The S&P 500 is closing in on its all-time high, and is likely to sail past it, as long as the Fed promises lower interest rates and the trade war calms down.Market Insiderread more
In a tweet, Trump said that he and Xi "had a very good telephone conversation," and that "our respective teams will begin talks prior to our meeting."Politicsread more
A Bloomberg News report Tuesday morning said the White House had looked at such a move in February.Marketsread more
President Donald Trump on Tuesday announced that he will not nominate acting Defense Secretary Patrick Shanahan to hold the position in a permanent capacity. Army Secretary...Politicsread more
Stocks surged after President Donald Trump said he will be meeting with his Chinese counterpart, Xi Jinping, at the upcoming G-20 summit.US Marketsread more
The move is part of a larger trend that saw the survey's 179 participants move away from risk and toward positions that reflect fear of a coming economic slowdown spurred by a...Marketsread more
Democratic frontrunner Joe Biden on Monday appealed to a billionaire Republican donor for fundraising help in his presidential campaign. But the financier, Trump-supporting...Politicsread more
Facebook and other groups are behind a new programming language for working with the Libra blockchain.Technologyread more
Tesla investors are regaining confidence in a quieter Elon Musk — even as they question the company's ability to hit its production goals for the second quarter.Autosread more
Long-time blockchain technologists say Facebook's Libra digital currency will introduce billions to cryptocurrencies, but the company's problems with trust and privacy remain...Technologyread more
Valisure, an online pharmacy company, told the FDA that high levels of dimethylformamide were found in valsartan, a drug produced by Swiss drugmaker Novartis and other...Health and Scienceread more
MOSCOW, June 6 (Reuters) - Procter & Gamble is to invest 2.4 billion roubles ($37 million) in its Russian operations this year to expand its distribution center, modernize some manufacturing and localize more product production.
The maker of Tide detergent and Gillette razors, which has invested nearly $900 million in Russia since 1991, remains committed to the Russian market even though relations between Moscow and Washington have soured over Russia's annexation of Crimea and alleged U.S. election meddling.
"Russia was, is and will always be a key market," Sotirios Marinidis, P&G's head for Eastern Europe and Central Asia, told Reuters in an interview. "We're here to stay, we're here to keep investing."
The threat of tougher U.S. sanctions on Russia last year that could have hindered P&G's operations have not materialized.
"At the moment, you have what I would call a relatively stable environment," Marinidis said.
He said between 2016 and 2018, P&G invested 9 billion roubles to expand and modernize its two plants in Russia - one in St Petersburg and the other in Novomoskovsk, an industrial city some 200 km south of Moscow.
The latest investment will boost the capacity of P&G's Russian distribution center, modernize its Tide and baby care manufacturing and localize feminine care product production.
Marinidis said that the production of four out of five categories of P&G products was already localized in Russia -
He said that the remaining product category, hair care, could also be localized in the future, without providing a possible timeline.
"It's not a race about how much (we can localize)," he said. "We need to look at a lot of things, including raw materials, sustainability, quality, cost."
Last year, Marinidis had said that half of everything P&G sold in Russia was locally produced.
Russia is one of P&G's 10 focus markets, which are part of a new global restructuring. Others include the United States, China, Japan and the United Kingdom.
These 10 markets account for 80% of P&G's sales and 90% of profit after taxes, the company said.
"It's a statement that Russia is a global focus market," Marinidis said.
($1 = 65.0075 roubles) (Reporting by Gabrielle Tétrault-Farber and Olga Popova Editing by Jane Merriman)