EBRD Chief Sees Opportunity in 'Sluggish' Russia // The Moscow Times
EBRD president Suma Chakrabarti acknowledged Tuesday that Russia's sputtering economy combined with deeply ingrained problems such as corruption and a weak court system were deterring both foreign and domestic investors. But he insisted that the opportunities continued to far outweigh the risks and said the Russian authorities were taking much-needed steps to improve the business climate.
One-year inflation battle: Russia keeps the rate at 8.25% // RT
The Central Bank of Russia (CBR) has decided against cutting the official interest rate for the 12th month in a row on inflation fears, which policy makers have prioritized over stimulating growth.
Central Bank Puts Outflow at $56.8Bln // The Moscow Times
The Central Bank said net capital outflow in 2012 was $56.8 billion, a drop from 2011 but the fourth-highest annual figure since the fall of the Soviet Union.
Ernst&Young halves Russia's capital outflow figures to $40 bn // RT
2011 figures on capital outflow from Russia are not as grave as $80 billion. In reality the country lost not more than half of the sum previously announced by Russia’s Central Bank, new data reveals.
Putin Targets Transparency of Offshore Companies // The Moscow Times
Highlights of Putin's speech included proposals preventing officials from transferring money to offshore accounts, introducing a tax on luxury, reinstating elections in single-mandate districts and allowing voting blocs in legislative elections.
Russia needs a free market economy, rather than 'cowboy capitalism' – Putin // RT
Russian President Vladimir Putin delivers his annual address to the Russian Federal Assembly at the Kremlin's St. George Hall on December 12, 2012.
S&P puts Russia in the firing line // RT
Russia may soon fall victim to the sharp eye of S&P. The rating agency says should the oil price fall to $60/bbl it will push the country into junk status.
Medvedev Declares War on Smoking // The Moscow Times
Prime Minister Dmitry Medvedev launched a “war on smoking” Tuesday and promised a British-style smoking ban in the highest-profile attack by a government official on the tobacco industry to date.
Capital outflow will stay at last year’s level - regulator // RT
The capital flight from Russia is likely to be at the same level as last year at $84 billion, far beyond the forecasts of the Central Bank, Russia’s Deputy Minister of Economic Development told RT.
Q&A: City Leader Seeks Teammates Stronger Than He Is // The Moscow Times
Deputy Mayor Andrei Sharonov, slight and soft-spoken, shifted in his chair as he confided that Moscow had tanked in a World Bank survey on the ease of doing business. Although the report would be unveiled in only a few hours, Sharonov ruefully mentioned it when asked what impact city bureaucracy was having on foreign investors.
Multi-billion dollar deals and investor certainty: Economic forum concludes
As Russia pledged a better economic climate for foreign investors, the International Economic Forum in St. Petersburg has ended with a number of high-end deals signed.
Investors Look to Putin for Direction // The Moscow Times
Nearly 5,000 investors leaned forward in their seats during Dmitry Medvedev's keynote address at the annual economic forum in St. Petersburg last year, eagerly waiting to hear whether he would run for a second term as president. But Medvedev refused to spill the beans, saying only that "every story should have intrigue, otherwise it's not interesting to live."
Live Blog: SPIEF 2012, Day 1 // The Moscow Times
The 16th St. Petersburg International Economic Forum (SPIEF), set to host several thousand economic experts, business managers and political leaders, opened Thursday morning with the first session at 9 a.m.
The G20 and global economic challenges // RT
On the opening day of the Los Cabos G20 summit, leading Mexican daily El Universal has published an article by President Vladimir Putin on world economic problems.
Right for business: New prosecutor to protect Russian entrepreneurs // RT
A specific post for a prosecutor safeguarding the rights of entrepreneurs has been created in Russia.
The idea, voiced by both the PM and the President, is that the new figure will help improve the business and investment climate in the country.