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30.08.2010 Sberbank's Profits Smaller Than Expected. Sberbank on Wednesday reported a smaller-than-expected net profit as continued growth in bad loans and provisions eclipsed a nascent recovery in lending growth. Second-quarter net profit came in at 20.8 billion rubles ($675 million), Sberbank said in a statement, undershooting analysts' expectations of 23.2 billion rubles. That is up sharply from a 5.4 billion ruble profit in the year-ago period, when Russia was mired in its worst recession in...
30.08.2010 Russian inflation 5.4 pct since start of year. Russia's consumer price inflation reached 5.4 percent since the start of 2010 and 0.2 percent in the week August 17-23, for a third week running, the Statistics Service said on Wednesday. Since the start of August, inflation totaled 0.6 percent, the service said in a statement. From the start of August 2009, CPI stood at 0.2 percent and 8.3 percent from the start of 2009. Consumer prices did not change in the whole of August 2009. The...
29.08.2010 Banking giants develop a relationship. Deutsche Bank, Sberbank, Strabag and DB Development have signed an agreement of intent for the sale of DB Development shares to Sberbank. Sberbank intends to acquire a major stake of 51 per cent in DB Development, currently held by Strabag and Dmitry Garkusha, General Director of DB Development. The deal will be completed by the end of 2010. DB Development was formed as a joint venture by Deutsche Bank and the Austrian construction holding Strabag...
29.08.2010 Russia's July GDP up 2.5 pct. Russia's gross domestic product grew 2.5 percent in July year-on-year and 3.8 percent in the first seven months of 2010, Deputy Economic Development Minister Andrei Klepach said on Tuesday. However, GDP slipped 0.3 percent in July compared to June if seasonal factors are excluded, he said. Russia's July foreign trade surplus grew 10.5 percent to $11.6 billion year-on-year, the Economic Development Ministry said on Tuesday. "July exports...
28.08.2010 Sugar Import Duty May Fall. Russia’s raw-sugar import duty may fall to $140 a metric ton in October, the Institute for Agriculture Market Studies said, citing preliminary calculations based on the sweetener’s price in New York. “If sugar prices stay at the same level, the duty will be at $140 a ton in October, ” said Yevgeny Ivanov, an analyst at the institute. The duty will be $171 a ton in September, according to the Customs Union Commission.
28.08.2010 Russian retailers complain to govt about wholesale food price hikes. Russia's largest grocery retailers have appealed to the Federal Antimonopoly Service and a government working group over what they say are unjustified and excessive cases of wholesale food price hikes, Ilya Belonovsky, director of the Retailers' Association said late on Monday. Retailers said they counted on the state services to decide if it was economically justified to raise food prices, which are now under...
27.08.2010 Russia eases bureaucracy for foreigners interested in Skolkovo. The innovative Russian government project “Innograd Skolkovo” is increasingly luring the attention of foreign high technology corporations, since steps in simplifying the organizational process have been made. In addition, these simplification steps have officially become government regulations. According to the government regulation concerning the visa terms and registration procedure for highly qualified specialists applying...
27.08.2010 Officials Waste $13.5Bln in 2009, Putin Says. Prime Minister Vladimir Putin singled out Volgograd City Hall in his criticism of corruption Friday, while blasting regional and local officials for some $13.5 billion in pointless spending last year. The city handed out most land plots for construction to its officials or their partners and relatives, he said. Citing a week-old report by the Prosecutor General’s Office on Volgograd, Putin said real estate developers competed for only 28 land...
26.08.2010 Russian banks return to global debt markets. Russia's banks are increasingly sourcing funds internationally, with global investors buying higher yielding Russian debt, and far more confident about Russian banks than they were 2 years ago. At the beginning of 2009 Russian banks were paying high interest rates to borrow money on the international markets, to offset perceived risk in the sector. Within a year confidence in the sector was battered by a surge in low deposit rates, weak...
26.08.2010 Central Bank Opts for Sovereign Bonds. The Central Bank, holder of the world's third-largest reserves, said Monday that it had increased the share of sovereign bonds in its investments in 2009, opting to reduce its risks and accept lower returns. At end-2009, 46.4 percent of the Central Bank's foreign currency reserves were held in dollar assets, 42.3 percent in euros, 10.1 percent in British pounds and 1.2 percent in Japanese yen, the monetary authority said in a report...
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