Page 21 - bne_newspaper_June_29_2018

Opinion
June 29, 2018 www.intellinews.com I Page 21
bne:Tech
May, 2018 www.intellinews.com @bneintellinews
Avast to enter London bourse in bid to raise up to $1bn Jaroslav Hroch in Prague
Avast, which owns the popular consumer antivirus company AVG, will apply to list its shares on the London Stock Exchange in the hope of raising $200mn (CZK4.1bn) in primary proceeds from an IPO, the Czech-founded company announced on April 12.
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St Petersburg's start-up scene flourishes on high talent and low costs
Contents
Avast to enter London bourse
in bid to raise up to $1bn 1 Avast to enter London bourse in bid to raise up to $1bn 2 St Petersburg's start-up scene
flourishes on high talent and low costs 3 Romania entrepreneur aims to put home-grown UAV defence technology industry on the map 6
FinTech
Russia's mobile major MTS increases stake in Ozon to 16.7% 9
Blockchain
Romanian startups at the heart
of blockchain energy trading rally 10
Central Europe
Russian-Lithuanian startup Gosu.ai
raises $1.9mn from Russian and
French investors 13
Eurasia
Iran hit by cyber attack that left US
flag on screens 14 Iranian government set to block hugely popular Telegram messaging app 15 Iran's black market phone disconnection drive pushes up legal mobile imports 15
Eastern Europe
Internet catches up with TV on Russian
ad market 17 Sales of connected appliances jump
in Russia 17 Russia's HeadHunter Group seeks
to raise $250mn with NASDAQ IPO 18 Russia ranks second in the world
for digital piracy 18 Russian messaging service Telegram raised another $850mn with ICO 19
Southeast Europe
Russia's HeadHunter Group seeks
to raise $250mn with NASDAQ IPO 20
The Regions This Month 21
Filip Brokes in St Petersburg
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First, in targeting Deripaska like it did the
US showed it was willing to shut him and his businesses out of the dollar financial system. This is significant not just because Rusal is a key strategic asset for Moscow, but also because
it is the world's second largest aluminium producer, operating globally. The consequences of the sanctions were immediate. Stocks fell
and aluminium prices soared due to worry over availability. Other raw materials in the supply chain were hit. Alumina, a key material in the production of aluminium, saw its price jump. The future of a Rusal owned plant in Ireland, Europe's largest supplier of alumina, remains uncertain. Mines, smelter and refineries, from Australia to Guyana have been affected, putting jobs at risk.
It wasn't a surprise when the US retreated after two weeks of market chaos. At the end of April Washing- ton announced that companies already dealing with Rusal would be given until October to wind up their business. Treasury Secretary Mnuchin stressed that the US was “not targeting the hardworking people who depend on Rusal and its subsidiaries”. But the damage had already been done.
The sanction amendments were revealing. They showed the US administration had not anticipated the impact on global markets or supply chains. They showed the economic power of the US to es- sentially shape the ownership of a major Russian company. But they also showed the US to have glib attitude towards the potential repercussions. To understand this recklessness one does not need to sympathise with the likes of Deripaska.
Indeed, the way in which the US has targeted Deripaska and his companies is emblematic of a wider problem in the Treasury's attitude. Wealthy oligarchs like Deripaska are easy fare. Making
an example of the aluminium tycoon will produce major headlines and make the US look pro-active. But it will not impact Kremlin foreign policy.
The US Treasury has overestimated Deripaska’s importance, as he simply doesn't have much political influence. It is true that Deripaska has benefitted from President Putin's rule, but this