Category: Business & Economy

Russia, India plan to continue coordinating efforts as part of BRICS

Russia, India plan to continue coordinating efforts as part of BRICS

MOSCOW, January 9. /TASS/. Russia and India plan to continue joint coordination of efforts as part of BRICS (Brazil, Russia, India, China and South Africa) and other international formats, the Russian Foreign Ministry said in a statement. Earlier on Wednesday, Russian Deputy Foreign Minister Sergey Ryabkov and Indian First Deputy Foreign Minister Vijay Keshav Gokhale held consultations in New Delhi. “At the meeting the sides noted an unprecedented character of Russian-Indian especially privileged strategic partnership and highly assessed positive dynamics of bilateral relations in various areas,” the ministry said. The sides emphasized their intention “to further coordinate efforts of the two countries on the international…

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Russia, EU and Ukraine to hold gas talks on January 21 in Brussels

BRUSSELS, January 9. /TASS/. Trilateral gas talks with participation of Russia, the European Union and Ukraine will take place on January 21 in Brussels, Vice President of the European Commission (EC) Maro· Sefcovic said on Wednesday. “Pleased that the 2nd round of political trilateral talks with Russia and Ukraine on the long-term transit of gas to Europe will take place in Brussels on 21 January,” the official said. The forthcoming meeting will be based on results of previous talks held by the parties at different levels, Sefcovic noted. “The meeting will build on the progress achieved during previous political and expert rounds,” he said. The prospects of…

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Rusal, En+ shares drop on Moscow Exchange amid reports of US sanctions

Rusal, En+ shares drop on Moscow Exchange amid reports of US sanctions

© Stanislav Krasilnikov/TASS MOSCOW, January 9. /TASS/. The price of Rusal shares and En+ Group Global Depositary Receipts (GDRs) dropped by 3.4-5.8% as trading opened on the Moscow Exchange on Wednesday, according to the trading data. The decline followed the reports that leaders of seven House committees in the US Congress called on the US President Donald Trump’s administration to postpone the lifting of sanctions against those companies. Moreover, the Democrats’ leader in the Senate Chuck Schumer submitted a resolution to the Congress that may block the decision of the US Treasury Department to remove restrictions against Rusal and En+. Particularly, as of 10:15 a.m. Moscow…

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Kremlin mum on Putin’s possible participation in Davos economic forum

Kremlin mum on Putin’s possible participation in Davos economic forum

© AP Photo/Markus Schreiber MOSCOW, January 9. /TASS/. Russian President Vladimir Putin has not made any decisions on possible participation in the economic forum in Davos yet, Kremlin Spokesman Dmitry Peskov told reporters. “The president has not made any decisions yet,” the Kremlin spokesman said, answering the question on whether the president decided whether he will attend this forum or not. In other media

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Rusal, En+ drop on Moscow Exchange amid reports of US sanctions

Rusal, En+ drop on Moscow Exchange amid reports of US sanctions

© Stanislav Krasilnikov/TASS MOSCOW, January 9. /TASS/. The price of Rusal shares and En+ Group Global Depositary Receipts (GDRs) dropped by 3.4-5.8% as trading opened on the Moscow Exchange on Wednesday, according to the trading data. The decline followed the reports that leaders of seven House committees in the US Congress called on the US President Donald Trump’s administration to postpone the lifting of sanctions against those companies. Moreover, the Democrats’ leader in the Senate Chuck Schumer submitted a resolution to the Congress that may block the decision of the US Treasury Department to remove restrictions against Rusal and En+. Particularly, as of 10:15 a.m. Moscow…

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World economic growth will slow to 2.9% in 2019 due to decrease in trade and investment

World economic growth will slow to 2.9% in 2019 due to decrease in trade and investment

WASHINGTON, January 9. /TASS/. The growth rate of the global economy will slow to 2.9% in 2019 due to a decline in trade and investment, the World Bank (WB) reported on Tuesday. WB downwardly revised its June forecast by 0.1% The World Bank’s January 2019 World Economic Outlook is titled “Global Economic Prospects. Darkening Skies.” “In all, global growth is projected to moderate from a downwardly revised 3% in 2018 to 2.9% in 2019 and 2.8% in 2020-21, as economic slack dissipates, monetary policy accommodation in advanced economies is removed, and global trade gradually slows,” the WB said. According to the authors of the report,…

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Average price of oil will drop to $67 per barrel in 2019 – World Bank

Average price of oil will drop to $67 per barrel in 2019 – World Bank

WASHINGTON, January 9. /TASS/. The World Bank predicts a decline in the average price of oil in 2019 to $67 a barrel, the World Bank said in a report released on Tuesday. The World Bank’s January 2019 World Economic Outlook is titled “Global Economic Prospects. Darkening Skies.” “Oil prices are projected to be flat, on average, during 2019-21, at $67 per barrel, potentially limiting fiscal and export revenue increases in oil-producing economies,” the WB analysts say adding that the uncertainty of the forecasts is high. “Oil prices averaged $68 per barrel (bbl) in 2018, a touch lower than June forecasts but about 30% higher than…

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Mounting tension around Syria and Ukraine may trigger new sanctions – World Bank

Mounting tension around Syria and Ukraine may trigger new sanctions – World Bank

WASHINGTON, January 9. /TASS/. Mounting tension around Syria and Ukraine may trigger new sanctions and undermine confidence in the region, the World Bank said in a report released on Tuesday. The World Bank’s January 2019 World Economic Outlook is titled “Global Economic Prospects. Darkening Skies.” “Increases in policy uncertainty could undermine confidence in the region and impact growth. A slowdown or reversal of ongoing structural reforms remains a risk in many countries in the region, especially in Armenia, Azerbaijan, Belarus, Ukraine and Turkey. Tension concerning Syria or Ukraine could trigger new sanctions,” the World Bank wrote about the risks for the development of economies in Europe…

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Inflation in Russia in 2018 remained low, economy grew despite sanctions – World Bank

Inflation in Russia in 2018 remained low, economy grew despite sanctions – World Bank

Headquarters of World Bank in Washington © REUTERS/Yuri Gripas WASHINGTON, January 9. /TASS/. The growth rate of the Russian economy increased in 2018, while inflation remained low, the World Bank said in a report released on Tuesday. “Although economic sanctions tightened, Russia experienced relatively low and stable inflation and increased oil production. As a result of robust domestic activity, the Russian economy expanded at a 1.6% pace in the year just ended,” according to “Global Economic Prospects. Darkening Skies,” the January 2019 World Economic Outlook by the World Bank. In their June report, the World Bank analysts forecast the growth of Russian economy at 1.5% in…

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The House Of Russia Abroad

The House Of Russia Abroad

Arriving to Moscow, many visitors already have an idea of ‘must see’ places. They usually include Red Square, Kremlin Armory Museum, GUM, the Arbat, the Pushkin Museum, Tretyakov Gallery, Gorky Park, Bolshoi Theater, Sandunovsky Baths, Night Flight, riding the Moscow Metro and so on. There is a bewildering choice of visual, cultural, artistic and simply people-energy places you can go and get immersed. One thing that all of the above have in common is that they are centric to Moscow and the Russian experience, a way of looking in through the windows of this house called Russia. How about another take? What if I told…

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Wage arrears of bankrupt Transaero Airlines exceed $8.9 million – Investigative Committee

Wage arrears of bankrupt Transaero Airlines exceed $8.9 million – Investigative Committee

MOSCOW, January 5./TASS/. Wage arrears of bankrupt Transaero Airlines exceed 600 million rubles ($ 8.930 million), a spokesperson for the Russian Investigative Committee’s transport division in Moscow told TASS on Saturday. Transaero has debts to more than 7,000 of its former personnel. “More than 1,500 people have been questioned as aggrieved persons,” Natalya Fedorova said. Earlier reports said the airlines debts to 7,413 staff were 290 million rubles. Transaero stopped flights in the autumn of 2015 because of a debt of 250 billion rubles ($ 3.7 bln). Somewhat later, the Russian transport authorities revoked its air operator certificate. It was declared bankrupt in September 2017.…

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Russia’s coal production up 5.9% to 433.4 mln tonnes in 2018 – CDU TEK

Russia’s coal production up 5.9% to 433.4 mln tonnes in 2018 – CDU TEK

MOSCOW, January 3. /TASS/. Coal production in Russia in 2018 increased by 5.9% year-on-year to 433.4 mln tonnes, according to the Central Dispatching Department of Fuel Energy Complex (CDU TEK). Coal exports rose by 2.6% to 191 mln tonnes in the reporting period. Deliveries of Russian coal to the domestic market rose by 4.3% to 372.3 mln tonnes in the last year. Coal imports dropped by 6.3% to 21.7 mln tonnes in 2018. Production of the largest coal companies in the reporting period amounted to: SUEK – 110.1 mln tonnes of coal (+2.2%), Kuzbassrazrezugol (part of UMMC) – 44.9 mln tonnes (down 3%), Southern Kuzbass…

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World experts to discuss IT technologies at CEBIT Russia in Skolkovo June 25-27, 2019

World experts to discuss IT technologies at CEBIT Russia in Skolkovo June 25-27, 2019

MOSCOW, January 1. /TASS/. Russian and international experts will discuss information and telecommunication technologies at one of the world’s largest international exhibitions CEBIT Russia, which the technopark Skolkovo will host on June 25-27, 2019, the Skolkovo Foundation’s press-service said. The organizers have changed the format of the event to hold it in mid-summer. This will allow for holding some events outdoors,” the news release says. CEBIT is one of the world’s oldest and largest telecommunications exhibitions. Originally the company Deutsche Messe AG held it in Hannover each spring. Several years ago a number of CEBIT’s industry-related theme sections were integrated with the world’s largest industrial…

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Russia ushers in ‘Google tax’ on New Year’s Day

Russia ushers in ‘Google tax’ on New Year’s Day

MOSCOW, January 1. /TASS/. Foreign companies that provide electronic services in the B2B segment are required to register for taxation and independently pay the VAT in Russia starting from January 1, 2019. Starting today, the relevant changes to the Tax Code have entered into force. Prior to this, foreign companies were obligated to pay the VAT for providing electronic services (known as the “Google tax”) only in the framework of transactions with individuals (B2C). Now, the requirement for foreign companies to pay the VAT when rendering electronic services also applies to deals with Russian organizations and individual entrepreneurs. This new development might complicate the activities…

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Russia rings in New Year with numerous changes to tax code

Russia rings in New Year with numerous changes to tax code

MOSCOW, January 1. /TASS/. A slew of amendments to Russia’s Tax Code concerning both individuals and legal entities come into force starting from January 1, 2019. The cancellation of property tax for legal entities has become one of important amendments to the Code. First Deputy Minister, Finance Minister Anton Siluanov believes that will serve as a compensation measure for the business sector given the VAT (value-added tax) hike from 18% to 20%. According to Moscow’s department of economic policy and development, the tax exemption on organizations’ moveable property will diminish the debt burden on businesses in the Moscow Region by around 13%. The rules for…

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Putin extends a decree on transit of goods from Ukraine to Kyrgyzstan, Kazakhstan

Putin extends a decree on transit of goods from Ukraine to Kyrgyzstan, Kazakhstan

MOSCOW, December 31. /TASS/. President Vladimir Putin extended until July 1, 2019 a decree on measures to ensure economic security and the national interests of Russia in the course of transit cargo shipments from Ukraine to Kazakhstan and Kyrgyzstan through Russian territory. The document to that effect has been published on Monday on the portal of legal information. “To introduce an amendment to the decree of the President of the Russian Federation of January 1, 2016 No.1 “On measures to ensure economic security and the national interests of the Russian Federation in the implementation of international transit of goods from Ukraine to the Republic of…

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Highland Gold completes acquisition of Valunisty mine in Chukotka

Highland Gold completes acquisition of Valunisty mine in Chukotka

MOSCOW, December 31. /TASS/. Russia’s gold miner Highland Gold announced on Monday it has completed the acquisition of the Valunisty mine in Chukotka, Russia’s Far East. “Highland Gold Mining Limited (“Highland Gold” or the “Company”, AIM: HGM) today reports that, further to its announcement on 20 December 2018, it has completed the acquisition of the Valunisty mine and related companies from Aristus Holdings Limited (“Aristus”) after receiving confirmation of the legal transfer of ownership of the assets being acquired,” the company said in a statement on its website. The company issued 38,621,343 ordinary shares of Ј0.001 each to Aristus. In spring 2018, Highland Gold announced…

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Ukraine may lose 25% of trade turnover with Russia because of new sanctions — expert

Ukraine may lose 25% of trade turnover with Russia because of new sanctions — expert

© ITAR-TASS/Maxim Nikitin KIEV, December 30. /TASS/. Ukraine may lose up to 25% of trade turnover with Russia in 2019 because of Moscow’s new sanctions imposed on Kiev, director of energy programs at the Center of World Economy and International Relations at Ukraine’s National Academy of Sciences Valentin Zemlyansky told 112 Ukraina TV channel on Sunday. “I think that this sanctions list puts an end to trade relations in the sphere of industry between Ukraine and Russia, and Russia will completely re-orient to domestic manufacturing of products that it had earlier bought from Ukraine,” Zemlyansky said. The expert noted that it will first of all concern…

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Serbia will not give up Russian gas to please Western countries — president

Serbia will not give up Russian gas to please Western countries — president

Serbian President Aleksandar Vucic © Alexei Druzhinin/Russian Presidential Press and Information Office/TASS BELGRADE, December 30. /TASS/. Serbia does not plan to give up Russian gas for more expensive liquefied gas to please the West, Serbian President Aleksandar Vucic told Studio B TV channel on Saturday. “I will not pay double for liquefied gas to please someone in the West. I will buy cheap gas so that people can live and industry can develop. Those are not my money, those are people’s money, state money,” Vucic said. The topic of gas will dominate the agenda of the upcoming visit of Russian President Vladimir Putin to Belgrade on…

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Putin hopes to expand partner relations with Turkey

Putin hopes to expand partner relations with Turkey

MOSCOW, December 30. /TASS/. Russian President Vladimir Putin has sent a New Year message to Turkish President Recep Tayyip Erdogan, in which he commended the successful development of relations between Russia and Turkey, the Kremlin press service informed on Sunday. “We have started construction of the first bloc of the Akkuyu nuclear power plant, we have concluded the construction of the sea leg of the Turkish Stream pipeline, and we have planned out new and prospective directions of bilateral cooperation,” Putin said. He stressed that Moscow and Ankara contribute to the fight against terrorism in Syria and promote political regulation in the country. Putin expressed…

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A Metro scribble for the New Year

A Metro scribble for the New Year

Russia is well on its way to becoming the nation of myth! The cast of characters from Lord of the Rings and the Harry Potter series seem to beckon and welcome to their ranks the various trolls and the like which are popularly (in the west) linked to the Kremlin keep. I’ve never met or seen such trolls, but I can definitely confirm that hordes of elves deep in the Moscow underground have been busily tinkering, building and tunneling away. I imagine that Santa, or Father Frost as he is known in these parts must have whispered the secret magic word to them which only…

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Russia and China approved lists of exporters of dairy products

Russia and China approved lists of exporters of dairy products

© Egor Aleev/TASS MOSCOW, December 29. /TASS/. Russia and China have approved the lists of 10 Russian and 10 Chinese companies that received the license to supply dairy products to China and the Russian Federation, respectively, the Russian agriculture watchdog (Rosselkhoznadzor) reported. The list of Russian manufacturers of dairy products that have access to the Chinese market is posted on the website of the General Administration of Customs of People’s Republic of China. Rosselkhoznadzor plans to place a list of approved Chinese exporters on December 29, the agency said. The Russian regulator also plans to publish a sample of veterinary certificate for dairy products obtained from…

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Russia bans import of wheat, sweets, vegetables, fruit and beer from Ukraine

Russia bans import of wheat, sweets, vegetables, fruit and beer from Ukraine

MOSCOW, December 29. /TASS/. Russia introduced a ban on import of wheat, sunflower oil, sweets, vegetables, fruits, beer, tractors, paper, turbines, furniture, and other goods from Ukraine. The list of more than fifty products is in the Cabinet Decree posted on the official website of the government. The ban is also set on chocolate, ethyl alcohol, fruit juices, caviar, fish and canned fish, bread and bakery, equipment for processing of agricultural products, engines and power generators, tractors, gearboxes and variable speed drives, transformers, cables and wires, chipboards, children’s and feminine care products and certain other goods. “This is a tit-for-tat measure against sanction restrictions on…

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PM Medvedev bans imports of several Ukrainian goods to Russia

PM Medvedev bans imports of several Ukrainian goods to Russia

MOSCOW, December 29. /TASS/. Russian Prime Minister Dmitry Medvedev announced ban on imports of a number of goods from Ukraine into the country. “Russia introduces ban on imports of a number of Ukrainian goods. This is a retaliatory measure against Ukrainian restrictions. I signed the corresponding decree,” Medvedev wrote on Twitter. According to the government press service, the signed decree introduces a ban on imports of goods from Ukraine or transported through Ukraine into Russia, according to the approved list. “The majority of the goods that fall under the imposed ban belongs to the industrial category. The list also includes agricultural products, raw materials and…

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Value-added tax to rise from 18% to 20% in Russia

Value-added tax to rise from 18% to 20% in Russia

© Maxim Grigoriev/TASS MOSCOW, December 29. /TASS/. The value-added tax (VAT) rate in Russia will amount to 20% starting from January 1, 2019. Russian President Vladimir Putin signed a law in the autumn of 2018, stipulating an increase of the VAT rate from 18% to 20%, as well as new tariffs for social contributions. According to the Russian Finance Ministry’s calculations, the move will boost budget revenues by 620 bln rubles ($8.9 bln) per annum. Legal entities pay the value-added tax in Russia at all stages of production and sale of goods or services. The amount of paid tax is set in the final price of…

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Rosatom’s accident-tolerant fuel to make nuclear power safer

Rosatom’s accident-tolerant fuel to make nuclear power safer

MOSCOW, December 28. /TASS/. Accident-tolerant nuclear fuel Rosatom specialists created in 2018 will considerably enhance the safety of nuclear power plants, the A.A. Bochvar High Technology Research Institute for Inorganic Materials (VNIINM) said in a news release on Friday. Tolerant fuel is resistant to major nuclear power plant failures. It is to stay integral in complex breakdowns at nuclear power plants and by no means trigger zirconium-steam reaction that causes the emission of explosive hydrogen. “The introduction of accident-tolerant nuclear fuel is of key importance to bringing the systemic security and reliability of nuclear power to a qualitatively new level,” the news release says. Earlier,…

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Russian-Indian trade turnover to rise three-fold by 2025, says Chamber of Commerce

Russian-Indian trade turnover to rise three-fold by 2025, says Chamber of Commerce

MOSCOW, December 28. /TASS/. The task of Russia and India is to boost mutual trade turnover over three-fold from the current $8-10 bln to $30 bln by 2025, Vice President of the Russian Chamber of Commerce and Industry Vladimir Padalko told TASS. “According to Russia’s Federal Customs Service, the trade turnover between Russia and India has been hovering between $8 bln and $10 bln over the past several years. Machines and equipment, mineral commodities, oil and oil refining products, precious stones and metals account for the bulk of Russian exports,” he said. “Heads of Russia and India have set a reasonable task of bringing the…

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App builders to be most sought after specialists on Russian labor market in 2019

App builders to be most sought after specialists on Russian labor market in 2019

MOSCOW, December 28. /TASS/. Developers of iOS and Android applications, UI/UX-designers and QA testers will be the most sought after specialists in Russia in 2019, a spokesperson with Superjob.ru website told TASS on Friday. “Considering high rate of development of mobile applications in 2019, the demand for developers of iOS and Android applications will continue to grow. Competition for a vacant position in this segment of the labor market is very low (less than 2 people per place), according to the study. At the same time, their average salary in Moscow is around 130-140,000 rubles ($1,800-2,000), and the maximum salary offered for this position is…

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