London Metal Exchange will not ban deliveries from Russian Federation, US Treasury believes India has right to buy Russian oil at inflated prices, banned in Russian Federation because extremist Meta refuses part of products due to the crisis, the French Estee Lauder is aiming for takeover, and in the domestic public sector there is an acute question that arose about IT specialists: the demand is twice the supply. RB continues to follow key business events in Russia and around the world.

Reduced exchange of cash, increased demand for IT specialists in the public sector: the main thing for business November 12

World

  • The London Metal Exchange will not ban deliveries from Russia as the ban would “hit customers more than the LME itself” and the restrictions would be “too difficult to implement.”
  • The US Treasury believes that India can buy Russian oil at inflated prices in any amount it wants (Reuters).
  • The UN called for constructive negotiations with the Russian Federation on the extension of the Black Sea grain initiative.
  • Vladimir Putin also confirmed Russia’s willingness to guarantee food security for African countries by supplying them entirely with agricultural products.
  • Colombian coffee will rise in price in Russia and in the world in 2023 due to crop cuts, higher fertilizer prices and logistics problems.

Russia

  • The turnover of trade and service companies in Moscow increased by 21.6% in 10 months of 2022.

  • Russia has increased the export of mineral fertilizers to friendly countries. At the same time, the Russian Foreign Ministry reports that about 280 thousand tons of domestic mineral fertilizers are under arrest in European ports.
  • In October, exchange operations of dollars and euros for cash in the Russian Federation decreased by a third. The number of non-monetary currency transactions remained almost unchanged. In October, 72% corresponded to cash transactions, 28% to non-cash transactions. The most popular currency to exchange in October was the dollar.
  • The demand for specialists for the digital transformation departments of regional authorities is more than double the supply. The public sector urgently needs specialists in the field of AI, information security, IT architects, BIM engineers, etc.
  • The number of Russian freelancers increased from 2 million to 6 million Explosive growth is associated with the transition of individual entrepreneurs to a more favorable tax regime – FinExpertiza.

  • Dom.rf Bank plans to issue the first digital mortgage by the end of the year. The borrower will be identified through a biometric profile.

  • Russia intends to reconnect Rosselkhozbank to SWIFT.

Business

  • Mazda will lose 81.7 million euros due to its exit from the Russian market, and the entire automotive industry that left the Russian Federation will lose about 4.5 billion euros (Izvestia).

  • The Swedish Court of Appeal dismissed Oleg Deripaska’s claim against Montenegro. In 2016, the businessman demanded from the country the return of the lost investments in the Kombinat Aluminijuma Podgorica aluminum plant. The court sided with Montenegro. In 2020, Deripaska filed an appeal, but the court has rejected it.
  • The French company Estee Lauder may announce the purchase of the Tom Ford fashion house on Monday, November 14 (Financial Times).
  • Meta (banned in the Russian Federation as an extremist) rejects projects of smart watches and the production of smart displays for Portal video calls.
  • According to SensorTower, after Elon Musk bought Twitter from Mastodon and Tumblr, the network’s lesser-known rivals, there has been an explosive growth in the number of users (up 600%).
  • A new social network “Notes” was presented in Yakutia.
  • Twitter has discontinued the sale of the Twitter Blue subscription that Elon Musk introduced after buying the company. It allowed the purchase of a verification credential that authenticated an account. The innovation led to the growth of provocative posts from fake accounts.
  • With the departure of foreign film studios and the termination of the Netflix streaming service in Russia, the demand for DVD and Blu-ray discs has grown.
  • The FTX cryptocurrency exchange, which filed for bankruptcy the day before, was hacked. The company confirmed the theft of $380 million, according to experts, the damage is $600 million.

Author:

Ekaterina Alipova

Source: RB

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