Business

Russian Tech Giant Reaches $5 Billion Deal to Quit Russia

Published

2 years ago

February 6, 2024

Russian Tech Giant Reaches $5 Billion Deal to Quit Russia

The parent firm of Russia’s most prominent technology company, Yandex, said it has agreed to sell all its assets in the country for about $5 billion, which would be one of the largest corporate exits from Russia since its invasion of Ukraine.

The invasion had roiled Yandex — often referred to as “Russia’s Google” — and turned its attempts to navigate between the Kremlin’s authoritarian policies and a Western blockade of the Russian economy into the most dramatic example of the war’s impact on the country’s once-vaunted tech sector.

The deal announced on Monday came after 18 months of negotiations. It is an attempt by some of the company’s executives to shield Yandex’s new generation of businesses from the war’s fallout and to obtain relief from European sanctions.

Under its terms, Yandex’s Dutch-registered parent company, known as YNV, would sell all its businesses based in Russia, which represented 95 percent of its revenues between January and September of last year, to a group of Yandex managers and Russia-connected investors. The businesses for sale account for most of the company’s assets and employ the bulk of its 26,000 employees.

The assets include a popular internet browser and Russia’s main food delivery and taxi-hailing apps. After the sale, YNV would keep control of four smaller subsidiaries focused on artificial intelligence, which are already operating outside Russia. The new entity would employ about 1,300 people, including about 1,000 technology specialists, most of them Russian.

YNV’s chairman said in a statement on Monday that the sale would enable the A.I. businesses — which develop technologies like self-driving cars, cloud computing and machine learning — to grow under new ownership unconnected to Russia.

The buyers would pay in shares and cash — in Chinese yuan transferred outside of Russia — in a deal worth about $5.2 billion in today’s prices. That value represents roughly half of Yandex’s current market capitalization, a reflection of steep discounts that the Kremlin has imposed to punish companies that have tried to leave the country and are based in countries that the Kremlin considers unfriendly.

Companies based in the West have faced extreme hurdles in their attempts to leave Russia in the past two years. Russian authorities must sign off on buyers, price and terms, often forcing the exiting companies to sell at fire-sale prices.

The deal is subject to government approvals in Russia and must be acceptable to European regulators. Yandex said it expected the first stage of the sale to take place by the middle of the year.

Aleksei L. Kudrin, Russia’s chief government auditor and a longtime confidant of President Vladimir V. Putin, became an official adviser to Yandex’s Russian businesses in December 2022, a step widely seen as an attempt to win government support for the restructuring plan.

“For us, it is important that the company continues to operate inside our country,” Dmitri S. Peskov, the Kremlin’s spokesman, told reporters on Monday, referring to Yandex. If the deal is approved, “the Russian management of the company would remain the largest owner — that’s also important,” he said, adding that he cannot comment on the details of corporate negotiations.

Various Western-based companies, including Danish brewer Carlsberg and German power company Uniper, had announced sales of their Russian assets to local buyers, only to have the deals scuppered by the Kremlin.

The buyers of Russia’s most recognizable tech company do not include any prominent members of the country’s business elite, a reflection of YNV’s difficult task of finding investors with large enough pockets but without direct connections to the Russian government or sanctioned officials and oligarchs.

The group of buyers is led by some of Yandex’s Russian management team, and includes tech entrepreneur Alexander Chachava and an investment fund owned by Russia’s largest private oil company, Lukoil. YNV said none of the buyers are under Western sanctions, and they are not allowed to sell or transfer their stakes for a year after completing the deal. These conditions are aimed at addressing Western concerns that the deal could ultimately benefit Kremlin insiders.

After the invasion of Ukraine, at least three senior Yandex executives publicly condemned the war, becoming some of the most prominent Russian businessmen to break with the government line. Thousands of the company’s employees have left the country following the invasion, often to continue working remotely.

The antiwar declarations, however, have not shielded the company from Western backlash. The European Union has sanctioned Yandex’s founder, Arkady Volosh, and its deputy chief executive at the time, Tigran Khudaverdyan, for enabling Russia’s war effort, forcing them to step down from the company to maintain its access to Western financial services.

The European Union said Yandex’s news aggregation service at the time had blocked antiwar content, in effect enabling Russia’s propaganda. The company said it had no choice but to comply with Russia’s strict censorship laws, and has since sold the news aggregation service.

Mr. Volozh has called the sanctions against him “misguided.”

“Russia’s invasion of Ukraine is barbaric, and I am categorically against it,” Mr. Volozh, who lives in Israel, said in a statement in August. “I have to take my share of responsibility for the country’s actions,” he said, without offering additional details.

After being sanctioned, Mr. Volosh cut formal ties to YNV, but still owns about 8 percent of the company’s shares.

The post Russian Tech Giant Reaches $5 Billion Deal to Quit Russia appeared first on New York Times.

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Editorial Team

The Business Diary magazine is a comprehensive publication that centers around business and economic development news. It covers a wide range of topics including finance, mining, technology, environment, climate finance, and agriculture. With its focus on providing valuable insights and updates, the magazine caters to readers who are interested in staying informed about the latest developments and trends in the business and economic landscape of Zimbabwe.

Business

ZSE and NVCCZ Forge Strategic Partnership to Build Venture-Backed SME Pipeline for ZEEX

Published

16 hours ago

June 26, 2026

Editorial Team

ZSE and NVCCZ Forge Strategic Partnership to Build Venture-Backed SME Pipeline for ZEEX

Harare, Zimbabwe – June 2026 – In a significant development for Zimbabwe’s entrepreneurial and capital markets ecosystem, the Zimbabwe Stock Exchange (ZSE) and the National Venture Capital Company of Zimbabwe (NVCCZ) have signed a Memorandum of Understanding (MOU) aimed at creating a structured pathway for startups and small-to-medium enterprises (SMEs) to access capital markets through the Zimbabwe Entrepreneurship Exchange (ZEEX).

The partnership marks a major step toward bridging the gap between venture capital financing and public market participation, providing entrepreneurs with a clear roadmap from startup funding to long-term growth and investment opportunities.

Creating a Growth Journey for Zimbabwean Enterprises

Historically, venture capital funding and capital markets have operated independently, leaving many promising businesses without a clear route to scale beyond their initial funding stages. Through this partnership, ZSE and NVCCZ seek to change that by establishing a continuum of support that combines financing, governance, compliance readiness, and market access.

The collaboration will focus on identifying high-potential startups and SMEs already supported by NVCCZ and preparing them for eventual participation on ZEEX, Zimbabwe’s newly approved digital capital market platform.

Key Areas of Collaboration

1. Pipeline Development

The two institutions will jointly identify venture-backed businesses with strong growth potential and develop structured graduation pathways that guide them from early-stage financing to public capital market participation. Clear eligibility standards and quality benchmarks will be established to support this transition.

2. Co-Financing and Blended Finance

The partnership will explore innovative financing models that combine venture capital and public market funding. This includes co-investment opportunities and blended finance mechanisms that leverage both public and private sector capital to accelerate business growth.

3. Capacity Building

Recognising that access to capital alone is not enough, the partners will offer training programmes focusing on corporate governance, financial reporting, investor readiness, and compliance with ZEEX listing requirements. Selected enterprises will also receive advisory support to strengthen their readiness for market participation.

4. Market Development

Joint awareness campaigns, investor roadshows, SME financing conferences, and sector-specific financing platforms will be developed to deepen understanding of capital market opportunities among entrepreneurs and investors alike.

5. Product Innovation

The agreement also opens the door for the development of innovative financial products tailored to growth-stage businesses, including SME bond programmes, sustainability-linked instruments, structured SME funds, and alternative digital listing platforms.

Strengthening Zimbabwe’s Entrepreneurial Ecosystem

Speaking on the partnership, ZSE Holdings Group CEO Justin Bgoni highlighted the importance of creating a structured connection between venture capital and public markets.

He noted that entrepreneurs receiving venture capital support can now see a credible pathway toward public market participation from the outset, providing greater certainty and long-term planning opportunities.

NVCCZ Chief Executive Officer Tinotenda Kambasha described the partnership as a milestone for Zimbabwe’s innovation ecosystem, emphasizing that successful venture investing requires support throughout the entire growth journey of a business.

According to Kambasha, the collaboration will provide venture-backed enterprises with strategic exit opportunities while promoting investor participation, improving liquidity, and enabling the recycling of capital into future generations of innovative Zimbabwean businesses.

What This Means for Zimbabwe

The partnership arrives at a critical time when Zimbabwe is seeking new ways to stimulate entrepreneurship, attract investment, create employment, and accelerate economic growth.

By connecting startups, SMEs, investors, venture capital providers, and the capital markets through ZEEX, the initiative is expected to strengthen financial inclusion, support business formalisation, and create sustainable pathways for enterprise growth.

As ZEEX moves closer to full operationalisation, the growing number of institutional partnerships being secured by ZSE demonstrates increasing confidence in the platform’s potential to transform how Zimbabwean businesses raise capital and how investors participate in the country’s economic development.

For entrepreneurs and investors alike, the ZSE-NVCCZ partnership represents an important step toward building a more vibrant, innovative, and investment-ready Zimbabwean economy.

Business

A Leader’s Next Chapter: Justice Matsatsira Appointed to the Board of Directors of Manica Diamonds Football Club

Published

1 week ago

June 17, 2026

Editorial Team

A Leader's Next Chapter: Justice Matsatsira Appointed to the Board of Directors of Manica Diamonds Football Club

The Business Diary proudly celebrates a significant milestone in the professional journey of its Chief Executive Officer and Publisher, Justice Matsatsira, following his appointment to the Board of Directors of Manica Diamonds Football Club.

This prestigious appointment reflects Mr. Matsatsira’s growing influence as a business leader, strategist, and advocate for sustainable institutional growth. It is a recognition of his unwavering commitment to excellence, visionary leadership, and his continued contribution to Zimbabwe’s economic and social development.

Over the years, Justice Matsatsira has established himself as a respected voice within Zimbabwe’s business community. Through his leadership of The Business Diary, he has played a pivotal role in promoting entrepreneurship, fostering dialogue on economic development, and providing a platform that highlights business opportunities, innovation, and thought leadership across various sectors.

His appointment to the Manica Diamonds Football Club Board comes at a time when football clubs are increasingly embracing professional governance structures and strategic leadership to drive long-term success both on and off the field. Mr. Matsatsira brings with him extensive experience in business development, corporate communications, stakeholder engagement, and strategic management—qualities that will undoubtedly add value to the club’s vision and future aspirations.

Speaking on the significance of leadership, Justice Matsatsira often emphasizes that true leadership is measured not by title, but by impact.

“Leadership is not about position. It is about impact, influence and inspiration.”

This philosophy has guided his professional journey and continues to shape the way he approaches business, community development, and organizational growth.

At The Business Diary, we view this appointment as more than a personal achievement. It is a reflection of the confidence that institutions place in leaders who consistently demonstrate integrity, professionalism, and the ability to deliver meaningful results. We are confident that Justice Matsatsira’s strategic insight and commitment to excellence will contribute significantly to the continued growth and success of Manica Diamonds Football Club.

As he embarks on this exciting new chapter, we extend our heartfelt congratulations and best wishes. We celebrate not only the achievement itself, but the leadership, dedication, and vision that made it possible.

Congratulations, Justice Matsatsira, on your appointment to the Board of Directors of Manica Diamonds Football Club. May this new role bring continued success and create even greater opportunities to inspire positive change.

The Business Diary

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Business

NESZ 2026: A Convergence of Visionary Leaders Shaping the Future of Education in Zimbabwe

Published

2 months ago

May 4, 2026

Editorial Team

NESZ 2026: A Convergence of Visionary Leaders Shaping the Future of Education in Zimbabwe

Zimbabwe stands at a defining moment in its education and development journey.

As the nation accelerates toward a knowledge-driven, innovation-led economy, the National Education Summit Zimbabwe (NESZ) 2026 emerges as a critical platform where policy, practice, and progress converge. Scheduled for 27–30 May 2026 at the Zimbabwe International Trade Fair (ZITF) Grounds in Bulawayo, this year’s summit promises to be the most impactful yet.

Under the theme

“From Policy to Practice: Driving Innovation & Investment in Zimbabwe’s Education System,”
NESZ 2026 brings together an exceptional lineup of speakers—leaders whose influence spans government, academia, industry, and global institutions.

A Powerhouse Line-Up of Speakers

This year’s summit features a distinguished assembly of policymakers and thought leaders at the forefront of Zimbabwe’s transformation agenda.

From government, the summit will host senior leaders responsible for shaping the country’s economic, education, and digital future, including:

Hon. Prof. Mthuli Ncube – Minister of Finance, Economic Development and Investment Promotion
Hon. Dr. Tatenda Mavetera – Minister of ICT, Postal and Courier Services
Hon. Prof. Paul Mavima – Minister of Skills Audit and Development
Hon. Edgar Moyo – Minister of Public Service, Labour and Social Welfare
Hon. Mangaliso Ndlovu – Minister of Industry and Commerce
Hon. Supa Mandiwanzira – Chairperson, Parliamentary Portfolio Committee on Primary and Secondary Education

Adding to this powerful policy voice is Hon. Dr. Frederick Shava, a seasoned diplomat and ambassador, bringing global perspective to Zimbabwe’s development discourse.

: Mr Canaan Mpala, General Manager – Telone Centre for Learning

: Dr. Anna Moyo

: Hon Tatenda Mavetera

: Mr Amos Guy Ngwarati

: Hon. Ambassador Dr. Frederick Shava

: Hon Edgar Moyo

: Hon. Getrude Mutandi – NESZ 2026 Speaker

: Hon. Mangaliso Ndlovu

: Hon. Dr. Torerai Moyo – Minister of Primary and Secondary Education

: Hon. Professor Mthuli Ncube – Minister of Finance

: Hon Supa Mandiwanzira

: Hon. Dr. Paul Mavima

: Sister Dr. Annah Theresa Nyadombo

: Tim Middleton – Executive Director for Association of Trust Schools Zimbabwe

Leaders in Education, Innovation, and Human Development

Beyond government, NESZ 2026 features influential educationists, institutional leaders, and changemakers whose work continues to shape learning ecosystems:

Sr. Dr. Annah Theresa Nyadombo – Global safeguarding expert and education leader
Dr. Anna Moyo – Dean of Education, Midlands State University
Mr. Canaan Mpala – General Manager, TelOne Centre for Learning
Mr. Amos Guy Ngwarati – Headmaster, Wise Owl High School
Mr. Tim Middleton – Executive Director, Association of Trust Schools (ATS)

From grassroots education to higher learning and institutional leadership, these speakers bring a holistic perspective on the challenges and opportunities within Zimbabwe’s education system.

Champions of Empowerment and Enterprise

The summit also highlights leaders driving inclusive economic participation and community transformation:

Hon. Getrude Mutandi – Member of Parliament and Chairperson of the Parliamentary Portfolio Committee on Women Affairs, Community and SME Development

Her work, alongside others, underscores the critical link between education, entrepreneurship, and sustainable socio-economic growth.

What to Expect at NESZ 2026

NESZ 2026 is not just a conference—it is a strategic platform for action.

Participants can expect:

Policy-to-Practice Conversations

Engage directly with policymakers and decision-makers on how national education policies are being translated into real-world impact.

Innovation and Technology Showcases

Experience cutting-edge solutions in education, STEM, and digital transformation aligned with Zimbabwe’s Education 5.0 agenda.

Investment and Partnership Opportunities

Connect with investors, corporates, and development partners shaping the future of education and skills development.

Thought Leadership and Insight

Gain valuable perspectives from leading voices across education, government, and industry.

Networking and Collaboration

Build meaningful connections with educators, innovators, entrepreneurs, and policymakers from across Zimbabwe and beyond.

Why NESZ 2026 Matters

At its core, NESZ is about one thing: transformation.

It is about moving beyond conversations and into implementation.
It is about aligning education with industry, innovation, and national development.
It is about building a system that equips Zimbabweans not just to learn—but to create, lead, and compete globally.

With a speaker lineup of this calibre, NESZ 2026 is poised to spark the ideas, partnerships, and actions that will shape the next chapter of Zimbabwe’s education story.