Wednesday, December 3, 2008

Yandex stop your production of its shares

The biggest Russian search engine and Web portal «Yandex» postponed the primary placement of its shares (IPO) for an indefinite period. First public offering was planned for the third quarter of this year. Now the IPO could take place until May 2009 th, but only if the situation in financial markets will soon stabilize. IPO to be held in the U.S. high-tech NASDAQ stock market in Silicon Valley.

yandexJune 20 «Yandex» even opened its own office in California - Yandex Laboratories, - headed by peremanil one of the top managers caught up in crisis Yahoo. Defectors Vish Mahidzhani was previously directed at Yahoo Search, and until then engaged in the same company Inktomi. Before the first half of 2009, Yandex Laboratories should have been a small representation of staff 10-12 staff. The official purpose of opening representative offices (in the version «Yandex») - to support the search quality. According to the guide, «Yandex» became a company of international standing, and it needs to maintain contact with other major players in this market that is easier to do, while next to them - in the United States.

«Yandex»: the largest Russian-language search engine. Founded in 2000. Owns Internet portal, a daily audience of more than 5 million people. Owners: more than 30% of the shares owned by funds ru-Net Holdings and Baring Vostok Capital Partners, 15% - Fund Tiger Technologies, about 30% - the founders of the company, and 20% - managers and other minority. Revenues company «Yandex» on the basis of 2007 amounted to $ 167 million, while revenues compared with 2006 grew by approximately 130%. The main source of income that was contextual advertising. The ratio of content and banner advertising in the structure of income «Yandex» for 2007 virtually unchanged.

Nevertheless, the amount of money that «Yandex» will be able to attract, through placement of shares in the West, after the crisis had fallen sharply. If the beginning of the year, known as the sum of $ 5 billion, but now analysts caution: if shareholders want to be able to assess «Yandex» least a $ 3 billion, the IPO should be postponed altogether until 2010. Recently, the Russian business newspaper «Kommersant», with reference to a source close to the shareholders of the company, reported that the IPO «Yandex» certainly not take place this year. The shareholders have decided to postpone the IPO indefinitely due to the global financial crisis. This information confirmed sources in the two investment banks, directly involved in the preparation of exit «Yandex» on the stock market. Quote: «From idea IPO« Yandex »did not refuse, but under the current circumstances it is inappropriate. Earlier, sources in the Investbank reported that shareholders «Yandex» intend to move the IPO for an indefinite period if the situation in the financial markets do not stabilize until October ». According to data from other sources, theoretically share «Yandex» could be held until May 12, 2009-first. Another quote: «The company has the right to hold IPO on NASDAQ during the 135 days since the publication of audited accounts. It can be assumed that the current situation in the markets will last approximately six months, that is «Yandex» theory may hold IPO up to 12 May, 2009 ». However, I must point out that the issue (number and value of the shares placed) «Yandex» has not yet been approved. Moreover, the current instability Amount traditional financial instruments to calculate at all is virtually impossible. I recall that earlier this year mandates for organizing and conducting the IPO «Yandex» were Deutsche Bank, Morgan Stanley and «Renaissance Capital». They are now more affected by the transfer date of IPO. By the way, not so long ago in the online media has passed a message that the prominent Russian businessman, billionaire Alisher Usmanov is negotiating with one of the shareholders to purchase 10% «Yandex».

«Yandex» - is not the first Internet company reshivshaya not hold scheduled for this year's IPO. In July, so did the shareholders, which have experienced occupancy in 2009. Despite this failure is widely razreklamirovannogo loud and propiarennogo entering the stock market, the company continues to grow. 29 September, 2008 «Yandex» summed up the second year of full-scale work for its advertising network (RSYA). During the year, the monthly number of conversions of users participating sites RSYA to sites of advertisers has increased threefold. Every day, more than 10 million users see ads Yandeks.Direkta ad network. A little earlier - September 15 - «Yandex» began construction of a new, sixth on the account, data-center - in Ivanteevke. Its opening is scheduled for late 2008. In Ivanteevsky data-center located more than 7 thousand servers. The area is 2500 m2, summing power - 4 MW. Yandex plans to join Ivanteevsky data-center, with its own Moscow optovolokonnym ring. Finally worth recalling that the company «Yandex» entered the recovery in November 2002, the summer 2003rd Board of Directors decided to pay dividends, the first in runet. In summer 2006, a week-long turnover of placing contextual advertising Yandeks.Direkt exceeded $ 1 million for 2006 revenue and net profit of the company rose more than doubled - to $ 72.6 million and $ 29.9 million, respectively. All accounting «Yandex» since 2000 audiruetsya by Deloitte & Touche.

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The computers have complained to Europe

computer historyThe World Trade Organization (WTO) often becomes the latest instance in economic disputes developed nations. But rarely such proceedings relate to companies IT-industry. One of those rare cases occurred relatively recently.

Conflict of interest

This is not completed so far story began in June this year. Then the U.S. government and Japan sent a joint complaint with the WTO. They complained to the European Union, which in their view, charged with manufacturers of computer equipment unnecessary taxes. Specifically, it was about companies that produce computer monitors, printers and cable converters. The reason for the differences is that these groups when importing goods into the territory of the EU duty-free to reach 14%. Interestingly, however, that the major manufacturers of such equipment - China, Taiwan, Malaysia - claims not to the Europeans.

In a sense, the root of the conflict - the International Agreement on Information Technology (International Technology Agreement - ITA), which was concluded in 1996, USA, Singapore and several countries. The agreement provided for a graduated reduction in tax duties on high-tech products and complete their removal from 1 January 2000 At the same time, was defined list of products - it covered more than 90% of all computer components produced in the world. However, in the middle of this decade, officials of the European Union refused to include a number of products in the category of computer. Trying to defend the interests of its producers, Americans and Japanese have about 20 months spent on consultancy talks and negotiations with the Europeans. But to no avail.


International Technology Agreement - International Agreement on Information Technology, which was adopted at the First Ministerial Conference - WTO members in Singapore in 1996. It provided for the gradual lowering of customs tariffs on products of high-tech sector. From 1 January 2000, all countries - participating in the agreement entered zero tariffs on computers and peripherals, as well as associated products. As of April 2008, the ITA joined 70 countries including Russia. Currently, the WTO discussed the issue of expanding the list of goods not subject to customs duties under the agreement. According to experts, ITA allows manufacturers of computer equipment annually save up to $ 5 billion

Controversial duties

The official position of the European Union is this: over the past 12 years computers and consumer electronics went far ahead. As a result, today it is difficult to determine whether to include a product category to the computer. A typical example: EU rules on computer monitors with flat screen TVs fall into the category. The motivation is simple: Most modern monitors allow them not only PCs but also other video sources including television. As a result of the EU flat screens are subject to 14 per cent tax. Same as the approach to printers. Current devices can not only print the text or images, but also send faxes, scan and copy documents. That is «enter the territory» household and office equipment. This means that in Europe are subject to 6 per cent tax. As the calculations, because of taxes on imports of European monitors, printers and cable converters alone, Japanese companies have to spend annually approximately $ 200 million

Meanwhile, the Europeans successfully extract a profit from the controversial tariffs on computer equipment. First, their presence keeps at a high enough level of demand for machinery European manufacturers. Because of the tax, many U.S. and Asian companies or ceased to import into the EU some kinds of goods, or increase their value, offsetting tax expense. In any case, residents of Europe becomes more attractive as European products. Secondly, customs duties, in this case, oddly enough sounds, encourage investment in the EU. The fact is that Europe - the second largest market for computer products (after USA). Manufacturers of computer technology at duties zlyatsya, but withdraw from the market can not afford. And as a result, many high-tech companies of Japan, USA, South Korea and other countries engaged in assembling its products directly in Europe. It creates new jobs and the economy is relatively weak EU countries (Poland, Hungary, Romania, Bulgaria) «podtyagivaetsya» to a higher level. If Japan and the U.S. still win in the trade dispute with the European Union, the current tariffs will be lifted. The result could be that thousands of people in Poland and other countries will lose work. International Computer Corporation perenesut their production to other countries where labor and rent worth more cheaply - most likely somewhere in Southeast Asia. But this is only one of the troubles. Another trouble is that while Europe will lose even the few computer industry that there are today.

The main battle front

According to WTO rules, following a complaint by some of the countries participating in the organization formed a special commission - over the 60 days it is conducting an investigation and organizing negotiations between the parties to the economic dispute. It is believed that during this period can be resolved any conflict. But in this case, analysts are united in their opinion: the settlement evroamerikanskogo «computer» conflict certainly be prolonged for a very long time. The reason is that the WTO has proposed to amend the ITA, to expand the list of high-technology products and replacing some language. New language in the future will help to include many kinds of computer products that is in this category, which means, «show» them from the effect of taxes. For example, if a digital camera will be able to send faxes to video and cook coffee, it can not be classified as household appliances. I, of course, utriruyu, but not much. The benefits for large IT-companies from maintaining ITA agreement as it stood was clear. Now the market technology products are finding it increasingly difficult to distinguish one product from another. For example, modern high-definition TV sets can connect to PCs and use them as monitors. A computer monitors are becoming more like television - even their own TV-tuner obzavodyatsya. Thus, that while the wording ITA remain the same, IT-companies can bring their goods to other countries without paying any fees. And Europeans are not happy.

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