Tag: Economy
NEWSLINK Forbes/Kenneth Rapoza: “Russian Economy Holding On For Dear Life”
NEWSLINK CBC: “Russia’s bleak winter: Protests grow as ruble weakens and Kremlin makes painful cuts.”
NEWSLINK Carnegie Moscow/Mikhail Krutikhin: “The Russian Oil Industry in the Era of Cheap Crude. A recent slight increase in Russia’s oil output is likely to be short-lived. Oil production may decline almost twofold by the end of the year due to a lack of financing for new field exploration and development.”
Russians’ Real Wages Fall 9.5% in 2015
(Moscow Times – themoscowtimes.com – January 26, 2016) As Russia’s inflation reached double-digits last year, Russians saw their real wages decline by 9.5 percent compared to 2014, data published by the Rosstat state statistics service showed Monday. In December 2015, real wages of Russians dropped 10 percent when compared to the same month in 2014, according to Rosstat data. The […]
» Read moreNEWSLINK: “Russian economy contracts 3.7 percent in 2015, slump set to continue” – Reuters
At Davos forum Russia promises to eliminate its dependence on oil
Russian representatives announced imminent large-scale economic reforms at the World Economic Forum. The proposed changes would affect the country’s dependence on oil and the facilitation of investors accessing the market. (Russia Beyond the Headlines – rbth.ru – ALEXEI LOSSAN, RBTH – January 25, 2016) Low oil prices are helping the Russian government carry out large-scale reforms despite the drastic reduction […]
» Read moreRecord Number of Russians Empty-Handed at New Year – Poll
(Moscow Times – themoscowtimes.com – January 25, 2016) Twenty-three percent of Russians received no gifts for New Year – the highest percentage for six years, according to a poll conducted by state-run pollster VTsIOM. For those who did receive gifts, the most popular items were sweets, alcohol and delicacies – these items were received by 24 percent of respondents, according […]
» Read moreThe poorer Russians get, the happier they become and other mysteries
Sometimes sociological surveys capture paradoxical results. For example, for some reason Russians on the whole feel happier when they are poorer and many people that claim to be Orthodox Christians do not go to church and do not believe in God. As the famous 19th century poet Fyodr Tyutchev once said, “Russia cannot be understood with the mind alone.” (Russia […]
» Read moreNEWSLINK: “McDonald’s to open more than 60 restaurants in Russia in 2016” – Reuters
NEWSLINK: “Russian Oil: Output Grows as Prospects Shrink. Plummeting prices and U.S.-led sanctions raise questions about Russian oil’s capacity to continue underwriting Putin’s global ambitions.” – Wall Street Journal
NEWSLINK The Street: “Here’s How to Profit From the Collapse of Putin’s Economy”
NEWSLINK AFP: “Oil wealth a blessing, energy dependence a curse for Russia’s economy”
NEWSLINK Financial Times: “Reasons for Russia’s rouble rollercoaster ride. Moscow has to work at structural reform and a stronger rule of law, writes Sergei Guriev”.
NEWSLINK: RBTH/Gazeta.ru: “The volume of Russia’s foreign debt decreases by $83.7 billion in 2015”
NEWSLINK Reuters: Russia allots $1.7bn for real economy in draft anti-crisis plan – sources.
NEWSLINK: “Moscow desperate to get Western sanctions lifted” – Kyiv Post/Timothy Ash
NEWSLINK: “What the Falling Oil Price Means for Russia and Ukraine” – Atlantic Council/Anders Aslund
NEWSLINK: “Russia’s Ruling Regime Must Modernize or Face Collapse” – Moscow Times/Nikolai Petrov
NEWSLINK: “Russia’s economy. Phase two. Russia’s economic problems move from the acute to the chronic.” – The Economist
Facing Oil Price Plunge, Russia Considers Fire Sale of State Companies
(Moscow Times – themoscowtimes.com – Peter Hobson – January 22, 2016) Russian officials are touting a new wave of privatization to fill the hole in the government’s finances caused by the slumping oil price. With the cost of crude falling toward $30 per barrel early in the year, Finance Minister Anton Siluanov announced that 1 trillion rubles ($12.5 billion) could […]
» Read moreKudrin: Sanctions against Russia could start to ease late 2016-early 2017
(Interfax – January 22, 2016) Relations between Russia and the West are normalizing and sanctions will be lifted, Alexei Kudrin, a former Russian finance minister, said. “I’m sure the sanctions will start to soften at the end of this year or start of next year. Nobody in Russia wants to keep up confrontation. I think the Minsk accords will be […]
» Read moreU.S. Beats Russia in ‘Most Powerful’ Ranking
(Moscow Times – themoscowtimes.com – January 22, 2016) Russia is second only to its former Cold War foe the United States in terms of its power to influence the global agenda but lags behind many other countries in most categories, a new ranking presented at the Davos World Economic Forum said. Moscow scored a 9.4 in the “Power” category, which […]
» Read moreNEWSLINK BNE/Intellinews: “Kremlin nerves tested by oil and ruble’s troubled waters”
NEWSLINK TASS: “Ukraine proves unreliable partner by hiking transit prices for Russian gas”
NEWSLINK: “Cheap oil roils ruble, but Russia bears the pain. Oil prices have dropped to 12-year-lows, dragging the Russian currency along with it. But the Russian economy may be able to withstand the crunch for now.” – Christian Science Monitor
NEWSLINK: “Russian Economy Stumbles as Stocks and Oil Prices Fall” – New York Times
NEWSLINK RBTH/Kommersant: “Which companies are leaving Russia?”
NEWSLINK Sputnik: “Russia Increases Holdings of US Securities by $6Bln – Treasury Department”
Russia identifies economic backwardness as national security threat
(Interfax – January 19, 2016) Russia’s new national security strategy identifies the key threats to the country. The main threats to national security in the economic sphere are the low competitiveness of the Russian economy and its continuing dependence on raw material exports, Sergey Vakhrukov, aide to the secretary of the Russian Security Council, told journalists on 19 January, as […]
» Read moreTRANSCRIPT: [Putin] at National Entrepreneurs’ Forum Small Business – National Idea?
(Kremlin.ru – January 20, 2016) Vladimir Putin took part in the plenary session of the National Entrepreneurs’ Forum Small Business – National Idea? The forum examined issues such as support for small and medium-sized enterprises and measures to encourage business activity. The forum, organised by the OPORA Russia national public association of small and medium-sized enterprises, is taking place in […]
» Read moreNEWSLINK: “IMF Cuts 2016 Growth Forecast for Russia” – Reuters
NEWSLINK: “RUSSIAN RUBLE HITS A NEW LOW AS OIL PRICES WEAKEN” – AP
Russians Expect Kremlin to Stabilize Economy – Poll
(Moscow Times – themoscowtimes.com – January 19, 2016) The majority of Russian citizens expect that the government will stabilize economic and political conditions in the country, a poll carried out by the independent Levada Center pollster revealed. The results of the survey, published on Monday, showed that 53 percent of respondents believe that government policy should be focused on the […]
» Read moreNEWSLINK International Policy Digest: “Arctic Trade Route Presents Opportunity for Russia-West Cooperation”
NEWSWATCH: “Russia’s current account improves in 2015, capital outflows fall two-thirds” – Reuters
Reuters covers Russian financial positions. Russia’s current account surplus improved in 2015 while net capital outflows fell by almost two-thirds, underscoring the role of a weaker rouble in mitigating the impact of a slide in oil prices. Preliminary balance of payments data published by the central bank on Monday showed the current account surplus increasing to $65.8 billion in 2015 […]
» Read moreNEWSLINK Russia Direct: “Doing business in Russia: High risk, but also high reward. New Report “The Magnetic Push and Pull of the Russian Economy: What’s Next for Investors in Russia?” examines how the Russian economy has changed over the past year and what new opportunities have emerged there for foreign investors.”
NEWSLINK Russia Today: “IMF cuts global growth outlook for 2016”
Moscow’s 5 most interesting mobile apps for tourists
Foreign travelers can now get to know Moscow better thanks to some new mobile apps for those that love museums, architecture and even making random new friends in the metro. (Russia Beyond the Headlines – rbth.ru – Kira Egorova, RBTH – January 18, 2016) Moscow, Russia If digital detox while on holiday is not one of your goals and you […]
» Read moreGref
(Eric Kraus – Facebook – January 16, 2016) I often wonder whether Gref’s slightly hysterical tone is a good thing – as it is a goad to action against complacency – or it is a net-net negative because it simply adds to the ambient pessimism. Listening to his talk at the Gaidar Conference – there is one obvious problem – […]
» Read more‘Downshifter’ Russia Is Losing Global Competition, Warns State Bank Chief
(Moscow Times – themoscowtimes.com – January 15, 2016) Russia has failed to adapt to economic and technological change and has fallen into the ranks of “downshifter” countries that will catastrophically lag behind their more advanced rivals, the head of the country’s largest bank said Friday. “We must honestly admit that we have lost to competitors,” German Gref told the Gaidar […]
» Read moreDark Jokes Lighten Gloom Over Russia’s Ailing Economy
(RFE/RL – rferl.org – Tom Balmforth – MOSCOW, January 17, 2016) What’s the difference between the ruble, the dollar, and the pound? With a dollar, you can buy a pound of dried rubles. Jokes like these have become par for the course as the recession-hit Russian economy limps into 2016 showing no signs of recovery and the national currency plunges […]
» Read moreNEWSLINK: “Russia needs its brains” – IntelliNews.com/Mark Galeotti
NEWSLINK Russia Beyond the Headlines/RBC Daily: “Davos experts warn Russia about threat of hyperinflation. In 2016 the main risks for Russia and its neighbors will be budget deficits, hyperinflation and unemployment.”
NEWSLINK TASS: Russia’s GDP declined 3.9% in 2015 according to preliminary estimates – minister.
NEWSWATCH: “Russia’s pensioners squeezed as recession bites” – Financial Times
The Financial Times covers the impact of Russia’s economic downturn on older Russians. Several Russian regions have over the past year been forced to suspend benefit payouts or stop the inflation indexing of public sector wages. … The dramatic slide in crude prices has slashed revenues from the export of oil and gas which account for more than half Russia’s […]
» Read moreChina’s Economic Turmoil Ruins Russia’s New Year
(Moscow Times – themoscowtimes.com – Peter Hobson – January 14, 2016) New fears over China’s economy and sharp falls in the price of oil have worsened the outlook for Russia as it tries to emerge from recession. The price of crude, the linchpin of Russia’s economy, fell almost 20 percent in the first two weeks of January to just above […]
» Read moreRussian Ministry Predicts More Recession, Lower Incomes and Less Employment
(Moscow Times – themoscowtimes.com – January 15, 2016) New falls in the oil price mean that Russia’s economy will likely shrink again in 2016, as incomes continue to fall and unemployment rises, according to a draft outlook prepared by the Economic Development Ministry. Officials had hoped for an end to recession this year, but a near 20 percent decrease in […]
» Read moreTRANSCRIPT: [Medvedev at] The 7th Gaidar Forum [excerpts]
(Government.ru – January 13, 2016) The theme of the 2016 Gaidar Forum is “Russia and the World: Looking to the Future.” The Gaidar Forum is an annual international academic and practical conference in the field of economic policy. It was first held in 2010 in memory of Yegor Gaidar, an outstanding academic and economist and the architect of Russian reforms […]
» Read moreRussians Increasingly Pessimistic About Job Prospects – Poll
(Moscow Times – themoscowtimes.com – January 15, 2016) The number of Russians that believe they would be able to find a good job if they lost their current position fell by 10 percent last year, the results of the poll published Friday revealed. Only 25 percent of Russians think they would manage to find a position similar to the one […]
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