On July 11, 2012, the chief architect of Moscow, Alexander Kuzmin, wrote a letter of resignation. We invite you to familiarize yourself with some examples of the creativity of the official who headed the Moskomarkhitektura since 1996. Also read details about Kuzmin’s resignation

The Zoological Museum of Moscow University has been operating in the building on Bolshaya Nikitskaya since 1911. It contains more than ten thousand exhibits, and in terms of the volume of scientific funds it is one of the largest collections in the world. Photographer Miroslav Robka wandered through the cool halls of the Zoological Museum especially for Friday.

The new borders of the Russian capital include not only a huge cluster of lands in the southwest of Moscow from the Moscow Ring Road to the Kaluga region, but also several enclaves in the Moscow region - in the Kommunarka state farm, where an administrative center is being built for officials, in the floodplain of the Moscow River near the village of Zakharkovo, where the International Financial Center will be located, and in the Odintsovo district - surrounded by the rural settlements of Uspenskoye and Ershovskoye (read more in the special investigation).

The civil war has approached the capital of Syria: heavy fighting is taking place in Damascus. But Bashar al-Assad has enough strength to resist the rebels for a long time. Read more on Vedomosti.ru

In southern Europe - in Spain, Portugal, Greece - forests are burning due to extreme heat and drought. Forests are burning in the United States, where 1,000 counties in 26 states have been declared a disaster area. At the same time, other countries are flooded. As a result of intense rainfall, Minsk almost flooded, floods occurred in China and Japan, and the residents of Foggy Albion had become so accustomed to the rains in recent months that they almost stopped paying attention to them.

Prince Albert II of Monaco has put up for auction part of a collection of classic cars that belonged to his father, Prince Rainier III. 38 cars from the principality's garage will be sold on July 26 by the auction house Artcurial. Among them are brutal army all-terrain vehicles from the Second World War, exquisite Panhard X19 1913 and Bentley S1 1956, the mass minicar Fiat 500, “brought to mind” by the tuning studio Abarth, and Prince Rainier’s favorite – the Mercedes 500 SEC AMG coupe

Those whom you are used to reading about in Vedomosti are reading Pushkin for you 6

BKS: the dynamics of coal prices and the situation in China are more important for Raspadskaya shares than its financial indicators

BCS

29.03.2012, 17:13

" Raspadskaya ": we predict a decrease in indicators in the second half of 2011 due to increased costs

We expect a significant decline in the indicators for the second half of 2011 p-on-p. Tomorrow Raspadskaya will present financial results for the second half of 2011 according to IFRS , which, according to our estimates, will demonstrate a decrease in p-on-p. We expect revenue to decline 7.2% YoY to $350 million, with EBITDA and net income down 20.4% and 41.4% YoY to $144 million and $58 million, respectively. According to our estimates, Raspadskaya's EBITDA margin dropped by 7 p.p. p.m. to 41%.

Reduction in sales of raw coal; growth of compensation expenses p-n-p. We believe that the expected decrease in revenue in the second half of 2011 is associated with a reduction in raw coal sales volumes by 43% p.o., since in the second half of 2011 the supply volumes and selling prices of coal concentrate remained virtually unchanged p.o. -P. According to our estimates, in the second half of 2011, Raspadskaya's expenses for mine restoration and employee compensation increased by 36% month-on-year to $60 million. As a result, we forecast a significant decrease in EBITDA and EBITDA margin in the second half of 2011.

The results will not have a significant impact; the focus is on fundamentals. In our opinion, Raspadskaya's 2H11 results will not have a significant impact on the company's share price, since at the moment investors are paying more attention to the dynamics of coking coal prices ( since the beginning of the year, prices for Australian hard coking coal have decreased by 13.5%) and macro data from China, the world's largest consumer of coking coal. Thus, in our opinion, a more significant factor for the company will be possible growth drivers ( mine restoration work and development prospects).

The opinions of experts from banks and investment companies presented in this section may not coincide with the opinion of the editors and do not constitute an offer or recommendation to buy or sell any assets.

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