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10.08.2010 Aleksey Kudrin: RF Budget to Become Deficit-Free till 2015. The RF Budget can become deficit-free no earlier than 2015; Aleksey KUDRIN, the Vice-Premier and the Minister of Finance reported to the journalists. “Till 2015 we will be able to go over to the deficit-free budget, ” Mr. KUDRIN says. But he added that it can become possible no early than 2015. Besides, the Finance Minister pointed out that to achieve this aim we should find the way to reduce spending and will have to raise taxes...
10.08.2010 German business morale surges. German businesses were much more optimistic in July. The Ifo economic think tank’s monthly survey of some 7, 000 firms found business sentiment at its highest level in three years. Ifo says the unexpected jump was fuelled by a World Cup buzz that boosted consumer spending in Europe’s largest economy and points to strong economic growth in the current quarter.
09.08.2010 KamAZ Output Up 50%. KamAZ said Tuesday that it boosted output by about half to 20, 253 vehicles in the first seven months of year. KamAZ produced 4, 176 trucks in July, the highest monthly output this year, the company said, without giving the year-earlier volumes.
09.08.2010 Russian FinMin proposes new voluntary pension tax. The Russian Finance Ministry has proposed canceling "double taxation" on voluntary pensions. Prior to 2008, employers had to pay tax on insurance premiums for employees who wished to receive additional voluntary pensions. These payments were later scrapped, which in turn made the employees, given that they were still holding the job, pay 13% out of their retirement funds in tax, the Russian Constitutional Court said. The...
08.08.2010 Manufacturing Grows Fastest in 2 Years. Manufacturing expanded in July at the fastest pace since April 2008 as new orders grew and companies added more jobs, VTB Capital said Monday. The Purchasing Managers’ Index rose to 52.7 last month, for a seventh successive expansion, from 52.6 in June, the bank said in an e-mailed statement. The index, based on a survey of 300 purchasing executives, indicates contraction with a figure below 50 and growth with a figure above 50. "The pace of...
08.08.2010 Russia greatest importer of Uruguay beef in 1H10. Russia was Uraguay's biggest beef importer in the first half of 2010, Uruguay's National Meat Institute (INAC) said. "Between January and June of 2010 Uruguayan meat packing houses sent 74, 535 metric tons of beef to Russia, which is a 27, 941 ton increase year on year, " a statement from the institute says. Russia has overtaken the European Union, previously the largest importer of Uruguayan red meat, with 45, 758...
07.08.2010 Russians spending more abroad. Citibank’s annual Russian’s spend abroad study shows that Russians are spending more money outside the country this year than they were in 2009. The Citibank survey, conducted between January 2007 and June this year shows that international credit card transactions have grown from 17% of total Russian credit card spending in 2009, to 18.8% this year, although still down on the 19.4% posted for 2008. But Michael Berner, Consumer Lending Head at Citibank...
07.08.2010 Russian beer company enters Brazilian, Mexican markets. Russia's largest beer producer, Baltika, has started exporting beer to Brazil and Mexico, the company said on Tuesday. The first delivery will consist of 43, 000 liters of beer to be sold in cafes, shops and restaurants in major cities in the two countries. The Brazilian beer market is the third biggest in the world, while Mexico is in sixth place. "Both markets have local monopolies and small, but highly-competitive...
06.08.2010 Komi Republic not to have utilities tariffs growth in winter. The leadership of the Komi Republic has taken under permanent control the situation in the housing and public utilities tariffs sphere, the heads of municipalities have been advised not to allow their growth during the approaching heating season. The state fuel reserve – fuel oil and coal – is to ensure uninterrupted functioning of the housing-utilities, gas and energy regional sectors of Komi. The specially established by the...
06.08.2010 Central Bank Leaves Rates Unchanged. The Central Bank left its main interest rates unchanged for a second month on Friday and said bank lending jumped in June, as an economic recovery gathered speed and inflation slowed. The regulator kept the refinancing rate at a record low 7.75 percent, it said Friday, as forecast by all 21 economists in a Bloomberg survey. It also left the repurchase rate charged on one- and seven-day loans unchanged at 6.75 percent. The regulator last trimmed rates May...
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