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BUSINESS
November 27, 1999 | Reuters
BP Amoco, which has invested more than $1 billion in Russia, said that it would review its operations in the country after an asset it partly owns was sold against its will. Russia's Tyumen Oil Co. bought bankrupt oil company Chernogorneft for about $176 million at a bankruptcy auction despite protests from its owners. The sale was seen as a test case for determining the future of foreign investment in Russia.
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BUSINESS
December 23, 1999 | Associated Press
BP Amoco will get management control of Russia's Sidanko oil company under an agreement that salvages the British-American oil company's half-billion-dollar investment in Russia. The deal restores BP Amoco's authority over a prized Siberian oil field that was bought this fall by Tyumen Oil, a major Russian oil company, at an auction BP Amoco claimed was illegal. Chernogorneft, a bankrupt Russian oil producer, was a unit of Sidanko, in which BP Amoco holds a 10% stake. Chernogorneft produced 6.
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NEWS
September 18, 1998 | RICHARD C. PADDOCK, TIMES STAFF WRITER
A top official in Russia's new government said Thursday that the country will reverse its decision to freeze foreign debt payments and is ready to negotiate a new payment plan with international lenders. "Russia is ready for a dialogue, and in this connection the government would not like foreign partners to take tough measures against us," said Deputy Prime Minister Alexander N. Shokhin. "We call on banks to refrain from seizing Russian banks' assets abroad."
BUSINESS
November 27, 1999 | Reuters
BP Amoco, which has invested more than $1 billion in Russia, said that it would review its operations in the country after an asset it partly owns was sold against its will. Russia's Tyumen Oil Co. bought bankrupt oil company Chernogorneft for about $176 million at a bankruptcy auction despite protests from its owners. The sale was seen as a test case for determining the future of foreign investment in Russia.
BUSINESS
April 26, 1996 | Times Staff and Wire Reports
PepsiCo to Invest $550 Million in Russia: The Pruchase, N.Y.-based company and its bottlers will make the investment in the next five years to increase soft-drink production in Russia and beat back a resurgent Coca-Cola Co. The maker of Pepsi and Mountain Dew sodas and Frito-Lay snacks said the biggest consumer products investment in Russia would include 11 new bottling plants, 30 production lines, 50 warehouses, 450 trucks and thousands of refrigerated display cases. PepsiCo Inc.
NEWS
July 1, 1996 | Associated Press
Foreign investment in Russia fell by almost one-third in the first three months of this year, reflecting uncertainty surrounding the presidential election, the Interfax news agency reported Sunday. Foreign investment in the first quarter of 1996 totaled $928.6 million, compared with $1.79 billion in the fourth quarter of 1995, according to Economics Ministry figures. The ministry said foreign investment rose 3.8% compared with the first quarter of 1995.
BUSINESS
January 23, 1996 | STEPHANIE SIMON, TIMES STAFF WRITER
They were statistics only a battle-weary prime minister could love: gross national product down only 4%, industrial production slumping just 3%, inflation holding steady at slightly more than 3% a month. "At first glance, it may appear strange that this is being qualified almost as a success," Prime Minister Viktor Chernomyrdin acknowledged.
BUSINESS
September 25, 1996 | Times Staff and Wire Reports
Coca-Cola to Sell Juices Worldwide: The beverage giant formed a joint venture with Danone, a large French food and beverage distributor, to make and sell Minute Maid juices around the world as part of an effort to expand its reach. Coca-Cola also confirmed plans to invest $100 million in both Russia and Poland in 1997. The Atlanta-based firm has already invested $1.5 billion in Central Eastern Europe, including $250 million in Hungary, reported Vilaggazdasag, a Hungarian newspaper.
BUSINESS
September 12, 1995 | Times Staff and Wire Reports
Russia Plans to Lure $2 Billion Through Securities: The nation's central bank said it plans to attract up to $2 billion by opening up the government securities market to foreign investors. Acting Central Bank Chairman Tatyana Paramonova said many barriers remained to foreign investment in such instruments as Russian treasury bills and federal loan bonds, which Moscow-based Western financial analysts say offer healthy yield prospects.
NEWS
November 19, 1999 | RICHARD C. PADDOCK, TIMES STAFF WRITER
When a little-known investment fund financed by U.S. taxpayers bought a stake in the historic Lomonosov Porcelain Factory last year, it seemed a constructive way to help the recovery of Russia's beleaguered economy. Instead, it has proved to be the Americans' undoing. Today, the factory that once made tea sets for the czars is a battleground where Western investors and Soviet-era managers fight over the shape of Russia's economic future. In a precedent-setting decision last month, a St.
BUSINESS
October 13, 1999 | Bloomberg News
IKEA said it will open its first Russian store in Moscow in March, and it approved a site for a second Moscow store after the government agreed to reduce customs duties. Months of negotiations over the duties stalled IKEA's operations in Russia until it persuaded the government in August to cut duties. The privately held home furnishings retailer plans to open the $40-million store in northern Moscow on March 22, five months later than planned.
NEWS
September 17, 1999 | From the Washington Post
Under White House pressure, First Lady Hillary Rodham Clinton's two brothers pulled out of a $118-million proposed business venture in the former Soviet republic of Georgia on Thursday night, only hours after saying they would carry it through. National Security Advisor Samuel R. "Sandy" Berger had urged Anthony D.
NEWS
September 3, 1999 | MAURA REYNOLDS, TIMES STAFF WRITER
For years, it's been common knowledge that Russia's sickly economy was bleeding billions of dollars overseas. What hasn't been clear is who was doing it--and how. The enormity of the sums involved raises suspicions of wrongdoing; estimates of capital flight from Russia over the past seven years range from $50 billion to $150 billion. But it still hasn't been determined whether the money flows have been legal, quasi-legal, or outright illegal.
NEWS
September 18, 1998 | RICHARD C. PADDOCK, TIMES STAFF WRITER
A top official in Russia's new government said Thursday that the country will reverse its decision to freeze foreign debt payments and is ready to negotiate a new payment plan with international lenders. "Russia is ready for a dialogue, and in this connection the government would not like foreign partners to take tough measures against us," said Deputy Prime Minister Alexander N. Shokhin. "We call on banks to refrain from seizing Russian banks' assets abroad."
BUSINESS
July 31, 1998 | VANORA BENNETT, TIMES STAFF WRITER
Investors in Russia's troubled economy met with Prime Minister Sergei V. Kiriyenko on Thursday, hoping for reassurance that the government is actually going ahead with the financial reforms it promised the International Monetary Fund before being granted a huge loan this month. Despite the $22.6-billion IMF package for this year and next, the stricken Russian equity market has slid 5.8% in the last two weeks because investors still aren't confident that the government means business.
SPORTS
August 2, 1994 | RANDY HARVEY
What's an Irishman like you doing in a place like this? "That's what I keep asking myself," Frank Peyton said. "I still haven't come up with the answer." Peyton, 42, sold his bar in County Cork this year, said goodby--temporarily--to his wife and five children and came to St. Petersburg to lose his fortune. Actually, he doesn't have a fortune, and what he did have he doesn't plan to lose.
BUSINESS
September 24, 1994 | SONNI EFRON, TIMES STAFF WRITER
The frenzied flight of capital from Russia is over. Investors have already poured more than $2 billion into Moscow's levitating stock market. And Russia is now ready, willing and stable enough to absorb more foreign investment, Russian officials said Friday. Foreign investment in Russian securities increased by 40% each month in July and August and should reach $1 billion a month by the year's end, Deputy Prime Minister Anatoly B.
NEWS
September 25, 1997 | RICHARD C. PADDOCK, TIMES STAFF WRITER
Vice President Al Gore came to this city on the Volga River on Wednesday to promote American investment in Russia's provinces and encourage its leaders to remove barriers to further economic development. The vice president, concluding four days of meetings with Russian Prime Minister Viktor S. Chernomyrdin, praised the progress Samara has made in luring foreign investors to rebuild its economy.
BUSINESS
September 25, 1996 | Times Staff and Wire Reports
Coca-Cola to Sell Juices Worldwide: The beverage giant formed a joint venture with Danone, a large French food and beverage distributor, to make and sell Minute Maid juices around the world as part of an effort to expand its reach. Coca-Cola also confirmed plans to invest $100 million in both Russia and Poland in 1997. The Atlanta-based firm has already invested $1.5 billion in Central Eastern Europe, including $250 million in Hungary, reported Vilaggazdasag, a Hungarian newspaper.
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