In August, Russian President Vladimir Putin flew to the Black Sea resort of Sochi, where his country is spending a record $48 billion on the 2014 Winter Olympics. A regular visitor, with an official residence in town, Putin watched mixed-martial-arts contests at Oblaka nightclub with Russian Prime Minister Dmitry Medvedev and Kazakh President Nursultan Nazarbayev.
Billionaire Mikhail Prokhorov’s Onexim Group agreed to buy Suleiman Kerimov’s stake in OAO Uralkali, bolstering prospects that a standoff over a global marketing venture for key crop nutrient potash will be resolved.
One hundred days before the start of the most expensive Winter Olympics, President Vladimir Putin’s $48 billion vision of a newly empowered Russia rests in the hands and shovels of laborers working around the clock.
Suleiman Kerimov amassed a net worth of $18 billion betting mainly on shares of companies controlled by Vladimir Putin only to gamble away the bulk of that on Morgan Stanley and other banks during the global financial crisis.
Russian billionaire Vladimir Potanin ’s offer to buy United Co. Rusal’s stake in OAO GMK Norilsk Nickel for $9 billion is “the beginning of an end” in a feud between the company’s two largest shareholders, UralSib Financial Corp. said.
OAO GMK Norilsk Nickel gained the most in almost two weeks after its main owners gave the world’s biggest nickel and palladium producer added flexibility in dividend payouts, revising a 10-year shareholder accord.