Russia 100325 Basic Political Developments
Moscow Times: World Bank Warns of High Unemployment
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Moscow Times: World Bank Warns of High Unemploymenthttp://www.themoscowtimes.com/business/article/world-bank-warns-of-high-unemployment/402495.html 25 March 2010 By Irina Filatova Russia's economy will see a robust recovery in 2010, but unemployment will remain high, the World Bank said Wednesday. Unemployment is expected to stay at about 9 percent in the first quarter of 2010, "with some improvement throughout the year, mostly a result of higher seasonal employment," the bank said in a report. The government should have done more to stimulate jobs growth through employment programs during the economic crisis, particularly those aimed at stimulating the startup of small and medium-sized businesses, said Zhelko Bogetich, World Bank economist and country coordinator for Russia. "There was some support of small and medium-sized enterprises in the government's anti-crisis package, but probably not as much as would have been warranted, given the … hit that this sector has taken during the crisis," Bogetich said, speaking in English, at a news conference. "So I think there's a case here for a more active policy." Prime Minister Vladimir Putin on Tuesday rolled out a new 13 billion ruble ($441 million) plan to support small business. The measures, if approved by lawmakers, will more than double the spending that the federal budget earmarked to help the sector this year, Putin said. The government also plans to increase a program that provides financial assistance to entrepreneurs starting their own businesses, Deputy Prime Minister Alexander Zhukov said earlier this month. The program, initiated by the government last year, currently provides 60,000 rubles ($2,000) in subsidies to jobless people who want to start their own business and can present a successful plan. Bogetich said the funding "could play a catalytic role" for small and medium-sized enterprises, but steps to tackle problems like corruption and to educate the labor force would also support the sector. "Money is part of that, not everything," he said. Bogetich also said the growth of small and medium-sized firms was key for the diversification of Russia's economy away from its heavy dependency on the oil and gas sector. "I think Russia definitely needs more small and medium-sized enterprises," he said. The World Bank said it expected that employment in Russia would show a slower recovery than the national economy as a whole. The unemployment rate was 8.6 percent in February, down from 9.2 percent in January, the State Statistics Service said Monday. According to the World Bank's forecast, the economy will likely grow by 5 percent to 5.5 percent this year before registering a more moderate increase of 3.5 percent in 2011. The figures are much higher than those announced by the Economic Development Ministry recently. Deputy Economic Development Minister Andrei Klepach said the economy might grow by 4 percent to 4.5 percent this year, higher than the official forecast of 3 percent to 3.5 percent.
Russian banks' bad loans will reach a peak in the second half of this year and "gradually" decline in 2011, Moody's Investors Service said Wednesday. The share of bad credit, including restructured loans, is set to reach between 20 percent and 25 percent this year, Moody's analyst Eugene Tarzimanov said in an e-mailed presentation. "The situation with liquidity at most banks will remain stable throughout 2010," he said. "Improvements in the operating environment have become apparent." (Bloomberg) March 25, 2010 10:59 Interfax: Russian Home Loans Agency to issue 36 bln rubles in bondshttp://www.interfax.com/newsinf.asp?id=153886 MOSCOW. March 25 (Interfax) - The supervisory board at the Home Loans Agency (AHML) has given the go-ahead to issue 36 billion rubles in series 16-20 bonds, the agency said in a statement. Series A16 totals 10 billion rubles, А17 - 8 billion rubles, А19 - 6 billion rubles and А20 - 5 billion rubles. These amortized bonds will mature in between 11 and 17 years. The government authorized the bond issues as a means of stimulating mortgage lending in October 2008. Vnesheconombank (VEB) plans to use some 250 billion rubles in public money in the form of its own equity and pension funds under its management to support the home loans market. Pr
http://www.agrimarket.info/showart.php?id=90893 03/25/2010 10:47 In 2010, the Ministry of Agriculture of the Russian Federation will put special emphasis on growing of three main agricultural crops: wheat, sugar beet and maize, declared Peter Chekmarev, the head of the department of plant growing, chemization and plant protection of the Ministry of Agriculture of the Russian Federation, on March 19. In the current year, the government will provide the main financing support to growing of the mentioned crops. According to the representative of the Ministry, Russia will increase yield indices of the crops and increase sowing areas, occupied by the crops. According to P.Chekmarev, to date Russia takes the fourth place in the rate of the main world wheat exporters, after the USA, the European Union countries and Canada. Annually, Russia produces 62-63 mln tonnes of wheat. At the same time, the domestic consumption of the country totals 15 mln tonnes of wheat.
SMR: Russian stock market daily morning report (March 25, 2010, Thursday)http://www.stockmarketsreview.com/reports/russian_stock_market_daily_morning_report_20100325_3787/ By Veles Capital On Wednesday the Russian share market was mainly within the negative zone. Negative effect on the course of trade was made by the oil price reduction, and also by the negative report of LUKOIL. Against the given background the oil-and-gas index slipped worst – by almost 1%. So, the most active sale was indicated in the shares of LUKOIL. The consumer sector was the opposite – its branch index grew by 0.58%. Positive affect was made by the shares of Diksi, which climbed against the background of positive data on turnover within January-February. Main news Weak financial results of LUKOIL for 4Q 2009 are related to widening of trading operations. LUKOIL provided its report by US GAAP for 2009. As follows from the report of the company, in 4Q LUKOIL reduced the net profit versus the previous quarter by 16.1% to 1.726 bn USD. Result did not reach the consensus forecast at the level of 2.12 bn USD and our forecast of 2.3 bn USD. By the end of the year the net profit of the group reduced by 23.3% to 7.01 bn USD. Directory: gifiles -> attach attach -> British Forces – Akrioti, Greece Griffin Fighter Squadron (84 Squadron raf) MoD announced possible Typhoon and Tornado arrivals to the base France attach -> Russia 110204 Basic Political Developments attach -> Unclassified//for official use only attach -> Adaptability Sustainment attach -> Pop-up 1 ("C" Chechnya) Header Text: Emir of the Caucasus Emirate Doku Umarov Image attach -> Russia and Islam are not Separate attach -> Chapter 13: The Northern Caucasus attach -> Russia 100209 Basic Political Developments attach -> The evolution attach -> The devolution Download 338.47 Kb. Share with your friends:
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