Net loss of Global Ports amounted to $400.7 million in the first half of the year

The largest container terminal operator in the Russian market, Global Ports, has published operating results (.pdf) for the first half of the year. According to the report, the company’s net loss amounted to $400.7 million. “The net profit loss is not cash. Taking into account the market prospects that have become less predictable, the company … Read more

Net profit of Magnit grew by 39.6% in the first half of the year

In the first half of 2022, Magnit’s net profit under international financial reporting standards (IFRS) increased to 32.034 billion rubles. This is 39.6% more than in the same period in 2021. Operating results are published on the company’s website (pdf.). The net profit margin did not change year-on-year and amounted to 2.8% What are the … Read more

Citizens pay later // Installment payments are growing faster than other consumer loans

By the end of the year, the volume of the installment services market (BNPL) may reach 8 billion rubles. While these are hundredths of a percent in the total volume of consumer lending, however, according to experts, the market will grow faster than other segments. First of all, this will happen due to an increase … Read more

In Russia, for the first time, a telecom operator was fined for missing a call from a replacement number from abroad

The court fined Orange Business Services LLC (a subsidiary of the French Orange Business Services) for 1 million rubles. for missing a call from a replacement number from a foreign operator. This is the first such fine in Russia, Roskomnadzor told Interfax. According to the agency, a protocol was drawn up against Orange Business Services … Read more

Youth Hands for Boredom // Youth Unemployment Will Only Fall By 2023

According to the ILO forecast, the level of youth unemployment in the world will decrease only by the beginning of next year – and will still remain above pre-pandemic levels. In 2021, according to experts, the number of unemployed youth in the world amounted to 75.1 million people, which is almost 8 million people more … Read more

The volume of trading in yuan on the Moscow Exchange for the first time exceeded trading in the dollar

On the Moscow Exchange, the volume of trading in yuan amounted to 26.3 billion rubles, for the first time exceeding the volume of trading in the dollar (25 billion rubles). By 13:03 Moscow time, the dollar was trading at the rate of 59.7 rubles/$, having lost 1.05 rubles. from the opening of trading, euro – … Read more

Dear Enemies // The rise in oil prices has made Russia one of the three largest suppliers of the European Union

The increase in prices for raw materials, primarily for energy resources, led to a sharp increase in supplies from Russia to the EU countries. According to Eurostat, in the first half of the year, the increase in European imports from Russia amounted to 78.9%, the country also remained the third largest supplier to the EU. … Read more

UK inflation tops 10% for first time in 40 years

For the first time since 1982, annual inflation in the UK accelerated to 10%. As follows from the report of the National Statistical Service (ONS), the consumer price index (CPI) in July increased by another 0.6% compared to June. As a result, the index has gained 10.1% over the past 12 months. Prices in Britain … Read more

Let’s eat our own // The Ministry of Economy expects stabilization from the budget, recession from GDP, and reduction from imports

The macro-parameters of scenario conditions for economic development developed by the Ministry of Economy are being discussed in the government. They were first created in the logic of the new version of the budget rules, which assume stable exports at just under $500 billion a year, the agency, in line with expectations of a two-year … Read more