Russia 091125 Basic Political Developments
Dow Jones: Russia May Sell Newly-Bought VTB Shares In Two Years - Kudrin
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Dow Jones: Russia May Sell Newly-Bought VTB Shares In Two Years - Kudrinhttp://online.wsj.com/article/BT-CO-20091125-703344.html MOSCOW (Dow Jones)--The Russian government might, in two years time, sell the shares it recently bought at OAO Bank VTB's (VTBR.RS) capital increase, Finance Minister Alexei Kudrin said Wednesday. VTB issued new shares to the state in the middle of September, attracting 180 billion rubles (6.24 billion), and increasing the government's stake in the bank by 8% to 85.5%. Kudrin said the newly bought shares could be sold at a profit in two years' time. -By Ira Iosebashvili, Dow Jones Newswires; +7 495 937 8445; ira.iosebashvili@dowjones.com
MOSCOW, November 25 (Itar-Tass) - The fulfilment of the new pension legislation and important problems of the development of the pension system are to be considered at the second annual Russian Pension Forum that is opening in Moscow on Wednesday. Russian Prime Minister Vladimir Putin will take part in its work, the press service of the RF cabinet reported. Among the forum participants are members of the government, heads of related ministries and departments, members of the Federation Council (upper house of parliament) and State Duma (lower house), heads of state and non-state pension funds and representatives of the business community. “It is planned to discuss issues of enhancement of pension rights and liquidation of poverty among pensioners, problems of the transition to insurance principles of financing of labour pensions, as well as the strategy of the development of non-state pension provision,” the press service said. “The main goal of enhancement of pension rights of citizens is restoration of justice for aged persons who had the employment history or most of its part during the Soviet period,” it added. The considerable work was done in 2009 for taking measures aimed at raising the real level of pension support for all pensioners. The special attention was given to the older generation whose pension rights were infringed in the 1990s. Important laws were worked out and adopted aimed at wider introduction in the pension system of insurance principles and at its long-term balance. They fix the transfer of the pension’s basic part to insurance part, replacement of the unified social tax with direct contributions for compulsory pension insurance, transition to quarterly reporting on contributions and other mechanisms. “All this creates prerequisites for bringing the pension support in Russia to a qualitatively new level that will ensure pensions at the level of European standards with the rate of replacement of wage with pension not lower than 40 percent of the wage from which insurance payments were made for at least 30 years,” the press service explained. The Russian Pension Forum is an expert venue where representatives of the state, business, civil society and science discuss issues of the development of pension legislation and further improvement of the pension system. The first Pension Forum was held on December 16, 2008 and gathered about 300 participants. It publicly presented the guidelines of the development of the pension system included in the Concept of the long-term socio-economic development of the Russian Federation for a period up to 2020. Russia Today: Privatisation to step into budget deficit as government looks to entice investorhttp://www.russiatoday.com/Business/2009-11-24/privatisation-step-budget-deficit.html/print 24 November, 2009, 23:27 Russia may sell up to $3.5 billion of state assets each year under its latest privatisation plan. Starting in 2010, airports, shipyards, freight shippers and an insurer will be sold to private investors. Russia is seeking to re-fill its treasury, drained by supporting the economy, with a sale of state assets. Privatisation may also bring private sector skills to industry and make it more competitive. But for that, the government must turn 180 degrees. Companies which were declared strategic assets – closed to foreign investors – are now up for sale. The government plans to raise over two and a half billion dollars in 2010 by selling 14 companies, including shipping giant Sovcomflot and insurer Rosgosstrakh, according to Economic Development Minister, Elvira Nabiullina . “The government has approved the privatization plan for next year. The state will continue to sell its excess assets. One of the aims of privatization is to attract non – budget investment to companies that are currently in state hands. Another goal is to increase management efficiency at these companies.” Negotiations with potential buyers, including foreign ones – are already underway. Reiner Hartmann, the chairman of the Association of European Businesses says the government will have to convince foreign partners their investments are secure. “Member companies of our association are in discussions now with the government, on strategic assets, which were not on the agenda a year ago. It’s the prime objective of the government, now, to convince investors that their capital is well placed if they enter these strategic assets. It is the Associations opinion that the Russian government means business.” Russia saw the first wave of privatization in the 1990’s. That proved controversial – for creating tycoons overnight – though some analysts say those companies were largely responsible for driving Russia's economic growth over the past decade. It's only recently that the state started to increase it's share of the economy – now it's reversing the process. However, if investors are interested in state heavyweights like Sberbank and VTB or energy majors Rosneft and Gazprom – they will have to wait well beyond 2010.
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