Word: banking
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...flood of new business has continued unabated. Among the most recent deals: cosmetics giant L'Oréal signed an agreement in June to build a new factory in the Kaluga region; and French bank Société Générale took a controlling stake in Rosbank, which has more than 650 branches across Russia...
...living with acute risk. "The international sentiment toward Russia has never really been as good as it has been toward China and India and Brazil. There's always been this kind of residual fear over Russia," says Roland Nash, head of research at Renaissance Capital, a Moscow-based investment bank. Still, he adds, "Eventually what will drive people back into the market is the fact that there are cheap assets here." BMW, Enel, L'Oréal and all the other foreign companies continuing to crowd into Russia wouldn't disagree...
...difference, with borrowers taking out about $17 billion in such loans during the 2006-2007 school year. But as credit markets dried up last spring, many private lenders either went out of business or became much stricter about approving loans. And the people least likely to get a bank loan are often the same ones credit card companies are trying to reel in with low interest rates that quickly jump sky-high...
...situation is dire. "It's a tough fight. I don't enjoy being a leader of a country in a time of war." But rather than striking back on the battlefield, he says, the only way to convince Russia to leave is to "hit them where it hurts" in bank accounts in the West. As for the Russian army, he scoffs, "They are not capable of a new Cold War. They are badly dressed, badly equipped, and many of them are drunk. There are just a lot of them...
...competition for business in the City weren't fierce enough, the financial quarter has a rival on its own doorstep. Canary Wharf, the financial district that has grown out of abandoned docklands to the east of the City in recent years, is already home to Citigroup, HSBC and Bank of America. And on Aug. 1, JPMorgan ditched plans to build its European headquarters in the City in favor of a development across town in Canary Wharf. (Rivals Goldman Sachs and Merrill Lynch remain in the City, though...