There will be no crisis, which is behind the generosity of Megafon and how employees motivate employees how in Japan

Bonas managers for $ 10 trillion announced that developing markets would not collapse. What does this mean for Russia - in the evening newsletter The Bell.

Photo: pxher

The full -scale crisis in developing markets had not yet had time to begin, and the largest investment banks and funds have already announced its end: according to Goldman Sachs, BlackRock and Templeton, there are almost $ 10 trillion on three managers, the Emerging Markets assets reached the bottom and it is time to buy them. After previous large falls, developing markets over the course of the year grew by more than 30%.

• Since January 2017, developing markets have fallen by 15% and lost $ 7 trillion in money. Representatives of the world's largest BlackRock investment fund, Goldman Sachs Bank and Templeton Foundation, specializing in developing markets, said Bloomberg, which, in their opinion, the outcome of investors is over. It should be noted that most banks, according to the latest Bloomberg survey , disagree with them.
• In confirmation, Bloomberg cites several schedules: 1) the difference in profitability between developing and American markets reached 17%-it did not rise higher from the 2008-2009 crisis. 2) In the last week of June, the outflow of funds from EM funds has reached a maximum since the presidential elections in the United States - historically, after such peaks, a reverse growth begins. 3) Currents of the currencies of developing countries are at a minimum similar to January 2016, after which they (except for Russian) continuously grew two years.
• If the recovery begins, it will be fast, it clearly shows another schedule - in the last 30 years after the periods of the maximum intra -regional decline, developing markets have grown in 12 months by 32%.
• A similar opinion is held by the former chief forecast of the Ministry of Economy Tremasov, who wrote an article for Forbes about this. The Nobel laureate Paul Krugman and Bank of America warned about the possibility of a quick repetition of the 1998 crisis, but the current situation is different - there is no overheating in the markets, which means that a sharp fall is impossible.

What am I to me?

The Russian market, due to sanctions and cheap oil, did not participate in the previous two-year rally of developing markets. Now the situation in Russia is again different from other sector countries: the market leaders are under sanctions or risk under them - and this will continue to repel investors, says Alexander Losev, CEO of the Capital Capital Criminal Code. He considers the best investment ideas the shares of exporters who were least affiliated with the state (as far as possible) - “Lukoil”, “Tatneft”, “Surgutneftegaz”: they will benefit from the reduced ruble rate and less suffer from geopolitics than the conditional “Rosneft,” he says.

MONEY

Suspicious generosity

On Monday, Megafon announced divisting with the London Stock Exchange - the company will not regret $ 1.25 billion to buy up to 20.8% of its own shares. In dollars, this is almost 1.5 times more than dividends in the entire public history of the company. Why the company decided on such expenses is incomprehensible. The official explanation - not all shareholders share its new ambitious strategy. But in practice, the minority of the operator, more than 75% of which is controlled by the holding of Alisher Usmanov and Gazprombank, are not so many chances to interfere with the implementation of his most ambitious plans, writes the independent financial consultant Julia Bushueva in the article (paid material) for Republic. In fact, minoritarianes are simply surviving, she said. The proposed ransom price ($ 9.75 per GDR) is 26% higher than the weighted average over the past three months, Megafon notes. But do not forget that the company's decision alone in March does not pay dividends, the next month it collapsed its capitalization by a third. What are the “megaphone” plans in fact that the minority of the minority is likely to find out soon. So far, the versions are very different. One of them is that the company is preparing for some deal, for example, to merge with the state "Rostelecom" and Tele-2.

They hurt and spent

Foreign fans left, and Ekvoyer banks began to count their expenses during the World Cup. Only Sberbank, the largest acquirer in a country with a share of more than 50%, recorded operations of almost 900 thousand unique foreign bank cards issued in 194 countries - this is 3.5 times more than a month before the championship. In total, in ATMs and terminals of Sberbank, foreigners spent 39 billion rubles in a month. Most of all are guests from the USA (5.6 billion rubles) and China (4.1 billion rubles). Sberbank estimated the total expenses of foreigners in Russia during the championship at $ 1.5 billion, of which half went to cafes, restaurants and souvenirs.

The penalty that will change Android

The European Commission applied an antimonopoly fine of € 4.3 billion ($ 5 billion) on Google for the abuse of the dominant role of Android in the mobile OS market. This is a historical record (as fined for such violations earlier - look at the picture below), but for Google it is not fatal - the company earns this amount in 16 days. Her shares on the NASDAQ did not notice a fine. But the decision can “shake the entire mobile industry and lead to serious difficulties for Google” - we explain how.

Signals

Not an agent, but a scout

The Russian woman, who was detained in the USA, Maria Butin, initially accused of lobbying without a license, was nevertheless suspected of cooperation with Russian intelligence. At least, on this basis, the US Ministry of Justice asked Maria Butin to arrest. According to the department, she found contacts of several Russian agents, as well as a note written by hand, which contains a question of how to respond to a proposal for Russian intelligence.

PRACTICE

Another accelerator

What is an accelerator for startups and why it is needed, they probably know everything. An alternative is corporate accelerators that organize large companies. Such corporations, on the one hand, are taught to do business in a particular field, but on the other hand, they require adaptation of the product for themselves (but they can buy it themselves). The top manager of the Bayer acceleratorexplains in which cases the startup can be beneficial precisely by the corporate accelerator and, of course, how to get there.

Unusual ways to increase loyalty

The Japanese research company Hime & Company is very well aware of how to maintain the loyalty of employees: the company has “vacation of suffering” - employees who, after a break in relations, experience difficulties in work, can take several days of ruins. In addition, each employee of the company has the right to go to shopping at a convenient time to go shopping in a convenient time. Steve Jobs also had their own methods of encouraging employees - his consultants received a genius position - and few wanted to quit such a post. These are only a few of the unobvious ways to increase the devotion and dedication of employees that Forbes lists .

Fun

Alice "A la Rus"

“The device will be decorated with gold in the luxurious style of“ a la Rus ”and is called“ concierge ”to emphasize the wide range of opportunities that it provides”, so in Caviar, which is known for its expensive and incredibly tasteless reduction of smartphones, describes the future “refinement” of the recently released Yandex.MATION. In one of the options, Caviar plans to supplement the body of a smart column with gold, a double -headed eagle and a sign with lines of the Russian anthem (see how this and other options will look here ). The company reasonably warns that the cost of devices can “change”: a regular column costs 10 thousand rubles, with a redesign-99-299 thousand.

Peter Mironenko