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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 4002 » Business

Usmanov's Miner Pulls IPO Plans

03 October 2008Metalloinvest, the country's biggest iron ore producer, has scrapped plans to hold an IPO this year, its chief executive was quoted as saying Thursday.

The move will complicate the miner's development of the huge Udokan copper deposit and delay a planned merger with Norilsk Nickel.

Metalloinvest, part-owned by Alisher Usmanov, had planned to float up to 25 percent this fall in New York or London, according to media reports.

"There's a serious crisis in the world, and there is simply no sense in holding an IPO," CEO Maxim Basov said, RIA-Novosti reported. If conditions improve, Metalloinvest is prepared to go public "at short notice" next year, Basov added.

Metalloinvest spokeswoman Olga Paleva said she was unable to comment on the delay or any other changes in the company's investment program.

The delay will likely spoil Metalloinvest's plans to merge assets with London-traded Norilsk, Alfa Bank metals and mining analyst Maxim Semenovykh said Thursday. He valued Metalloinvest at $25 billion. "Norilsk's minority shareholders are unlikely to agree to merge with something absolutely unknown to the market," he said.

And the company needs funds to develop Udokan, in which it has pledged to invest $3.9 billion. "It will be harder for Metalloinvest to invest in new projects, as it will not attract the money from the market for at least a year, and it has become harder to borrow from banks," Semenovykh said.