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Tag: Russia

Retail Asia29/08/2022
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Finance

Citi Shutting Consumer and Commercial Units in Russia

2min0
After failing to find buyers, Citi has decided to close its consumer and commercial banking businesses in Russia. Citi will shut down its Russian consumer and commercial banking businesses starting this quarter, it said in a statement Thursday. The closure will result in about $170 million in charges over the next 18 months and affect 2,300 out of […]
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Retail Asia27/07/2022
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Finance

UBS Retreats From Russia in Small Steps

3min0
Following Russia’s invasion of Ukraine, UBS reduced its exposure to the country and continues to do so. As a result of sanctions imposed against Russia by various jurisdictions including the US, EU, UK, and Switzerland, among others, UBS said it is not conducting any new business with Russia or clients domiciled there. Furthermore, Switzerland’s largest […]
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Retail Asia30/05/2022
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Finance

Mastercard focuses on Southeast Asia, LatAm after India ban, Russia exit

3min0
Southeast Asia and Latin America are strong growth regions for Mastercard after its withdrawal from Russia in March and India’s 2021 ban on it from issuing new cards, the company’s co-president for international markets said. “Southeast Asia is exciting (due to) the right demographics, the adoption of technology and digitisation, and governments’ focus on financial […]
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Retail Asia17/05/2022
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Food

The enormous cost of McDonald’s Russian exit

8min0
McDonald’s became the symbol of glasnost in action 30 years ago when it opened its first restaurant in Moscow. But after temporarily shutting down more than 800 restaurants following the invasion of Ukraine, McDonald’s has decided to leave Russia altogether. The burger chain will sell its Russia business, saying the “humanitarian crisis caused by the war in […]
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Retail Asia27/04/2022
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Food

Rice exports to Russia jump in Q1

2min0
Vietnam’s rice exports surged 2.6 times year-on-year to over US$553,000 in Q1, according to Vietnam Customs. The grain was one of Vietnam’s few exports to Russia that increased in the first quarter as the Russia-Ukraine crisis impacted other suppliers. It was one of only eight export items that saw increases out of 23. Overall exports […]
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Retail Asia25/04/2022
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Finance

The Russian Bank That Escaped Sanctions So Far

4min0
Tinkoff Bank has so far avoided being sanctioned as its founder and Putin critic Oleg Tinkov stayed in an orbit neither too close nor far from the Kremlin. The Russian bank Tinkoff has avoided being directly caught in sanctions that hit rival banks such as Sberbank and Gazprombank related to Russia’s invasion of Ukraine. Founded […]
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Retail Asia21/03/2022
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General

Travel firm temporarily stops Russia tourist services

2min0
The largest Vietnamese travel agency for Russian tourists has temporarily suspended its services for the market as a fallout of Western sanctions imposed on Russia.Anex Vietnam Travel and Trading announced the suspension after taking more than 300 Russian tourists home Thursday. Bui Quoc Dai, Deputy Director of Anex Vietnam, said they made the decision after […]
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Retail Asia18/03/2022
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General

McKinsey Moves Moscow Staff to Kazakhstan

1min0
Like many banks, consultancy firms have announced they are pulling out of Russia in response to the country’s attack on Ukraine. McKinsey is the next audit firm to announce that it is moving its Russia-based staff out of the country. It will be relocating them to its existing Almaty office in Kazakhstan, citing people familiar. […]
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Retail Asia08/03/2022
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Living

Netflix pauses streaming in Russia indefinitely

3min0
Netflix is the latest giant to take a stand in the Russia-Ukraine crisis, as the company announced last night that it is cutting off all of its streaming services to Russia. This is certainly no small decision, as Russia makes up nearly one million of Netflix’ massive 222,000,000 user base. Тhe decision was made public […]
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Retail Asia01/03/2022
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Finance

Russia’s large holdings of foreign exchange could pose a problem for financial markets.

2min0
Russia holds vast foreign exchange reserves, a large chunk of which are held offshore, having the potential to upend money markets. The country had international reserves totaling $630 billion at the end of January, consisting of $467 billion in foreign exchange and $132 billion in gold. The rest consists of special drawing rights (SDRs) and IMF reserves, Bank […]
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Retail Asia07/12/2021
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Food

Pork imports nearly triple

1min0
Frozen pork imports nearly tripled in the first 10 months of this year to 332,000 tons, according to the General Department of Vietnam Customs. Also imported were 350,000 pigs on the hoof from Thailand, a 50 percent increase year on year. Together they cost US$617 million. Its five biggest pork suppliers were Russia, Germany, Brazil, […]
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Retail Asia18/08/2021
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General

Google Maps faces a new Russian rival on Android Auto

3min0
Earlier this spring, Google made the smart move to permit its Android Auto app-mirroring dashboard display software to become compatible with third-party apps. This was after it was fined $123 million in Italy, for its monopolistic actions in refusing to allow Italian navigation app JuicePass (which directs electric vehicle drivers to the nearest charging station) […]
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Retail Asia28/04/2021
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General

Russia fines Apple $12 million for antitrust violation

3min0
Apple has just been fined $12M by Russian antitrust authorities, according to a report from The Moscow Times. The tech giant has been sued by Kaspersky, a large cybersecurity company, for unfair treatment and an antitrust violation—something that’s been getting Apple into hot water quite a bit lately, it seems. Apple was found to have abused its dominant […]
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Retail Asia19/04/2021
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Finance

Citigroup to exit consumer banking in Vietnam

1min0
America’s Citigroup will exit 13 international consumer banking markets, including Vietnam, to shift its focus to four wealth centers. The move is part of the bank’s strategic decision to direct investments and resources to businesses with the greatest scale and growth potential, it stated, adding its main markets will include Singapore, Hong Kong, the United […]
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