Russia Sees Staggering Income Inequality

Russia Stabbing Riot: More Than 1,200 People Detained In Moscow

ALPERT: Well, according to the report, which was put out by Credit Suisse, basically 93.7 percent of the Russian population has wealth that’s measured at less than $10,000. So that’s almost the entire population. And then you have the, you know, the group that is worth more than a million dollars is literally .1 percent of the population. So you have 110 people who, according to Forbes, billionaires, and some of them go up to 18 billion, 17 billion. And you add them up, and that actually adds up to a substantial chunk of the overall wealth of the country, which is $1.2 trillion. RATH: And how does that compare with the rest of the world? Is any country even close to that? ALPERT: The only places where you could even see anything like this would be like a small Caribbean island, let’s say, that had a resident billionaire, you know, which just threw off all the math. So, really, there’s nothing like this. I mean, in the United States, you have, you know, people whose wealth is less than $10,000 is 30.7 percent. Between 100,000 and a million is 30.7 percent. So you see in those brackets the numbers are fairly similar. It’s only when you get to the hyper high ends when you have a few people who are worth $50 million or more that the pool starts getting very small.

Russia plans state-backed Web search engine named after Sputnik: report

Police on Sunday arrested hundreds of suspected rioters in the district of Biryulovo after the stabbing death of an ethnic Russian man who allegedly was killed by a native of the North Caucasus, a region in southern Russia. Caucasus natives work at many vegetable markets around the Russian capital. On Monday, police arrested more than 1,200 people in what was called a “pre-emptive raid” on the vegetable warehouse where the rioters believed the killer worked. Russian television showed hundreds of men handcuffed and rounded up in the warehouse’s yard. Moscow police spokesman Andrei Galiakberov said on Russian television that they are investigating some of the detainees for possible criminal connections. Police also said that they found a car full of cash and unlicensed arms on the premises. Tensions between nationalist Russians and North Caucasus natives have been simmering for two decades. Yegor Shcherbakov, 25, was killed in a dispute over his girlfriend with another man as the couple returned home on Thursday. Sunday’s rioters were protesting what they called impunity for the man’s supposed killer. Police and investigators on Monday promised to find the man and bring him to justice. Of the hundreds suspected rioters arrested on Sunday, police kept only two in custody and fined 70 more.

Credit: Reuters/Maxim Shemetov MOSCOW | Fri Oct 11, 2013 6:58am EDT MOSCOW (Reuters) – State-controlled telecoms group Rostelecom plans an internet search engine named after the Sputnik satellite, Vedomosti newspaper said on Friday, though analysts said the aim to muscle into the highly competitive Russian market was doomed. The government has made moves to boost control over the Internet, but a state-backed search engine, to be called, would face leading search engine company Yandex, with 62 percent of the market, U.S. giant Google and Mail.Ru. “Search engines are a completely different area from the telecoms service business in which Rostelecom is involved,” said VTB analyst Ivan Kim in a research note. “With its lack of expertise, the venture is unlikely to meet with success.” Rostelecom did not immediately reply to a request for comment about the project, to be named after the first man-made satellite, which was launched in October 1957. The new search engine may have to be used by state institutions as a default tool, said Vedomosti, citing sources at Rostelecom and other Internet companies in its report. It said the project had cost $20 million so far. Kim said the plan looked like it was imposed on Rostelecom by the state and would most likely be a cash drain. Russia, with the largest internet audience in Europe, has increased state control over the Web, including launching a black list of sites distributing content such as child pornography, but which critics said could boost censorship. Rostelecom is trying to hire developers from rivals to work on the search engine project, expected to be launched in the first quarter of 2014, Vedomosti added. The project has so far indexed about half of the Russian Internet, it said. Bank of America Merrill Lynch analysts said in a note that developing high-quality search technology may require the best talent and long research and development and that the quality of search results may be well below that of leading firms. “Even if the launch of Sputnik is well-executed, we do not expect it could significantly eat into the market shares of Yandex or Google,” the Merrill Lynch analysts wrote. (Reporting by Megan Davies and Maria Kiselyova, editing by Patrick Lannin)