Russian economy not in recession; no urgent need for economic stimulus – Shuvalov

Igor Shuvalov file photo

(Interfax – MOSCOW, April 18, 2013) The Russian government does not have to undertake immediate action to stimulate economic growth, First Deputy Prime Minister Igor Shuvalov said. There is “dissatisfaction with the pace of economic growth,” he said, but the Russian economy is not in recession. “This is no place for emotions. Of course there can be stimulation of one […]

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New Wealthy Russians Join Forbes Rich List

File Photo of Man Placing Stack of Large Bills into Inside Pocket of Suitcoat

(RIA Novosti – MOSCOW, April 18, 2013) ­ Moscow’s chief obstetrician, a deputy to Russia’s voucher privatization architect Anatoly Chubais and the rector of a university where President Vladimir Putin defended his thesis are among the lucky ones who have joined Forbes’ 2013 Wealthiest Russian Businessmen List published on Thursday. Alisher Usmanov, the owner of Metalloinvest metals giant and a […]

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Most Russian regions would rank speculative grade – S&P

Cash, Calculator, Pen

(Interfax – MOSCOW. April 17, 2013) Most of Russia’s regions would rank speculative grade, Standard & Poor’s Ratings Services said. In an article published on April 16 and titled “Most Russian Regions’ Creditworthiness Is Below Investment Grade Due To A Weak Intergovernmental System, Economy, And Management”, S&P explains its estimate of the credit quality of all 83 Russian regions. The […]

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Police Raid Medvedev’s Innovation Hub Over Fraud Inquiry

Skolkovo File Photo

(Bloomberg – bloomberg.com – Ilya Arkhipov & Henry Meyer – April 18, 2013) Russian police raided the Skolkovo innovation hub, a project championed by Prime Minister Dmitry Medvedev, a day after his speech to parliament was overshadowed by a leaked video. Investigators talked today to the foundation’s head, billionaire Viktor Vekselberg, and other top officials, Skolkovo spokesman Roman Shcherbakov said […]

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Investment questions for Russia’s closed cities

Map of Russia

(Moscow News – themoscownews.com – Nathan Gray – April 15, 2013) One of the most famous and secretive features of the Soviet Union, closed cities – known today in Russian as ZATOs – still dot the country, though in far fewer numbers than during the Cold War. The cities, which numbered upward of 100 throughout the different republics in the […]

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Experts and officials spar over growth

File Photo of Cash, Coins, Line Graph

(Moscow News – themoscownews.com – By Irina Granik, Moskovskiye Novosti – April 15, 2013) Analysts call for reform of state institutions, while the government demands action from private and state companies The forecast for socio-economic development of the country through 2030, recently published by the government, has come straight into the depths of discussions flaring up in connection with the […]

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Prokhorov says Russian economy already in recession

Mikhail Prokohrov file photo

(Interfax – MOSCOW. April 16, 2013) Civil Platform leader Mikhail Prokhorov has criticized the state of the Russian economy on the eve of Russian Prime Minister Dmitry Medvedev’s report in the State Duma. “The economy is in recession. Fulfilling the taken social obligations is at risk – the deficit of regional budgets is over 500 billion rubles. There are no […]

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Putin Envoy Says Recession Should Spur Easing: Russia Overnight

File Photo of Cash, Coins, Line Graph

(Bloomberg – bloomberg.com – Halia Pavliva – April 16, 2013) Russia is probably already in a recession and monetary policy should be eased to ignite growth, said Ksenia Yudaeva, President Vladimir Putin’s representative to the Group of 20 nations. “The first two months were really bad, external demand change had an impact on Russia and this is why we’ve seen […]

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Medvedev Offers Prize for Plan to Diversify Economy

Dmitry Medvedev file photo

(RIA Novosti – MOSCOW, April 17 , 2013) ­ Prime Minister Dmitry Medvedev said on Wednesday he would offer a state prize for anyone who could find a method of ridding the Russian economy of its dependence on raw materials in the next few years. “I cannot but agree with you that the raw materials model … has driven our […]

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Economic Development Ministry proposed additional privatization transactions in 2013

Empty Boardroom

(Business New Europe – bne.eu – April 16, 2013) The Economic Development Ministry of Russia proposed another five large privatization transactions in addition to the sale of 14% of ALROSA and an additional issue of VTB worth RUB100bn, Minister Andrei Belousov said, Vedomosti reported. The Ministry proposes to privatize in 2013 up to 19% of Rosneft, state-owned stakes in Aeroflot […]

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Putin Calls for Stimulus Plan After Recession Alarm

File Photo of Cash, Coins, Line Graph

(Bloomberg – bloomberg.com – Agnes Lovasz – April 16, 2013) Russian President Vladimir Putin urged the government to come up with a plan to revive the flagging economy after a minister warned that a recession is possible as companies cut investment and export demand wanes. Putin told Prime Minister Dmitry Medvedev, who will address lawmakers tomorrow, to devise steps to […]

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Russia reluctant to discuss currency wars, Cyprus crisis at next G20 session

(Russia Beyond the Headlines/Interfax – April 15, 2013) Russia, which is chairing the G20 in 2013, does not want to discuss the management of the exchange rates of national currencies and the bank crisis in Cyprus during the G20 meeting in Washington on April 18-19. Russia, which is chairing the G20 in 2013, does not plan to propose that the […]

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Russian Econ Ministry expects GDP growth to quicken to 2.1% in Q2

File Photo of Cash, Coins, Line Graph

(Interfax – MOSCOW. April 15, 2013) The Russian Economic Development Ministry expects GDP growth to accelerate to 2.1% in Q2 2013, from 1.1% in Q1, and to around 3% in H2 2013, Deputy Economic Development Minister Andrei Klepach told reporters. “The slowdown in economic growth is here for all to see. But we work on the basis that there’ll be […]

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Russian Public Chamber wants more support of exports, agriculture in WTO

Field of Grain file photo

(Interfax – MOSCOW. April 12, 2013) The Russian Audit Chamber has looked into the observance of Russia’s obligations and the realization of Russia’s rights in its accession to the World Trade Organization (WTO) and suggests providing more support for exports and agriculture, the Public Chamber said in a press release. Participants in the Public Chamber collegium held on April 8 […]

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Constant income growth cuts poverty in Russia thrice since 1990s – Medvedev

File Photo of Cash, Coins, Line Graph

(Interfax – MOSCOW. April 12, 2013) Poverty in Russia has shrunk thrice since the 1990s but higher salaries of public sector employees remain a key objective of the government, Prime Minister Dmitry Medvedev said at a meeting of the Labor Ministry board on Friday. “Compared with the 1990s, the poverty level has reduced thrice. The decline is directly related to […]

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Putin, Medvedev agree to meet to discuss prospects of Russian economy amid world crisis

File Photo of Cash, Coins, Line Graph

(Interfax – MOSCOW. April 15, 2013) Russian President Vladimir Putin and Prime Minister Dmitry Medvedev have agreed to have a special meeting with the economic block of the government, members of the Kremlin administration and experts to discuss prospects of the Russian economy amid the global negative tendencies on the world market. Medvedev said at a meeting with Putin at […]

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The System: Shifting the Tectonic Plates

Kremlin and Moscow Environs Aerial View

(opendemocracy.net – Sergei Guriev – April 11, 2013) Sergei Guriev is a Morgan Stanley Professor of Economics and a Rector at the New Economic School (NES) in Moscow. Russia’s Byzantine system of government has long been a rich subject for study. Could it change? Might it suddenly have to? Possibly, but there are so many vested interests and the upheaval […]

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Capital outflow from funds investing in Russian stocks breaks record again – experts

Cash, Calculator, Pen

(Interfax – MOSCOW. April 12, 2013) Capital outflow from funds investing in Russian stocks was at its highest in the last half year in the week of April 4-10, totaling $393 million, compared to $68 million the previous week, according to Emerging Portfolio Fund Research (EPFR) data. From the beginning of this year to April 10, total outflow from funds […]

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Russian growth forecast slashed by third

File Photo of Cash, Coins, Line Graph

(Interfax – MOSCOW. April 12, 2013) Deputy Economic Development Minister Andrei Klepach officially unveiled his ministry’s new 2013 forecasts for the Russian economy on Thursday. The reduction of the GDP growth forecast was anticipated, but the scale of the decrease, by 1.2 percentage points to 2.4%, came as a surprise. In its December forecast, the Economic Development Ministry projected that […]

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Washington questions Moscow about WTO conflicts

WTO Logo

(Russia Beyond the Headlines – rbth.ru – Elena Shipilova, RBTH – April 11, 2013) America seeks an explanation of why Russia’s foreign trade regulations clash with WTO rules. Since 2012, Russia has been operating under both the WTO and the Customs Union. The U.S. is now seeking official clarification on how the two regimes work with each other. Russian officials […]

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Russia Needs Radical Reforms but Those Could Again Destroy the Country, Many Russians Think

Kremlin and Moscow Environs Aerial View

(Window on Eurasia – Paul Goble – Staunton, April 11, 2013 – http://windowoneurasia2.blogspot.com/2013/04/window-on-eurasia-russia-needs-radical.html) Mikhail Gorbachev’s call for a new perestroika has sparked a discussion which rests on the idea that “if the medicine (perestroika) would kill the cancer patient (Russia in its current state), then it is necessary to put up with the cancer as long as possible,” according to […]

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Putin’s Central Bank Pick Avoids Kuroda-Style Revolution

Elvira Nabiullina file photo

(Bloomberg – bloomberg.com – Olga Tanas & Scott Rose – April 10, 2013) Elvira Nabiullina is declining to follow in the footsteps of Mark Carney and Haruhiko Kuroda and become an agent of change at Russia’s central bank. Nabiullina, backed by lawmakers to become the first woman to head a Group of Eight monetary authority in June, pledged continuity yesterday […]

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Russia Seeks China Resources Investment – Shuvalov

China Map

(RIA Novosti – MOSCOW, April 10, 2013) ­ Russia plans to offer Chinese investors participation in joint natural resources projects and is ready to give Beijing access to Russian mineral deposits, First Deputy Prime Minister Igor Shuvalov said on Wednesday. In an interview with Chinese media ahead of a visit by a Russian delegation on April 15, Shuvalov said Russia […]

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EU economy fundamentally strong, Russia has no major worries – Putin

EU Map

(Interfax – HANOVER, April 8, 2013) The European economy remains strong, despite the problems facing selected euro zone countries, Russian President Vladimir Putin said. “We’re sorry such things are happening on Cyprus, but the foundations of the European economy, of the German economy – and Germany is demonstrating very good rates of growth and economic reliability – (are strong). Therefore […]

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70 Major Russian Company Towns Dying, Moscow Experts Say

Map of Russia

(Window on Eurasia – Paul Goble – Staunton, April 8, 2013 – http://windowoneurasia2.blogspot.com/2013/04/window-on-eurasia-70-major-russian.html) Slightly more than one in every six Russians­ — some 24.5 million people­ — lives in a company town facing serious economic and demographic decline, with 68 of these 799 places rated as being high risk of complete depopulation unless a new five-year government program can reverse […]

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Russians eyeing foreign property with caution in crisis

EU Map

(Moscow News – themoscownews.com – Nathan Gray – April 8, 2013) The ongoing financial crisis may be hitting European economies hard, but the continent retains a good deal of interest for Russian customers looking to invest in property abroad. Reasons vary according to country, of course: prestige in Britain, skiing in Switzerland and Austria, warm climates in Spain, Italy and […]

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Minister gives gloomy outlook for Russian economy in 2013

File Photo of Cash, Coins, Line Graph

(Interfax – Hanover, April 7, 2013) The Economic Development Ministry will lower in its revised socio-economic development forecast its estimate for gas exports from the Russian Federation (in natural units), for the increase in investment in the Russian Federation, and for GDP rise, Minister Andrey Belousov has said. “I can definitely say that the forecast for 2013 will have lower […]

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U.S. Embassy Slams Door on Student Workers

Artist's Rendition of U.S. Embassy, Moscow, with the Russian Foreign Ministry in the Background

(Moscow Times – themoscowtimes.com – Jonathan Earle – April 5, 2013) Without warning or explanation, the U.S. Embassy in Moscow has rejected an unprecedented percentage of Russian university students applying for visas to take part in the State Department’s popular Summer Work and Travel program this year, dashing hopes and placing the program’s future in doubt. About 80-90 percent of […]

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Putin’s Russia at a Crossroads Politically and Economically

Kremlin and Moscow Environs Aerial View

(Eurasia Daily Monitor: Volume 10, Issue 63 – Pavel Felgenhauer – Jamestown Foundation – jamestown.org – April 4, 2013) The Russian government, the expert community in Moscow and the national economic elite are actively discussing the economic future of the nation and possible drastic financial policy changes as the economy slumps into potentially long-term stagflation, which may fundamentally destabilize the […]

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Kudrin meets with Putin, shares views on pressing issues

Alexei Kudrin file photo

(Interfax – MOSCOW. April 4, 2013) Alexei Kudrin, chairman of the Civil Initiatives Committee and former finance minister, said that he sometimes meets with Russian President Vladimir Putin. “There are meetings with the president. But I’m not ready to discuss their contents,” Kudrin told reporters on Thursday. Kudrin said that he shared his position at such meetings. “I express my […]

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Erasing Russia’s Potholes

Moscow Traffic file photo

(RFE/RL – rferl.org – April 5, 2013)  The official Russian set of technical standards, GOST, has finally solved one of Russia’s two biggest problems: bad roads. In 2011, the Rosstandart national standardization body redefined the definition of a pothole as having a width of at least 1.5 meters and a depth of 7 centimeters. At the time, Rosstandart defended its […]

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Russia middleclass grows, alongside bureaucrats

File Photo of Crowd of Russians

(Business New Europe – bne.eu – April 5, 2013) The middleclass in Russia grew by about 1 percentage point annually from 2004 to 2011 and now makes up about 18.9% of society, while the share of government officials and silovikis, a Russian term referring to political entities in the military or security spheres, usually former officers of the KGB and […]

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Russian PM urges ‘spending optimization’ to meet welfare pledges

Dmitry Medvedev file photo

(Interfax – Gorki, April 3, 2013) Russian Prime Minister Dmitriy Medvedev has said the social obligations taken by the state are unconditional and set the task of optimizing spending in this area. “A very considerable sum is provided for these purposes (in the social sphere) in the federal budget this year: over R5,000bn (about 160bn dollars at the current rate […]

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Only Harsh Medicine Can Spur Russia’s Economy – Kudrin

Alexei Kudrin file photo

(RIA Novosti – MOSCOW, April 4, 2013) ­ The Russian authorities are dodging vital but unpopular measures and structural reforms necessary to spur Russia’s faltering economic growth, former Finance Minister Alexei Kudrin said on Thursday. “The government is making use of measures other than those necessary while being afraid of real measures because they are not always popular,” said Kudrin, […]

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Church official recommends elite to bring their funds back to Russia

Archpriest Vsevolad Chaplin file photo

(Interfax / Religion – Moscow, April 3, 2013) The Russian church official urges Russian elite to realize their responsibility before nation and make their capitals work for the welfare of the Russian economic system. “Our elite has to consider attentively the signs of time and think whether it is time to change, to restore their connections with people and make […]

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Putin rules out ‘ideological considerations’ in military cooperation loans

File Photo of Vladimir Putin Sitting at Desk

NOVO-OGARYOVO. April 3 (Interfax) – Russian President Vladimir Putin favors broader use of export loans and new forms of settlements in broadening military-technical cooperation with foreign states. “In order to strengthen (military-technical) cooperation with key partners, we should pay special attention to long-term cooperation programs and broaden the use of state export loans,” Putin said at a meeting of the […]

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Russian govt will not influence Central Bank independence in order to speed up econ growth

Igor Shuvalov file photo

(Interfax – MOSCOW, April 3, 2013) The Russian government will not influence the Central Bank’s independence in decision-making in order to accelerate economic growth, First Deputy Prime Minister Igor Shuvalov said at a conference entitled ‘Economic and Social Modernization’ at the Higher School of Economics on Wednesday. “The key principles behind the Central Bank’s work will continue and, eventually, they […]

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Putin’s Top Bank Nominee Urges Growth Model Rethink

Elvira Nabiullina file photo

(RIA Novosti – MOSCOW, April 3, 2013) ­ Former Economics Minister Elvira Nabiullina, nominated by President Vladimir Putin to head the country’s Central Bank, said on Wednesday Russia needed to rethink its model for growth amid the current global economic uncertainty and mounting problems in the eurozone. “We need to change our economic growth model and get focused on internal […]

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Russian Economic Slowdown A Worry, But Is No Recession – First Deputy PM

Igor Shuvalov file photo

(RIA Novosti Yakutsk, April 2, 2013) The government is concerned about a slowing of economic growth in Russia at the start of 2013, however it does not signify a recession, First Deputy Prime Minister Igor Shuvalov told journalists. In January-February, GDP growth in Russia stood at 0.9 per cent compared to last year’s figure of 4.3 per cent, and in […]

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Russian GDP growth confirmed at 3.4% in 2012, Q4 growth slows to 2.1% – Rosstat

File Photo of Cash, Coins, Line Graph

MOSCOW. April 2 (Interfax) – Russian GDP grew 2.1% in the fourth quarter of 2012, the Federal State Statistics Service (Rosstat) said in an initial estimate for the period on Tuesday. GDP growth for the year remains 3.4%. However Rosstat did adjust quarterly GDP dynamics for 2012: GDP grew 4.8% year-on-year in Q1, compared with an original estimate of 4.9%; […]

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BRICS summit falls short of creating new bank

File Photo of Flags of BRICS Nations and BRICS Logo from Past Summit

(Russia Beyond the Headlines – rbth.ru – Alina Sabitova, special to RBTH – March 28, 2013) The fifth BRICS summit, which ended in Durban, South Africa, on March 27, resulted in several significant agreements, including the creation of a BRICS Business Council. However, there was no consensus on the details of a BRICS bank, which was expected to be the […]

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Russian economy will not reach 5% growth in next few years – Klepach

File Photo of Cash, Coins, Line Graph

MOSCOW. March 29 (Interfax) – The Russian economy will not be able to reach 5% growth or higher in the coming years, Deputy Economic Development Minister Andrei Klepach said while presenting at a roundtable organized by the newspaper Vedomosti entitled ‘Growth of 5% or More: What is Preventing Russia from an Economic Breakthrough’ in Moscow on Friday. “The question of […]

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Putin discusses fundamental issues of Russia’s development at the first All-Russia People’s Front conference

File Photo of Vladimir Putin Speaking with Flag Behind Him and Microphones in Front

(Interfax – March 29, 2013) Russian President Vladimir Putin has arrived in Rostov-on-Don to participate in the first conference of the All-Russia People’s Front dedicated to building social justice. The event is the first in a series of the All-Russia People’s Front conferences dedicated to discussing fundamental issues of Russia’s development, which have been discussed in this or that way […]

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The Cyprus Financial Meltdown Disrupts Close Relations with Berlin and Europe

Cyprus Map

(Eurasia Daily Monitor: Volume 10, Issue 58 – Jamestown Foundation – jamestown.org – Pavel Felgenhauer – March 28, 2013) The European Union is Russia’s number one trading partner, and for many years Moscow was seeking to establish a privileged political and economic relationship with select Western European “friends” like France and Germany. Moscow’s most important foreign policy objective since the […]

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BRICS summit and China’s trip to Moscow marks a new era

File Photo of Flags of BRICS Nations and BRICS Logo from Past Summit

(Business New Europe – bne.eu – March 28, 2013) Russian President Vladimir Putin was in South Africa on March 27 at the opening of the BRICS summit to highlight the growing importance of the emerging markets club that are increasingly taking the lead when it comes to global growth. “Work in the BRICS group is one of Russia’s foreign policy […]

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Roubini Predicts Slower Growth in Russia

File Photo of Cash, Coins, Line Graph

(Moscow Times – moscowtimes.com – March 28, 2013) Russia’s economy is facing a slowdown due to a lack of necessary structural reforms, according to a report by Roubini Global Economics, a macroeconomic research firm founded by economist Nouriel Roubini. According to the firm’s estimates, GDP growth will slow to 3.3 percent this year, versus 3.4 percent last year. Growth next […]

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Russian unemployment spans from 1.1% in St. Petersburg to 46.9% in Ingushetia

File Photo of Cash, Coins, Line Graph

MOSCOW. March 26 (Interfax) – Differentiation between the levels of unemployment in Russia’s federal districts remains strong – the gap in the districts can surpass four-fold and in the regions 40-fold, the Federal State Statistics Service Rosstat said in a report on employment and unemployment in February. The lowest level of unemployment, in accordance with ILO criteria, was in the […]

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Russia Open for New Investment Projects – Putin

File Photo of Vladimir Putin Sitting at Desk

DURBAN, March 27 (RIA Novosti) ­ President Vladimir Putin on Wednesday played up Russia’s potential as an investment destination as he tried to reassure investors at a summit of the world’s leading emerging market economies that the country was open for new business projects. “Let me emphasize that Russia and its economy are open for new trade and investment projects. […]

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Morgan Stanley optimistic about Russian equities

Cash, Calculator, Pen

MOSCOW. March 26 (Interfax) – Russia’s stock market has very strong potential for growth, Morgan Stanley analysts believe. Russian equities are currently the lowest priced among emerging markets and there are a number of reasons to expect that the discount at which they are traded will decrease, the investment bank’s analysts said in a report. Even the Russian oil and […]

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Russia Readying Help for Companies With Funds Ensnared in Cyprus

Cyprus Map

(Bloomberg – bloomberg.com – Ilya Arkhipov & Vladimir Kuznetsov – March 27, 2013) Russia is among the biggest losers of the crisis in Cyprus and may use its development bank to aid companies with funds trapped behind capital controls in place on the cash-strapped island, the head of the state lender said. “We are prepared to consider proposals and ideas, […]

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