VTB Rules Out New Share Issues Until 2016
Russia's second-largest bank, VTB, which has been sanctioned by the United States and European Union over the Ukraine crisis, said Thursday that it doesn't plan to issue any new shares before the end of this year or during all of next year.
Last week, international stock index compiler MSCI Barra said it was consulting with investors about whether to exclude VTB's shares from one of its indexes.
The Western sanctions ban EU and U.S. nationals and companies from buying or selling new shares issued by VTB. The Russian government has recently promised to support state banks by boosting their capital. (Reuters)
Medvedev Mulls Closing Airspace to EU Airlines
Prime Minister Dmitry Medvedev said Thursday that Moscow was considering banning transit flights by airlines from the European Union and the United States to the Asia-Pacific region.
Medvedev said a final decision on whether to ban the flights by EU and U.S. airlines had not been taken but said Russia had decided to ban transit flights for Ukrainian airlines via its territory.
Low-cost Russian airline Dobrolyot stopped flying recently after being sanctioned by the EU. (Reuters)
Poor Russia Sales Hit Drugmaker Stada
German generic drugmaker Stada Arzneimittel said net income stagnated in the first half as gains from the takeover of British consumer care company Thornton & Ross were offset by lower sales in Russia and Germany.
First-half net profit came in at 66.8 million euros, a touch above the year-earlier figure and broadly in line with the average estimate of 66.1 million in a Reuters poll.
Stada's business in Russia, one of its most important markets, was hit by a decline in the ruble.
Stada on Thursday said it still expected a slight increase in 2014 group sales and EBITDA, adjusted for one-off items and the decline of the Russian ruble as well as eastern European currencies.
It also confirmed its outlook for a slight increase in adjusted net income. (Reuters)
A Message from The Moscow Times:
Dear readers,
We are facing unprecedented challenges. Russia's Prosecutor General's Office has designated The Moscow Times as an "undesirable" organization, criminalizing our work and putting our staff at risk of prosecution. This follows our earlier unjust labeling as a "foreign agent."
These actions are direct attempts to silence independent journalism in Russia. The authorities claim our work "discredits the decisions of the Russian leadership." We see things differently: we strive to provide accurate, unbiased reporting on Russia.
We, the journalists of The Moscow Times, refuse to be silenced. But to continue our work, we need your help.
Your support, no matter how small, makes a world of difference. If you can, please support us monthly starting from just $2. It's quick to set up, and every contribution makes a significant impact.
By supporting The Moscow Times, you're defending open, independent journalism in the face of repression. Thank you for standing with us.
Remind me later.
