Oil firm Rosneft to build $14bln petrochemical plant in Far East
Russia`s largest oil producer Rosneft will build a $14 billion petrochemical refinery in the Primorye Territory in the Russian Far East, the regional governor said on Tuesday.
Barneys aiming to close 2 stores: report
As the impact of the global recession weighs in on wealthy Americans, high-end retailer Barneys New York Inc aims to close two of its seven department stores, the Wall Street Journal said, citing people familiar with the matter.
High Rates - Dangerous Rates?
Interest rates of bank deposits reach to 20% per annum. Commercial banks in pursuit of clients raise to the maximum interest rates. This measure was caused by the consequences of the crunch on world markets resulted in difficulties with resources. Inflation also had impact on interest rates growth.
Two Russian companies included on world’s most expensive brands list
There are two Russian brands on the list of the world’s most expensive brands. Russia’s two major competitors on the market of cellular communication, MTS and Beeline, stand next to one another on the list, on the 71st and the 72nd places respectively. Google still keeps its leadership as the most expensive brand in the world. It added another 16 percent to its value and became the first brand in the world evaluated at over $100 billion - $100.039 billion to be more precise, The Vedomosti newspaper wrote with reference to the annual research conducted by Millard Brown Optimor.
A job stimulus program - will it be effective?
To stimulate employment and the economy, the government will give 60,000 roubles ($1,700) to unemployed Russians as startup capital to open small businesses. In addition, the government will provide subsidies to companies to put employees facing imminent layoffs through re-education and training programs. Other workers will be paid to relocate to areas within their regions where jobs can still be found.
Oil giant Rosneft posts $175 mln net loss in first quarter
Russia`s state-controlled oil producer Rosneft announced on Monday a net loss under Russian Accounting Standards of 5.77 billion rubles ($175 million) in January-March 2009.
Russia`s Gazprombank reports $1.9 bln net loss for 2008
Gazprombank, one of Russia`s top five banks, announced on Wednesday a net loss in 2008 of 60.1 billion rubles ($1.9 billion) under International Financial Reporting Standards.
Russia to raise oil export duty from $110 to $137.7 per ton
The Russian government announced on Wednesday the raising of oil export duty from the current $110 to $137.7 per metric ton from May 1.
To Replace Euro and Dollar
Russia proposes to world community to join and create new additional sole currency. President Dmitry Medvedev announced this initiative at the G 20 summit.
Gazprom`s oil arm buys 16.95% of Britain`s Sibir Energy
Gazprom Neft, the oil-producing arm of Russian energy giant Gazprom, has acquired 16.95% of Britain`s Sibir Energy, which operates in Russia, the British company said on Monday.
Russia to build 6 Kilo-class diesel submarines for Vietnam
Admiralty Shipyards in St. Petersburg will build six Kilo class diesel-electric submarines for delivery to Vietnam, the Russian business daily Kommersant said on Monday.
Five hundred Russian banks to close in 2009
Professional bankers expect a quick liquidation of hundreds of banks at the end of forthcoming summer. Most of the banks will be closed due to their small capitals and because of the clients that will not be able to pay off their debts.
Russia is currently unable to struggle against crisis
The anti-crisis measures of the Russian government are inefficient. Russia should have stimulated the home demand instead of giving the direct support to banks and the real sector of economy.
Wal-Mart may enter the Russian market
Reports of out Russia suggest Wal-Mart Stores Inc. may be in negotiations to buy a controlling stake in one of the country`s leading "hypermarket" big box retailers. An article in the Kommersant newspaper said the ownership stake in Lenta could approach 51%. This follows similar reports in July 2008.
No growth and no reduction observed in Russian economy today
Russia’s Statistics Agency, Rosstat, published the statistics about the general state of affairs in the Russian economy during the first quarter of 2009. The information provides a clear picture of the future recession in the nation’s economy.
Content of arsenic, mercury and ticks to be limited in Russian beer
The content of toxic substances - lead, arsenic, cadmium, mercury, radioactive nuclides, caesium, pesticides and ergot - must be restricted in the Russian beer. Parasites of bread reserves - insects and ticks - must not appear in the production process. Beer must be made without the use of ethyl alcohol. Labels on the end product must provide full and true information for customers. These are a few of the new technical regulations on beer; the document was submitted to the Russian parliament, the State Duma, on Tuesday, The Vremya Novostei newspaper wrote.
Russian Communists mark Lenin`s birthday with low-key events
Russian Communists will mark the 139th anniversary of Vladimir Lenin`s birth on Wednesday with low-key events on Moscow`s Red Square and across Russia.
Government turns up voltage on power investors
Russia’s Energy Ministry is to increase supervision over investment in Russia’s power generating firms by their owners. That’s after he accused several private companies of failing to invest as promised.
Tax exactions to be increased
Federal revenue service suggested to government new source of supplementing state budget. The administration triggered new reverse tax introduction. It is supposed to impose 0,5% taxes on every funds transferring operation from accounts of juridical persons and individual entrepreneurs carried out in order to pay for goods or services.
Up, down or static… what next for the job market?
The official picture of the economic crisis is somewhat at odds with reality. In turbulent times, most governments try to encourage people by painting a brighter picture. But the truth is that Russia has seen nothing like this, not even during Soviet times.
Unemployment in Russia reaches alarming level
The number of officially registered jobless in Russia has reached 2.2 million, President Dmitry Medvedev said at a meeting with experts at the Institute of Modern Development.
Russian diamond firm Alrosa posts 1,650% q-o-q net profit rise
Russia`s largest diamond miner Alrosa said on Wednesday its net profit calculated to Russian Accounting Standards increased 1,650% quarter-on-quarter in January-March of 2009 to 1.86 billion rubles ($55.7 million).
Russia`s RZD posts $800 mln loss in 1Q09
Russian railroad monopoly RZD said Thursday its losses in the first three months of 2009 were 26.8 billion rubles ($800 mln), while second-quarter losses were expected at 14.2 billion rubles ($418 mln).
Russia posted $1.5 bln budget deficit in first quarter - Kudrin
Russia posted a budget deficit of 50 billion rubles ($1.5 billion) or 0.1% of the country`s gross domestic product in the first quarter, Finance Minister Alexei Kudrin said on Thursday.
Russian monetary base down 0.5% in week to $110.3 bln
Russia`s Central Bank said on Friday the country`s narrowly defined money supply (M1) was 3 trillion 710.1 billion rubles ($110.3 billion at the current exchange rate) as of April 6, down by 19.7 billion rubles ($585.6 million) in the week since March 30.