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30.07.2010 European banking stress tests a ho-hum for Russia. Exams for European banks are nearly over, with the results of stress-tests on ninety one financial institutions to be released on Friday. But analysts aren’t expecting major problems. If too many banks pass the tests – it means the tests failed. That’s a widespread suspicion about the assessment of Europe's biggest lenders. The banks have been asked to estimate how much additional capital they would need under adverse scenarios. They...
30.07.2010 State Plans $29Bln in Sell-Offs. Russia plans its biggest sell-off of state assets since the early 1990s as it seeks to raise more than $29 billion to plug budget gaps over the next three years, Finance Ministry sources said Saturday. The sources said the plan to sell minority stakes in 10 major companies in 2011 to 2013 had been discussed and approved at a preliminary meeting chaired by Prime Minister Vladimir Putin. The sales would include 27.1 percent in state oil pipeline monopoly...
29.07.2010 Apartment sales drive Russian real estate rebound. According to the official statistics the number of completed apartment sales in Russia jumped 49% year on year during 1Q 2010, with Moscow sales volumes up 108% on 2009 and 43% on 2008. For the quarter Saint Petersburg and surrounding regions posted 51% year on year sales growth to 52 thousand sales, with Moscow chalking up 55 thousand. The figures come as property developer PIK group says its 1Q 2010 sales were 5 times those of 2009. Other...
29.07.2010 Beluga Back on Market as Export Quotas Set. Iran, Russia and three former Soviet republics have agreed on tight export quotas for wild caviar from the Caspian Sea for 2010, including 3 metric tons of prized beluga, a United Nations scientific agency said Friday. The accord, clinched at a meeting in Tehran, ends a de facto international trade ban on wild caviar and other sturgeon products from the five countries after their failure to reach an agreement last year. "The quantities...
28.07.2010 Russia remains leading supplier of raw materials - WTO. Russia is the leading producer and seller of raw materials, World Trade Organization (WTO) Director General Pascal Lamy said wile presenting an annual report in Shanghai on Friday. Russia accounted for 9.1% of the world raw material market in 2008, and Saudi Arabia ranked second with 7.6%, he said. The world raw material market stood at $3.7 trillion in 2008, or 24% of the overall world trade, Lamy said. The United States was the...
28.07.2010 Hungary debt rating under threat. Two top ratings agencies have said they may downgrade Hungary’s sovereign debt after its prime minister rejected austerity measures. Moody’s placed Hungary’s government bond ratings on review after the International Monetary Fund and the European Union suspended talks over their 20 billion euro financing deal for Hungary. Standard and Poor’s later revised its outlook to negative from stable.
27.07.2010 Putin’ says Russia & Ukraine will solve economic problems. Russian Prime Minister Vladimir Putin said on Saturday that he was sure that Russia and Ukraine would be able to solve all economic problems in bilateral relations despite the fact that the two countries had plenty of them. “The trade turnover has reached its pre-crisis levels but we still have many problems, ” the Russian prime minister said summing up the results of his brief talks with Ukrainian President Viktor Yanukovich. “As...
27.07.2010 UK economy surges in Q2. Britain’s economy grew almost twice as fast as expected in the second quarter of this year. That was due to a sharp pick-up in services activity and the biggest rise in construction output in almost half a century. Gross domestic product jumped 1.1 percent from the previous quarter, the fastest rise in four years. Compared with the same period last year GDP was up by 1.6 percent – the most in two years
26.07.2010 Russia may introduce new nickel export duty rate scale in 2011 or earlier. Russia may introduce a new scale of nickel export duties in 2011 or earlier, head of tax and customs at the Russian Finance Ministry Ilya Trunin said on Wednesday. "If the monitoring price is under $12, 000 per ton, no duty will be charged. Above that, it will be 5-7 percent, while the maximum duty, amounting to 30 percent, is charged if the price exceeds $20, 000 per ton, " Trunin said. The new rate...
26.07.2010 Inspections of Small Businesses Decrease. The number of unplanned inspections of businesses has significantly decreased since new rules went into effect limiting the regulatory burden on enterprises, Economic Development Minister Elvira Nabiullina said Tuesday. In the first quarter of 2010, there were only 405, 000 inspections carried out on small businesses, excluding those by tax authorities and law enforcement, Nabiullina said at a meeting with Prime Minister Vladimir Putin, according...
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