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The Moscow Times Moscow Guide – Winter 2008

Since the middle of autumn one of the most important topics of discussion, could only be … no, not the financial crisis… New Year! The winter issue of The Moscow Times Moscow Guide is entirely devoted to New Years celebrations. Seven great ideas for celebrating the “Night of Nights” will help readers finalise their plans and choose how and where to party, give fresh ideas and lots of practical advice.

And don’t forget – problems will come by themselves, but happiness and luck need an invitation. That why the more cheerful and light-hearted your celebration of the coming holiday is, the happier and more successful 2009 will be for you.

The Crisis: Signs of a Kremlin Fearful Of Unrest
Sociologist Yevgeny Gontmakher has painted a disturbing picture of what might emerge from the financial crisis, forecasting continued unemployment, huge protests and spreading violence.

Market Matters: Huge Grain Harvest No Boon for Farmers
This year Russia is enjoying the biggest grain harvest it has ever seen -- and farmers couldn't be more worried.



Tuesday, January 06, 2009 Updated at 31 December 2008 22:36 Moscow Time.

The Moscow Times » Issue 4000 » Business

Vladimir Filonov / MT

Jennings speaking after selling half of Renaissance Capital on Sept. 22.

Renaissance Group Chief Predicts Increase in M&A

01 October 2008The financial crisis will spur mergers and acquisitions in Russia as many businessmen have accumulated enough cash to buy troubled assets, Renaissance Group chief executive Stephen Jennings was quoted as saying Tuesday.

"In today's Russia, many businessmen have to sell their assets, and those who have liquidity are buying them. As a result, the M&A activity is rising, and this is a very profitable business for us," Jennings told Kommersant.

Jennings and his partners in Renaissance Group sold 50 percent minus one share in their investment banking business, Renaissance Capital, to Mikhail Prokhorov's Onexim holding company earlier last month for $500 million amid a liquidity crisis and collapse of the local stock market.

State banks, including VTB, had valued Renaissance at more than $4 billion before the crisis, according to media reports at the time.

Jennings denied that he was forced to sell a stake at a knockdown price because the bank failed to meet some obligations and added that the deal was aimed at sending a signal to the market, recently hit by a crisis of confidence, that the investment bank's operations were stable despite a tough period of liquidity shortage.

He also denied rumors that the sale came after Renaissance took heavy losses on its equities portfolio, saying losses were not substantial in the third quarter.