would have taken out Russia’s entire political and business elite, including most of the oligarchs,stoligarchs and the entire new Cabinet as well. Clearly in...

“Guns and butter” are both important, Putin tells military commanders

By Ben Aris in Berlin Federal budget expenditures for implementation of National Projects will total RUB3.008 trillion ($33.3bn) in 2024, the Russian Finance Ministry told TASS, or just under a quarter of what is being spent on defence. 'The Federal Law 'On the federal budget for 2024 and the planned period of 2025 and 2026' provides RUB3.008.4 trillion for implementation of National Projects in 2024. The largest amount of budget allocations in 2024 is provided for implementation of the following National Projects: Demography - RUB890bn ($9.9bn), Safe Quality Roads - RUB621.4bn ($6.9bn), Healt...

BOFIT: Putin visits China; US sanctions also make trade between China and Russia more difficult

By Bank of Finland Institute for Economies in Transition (BOFIT) Russian President Vladimir Putin travelled May 16 on a state visit to China to meet President Xi Jinping. In addition to Beijing, the destination is Harbin in northeastern China. The political relations between the countries have become closer after the war of aggression against Russia, says the Bank of Finland institute for Emerging Economies (BOFIT) in its weekly update. The last time Putin visited China was at the forum of the Belt and Road project in October. According to Russia, the meeting will discuss cooperation in areas ...

BOFIT: The bilateral relations between China and the European Union are important but challenging

By Bank of Finland Institute for Economies in Transition (BOFIT) In early May, Chinese President Xi Jinping visited Europe for the first time since 2019. The destinations of the visit were France, Hungary and Serbia. According to the view generally expressed in the media, China sought to improve its relationship with Europe with the help of the trip, as China's bilateral relations with the United States are in a rather vulnerable state, and China wants Europe not to lean too much towards the United States' strict stance on China. For the European Union, the visit made it possible to maintain a...