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Weekly Lists
June 22, 2018 www.intellinews.com I Page 26
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Porsche buys 10% of Croatian electric sports car maker Rimac
Russia's VTB Bank eyes JV with China's Alibaba
Porsche AG said on June 20 it has taken over a 10% stake in Croa- tian technology and electric sports car company Rimac Automobili. Porsche is seeking a development partnership with the Croatian company as part of its electrification efforts. Rimac Automobili develops and produces electric vehicle (EV) components and manu- factures electric super sports cars.
At the same time, the partnership aims to support the advanced technologies and positioning as leading niche EV technology suppliers and high-performance electric vehicle manufacturers of Rimac and its subsidiary Greyp Bikes. The size of the deal was not disclosed.
Afraid of falling behind its erstwhile rival, Russia's second- largest bank VTB Bank is negotiating a joint venture with Chinese e-commerce major Alibaba, Vedomosti daily said on June 19 citing unnamed sources close to the deal.
Reportedly, VTB wants to create a digital platform and catch up with sister state-owned bank Sberbank, which dominates the sector and is way ahead with its digitally-driven strategy. "VTB has strong logistics (controls the Post of Russia), off-line branch chain, financial competencies, and cooperation with Alibaba would fill in the missing know-how gaps," the sources told the daily.
In turn, a JV with Russia's major bank would help Alibaba to potentially dodge the levy on cross-border commerce which is reportedly being prepared by the government to boost domestic competitiveness on the largely foreign and Chinese dominated e-commerce market.
The founder of food delivery service Menu.am has warned his company may have to quit its home market Armenia because of
a 16.67% tax on food delivering companies due to come into effect on January 1, 2019.
Menu.am was Armenia’s first food delivery service when it was founded back in 2012. The company has since expanded into Georgia and Belarus, and now has offices in London although its headquarters remain in Yerevan.
However, founder Vahan Kerobyan said on June 15 that it is consid- ering shutting its Armenian operations after the new government under Nikol Pashninian decided not to scrap the planned tax, Arka. am reported.
Menu Group warns
of possible exit from home market Armenia