Investment Finance and Business: russia

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2012年2月28日星期二

Private Equity, Finance Lawyer Melinda Rishkofski Joins Baker Botts L.L.P. as Partner in Moscow

MOSCOW, February 28, 2012 /PRNewswire/ –
Melinda Rishkofski, who has represented private equity fund managers, international financial institutions and portfolio companies in Russia, Eastern Europe, the UK and the US, has joined Baker Botts L.L.P. as a partner in the firm´s Moscow office.
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Rishkofski´s experience includes working with Russian and Eastern European privatization policies, policy advice and drafting laws for the new Russian economy, development of Russian corporate securities and regulatory structures. She also worked on regulatory and legislative matters with representatives for the U.S. and Russian governments.
“Melinda adds depth to our international transactional resources, ” said Baker Botts Managing Partner Walt Smith. “Her focus on the Russian market and her extensive private equity experience are significant additions to our client offerings.”
Prior to joining Baker Botts, Rishkofski was general counsel for Russian-based Baring Vostok Capital Partners. As principal advisor, negotiator and transaction counsel, she provided legal support to financial institutions, multilateral development banks, private equity fund managers and Russian companies with respect to debt and equity financing transactions, mergers and acquisitions, restructurings, employee incentive programs, dispute resolution and general corporate matters.
In this role, Rishkofski has worked with and served more than 35 investee companies and the legal needs of private equity investment funds with more than $2 billion in capital and assets. She has also worked extensively with the International Finance Corporation (IFC), the European Bank for Reconstruction and Development (EBRD) and the Overseas Private Investment Corporation (OPIC) on secured credit and debt and equity financing transactions.
“Melinda´s extensive knowledge of the private equity and funds sector in Russia and the CIS, a market sector where we expect to see significant increased activity in 2012, will provide our clients working in or entering into this sector an expertise not currently available from legal consultants in the region, ” said Steven Wardlaw, Partner in Charge of Baker Botts´ Moscow office.
Rishkofski obtained a BS from the Pennsylvania State University in the U.S., a J.D. from the Dickinson School of Law (now part of the Pennsylvania State University), and an LL.M in International Business and Finance from the University of London, Kings College in the UK.
About Baker Botts L.L.P.
Baker Botts is an international law firm with over 725 lawyers and a network of 13 offices around the globe. Based on our experience and knowledge of our clients´ industries, we are recognized as a leading firm in the energy, technology and life sciences sectors. Throughout our 172-year history, we have provided creative and effective legal solutions for our clients while demonstrating an unrelenting commitment to excellence. For more information, please visit http://www.bakerbotts.com/.
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2012年2月7日星期二

Heverest.ru Gets a New Round of Investment

MOSCOW–(BUSINESS WIRE)–
Heverest.ru, an online retailer for sport, leisure and travel goods, has attracted another $4.3 million in financing. The majority of the investment was received from one of Russia’s largest investment funds, along with one of the existing finance partners of Heverest.ru, the European venture fund, eVenture Capital Partners. After this new round of investment, the total amount invested in Heverest.ru has now reached $6.7 million.
The company intends to use this additional funding to finance the expansion of their online product offering, as well as improving the quality of their customer service by developing the current CRM system. A proportion of the new funds will be allocated to subsidize the launch of a new marketing campaign, which aims to increase brand awareness of Heverest.ru among current and potential clients.
Heverest.ru is a start-up business launched by Fast Lane Ventures, a company focused on the development, launch and promotion of innovative internet businesses since 1^st June 2011.
At present, Heverest.ru has an online collection of more than 6,000 items from 150 major International sport and leisure brands including: Salomon, Nike, Columbia, Adidas, Reebok, Puma, Speedo and others, with the product range being renewed on a regular basis. The website has an average of 600,000 visitors per month.
Vladimir Kim, CEO of Heverest.ru, commented:
“Our ambition is to become Russia’s most popular online store for sport, leisure and travel goods. Before Heverest.ru, there were no such websites offering all kinds of sport, leisure and travel products in one place. We are in a strong position to change this, having joined the club of most successful startups in the Russian market of e-commerce, such as UTINET, KUPUVIP, SAPATO, etc.”
Marina Treshchova, CEO of Fast Lane Ventures, commented:
“We are witnessing two significant trends in this country. First, is an unprecedented growth of e-commerce and second, is an increasing government interest in sports and encouraging active lifestyles. Heverest.ru, as an online supplier of sporting goods, benefits from both of these trends. The Company’s dynamic pace of development and committed support from our investors, supports our own philosophy and proves that this is the right choice of the business model.”
A recent report by Russian market research agency RuMetrika.ru showed that Russia’s sports and leisure industry made about $6 billion in 2010. According to Fast Lane Ventures’ forecast, the market is likely to reach $12 billion by 2015. Equally, the global market of sport and leisure goods is expected to grow from $175 billion in 2010 to $240 billion in 2015 (Data Insight). That means Russia’s share in this segment will increase from 3.5 to 5%.
Fast Lane Ventures is the leading developer of internet companies in the high growth Russian internet market. For more information on Fast Lane Ventures please visit http://fastlaneventures.ru/en/http://tourism9.com/ http://vkins.com/

Heverest.ru Gets a New Round of Investment

2012年2月6日星期一

Caixin Online: The basics of Chinese inbound investment deals

By Andrew Ross
BEIJING (
Caixin Online
) — An accelerating number of Chinese companies are engaging in acquisitions and joint ventures in the United States and while it’s generally understood that a large number of other Chinese companies are also considering doing so, many still hesitate.
The first point to note is that the rate of deals is increasing, and is doing so dramatically. A second point is that as a percentage of the total number of deals, small- to medium-size deals make up the majority, although there are a few larger ones, and the buyers are generally not SOEs (state-owned enterprises). Third, the industries of the acquired companies cover a broad range, from technology, apparel, consulting services, auto parts, hotels and many more.

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In 2011, several Chinese companies announced their intentions to enter into deals in the U.S., including Shanghai Pharmaceuticals

, with its publicly stated reasons being to seek new drugs to expand its product line and noting declining overseas prices and a strong Yuan, Bright Food Group, China National Materials Co. (Sinoma)

and Fosun Group, which stated it is looking at consumer brands. Many Chinese companies are going global in the U.S., more and more will be doing so, and for those Chinese companies for which this makes sense and which proceed to do so, they will be in very good company.
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So what are some of the strategies, procedures and lessons on pitfalls that can be garnered from recent deals?
Perhaps one of the most important points regarding engaging in transactions in the United States is to recall the reaction of many Chinese businesses when foreign companies came to China and sought to dictate that deals in China be done in the same manner as in those companies’ respective homelands. This generated ill feelings and often did and can easily result in failure in a deal. The same is true in the United States. Companies from many different countries make acquisitions in the U.S. all the time, and one of the accepted norms is that the deal will be done in “U.S. style.”
While not successful on occasion, the advisor for the U.S. company looking to be sold (especially a “hot” company) may seek to create an auction for the company, thus seeking to maximize the price and otherwise obtain the most favorable terms. Even if they do not succeed in doing this, they will generally seek to have the process move as rapidly as possible. Prospective buyers who are unwilling to follow an auction process when established or move too slowly are simply left behind. An important aspect in dealing with this is to be prepared. This means having done industry and market analysis in advance so as to be able to readily determine one’s interest and willingness to devote the necessary resources to explore the deal, and have ready or be able to quickly assemble a team of qualified Chinese and U.S. advisors.

Clinton calls U.N. veto on Syria a ‘travesty’

U.S. Secretary of State Clinton called the veto by Russia and China of the U.N. resolution on Syria a “travesty” as Syria’s President Bashar al-Assad attended mosque service. (Video: Reuters/Photo: Getty Images)

Many U.S. businessmen object to the alleged slow deal pace of foreign businessmen (and not just Chinese), thus often giving U.S. buyers an advantage. Timing delays are, of course, a tactic to be considered; however they should only be used as deemed appropriate, such as to express reservations or concerns so as to try and enhance one’s bargaining position. However, a buyer should not allow its perceived slowness to cost it a deal it otherwise wants.
While most people properly say “a deal is not done until it is done,” in many U.S. negotiations the same often is not true of individual issues. Once an issue is resolved, it is generally not renegotiated absent special circumstances. A party which acts contrary to this undercuts its counter-party’s trust in it.
There is great significance in the U.S. placed on the transaction contract, as each party seeks to maximize its benefits and protections. As a general rule, legal counsel for a U.S. party, will seek as much protection for its client and clarity in the terms of an agreement as possible. This can be especially important for a buyer or investor. This often means lengthy detailed contracts, and also emphasizes the need for the parties to make decisions relatively quickly with respect to the many points involved. In fact, one view is that many U.S. business persons and their lawyers will only encourage ambiguity in an agreement if they think that addressing the ambiguity in the negotiations would result in it being resolved contrary to their interests or if they think they will have greater negotiating leverage on the point once the agreement is signed or the deal is consummated.
By having a contract be as detailed and precise as possible, the likelihood of a dispute is reduced. This is augmented by the fact that in the U.S. there is a very substantial body of court rulings and laws which help determine what a particular contractual phrase will mean in a particular context, thus creating even greater potential certainty. Finally, it should be recognized that other than private arbitrators and mediators and the courts — all of which are objective but the last of which is slow — no governmental entity or person such as a governmental bureaucrat plays a meaningful role in resolving contractual disputes.
While concerns abound over the possible legal burdens that Chinese companies face in the U.S., there are many reasons for Chinese companies to go global, and in particular to do so in the United States.
Read this commentary on Caixin Online.

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Andrew Ross is partner and chair of the mergers and acquisitions practice group at Loeb & Loeb LLP. This article is an abridged version of a paper titled, “Acquisitions by Chinese companies in the United States: The case for moving forward now.”

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2012年1月27日星期五

AK BARS Bank: AK BARS Bank Murabaha Islamic Financing Facility has been awarded the Europe Deal of the Year by the …

AK BARS Bank: AK BARS Bank Murabaha Islamic Financing Facility has been awarded the Europe Deal of the Year by the Islamic Finance news Awards
EquityStory.RS, LLC-News: AK BARS Bank / Key word(s): Miscellaneous AK BARS Bank: AK BARS Bank Murabaha Islamic Financing Facility has been awarded the Europe Deal of the Year by the Islamic Finance news Awards
27.01.2012 / 12:06

AK BARS Bank has successfully allocated funds raised under its Syndicated Murabaha Islamic financing deal, in the amount of 60 million USD. The Master Agreement was signed in September 2011 for the period of 1 year, and is the first public international Shariah-compliant deal in Russia. Citi and the Islamic Corporation for the Development of the Private Sector (ICD), a member of the Islamic Development Bank Group, acted as exclusive Joint Lead Arrangers of and Bookrunners for the deal. The Eurasian Development Bank acted as Mandated Lead Arranger. Citi Islamic Investment Bank E.C. acted as Documentation Agent, and Citibank International Plc as Investment Agent. The funds raised have been used to finance a priority service and transport infrastructure development project in the Republic of Tatarstan, in preparation for Universiade (the World University Games) 2013, which will be hosted by the city of Kazan. These investments aimed to develop the interregional air travel system and stimulate the domestic tourism and business activity of the city. In January AK BARS BANK’s Islamic deal was awarded the title of «Deal of the Year 2011 in Europe» by the Islamic Finance News, the leading specialized online journal for the Islamic finance market. The innovative character and the uniqueness of the transaction were the main criteria for the award of the title «Deal of the Year 2011 in Europe». The deal was the first of its type in the CIS, and opened the doors to the Islamic finance market for Russia. This award proves that «AK BARS» BANK is the leader and pioneer in the development and implementation of alternative funding sources both in the Russian market and across the CIS. – «In spite of the severe market situation and tight time schedule, AK BARS BANK managed to close the deal on beneficial terms» – noted Robert Minnegaliev, the Chairman of the Board of Ak Bars Bank. – This Shariah-compliant deal created a real opportunity for the diversification of fund sourcing. This sets a new benchmark in the CIS and a significant precedent for Russian banks.» The «Deal of the Year» Award is granted annually for successful results in the area of Islamic finance. The Awards Ceremony will be held in Dubai in February 2012.
AK BARS Bank (open joint-stock company) was registered in the Central Bank of Russia and successfully operates on the financial market of Russia since 1993. AK BARS Bank is a universal bank and develops corporate, retail and investment businesses.
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27.01.2012 Dissemination of a Corporate News, transmitted by EquityStory.RS, LLC – a company of EquityStory AG. The issuer is solely responsible for the content of this announcement.
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2012年1月9日星期一

Tatas’ unlikely golden goose

When Tata Motors acquired Jaguar Land Rover, it was pilloried for poor judgement. Now, JLR is a roaring success.

Alongside his warning last week that Tata Group expansion plans would have to be tempered by the troubled global environment, Mr Ratan Tata noted that in its drive to take heed of risks, it shouldn’t lose out on good opportunities.
Four years ago, the “good” opportunity that the company didn’t pass up provoked much tut-tutting. When Tata Motors first took Jaguar Land Rover off Ford’s hands for $2.3 billion in 2008, many asked: how could a company known for commercial vehicles and cheap cars, and for whom there were no obvious synergies in the acquisition, do any better than a gargantuan of the global auto world, which had pumped billions into the iconic brand?
Those that didn’t tut then, certainly did a few months later, when the financial crisis struck and sales at JLR plunged. Even worse, Tata Motors had taken out a $3-billion bridge loan to finance the acquisition, and struggled to refinance its debts, which remained firmly high. Attempts to secure financial support from the British government failed, forcing the Tata Group to pump its own funds into the company.
In March 2009, Tata Motors posted a Rs 25.1 billion loss for the year. “Troublesome trophy” declared the Financial Times, adding that it “raised questions about the wisdom of fast-growing companies from emerging markets acquiring their developed-world counterparts in struggling sectors.”
Those “questions” have now been turned on their head: far from being a trophy, JLR survived the crisis to become the biggest earnings contributor to Tata Motors, something that has continued — and is expected to continue — through this second round of the crisis.
For the year ending March, Umesh Karne at BRICS Securities expects JLR to make a net profit of Rs 71 billion, against a group profit of Rs 79.5 billion, with sales up 14 per cent, and a further rise of 8 per cent the following year.

Turnaround factors

JLR seems to be preparing itself for such an upbeat scenario. The threatened closure of one of its British plants never happened; the company has since announced plans to expand the workforce at its Solihull plant, and build an engine factory near the city of Wolverhampton, a move that will gradually reduce its dependence on Ford engines. It’s in talks over a joint venture in China.
It’s easy to look for one reason for this remarkable turnaround, but there are a number of answers. Firstly, Tata Motors wasn’t afraid to seek external assistance, bringing in KPMG and Roland Berger Strategy Consultants to design a turnaround for the immediate, medium and short term. In 2009, the company unveiled a business plan, which involved aggressive cost cutting (reducing employee numbers, more efficient IT systems and marketing spend), changes to cash flow management, and a multi-year plan for product launches.
Luckily, there was lots of room for improvement. Ian Fletcher, an automotive analyst at IHS Global Insight, who worked for JLR under Ford, argues that the American firm had a “feast and famine” approach, lavishing cash on JLR at points, while starving it of investment at others. Cash was often directed in unhelpful ways, such as a Jaguar F1 programme.
“If you want to make a profit don’t put millions into racing it round a car track,” Mr Fletcher says. “You need to build a car that people want and charge what you can get away with.”

Restoring ‘Cool’

Building a coveted car also proved challenging in the Ford years: its launch of the X-Type — which was known to some in the industry as a “Ford Mondeo with a pretty frock” — was just one example, while others such as the “S” type were seen as overly retro, and unappealing to audiences below the age of 50. (By contrast BMW and Mercedes were able to attract mid to late 30s buyers too).
Under Tata, the XF and XJ updates did much to restore the company’s “cool” reputation while the launch of the Discovery in 2009 proved timely for the recovery. Tata Motors’ pledge to pump 1.5 billion pounds a year up until 2014, into a total of 40 new product actions — including new vehicles, and updates — has added to that credibility and created a buzz (rumours that it was considering expanding its Halewood plant had observers asking whether it could mean a new compact Jaguar was on the cards).
Part of the problem in the past was too much interference from Ford: something that Tata Motors has reversed. Tata brought in (and retained from Ford days) senior engineers and management, with many years of experience, particularly in the German industry, pretty much leaving them to their own devices, but with the assurance of having the sizable resources and support of the Tata Group behind them.
The CX-16 concept car that wowed audiences at the Frankfurt auto show last year was a case in point. “10 years ago, something with such cutting-edge technology would have been left on the drawing board,” says Mr Fletcher.

Niche focus

The trouble with Ford’s approach was that it understood and applied volume manufacturing, but not the global niche marketing and product that JLR needed to be successful, and which Tata Motors embraced through its hands-off approach, says Professor Peter Cooke, Professor of Automotive Management at Buckingham University.
“Fundamentally, Jaguar and Land Rover have to be global niche products,” he says. Now each product is targeted at specific niche audiences, such as the high-spending city dweller in the case of the Range Rover Evoque, the petit SUV, 15,000 of which have been sold since its launch in September.
As a result, Tata seems to be pushing demand in all the right directions: China is now JLR’s third largest and fastest growing market, accounting for around 16 per cent of sales, while demand in Russia, Brazil and India continues to grow.
Overall, with the investment from Tata Motors, JLR was able to position itself in the right space, just in time for the upswing that came in 2009. It is not the only luxury branded car to be doing well: Bentley saw sales rise 37 per cent in 2011, again driven by China, and is preparing for further growth with plans to expand its range.
There are, of course, challenges: currency movements, which have in the past worked well for JLR’s profitability, have hurt it in recent months, with the appreciation of the pound against the dollar. As a result, JLR profits for the quarter ending in September fell 2.1 per cent. Moreover, the financial climate will make the quality and timing of its 40 product actions all the more important.
The success of JLR doesn’t make or break the case for acquisitions of distressed foreign companies (There is only so much a company can do in the face of unremittingly weakened demand, as has been the case with Tata Steel’s European operations). But it does go to show, bad timing is often overrated. After all, had it waited a few months more, Tata Motors would never have secured the financing to acquire the company that has turned out to be its golden goose.
blfeedback@thehindu.co.in
(This article was published on January 8, 2012)

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2011年12月31日星期六

Skyscanner Travel Trends Report 2012 Now Available

EDINBURGH, Scotland–(BUSINESS WIRE)– In its new 2012 Travel Trends Report, Skyscanner has revealed that Estonia, Russia, Iraq and Cape Verde are all emerging destinations likely to see a significant rise in interest from UK tourists over the coming year.
The flight comparison website, which has over 15 million users a month, analysed its vast data on user flight searches to produce the report on global travel trends. Overall, Spain remains the most popular choice for British holidaymakers for a fourth consecutive year, however in the ‘Destinations of The Future’ section of the report, Skyscanner highlights a number of more exotic locations.
Where are we going?
Estonia is the highest climbing destination with a search increase of 90% year on year. This is largely attributed to the increased publicity the country has received following Tallinn’s stint as a European Capital of Culture in 2011, however other Eastern European destinations have also seen a significant rise in popularity. A 32% increase in interest for Russia suggests that the world’s biggest country will get a bigger share of tourists over the coming year. With major sporting events looming (Winter Olympics in 2014, and the World Cup Football in 2018), Russia’s profile as a tourist destination is set to rise substantially.
While Estonia, which adopted the Euro in 2011, and also Greece and Italy appear to be performing well in the global battle for tourists, other Euro destinations have not fared so well; Portugal, Ireland, Germany and Slovakia all saw minimal rises in searches, well below the Skyscanner site average.
Following years of conflict, Iraq looks to be gaining more visitors from the UK in 2012. Whilst search volumes remain low, the country saw an increase of 75% in interest, likely to be mainly Iraqi nationals visiting. However, the country has also been stepping up its marketing efforts as a destination for cultural and religious tourism with its second appearance at London’s World Travel Market. A number of travel companies are now also offering adventure tours to Iraq for trekking, biking and backcountry skiing.
With a rise of 51% year on year, The Cape Verde Islands, which lie off the west coast of Africa, are becoming an increasingly attractive winter sun alternative to other mid haul destinations such as The Canaries and Egypt, the latter of which has seen a 12% drop in searches from the UK .
Who’s coming?
It’s the Russian market which has grown the most in the last 12 months, with over 100% rise in searches to UK. However with London set to take the world stage for the Olympics in 2012 it is actually the Australians who top the table in terms of the number of visitors while it is the Japanese who are seeing the biggest increase in searches over the Olympic period with a 300% rise. Visitors from The Netherlands, Belgium, Germany, Denmark and Switzerland follow closely behind.
The full report is now available at: http://www.skyscanner.net/news/Skyscanner%20Travel%20Trends%202012.pdf
Ends
About Skyscanner
Skyscanner is Europe’s leading travel search site providing instant online comparisons for millions of flights on over a thousand airlines, as well as car hire and hotels
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2011年12月29日星期四

Tucan Travel Declares 2012 the ‘Year of Adventure’

LONDON , Dec. 27, 2011 /PRNewswire/ — Despite the scope of predictions already being made on what 2012 will hold, with everything from uncertainty in the economy and the end of the European experiment, to end of the world as a whole if you listen to the predictions of the ancient Maya, none of them paint a particularly rosy picture. To counter this and propose an alternative, Tucan Travel is declaring 2012 the Year of Adventure.
There is no doubt that 2011 was a year of big change in the world, from devastating natural disasters to financial upheaval and revolutionary change. What is also true is that no one can be certain of what 2012 will bring. But during this uncertain time there is also opportunity, opportunity for travellers to go on the adventure of a lifetime, wherever in the world that might be.
Tucan Travel has come a long way as a company, offering other travellers a genuine travel experience. And this year will see the company turn 25. To celebrate preparations are underway to make it their biggest and most exciting year yet.
So as the new year approaches, why not forget any of the doom and gloom you might have heard for 2012; the year will be what you make of it. Why not make it a Year of Adventure?
Tucan Travel’s 2012 hot spots
Colombia — This beautiful yet still enigmatic corner of South America is in the forefront of many people’s minds at the moment, and as an up-and-coming destination is absolutely bursting with adventure opportunities.
The Balkans — This under-explored region of Eastern Europe is far too often overlooked by travellers in search of a genuine adventure. From the rugged peaks and stunning bays of Montenegro down to the long, rock and pine covered coastline of Croatia with its hundreds of islands walled cities, to the rich cultural heritage of both Bosnia and Serbia, there is so much to explore in this region as it emerges from its recent history.
Central America — Much has been made of certain readings of the ancient Maya calendar that the world will end this year. Despite the questionable validity of such claims, this fascinating civilization did leave behind many mysterious and astonishing ruins, deep in a lush jungle setting.
Tucan Travel is a specialist adventure tour operator with hundreds of high-quality, affordable and exciting adventures to worldwide destinations. Choose from over 400 group tours, Independent Travel packages and Expedition Cruises to Europe , the Middle East & North Africa , Asia & Russia , East & Southern Africa , Latin America and Antarctica .
Media Enquiries:
Ben McIntosh , Communications coordinator
Direct Line: +44 (020) 8896 6711 | Email: ben@tucantravel.com
This press release was issued through eReleases(R). For more information, visit eReleases Press Release Distribution at http://www.ereleases.com/.

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