Jpmorgan Emerging Europe... Share Discussion Threads

[masergt] 13/2/2024 16:15

Thanks Glavey. Excellent reports.

Some of many comments in the Russiapost article say everything about Russia today.
"The current utility accidents are a classic case of a perfect storm, says economist Sergei Petrov (name changed at the interlocutor’s request)."

"Tellingly, the string of accidents bypassed wealthier residential areas in Moscow Region and Moscow."

"...production declined and the enterprise was resold several times under dubious schemes, while the current owners could be close to the Kremlin."

So much for your rip-roaring economy and happy clappy ever smiling locals, logliar. These reports prove Russia is a typical third world dictatorship - in self inflicted decline due to corruption, unlawful reprisals for speaking out and under increasing threat of internal rebellion, a guaranteed peoples' revolution if only the people knew the full story.

Curiously enough, even billionaire oligarchs are feeling the backlash of earlier corruption as the State renationalises their cash cows. That is not going down well in the monied hierarchy and more than anything could hasten Putin's demise.

[loganair] 09/2/2024 09:07

Putin Interview...


1. Russia officially asked Clinton when he was president to join NATO. Clinton said no.

2. 5 times Russia officially asked NATO not to expand any further East and not to put bases so close to the Russian border and all 5 times NATO ignored Russia's concerns.

3. The Presidents of the United States DO NOT make any of the decisions.

4. Russia came into the Crimea because the Ukrainians were bombing and killing Russians in Crimea.

5. It was the CIA who blew up Nord Stream pipeline.

6. All Western media is run by the United States.

7. Russia pulled out of Kiev and Northern Ukraine as that was part of the peace agreement between Russia and the Ukraine.

8. It was Boris Johnson of the UK who put a STOP to the peace deal between the Ukraine and Russia.

[loganair] 08/2/2024 12:46

The MOEX Russia index edged down 0.2% to 3250 on Thursday, halting three days of gains, weighed by telecommunications and transport sectors. Investors continued to digest corporate updates and eyed the movements in oil due to Middle East tensions.

Among individual stocks, Ozon (-1.7%), VK (-1.6%), X5 (-1.4%), Rusal (-1.3%), and Moex (-1.1%) declined the most.

Also, Yandex (-1%) took spotlight after the company announced the meeting of shareholders of Yandex N.V on the restructuring would be held on March 7. The Dutch company Yandex N.V. will sell Yandex's business for 475 billion rubles to a consortium of private investors. Yandex N.V. will cease to be the parent company of the group. The sale is expected to take place in two phases: the first will end in the first half of 2024, the second in 7 weeks later.

Meanwhile, increases were recorded by Unipro (2.8%), Polymetal (2.4%), Positive Group (1.1%), AFK (-0.9%), and Mechel (0.8%).

[loganair] 07/2/2024 10:01

The MOEX Russia index rose 0.4% to 3250 on Wednesday, trading in the green for the third session and hovering at its highest levels since October 2023, driven by construction and transport sectors. Still, the upward momentum was subdued after Chinese bank Chouzhou Commercial, which Russian importers use as the main settlement center, halted operations with the country.

Among individual stocks, Yandex (3.6%), X5 (1.7%), Ros Agro (0.9%), and Sberbank (0.8%) gained the most.

In contrast, M.Video (-2.5%), Rusal (-1%), QIWI (-0.9%), and MKB (-0.7%) were the key decliners. M.Video shares dropped despite the company presenting strong operating results.

[loganair] 06/2/2024 19:38

The IMF now expects Russia's GDP to grow by 2.6% in 2024, 1.5 percentage points more than they expected in October.

[loganair] 06/2/2024 12:50

The MOEX Russia index rose by 0.2% to 3,233 on Tuesday, lacing the market drivers, with losses recorded in IT and construction sectors being offset by gains in consumer goods, financials & telecommunications sectors.

Among individual stocks, Rusal (1.8%), Segezha (1.5%), PIK (1.4%), MKB (1%), and Rostelecom (1%) were the top performers.

In contrast, Novatek (-1.4%), GLTR (-1%), NLMK (-0.9%), and Severstal (-0.8%) declined.

Investors also kept their attention on MMK shares after the company reported a 68.2% increase in its net profit for 2023 compared to 2022.

[loganair] 05/2/2024 17:14

Future of the YNV Group Post-Divestment

Following completion of the sale transaction, YNV will retain a portfolio of international businesses and other non-Russian assets, including four early-stage technology businesses and other assets:

1. Nebius AI, an AI cloud platform that is one of the largest providers of GPU capacity in Europe.

2. Toloka AI, a data solutions partner for GenAI and Large Language Model development.

3. Avride, one of the leading developers of self-driving technologies.

4. TripleTen, an EdTech service that equips people with in-demand tech skills.

5. Our data center located in Finland.

6. Minority investments in other technology businesses.

These businesses are building an AI-focused suite of services and solutions initially to target markets in Europe, the US, Asia and the Middle East.

Our core intellectual property asset following completion of the proposed transaction will be our talented team of approximately 1,300 people employed by YNV and the retained international businesses, who are well placed to develop new proprietary technology for our retained businesses. In addition, YNV will receive transitional licenses for various fixed periods in 2024, to facilitate the further development of these businesses' own technology. After a short transition period following completion, YNV will cease to use the Yandex brand, which will be retained by the Target group. We expect that our International Businesses will develop their own branding going forward. We intend to seek shareholder approval to change the legal name of YNV in due course.

[loganair] 05/2/2024 17:12

How the Yandex Russian asset sale will go ahead:

The sale transaction will be implemented in two closings. At the first closing, we will sell a controlling stake in the Target of approximately 68% to the Purchaser for consideration consisting of a combination of the cash equivalent of RUB 230 billion and up to 67.8 million YNV Class A shares.

At the second closing, the Purchaser will pay for the remaining stake of the Target in a combination of YNV Class A shares and cash. The second closing will occur within approximately seven weeks following first closing.



Yandex N.V. currently has 325.7 million class A shares and 36.7 million class B
shares.

The new owners of Yandex Russia are going to return to Yandex N.V. 176 million class A shares.

Yandex N.V. will reduce their number of class A shares by the amount of shares they're being given in the transaction which will leave Yandex N.V. with 149.7 million class A shares.

The cash amount to be paid is 230bln roubles ($2.5bln) which will be paid in Chinese Yuan.

YNV intends to retain a portion of the net cash consideration to finance the development of the retained international businesses, and to return a substantial proportion of such net proceeds to our remaining shareholders, which we currently expect will be through a share repurchase offer.

JEMA has 2 choices going forward either to retain the Yandex N.V. shares or to sell them under the share repurchase offer when it comes.

JEMA holds 169,819 Yandex N.V. stock which has been frozen on the Nadaq since March 2022.

[neilyb675] 05/2/2024 12:13

130.00 - 137.80 (GBX) at 08:37:24
on Market (LSE)

[loganair] 05/2/2024 11:16

China buys Russian oil and gas from Russia in Chinese Yuan which is held in China.

Russian companies can then use these Yuan to buy Russian assets from Unfriendly countries at a 50% discount to their stock market value.

Just a thought for the future, all the funds (or at a 50% discount) held in JEMA's frozen "S" account may one day in the future be swapped for Chinese Yuan held in China. So good so far as long as the West doesn't do the sillies with China and sanction them the same way they have Russia.

This is why I have been posting that I consider the true NAV on JEMA's Russian assets to be 50% of their current stock market value or around 250p per share + 27p (50% of the funds held in "S" account) + 20p (non-Russian stocks and cash) = 297p I consider to be the current true NAV of JEMA.

[loganair] 05/2/2024 10:46

JEMA holds Yandex N.V. which is currently frozen on the Nasdaq and it seems reasonable to me to say that once the deal is completed Yandex N.V. shares on the Nasdaq will be unfrozen and return to normal trading.

Almost 88% of Yandex's N.V. ownership structure is currently free-float, with many Western funds among its shareholders.

Yandex N.V. “We anticipate that the first closing will occur in the first half of 2024, with the second stage following within seven weeks.”

Yandex NV plans to delist its Class A shares from Moscow Exchange, expected after Yandex has obtained a new public listing.

Yandex N.V. said the buyer, an investment fund called Consortium.First, includes Russian companies and investment funds that are not under Western sanctions.

“The proposed transaction will allow shareholders to recover some value for the businesses that we are divesting, while unlocking new growth potential for the international businesses we will retain and enabling the divested businesses to operate under new ownership,” Yandex Chairman John Boynton said in a statement.

The deal will be closed in two stages and was structured with a discount of at least 50%, which Russia requires for exiting companies that are registered in countries Moscow considers unfriendly. About half of the transaction amount will be paid in cash, and in Chinese yuan outside Russia. The rest will be a stock component including 176 million shares of the Dutch parent that the buyer already holds or will acquire, according to the statement.

Adding that it would cease using the Yandex brand following completion of the deal.

Yandex NV will retain a portfolio of international businesses and other non-Russian assets to develop, including an AI cloud platform and a developer of self-driving technologies.

Yandex NV will retain a portfolio of four early-stage tech businesses in the cloud, data solutions, self-driving and education technology sectors. It will also keep a data centre in Finland, as well as the "core intellectual property asset" of 1,300 employees, and transitional licences through 2024.

[loganair] 05/2/2024 10:39

The MOEX Russia index was level for the second consecutive session at 3,230 on Monday, hovering near its highest levels since November 2023, with gains in construction and electric utilities partially offset by declines in telecommunications, transport and IT. Investors also digested remarks of the Russian finance ministry about the return to purchases of foreign currency in the month ahead due to expectations of additional oil and gas revenues.

Among individual stocks, Mechel (2.5%), RusGidro (1.9%), MosEnergo (1.8%), and Rosseti (1.6%) increased the most.

On the other hand, Yandex fell by almost 6% after it became known that the Dutch company Yandex N.V. has concluded a deal to sell Yandex's business for 475 billion rubles ($5.2bln) to a consortium of private investors. Also, X5 (-1.6%), MMK (-1.5%), Samolet (-1.4%), and Rostelecom (1%) dropped.

[loganair] 05/2/2024 09:13

The main stock market index in Russia (MOEX) has increased 126 points or 4.05% since the beginning of 2024.

[loganair] 05/2/2024 08:20

I think its a very unfair and totally bias report a bust pipe in the capital of Siberia where temperatures fall to below -40C while in the UK lose circa 1/3rd of our water supply due to leaking and burst pipes and that's in temperatures above 0C.

In the early Autumn the city/town authorities in Russia send inspectors around to inspect and test all hot water piping and guttering and any they see is damaged is replaced before winter.

It is not the Russian state that repairs and replaces city/town infrastructure, it comes from the city/town budget.

St Petersburg alone between 2006 and 2018 spent $12bln on repairing and replacing infrastructure, in todays money and how far the USD goes that's the equivalent of Birmingham in the UK spending $50bln on replacing and repairing all their infrastructure. During this time frame other cities and towns in Russia have had the equivalent spent on their infrastructure which has mostly been been replaced and therefore only now needs repairing and replaced when damaged which takes far less money.

[1917again] 04/2/2024 22:13

EU approves €50B Ukraine aid as Viktor Orbán folds

The deal on Ukraine aid comes after a small group of leaders persuaded Hungary’s PM to drop his veto on the funding package

BY GREGORIO SORGI, BARBARA MOENS AND ELISA BRAUN

European Union leaders on Thursday reached a deal to provide €50 billion in aid to Ukraine — and they were in unanimous agreement after some leaders persuaded the sole holdout, Hungarian Prime Minister Viktor Orbán, to drop his veto.

“All 27 leaders agreed on an additional €50 billion support package for Ukraine within the EU budget,” European Council President Charles Michel wrote on X, a few minutes after the formal start of the Council meeting on Thursday.

“This locks in steadfast, long-term, predictable funding for Ukraine,” he added.

[brwo349] 04/2/2024 21:30

An outside toilet in Oymyakon (Russia) - the coldest town in the world.
[...]
Superpower??

[masergt] 04/2/2024 19:08

Grasping at straws again, logliar?

[loganair] 04/2/2024 11:17

Yesterday the United States said they can not protect Zelensky if he is thrown out of office, in other words if there is a coup.

[masergt] 03/2/2024 19:52

This popped up quite out of the blue. Kinda explains Russian 'weapons superiority'.