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Russia faces long road to diversify economy

MOSCOW Russia must deliver on pledges to reform the tax system and encourage the creation of home-grown seed capital if it wants to make long-standing dreams of reducing its reliance on oil a reality.

Russian banks say we won't trigger new crisis

MOSCOW Russia's banking system will be loss-making this year and faces tough debt talks dragging into 2010, though the scale of the problems won't trigger a much-feared second wave of the financial crisis in Russia. Policymakers and bankers told the Reuters Russia Investment Summit this week that lending would revive next year but could be hit further out by a global rise in interest rates.

Russia's PIK sees credit progress, rising demand

MOSCOW Russia's biggest housing developer, PIK Group , expects a positive resolution to long running debt restructuring talks with its creditors, and said housing sales had picked up in early summer.

Tycoon proposes newborn son as Aeroflot director

MOSCOW Tycoon Alexander Lebedev has proposed his newborn son to replace him on the board at Aeroflot in a tongue-in-cheek attempt to highlight what he says is continued weak corporate governance at Russia's state-run corporations.


Putin risks becoming "new Brezhnev:" Medvedev aide

MOSCOW Vladimir Putin, Russia's most powerful politician, risks becoming a decaying Soviet-style leader like Brezhnev if he runs again for president in 2012, a key adviser to President Dmitry Medvedev told Reuters.


Russia has spent half of $480 billion crisis package

MOSCOW Russia has spent more than half of the 15 trillion roubles ($480 billion) it has allocated to fight the economic crisis that hit the country a year ago, according to Reuters calculations based on Kremlin documents.

Russia to cut need for poultry imports: Cherkizovo

MOSCOW Russia will rely on imports for no more than 10 percent of its poultry and pork within three to four years as growing domestic output squeezes U.S. and other suppliers from the market, a senior executive said on Wednesday.

Russia's rich down but not out : Credit Suisse

MOSCOW Russia's rich, licking their wounds nearly a year after the financial crisis hit the country, remain reluctant to pour their money back into equity markets, the head of private banking at Credit Suisse in Moscow said.


Aeroflot to cut 2,000 jobs, eyes M&A

MOSCOW Russian flagship carrier Aeroflot will cut 2,000 jobs in the next six months as passenger numbers keep falling and may slash another 4,000 if the slump continues, its head told Reuters on Wednesday.

Russia debt restructuring far from over: banker

MOSCOW Russian companies have restructured the lion's share of their problem debts but the issue will stay on the 2010 agenda, the local head of Austria's Raiffeisen said on Wednesday.

Tax breaks "critical" for Russian oil: Rosneft

MOSCOW Tax breaks for Russian oil firms will soon become "critical" to the major oil exporter's efforts to revive flagging production by developing remote oilfields, a senior Rosneft executive told Reuters on Wednesday.


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