Russian Business News

Moscow Times ^ | 24 March 03 | various

[Stavka2]

Kasyanov, Shell Chat

MOSCOW (MT) -- Prime Minister Mikhail Kasyanov and Royal Dutch/Shell group chairman Phil Watts met Friday to negotiate the Sakhalin-2 project, Interfax reported.

The project fits into the framework of the eastern Siberia and Far East development plans, Kasyanov's spokeswoman Tatyana Razbash said.

"[They talked about] prioritizing ecological safety in the activities of domestic suppliers of goods and services, and about the legislative support needed for the project," Razbash said.

 

Morgan Lowers Rating

MOSCOW (Reuters) -- Morgan Stanley said Friday it had downgraded Russia's foreign debt to market perform from outperform on weaker oil prices and an ongoing fundamental turnaround in Latin America.

"Weaker oil prices should refocus the market on Russia's credit weaknesses, which have thus far been overshadowed by record-high oil prices," the bank said in a note to clients.

"We see this renewed debate over Russia's credit problems as capping further credit upside."

"Slower liquidity accumulation in the domestic financial sector will reduce banks' appetite for external debt," the note said. "Lower windfall budget revenues and increased fiscal uncertainty will make the government more cautious on further debt buybacks."

Another reason for the downgrade, the note said, was the ongoing fundamental turnaround in Latin America and cheap valuations there offering more appealing total return potential compared to the tight spreads in Russia.

"Consequently, we expect Russia to lag what we see as the likely outperformance by Latin American credits," the note said.

 

Property Reaps $1.6Bln

MOSCOW (MT) -- Property Minister Farit Gazizullin told President Vladimir Putin the federal budget earned 50 billion rubles ($1.6 billion) from property assets under federal management last year.

During a meeting with Putin on Friday, Gazizullin told Putin he hoped earnings this year would be even higher.

A target of 100 billion rubles ($3.2 billion) in untaxed earnings from federal property has been set for 2003.

Gazizullin said land sales would earn the government 10 billion rubles ($318.8 million) this year.

 

Housing Bills Approved

MOSCOW (Prime-Tass) -- The State Duma, the lower house of parliament, approved the package of bills aimed at reforming the housing and municipal utilities sectors in a second reading Friday.

The bills are aimed at transforming the inefficient and heavily subsidized sectors into competitive services by improving their finances and quality.

The bills provide privileged terms of communal and utility payments for certain groups of people and propose to stop including costs of comprehensive repairs in communal payments.

Methods of financing building repairs are to be defined by the federal government. The bills also envisage allocating funds to finance preferential payment terms for state employees living in rural areas.

The State Duma approved the first reading of the bills in November.

 

Real Incomes Rise

MOSCOW (Prime-Tass) -- Russians' real disposable income rose 12.7 percent on the month and 18 percent on the year in February according to information released Friday by the State Statistics Committee.

Real disposable income is income adjusted according to the consumer price index, with mandatory payments deducted.

Average per capita income in February stood at 4,406 rubles per month ($140), up 14.3 percent on the month and 36 percent on the year.

The nominal monthly wage last month stood at 4,649 rubles ($148), down 1 percent on the month but up 25.8 percent on the year, according to preliminary estimates.

 

Note, the dollar goes a lot further in Russia then in America. A $3 loaf of bread in the US would go for about 25 cents in Russia.

 

Retail Trade Up 8.4%

MOSCOW (Prime-Tass) -- Retail trade turnover reached 640.4 billion rubles ($20.4 billion) in January-February, up 8.4 percent on the year, the State Statistics Committee said Friday.

February's trade turnover totaled 319.4 billion rubles ($10.2 billion), down 1.5 percent on the month, but up 8.6 percent on the year.

Manufactured goods accounted for 53.8 percent of the turnover while foodstuffs accounted for 46.2 percent, the committee said.

In February, registered shops accounted for 75.7 percent of the total retail trade, up 0.7 percent on the year, and markets accounted for 24.3 percent, down 0.7 percent on the year.

 

Land Is 7.6% Private

MOSCOW (Prime-Tass) -- The share of Russian land in private hands now stands at 7.6 percent of the country's total 129.6 million hectares, Alexei Overchuk, deputy head of the Federal Land Register Service, said Friday.

The remaining 92.4 percent remains under state ownership.

There are more than 43 million private landowners, 97 percent of whom own arable land.

The share of private land is relatively higher in the southern and western regions of Russia than in the north and east.

 

January Trade Surplus

MOSCOW (Prime-Tass) -- Russia's foreign trade surplus in January amounted to $4.926 billion, up from $2.973 billion in January 2002, the State Statistics Committee reported Friday.

Imports increased 22.9 percent on the year to $4.524 billion in January, while exports rose 42 percent on the year to $9.45 billion.

Imports from other CIS countries totaled $971 million, up 18.7 percent on the year, while imports from non-CIS countries were at $3.553 billion, up 24.1 percent on the year.

Exports to non-CIS countries in the period were at $8.105 billion, up 43.7 percent on the year, while exports to other CIS countries totaled $1.345 billion, up 32.6 percent on the year.

 

For the Record

Gazprom has reacquired control over the Salavatnefteorgsintez, one of Russia's biggest oil refineries, from Bashkortostan, Vedomosti said Friday. (MT)
Production of oil and gas condensate grew 11.12 percent in January and February as compared to the same period last year, to equal 64.9 million tons, Interfax reported Friday. (MT)
The number of unemployed Russians was 6.11 million people, or 8.5 percent of the workforce at the end of February, down from 6.14 million in January, the State Statistics Committee said Friday. The country's workforce is estimated at 71.5 million, or about half the country's population. (Reuters)

Note, this is better then Germany or France, both of whom are around 10%

Cargo loading by Russia's railways rose 9.4 percent on the year in January-February to 172.5 million metric tons, the State Statistics Committee was quoted as saying Friday. (Prime-Tass)
The producer price index rose 1.4 percent month-on-month in February compared with a 0.4 percent rise in January, the State Statistics Committee said Friday. (Reuters)

[Stavka2]

bump

[struwwelpeter]

Spasibo za perevody.

[Antoninus]

Tell me, how's Russian population growth going? Are you still in a negative growth situation, or have things turned around? I sure wouldn't want to be in a country that covers 1/7 of the Earth's surface with a declining population... and the most populous nation of all (and quite bellicose, too) on my southern border...

[Stavka2]

Actually it's slowly turning around, drop in abortion and rise in population, along with income. Not fast enough. Several oblasts are now offering houses free for families with jobs and signing a contract to have 3 kids in 5 years.

[Sawdring]

Nauru rejects international calls to clean up banking operations [Free Republic]

San Francisco Bank Linked To Laundering Probe At Bank of New York

Tiny Pacific state slides from Pleasant Island to nightmare Nauru

Washingtonpost.com Firm Linked to Russian Funds in Business With No Customers

EDITORIAL The Russian Money Trail [Free Republic]

BANK OF N.Y. MONEY TRAIL LINKS RUSSIA TO BIG BIZ [Free Republic]

DID CHUBAIS LAUNDER MONEY THROUGH THE BANK OF NEW YORK [Free Republic]

Russians Renew Pledge to Destroy Chemical Arsenal

U.S. rethinks nuclear aid to Russia [Free Republic]

Russia nuke reduction program targeted for cuts [Free Republic]

EU Offers to Help Russia Dispose of Nuclear Submarines [Free Republic]

White House to Cut Aid to Russia [Free Republic]

How U.S. Helped Russia Improve Deadly Missiles [Free Republic]

US urged to help Russia secure N-stockpile [Free Republic]

Russia's threat of default [Free Republic]

Report Hits NASA on Work with Russian Germ Warfare Centers [Free Republic]

Ridding Russia of Its Chemical Weaponry Requires U.S. Help [Free Republic]

Threat seen in Russia's biological agents [Free Republic]

Russia Sixty billion dollars thought siphoned out of country [Free Republic]

World Bank Mulls New Strategy For Russia [Free Republic]

Richardson Promises $13 million to Russian Nuclear Weapons Production Facility (My Title) [Free Republic]

Did Dems Get Russian $$, Too [Free Republic]

Russian Biological Weapon Labs and US Assistance [Free Republic]

CLINTON ADMINISTRATION AIDS KGB IN COVER-UP OF COMMUNIST PARTY LOOT [Free Republic]

Judge Conducts Raids on Swiss Banks [Free Republic]

Cheney Shares Close Ties To Russia [Free Republic]

Mafia allegedly laundering Russia's IMF loans in Czech Republic [Free Republic]

Tiny Island Shelters Huge Cash Flows [Free Republic]

Stratfor Intelligence Service - Russia2000 - Par I The Economy

Newsweek.com Europe Just Follow the Money

Crime Ring Tied to U.S. Consulate Employee [Free Republic]

G-8 Tells Russia Manage Without Investment [Free Republic]

G7's blunt reply to Moscow Total debt writeoff is out of question [Free Republic]

Russian Money-Laundering Investigation Finds Familiar Swiss Banker in the Middle [Free Republic]

Rappoport

Star Rappaort

CDI Russia Weekly 9 October 1998, $80 Million

Food Aid

More Food Aid

Washington suspends new food aid grant to Russia

2.5 billion in Food Aid Dept

$500 Million

CDI Russia Weekly 29 January 1999

U.S. Food Assistance Package for Russia

U.S. food aid to Russia

seattletimes.com U.S. food aid quiets Russian criticism

Western Food Aid Trickles In, but Most Remains in Storage

US Food Aid to Reach Russia by Mid-March

U.S. Aid to the Russian Federation

Soviet germ warfare still threatens US [Free Republic]

Glickman and Food to Russia

Russia offered cash to scrap weapons [Free Republic]

Russia Resumes Borrowing from World Bank and IMF

World Bank Lending, FY 1997 China and Russia-Largest Borrowers

WORLD BANK LOAN SUPPORTS RUSSIA'S SOCIAL REFORMS

DRUDGE BAILOUT BUST RUBIN NOW SAYS U.S. TAX MONEY WENT TO WEALTHY RUSSIANS [Free Republic]

The Russia Racket [Free Republic]

News Blackout Of The Clinton Sellout Of The American Taxpayer To Payback Foreign Campaign Contributions Fuels “Slick Willy’s” P

ARMEY FAULTS IMF FUNDING BILL

Secrets of the IMF

Facts About IMF Lending to Russia

IMF Chief Hopes For Quick Russia Deal

Russia TImeline

Russia readies warship for China [Free Republic]

Buying Off Russia

G7 Tells Russia to Stamp out Money Laundering [Free Republic]

Who Robbed Russia -- and the U.S.

Russia to Receive $22.6 Billion in IMF Bailout

Yeltsin Makes Appeal to IMF

LAUNDERING YELTSIN - How US Hypocrisy Feeds Russian Corruption [Free Republic]

Russia, EU Expect Food Aid Deal To Be Approved

BREAKING IMF to Resume Lending to Russia

IS U.S. TRYING TO BUY OFF RUSSIA

Primakov Says IMF Will Resume Lending to Russia

Russian PM poised for crucial U.S. trip [more bribes by Clinton to Russian rulers]

Russia siphoned off IMF loans, feels US

Rubin Says Loans to Russia Correct

Subsidizing Russia's Nuclear Scientists

The day they raided Aeroflot

The (Russian) Government Was Caught Trying to Deceive the IMF [Free Republic]

Russia 'moved reserves to tax haven'

Officals of Harvard Program that Aided Russia Are Probed [Free Republic]

Russia Investigates Billions Stolen From Central Bank and IMF

Clinton regime bears responsibility for 'Losing Russia'

Shooting of Politician Rocks Kremlin

Clinton Uses $885 million Of Taxpayer Funds To Providing Free Wheat For Russion, While Russia Sells Over 450,000 For Profit

US Steps Back From Partnership With Russia

United States Approves $18 Billion For IMF

The Administration's Proposed Bail-Out for Russia

Russian Fundamentals

Subsidizing the Kleptocracy (Russian Mafia) [Free Republic]

Strobe Talbott Russia's Man in Washington (Part I)

New IMF loans to Russia come under attack from GOP congressmen [Free Republic]

Russia Scores a Three-Way Win With Loan, Food, Debt Concession

Moscow Says Loans Are Like Drugs

Russia, IMF agree on $4.8 billion loan

World Bank ready to lend Russia about $1 billion [Free Republic]

Guilty Plea Ends Russian's Life of Leisure-Money launderer may get 20-year sentence [Free Republic]

RUSSIAN MOB ON THE MOVE [Friedman names Vyacheslav Kirillovich Ivankov, Clinton, Gore] [Free Republic]

Chernomyrdin implicated in financial scandal [Free Republic]

White House Gave DNC Top-Secret Intelligence [Free Republic]

Russia's X Mysteries [Free Republic]

Suspected N-dealer attended Clinton fund-raiser [Free Republic]

Russian money laundering case 'stymied' [Free Republic]

Russian money case 'stymied' [Free Republic]

RUSSIA 'Family' Funny Money - Exclusive new questions about the Yeltsin finances [Free Republic]

Le Monde Says Putin Linked To Crime [Free Republic]

LONDON 'IS LAUNDERING CENTRE FOR RUSSIAN MAFIA CASH' [Free Republic]

An Inconvenient History - The Russian Money Laundering Pyramid [Free Republic]

Subsidizing Russia's Nuclear Scientists [Free Republic]

Report Risks in Helping Ex-Soviets (Bio-Weapons) [Free Republic]

U.S.-Russia Research May Pose Risks [Free Republic]

The Harvard Boys Do Russia [Free Republic]

U.S. Aiding Russian Germ Warfare [Free Republic]

Russian Firm Insists Funds Not Diverted [Free Republic]

Russian IMF Loans Routed Through Offshore Company [Free Republic]

Russian Government Shuttled Billions Through Shell Company for Years [Free Republic]

Russian Central Bank Accused of Scheme [Free Republic]

Newsweek.com International Follow the Money

Moscow Money Trail [Free Republic]

Hearings on Use of NASA Funds Urged [Free Republic]

Ex-Banker Admits Guilt In Scheme Couple Laundered Billions for Russians [Free Republic]

Russia hid hard currency [Free Republic]

[Stavka2]

Nauru is not part of Russia and the US mafia and crooked corps like Enron have their own hidy holes in the carribian too.

The Bank of New York scandal went all the way up to the US Congress, who then proceeded to do a slap on the wrist for it getting caught. More a US problem then a Russian problem in corruption.

The Washington post article doesn't exist.

Destroying chemical weapons is a political issue and does not impact the economy one way or the other....maybe you noticed, that's what this post is about.

Dito for the nukes and nuke subs.

Russia's threat of default? That's funny considering that Russia has a better credit rating then the US, with a debt to earnings ration of .35 to 1, while the US is around 1.5 to 1 and Japan 19 to 1. Russia is also paying off almost 1.5 times its debt payments last year and this year.

The IMF and World Bank have pretty much been kicked out of Russia.

As for your article on money being siphoned off this last line says it all:
According to the Federal Tax Service, more than forty thousand enterprises and firms in Russia have direct exits abroad and about 3,000 were set up jointly with foreign partners.

G-8 Tells Russia: Manage Without Investment Old news, Volvo just openned a plant, so did Jeep. Japan is falling all over itself to get a pipe line investment so the Chinese don't. France and Germany are massive investors. Old news, very old news in the business world. In business 1 year old news is often already history.

G7's blunt reply to Moscow: Total debt writeoff is out of question

Again, old news. Russia has already paid off most of its debt.

I don't have time to go through the rest of them.

[Destro]

Awww, Antoninus is digging a barb at the Russians.

Hey, Tony, the entire White baby producing world is in baby production decline.

In fact, the only reason America's population is growing is from immigration, mostly from third world countries and the hispanic populations in the USA.

Even Black Americans are in population decline.

Who would be stronger I wonder though, an America with a growing heterogenous population that tends to Balkanize or a declining Russian population that is homogenizing?

[FreeSpeechZone]

World Bank = world Government

[FreeSpeechZone]

Which of these nations is reported to hold the largest amount of U.S. federal debt, as of December 2002?



How respondents have answered:

152465 votes to date
China 24% 37603 votes
All OPEC countries combined 33% 50369 votes
France & Germany combined 23% 35898 votes
United Kingdom 18% 28595 votes
The correct answer is:
China

---

There was well over 3 trillion dollars of U.S. federal ADVERTISEMENT


treasury debt available for sale in the global marketplace at the end of December 2002. Approximately 39% of it was held by individuals and institutions residing outside the U.S.1
Foreign investment in U.S. debt has an important benefit--in effect, it allows foreign entities to partially fund the U.S. federal government, which commonly spends more money than it receives from tax collections. At the same time, it creates a sensitivity in the U.S. economy to the behavior of those debtholders. Enough sudden sales of those foreign-held securities could drive prices down and yields up. When U.S. Treasury debt yields increase, the costs of borrowing go up for U.S. residents--for example, for potential homebuyers looking to take out a mortgage--and the economy might contract. In June 1997, for example, the Prime Minister of Japan publicly signaled that Japan might sell some of its U.S. debt holdings, and the next day, the Dow Jones Industrials Average dropped nearly 3%.

As of December 2002, Japan continued to be largest single foreign holder of U.S. Treasury securities. However, mainland China was the second-largest, holding 103 billion, about 3.4% of the U.S. debt available for sale at the time. The United Kingdom accounted for 70 billion. France and Germany combined, however, held only about 58 billion. 2

[Stavka2]

So, the US blocks most Russian products from a fair playing field in America because of an old Soviet Era law about Jews not being allowed to immigrate and all Russia wants is an even playing field for their products....gives all investment to a totalitarian state, while reading the riot act on a daily basis to a republican Russia and now has sold out control of its finances to same said totalitarian...favored trade partner state...how smart.