Bjarne Tellmann is senior vice president and general counsel at GSK Consumer Healthcare, a joint venture that combines the consumer brands of GSK and Pfizer. He speaks to Global Finance about the intersectionality of his work.
Household saving is defined as the difference between a household’s disposable income and its expenditures on goods and services. During the pandemic it rose to historical highs everywhere.
On October 27, Global Finance conducted a Sub-custody Roundtable, moderated by publisher and editorial director Joseph Giarraputo. The Roundtable agenda covered crucial topics in the sub-custody sector including: the global and regional impact on the COVID-19 pandemic on sub-custodians; the effect ...
As widely anticipated, in late September Russian state monopoly gas giant Gazprom purchased a 73% stake in Sibneft, Russia’s fifth-largest oil company, for $13.1 billion in what is corporate Russia’s largest deal ever. Roman Abramovich and his partners purchased the assets of Sibneft for $100 million in 1996. The transaction underscores the Kremlin’s interest in controlling the country’s energy assets.
In contrast, in September former Yukos oil company head Mikhail Khodorkovsky lost a final appeal in his case, although his sentence in a prison colony was reduced from nine years to eight years. The ruling ended Khodorkovksy’s hopes of running for a seat for the state Duma in December.
The Russian equity market continued to defy gravity, with the Russian Trading System Index moving through the 1000-point mark for the first time, compared with an October 1998 all-time low of 38 points. Thanks to strong commodities prices, Russian shares remain cheap by global emerging market standards.
On another front, the World Economic Forum characterized Russia’s government institutions as “woefully inadequate,” as Russia fell five places to 75th in the forum’s annual Growth Competitiveness Index. The shadow economy in Russia is still equivalent to more than 40% of the country’s GDP.