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04.09.2010 Kudrin Sees Higher Inflation. The Finance Ministry expects inflation to be higher and the ruble to be weaker than previously estimated over the next couple of years, in line with conservative forecasts by the Economic Development Ministry, Finance Minister Alexei Kudrin said Monday. "I think that this year, inflation will be a bit higher than 7 percent, maybe 7.5 percent, and next year, it will be between 6 and 7 percent, " Kudrin told a briefing on a flight to the Far East...
04.09.2010 Russia to raise import taxes on foreign cars to boost domestic market. Russia will gradually raise import duties on foreign cars to encourage international car producers to build new plants in the country, a Russian business daily said on Tuesday, citing Prime Minister Vladimir Putin. "In a few years, we will begin to gradually raise customs tariffs, " Putin said. "We are not, after all, members of the WTO and [we] can afford it, " he added. "But we do not want...
03.09.2010 Kamchatkas ecotourism strives for investment. Kamchatka has the highest prices for gas, fuel and food in Russia. Everything needs to be shipped in. Located in the far north east of Russia, the region feels as remote as anywhere on Earth. Opportunities for small business are further complicated by the extreme climate of a land bedeviled by earthquakes and typhoons. But it is just this quality of untamed wilderness that makes Kamchatka a destination for adventurous tourists – and the money...
03.09.2010 Drought to Put a Brake on Ruble's Rise. Russia's severe drought and stumbling oil prices look set to cap the ruble's appreciation this year as they put pressure on the country's revenues and current account surplus. When the drought began in late June, banks including Goldman Sachs, Raiffeisen and BNP Paribas saw it as positive for the ruble, expecting that the Central Bank would battle an expected rise in food inflation by allowing greater currency appreciation. But as a...
02.09.2010 Russian oil exchange the way of the future. Being the world’s biggest producer of oil, Russia needs to develop its own trading platform, after having carefully learnt from foreign experience first, Russian analysts say. Oil is usually priced in barrels. The measurement originates from the 1860s, when the early Pennsylvania oil field producers were forced to store oil in barrels usually meant for beer or turpentine. The cost of a barrel, which is equal to 159 liters, is dependent on a...
02.09.2010 Feed Grain Price Up on Shortage. Milling grain prices were broadly stable last week following an export ban set from Aug. 15, while prices of feed grain rose mainly because of a shortage caused by severe drought, analysts said Monday. Wheat prices in Siberia and in the central Black Soil region were generally unchanged last week, while in the regions along the Volga they weakened slightly and in the North Caucasus the price range narrowed, SovEcon agricultural analysts said in a note. ...
01.09.2010 Mining industry remains locomotive. Significant growth in the mining industry in the first half of 2010 prevented the economy of Murmansk Oblast from turning negative. On the whole, the economic situation in the first half of the year 2010 in Murmansk Oblast can be characterized as tense. Most of the indicators show negative dynamics, the latest Barents Monitoring report for the region reads. The report covers the first six months of 2010 and is written by the Norwegian Barents Secretariat’s...
01.09.2010 Swiss economy grew much faster than thought. Switzerland’s economy grew at a much faster pace in the first three months of this year than had been previously calculated. The State Secretariat for Economic Affairs said real gross domestic product expanded by one percent from the previous quarter and 2.3 percent year-on-year. The numbers make it more likely the Swiss National Bank will raise interest rates before the European Central Bank. The Swiss franc pared its earlier losses against the...
31.08.2010 Primorye Antimonopoly Service Shows Interest in Soaring Gasoline Prices. The Federal Antimonopoly Service shows the interest in the soaring gasoline prices. As the Primorsky Territory Department of Federal Antimonopoly Service reports to RIA PrimaMedia, during the week the increase in retail prices was only fixed at the gas stations belonging to RN-Vostoknefteproduct Company Ltd. The gasoline price per liter has increased by 20 kopecks; the Primorsky Territory Department of Federal...
31.08.2010 Euro zone lending picks up. More people living in the euro zone took out loans in July, according to the latest figures from the European Central Bank. Loans to the private sector rose at an annual rate of 0.9 percent better than analysts had expected and up from the 0.5 percent rise in June. Loans for house purchase accelerating 3.5 percent. However loans to companies fell; they were down 1.3 percent from July last year.
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