Russian ctrl bank advises banks to prepare fincl stability plans
The Central Bank of Russia (CBR) has recommended domestic banks to work out plans to restore financial stability and specified the criteria for stress tests, the regulator’s department for exterior and public relations said.
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Inefficient workforce and low funding plague Russian SMEs
A lack of funding, low productivity among workers, and red tape are the main obstacles preventing Russia’s small business from developing, analysts said.
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Russia should become world largest food exporter
Russia should become fully self-sufficient in food production in four of five years and then become the world’s largest food exporter, President Vladimir Putin said.
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Georgian winemakers ready for Russia’s quality checks
Georgian wine producers are ready undergo quality control inspections by Russia’s consumer rights protection watchdog in order to resume exports to the country, Liza Bagrationi, CEO of one of the largest companies Badagoni, said.
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Central Bank of Russia keeps key refinancing rate unchanged
The Central Bank of Russia (CBR) kept its key refinancing rate unchanged at 8.25%, but increased the deposit rate and the cut currency swap rate by 0.25 percentage points, the CBR said its board of directors’ meeting.
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Poor roads hinder improvement of Russia’s investment climate
The worsening condition of roads can jeopardize Russia’s investment climate, Economic Development Minister Andrei Belousov said.
The minister said that the traffic capacity of roads in Russia is decreasing. “We have already received refusals from investment projects in the foodstuff industry due to the fact that goods could not be delivered on time to their destination points,” he said.
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Russia may borrow funds in US dollars on foreign markets in 2013
Russia’s Finance Ministry intends to borrow funds denominated in the U.S. dollars on foreign markets in 2013, Finance Minister Anton Siluanov said.
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Russian govt may amend transport tax from 2014
The Russian government may amend the criteria for the existing transport tax effective from 2014, Deputy Finance Minister Sergei Shatalov said.
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G20 should focus on new sources of economic growth
The Group of 20 (G20) should focus on new sources of economic growth, Russian Finance Minister Anton Siluanov said.
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Russia’s Sberbank wants more non-cash clients to cut costs
Russia’s largest lender Sberbank will raise the number of clients for its bonus program Spasibo to 10 million in 2013 from 3 million as the plan is an efficient tool to cut operational costs, Senior Vice President Denis Bugrov said.
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Official sees high risks of slower econ growth in Russia early ‘13
Risks of slower economic growth will remain high in Russia at the end of 2012 and the beginning of 2013, Deputy Economic Development Minister Andrei Klepach said.
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EU complains to WTO about Russia’s protective measures
The E.U. has submitted a claim to the World Trade Organization (WTO) on a number of allegedly protective measures taken by the Russian government after joining the trade club.
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Russia interested in euro stability, fears EU crisis
Russia is interested in the idea of the euro as a reserve currency and sees a serious impact of a pending crisis in the Euro zone on its own economy, Russian Prime Minister Dmitry Medvedev said.
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Russia’s ALROSA confirms diamond reserves, resources under JORC
Russia’s uncut diamond mining giant ALROSA has confirmed its diamond reserves and resources under JORC Code at 967.5 million carats as of January 1, the company said.
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Russian metals companies leave Europe as crisis bites
Russia’s steel giant Severstal is closing down its Italian steel producer Lucchini in December.
Falling demand is cutting the steel maker’s profits, making it leave the area along with other Russian companies.
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