Minority shareholders of Yandex NV went to court, the amount of cash in the Russian Federation decreased by a record amount in 9 years: July 12

Russia

• The Institute for Economic Forecasting of the Russian Academy of Sciences has assessed how an increase in income tax from 20 to 25% starting in 2025 will affect the economy. In all scenarios, structural changes associated with an increase in income taxes could lead to a slowdown in labor productivity and increased tension in the labor market, RBC writes.
• The volume of cash in circulation in Russia in January-June 2024 decreased by 570.3 billion rubles, according to RBC calculations based on Central Bank statistics. If we look at the half-yearly dynamics, this is the maximum amount of cash returned to the banking system over the past nine years.
• The purchase prices for beets for retailers in the second quarter increased by 84% year-on-year to 55 rubles per kg, according to the Association of Retail Trade Enterprises (AKORT), Kommersant writes. According to analysts, the leaders in price growth are also chicken eggs – an increase of 42% year-on-year, apples – 27%, broiler chicken carcasses – 18% and carrots – 14%.
• The weighted average cost of a new passenger car in Russia in the first half of 2024 increased by 14% year-on-year to 3.16 million rubles, Vedomosti writes. At the same time, in June prices even decreased by 1% year-on-year to 2.95 million rubles.

Business

• About 100 minority shareholders of the Dutch company Yandex NV, who did not receive securities of the Russian company Yandex as part of the exchange, appealed to the Moscow Arbitration Court. The applicants demand that their ordinary class A shares of Yandex NV be exchanged for Yandex securities in a 1-to-1 ratio, or bought back at the market price of 4,250 rubles per share, writes Vedomosti.
• M.Video-Eldorado has asked the Interior Ministry and the Investigative Committee to open criminal cases on consumer extremism, which is an abuse of the consumer’s right to compensation, writes Vedomosti.
• The market and supply chains for information, communications and telecommunications (ICT) equipment and microelectronics are recovering, experts from the National Research University’s Higher School of Economics have said, as reported by Kommersant. The turnover of ICT wholesalers in the first third of this year increased by almost 40%.