http://en.rian.ru/business/20111005/167398299.html
10:28 05/10/2011
MOSCOW, October 5 (RIA Novosti) - The resignation of Alexei Kudrin as Russia's finance minister may create additional risks for the federal budget, including the risk of its chronic deficit, a senior manager of Russia's second largest bank VTB said on Wednesdays.
Gerbert Moos, VTB chief financial officer, said that Russia continued to depend heavily on world oil and gas prices.
"Russia lacks a large production, banking or financial sector that could absorb external shocks (if world oil prices plunge)," Moos said.
After the departure of Kudrin, largely seen as a guardian of Russia's fiscal stability, a new risk has emerged for Russia, Moos said.
"I believe that the departure of Alexei Kudrin has created a risk of structural budget deficit," he said.
07:47 05/10/2011ALL NEWS
Russia to harvest at least 90 mln tons of grain – deputy prime minister |
http://www.itar-tass.com/en/c154/239903.html
VOLGOGRAD, October 5 (Itar-Tass) —— Russia is expected to harvest at least 90 million tons of grain in 2011, Russian First Deputy Prime Minister Viktor Zubkov said on Thursday at a meeting with farmers of Russia’s southern Volgograd region.
“This is a yielding years not only in terms of grain harvest,” Zubkov said.
According to the deputy prime minister, this year’s potato harvest is 28 million tons, soy harvest is 1.4 million tons, sunflower harvest exceeds eight million tons, maize harvest is 6.2 million tons, and sugar beet harvest is 36.1 million tons. These figures prove that Russian has managed to overcome downward tendencies in the agricultural sector that resulted from abnormally hot weather in the past two years, he said and added that the 2011 agricultural growth reached ten percent.
He also praised Volgograd region farmers for their good performances. “The Volgograd region will harvest 2.7 million tons of grain in 2011. The figure is twice as big as in 2010. The harvest of vegetables is also good having reached about 800,000 tons,” he said.
Business, Energy or Environmental regulations or discussions
Russian Stocks Snap Three-Day Slide on Bernanke’s U.S. Outlook
http://www.bloomberg.com/news/2011-10-05/russian-stocks-snap-three-day-slide-on-bernanke-s-u-s-outlook.html
By Brad Cook - Oct 5, 2011 8:30 AM GMT+0200
Russia’s stocks rose, trimming losses from the steepest three-day decline in more than a year, after Federal Reserve Chairman Ben S. Bernanke said he’s ready to employ fresh measures to support the U.S. economy.
The Micex Index of 30 shares advanced as much as 2.4 percent to 1,281.53 at the start of trading in Moscow, heading for the first advance in four sessions. The dollar-measured RTS Index added 2 percent to 1,236.44.
The Fed is ready to take additional steps to boost growth, Bernanke said in Washington yesterday, cautioning lawmakers against budget moves that may harm a “sluggish” recovery. The Standard & Poor’s 500 Index rebounded after the comments.
Russian stocks are the cheapest in the BRIC group of emerging economies, based on yesterday’s closing prices, with Micex Index members trading at 4.5 times analysts’ estimated earnings, compared with 8.7 for Brazil’s Bovespa, 10.9 for China’s Shanghai Composite Index and 13.4 for the BSE India Sensitive Index.
“U.S. stocks rebounded some and for the most part, global markets, RTS futures, followed,” Ilya Kravets, a research analyst ED Capital in New York, said by phone. “Russian stocks are ridiculously cheap, so you’re seeing some buying but mostly people are capitulating, they’re selling more liquid stocks like Sberbank because it’s easier for them to get out.”
Sberbank, Rosneft
OAO Sberbank, Russia’s largest lender, rose as much as 4 percent to 65 rubles and traded at 63.93 rubles at 10:14 a.m. Smaller competitor VTB Group rose 2.2 percent to 6.24 kopeks.
The Micex declined 10 percent in the previous three sessions, the most in that length of time since July 2010, Bloomberg data show.
Oil, Russia’s biggest export, gained for the first day in four in New York after a surprise drop in U.S. crude stockpiles led investors to reduce bets that prices will decline. Crude for November delivery rose 3 percent to $78 at 10: 16 a.m.
Hedge funds cut their bullish bets, or long positions, on oil by the most in almost two months in the week ended Sept. 27, according to the Commodity Futures Trading Commission. Concern that economic growth will falter sent crude to the biggest quarterly drop since 2008 in the three months ended Sept. 30.
Preferred shares of state oil-pipeline operator OAO Transneft led all advances in the Micex, gaining 4.2 percent to 30,367 rubles. OAO Rosneft, the country’s largest producer of crude, gained 2 percent to 178.68 rubles. OAO Lukoil, Rosneft’s biggest competitor, added 2.6 percent to 1,583.30 rubles.
To contact the reporter on this story: Brad Cook in Moscow at Bcook7@bloomberg.net
To contact the editors responsible for this story: Hellmuth Tromm at htromm@bloomberg.net;
RUSSIA DAYBOOK: Manufacturing, Metalloinvest, Putin Meeting
http://www.bloomberg.com/news/2011-10-05/russia-daybook-manufacturing-metalloinvest-putin-meeting.html
Q
By Anna Shiryaevskaya - Oct 5, 2011 7:03 AM GMT+0200
Prime Minister Vladimir Putin meets officials on this year’s grain harvest. Bank Rossii Chairman Sergey Ignatiev addresses lawmakers in parliament. Metalloinvest Holding Co. reports first-half earnings.
ALL TIMES +4 GMT
WHAT TO WATCH: *Russia’s services industry stagnated in September, HSBC Holdings Plc said in its monthly PMI survey today. *Putin is due to discuss grain production and other issues with senior officials after 3 p.m. *Ignatiev is due to address a plenary session of the State Duma after 11 a.m. *The Federal Statistics Service may publish weekly consumer price changes. *Metalloinvest, billionaire Alisher Usmanov’s holding company, is due to report first-half earnings after 10 a.m.
EQUITY MOVERS: *VTB Group’s consolidation of the Bank of Moscow “will not negatively affect” the lender’s results, Deputy Chairman Herbert Moos said yesterday.
MARKETS: *The 30-stock Micex Index (INDEXCF) fell 5.7 percent to 1,267.77 and the dollar-denominated RTS Index dropped 5.2 percent to 1,224.92. *Russia’s benchmark 2018 ruble Eurobond fell, pushing the yield up 38 basis points to 8.806 percent. *The ruble weakened 0.4 percent to 32.72 per dollar and 0.4 percent to 43.47 per euro. *The MSCI Emerging Markets Index rose 0.3 percent to 833.95 at 9 a.m. *Crude for November delivery gained 3 percent to $78 a barrel on the New York Mercantile Exchange at 9 a.m. *Brent crude rose 1.8 percent to $101.59 a barrel on the London- based ICE Futures Europe exchange at 9 a.m. *Gold for immediate delivery rose 0.3 percent to 1,628.15 an ounce at 9 a.m.
To contact the reporter on this story: Anna Shiryaevskaya in Moscow at ashiryaevska@bloomberg.net
To contact the editor responsible for this story: Will Kennedy at wkennedy3@bloomberg.net
Russia wants private business to drive innovations
http://www.rbcnews.com/free/20111005120834.shtml
RBC, 05.10.2011, Moscow 12:08:34.Russia cannot keep increasing government financing of innovations, Deputy Prime Minister Sergey Ivanov said during the Annual Russian Business Forum "Expert-400". "We are about to reach a milestone when private businesses should take up the government's role in driving innovations," he explained.
Investing in innovations, especially venture capital investments, is always risky, Ivanov went on to say, adding that during the financial downturn all assets are risky. "I'm calling on corporations to take risks, otherwise we will fall behind," he said.
Ivanov's statement was in line with Russia's innovative development strategy until 2020. During the first stage of the strategy the government is supposed to promote innovations among Russian enterprises, while the second stage is expected to get the Russian private sector involved in driving innovations in 2014-2020.
The Russian government invested RUB477bn (approx. USD 14.6bn) to support innovations in 2010, and is expected to provide RUB742bn (approx. USD 22.7bn) from the federal budget this year for developing the pharmaceutical and medical industries, modernizing the education system, developing space-launch complexes, new generation nuclear power energy projects, information technologies, etc. The government also focuses on rolling out special economic zones, hi-tech start-ups and research projects.
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