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    Russian Economy General News: #8

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    Rmf
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    Russian Economy General News: #8

    Post  Rmf on Sat Nov 26, 2016 1:50 am

    kvs wrote:
    GunshipDemocracy wrote:

    Well Ruble is not a reserve currency, please bear it in mind. In general do not live beyond your means i smart idea. What bugs me is why Russia is so dependent on people with view a la Kudrin (western mythical  investors, technologies they will not sell us technologies and we depend on them!!! - like you cannot develop on your own? ) - who are either interested in colonial status quo because of money they make. Or even worse -  they´re  mentally colonized...

    SMERSH in short Smile

    Russia does not need for the ruble to be a reserve currency to handle deficits in the 5% and even higher range.   Deficits are not
    money printing so the inflation risk is not there.   The only problem is debt accumulation.   But Russia is clearly not using deficits
    to fake GDP growth like most of the OECD.   But propagandists bleat as if Russia is in imminent danger of collapse when Russia runs
    very tame deficits for a couple of years while keeping quiet about decades long deficit stimulus of OECD GDP numbers.  

    one of oldest banks in the world survived everything but not this time. lost 99% of value.
    i think theyll try to make dolar strong bonds strong and gold as low as possible to buy it out,before hyperinflation and prices skyrocket, western system is more and more showing cracks and fragility is increasing.
    westerners would never let china reminbi be reserve currency under normal circumstances but it is and it show how desperate they are. now even mmf can print currency - SDRs.
    http://business.financialpost.com/news/how-italys-oldest-bank-lost-99-of-its-value-and-why-the-rest-of-the-italian-banks-are-also-a-basket-case

    Austin
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    Re: Russian Economy General News: #8

    Post  Austin on Sat Nov 26, 2016 8:43 am

    Jim Rickards


    George1
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    Re: Russian Economy General News: #8

    Post  George1 on Sat Nov 26, 2016 2:27 pm

    Moscow confirms deal on energy ring linking Russia, Belarus and Baltic states underway

    MOSCOW, November 25. /TASS/. Russia’s Energy Minister Alexander Novak and Vice-President of the European Commission in charge of Energy Union Maros Sefcovic have agreed on developing an intergovernmental agreement on the BRELL energy ring linking Belarus, Russia, Estonia, Latvia and Lithuania, Novak told reporters.

    "We also agreed to continue working on proposals for signing an intergovernmental agreement on cooperation within the BRELL energy ring," he said.

    Novak also said that they discussed issues related to cooperation on nuclear energy and a possibility of establishing a working group in this area.


    More:
    http://tass.com/economy/914636


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    George1
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    Re: Russian Economy General News: #8

    Post  George1 on Mon Nov 28, 2016 6:36 am

    PM Medvedev to hold meeting on support for several industries in 2017

    More:
    http://tass.com/economy/914961


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    Re: Russian Economy General News: #8

    Post  PapaDragon on Wed Nov 30, 2016 9:23 pm

    Norway and Finland thaw relations with Russia

    Economic and trade contact re-established for first time since annexation of Crimea


    https://www.ft.com/content/269a73e4-b70b-11e6-ba85-95d1533d9a62#comments

    Norway and Finland have revived economic and trade contacts with Russian ministers for the first time since the annexation of Crimea in a sign of a thawing in relations.

    Three Norwegian ministers met their Russian counterpart for natural resources this week in the first such bilateral meeting in more than two years and agreed to share seismic data in the search for Arctic oil and gas near their common border.

    The Finnish-Russian trade commission — co-chaired by the Russian deputy prime minister and the Finnish trade minister — also came together for the first time since 2013 last week. Both Norway and Finland put the contacts on ice following Russia’s annexation of Crimea in the spring of 2014.

    The governments of Norway and Finland insisted the re-establishment of contacts did not affect European unity over sanctions on Russia — particularly in energy matters — but some experts disagreed.

    “We have a 1,300km common border with Russia so we have many issues that have to be dealt with from time to time. But it’s in our interests that the west stays united over breaches of international law. These two things are not in contradiction,” Kai Mykkänen, Finland’s trade minister, told the Financial Times.

    Monica Maeland, Norway’s trade minister, said: “We want good neighbourly relations with Russia, especially in the north, where we have a common border and common interests.”

    Both ministries said EU sanctions on Russia were not discussed in the meetings. But Indra Overland, Russian expert at the Norwegian Institute of International Affairs, said the “mini-thaw” in relations signals a change in relations with Russia as the memory of what happened in Ukraine fades.

    “It is the clear beginning of a slippage on sanctions. It’s quite a big beginning. It doesn’t affect the sanctions yet but the will to continue is slipping,” added Mr Overland.

    Finland, which unlike Norway is not a member of the Nato military alliance, has long been among the EU countries to have kept some of the closest relations with Russia. The two states’ presidents meet annually and foreign ministers also meet regularly.

    Juha Sipila, the Finnish prime minister, is due to meet his Russian counterpart Dmitry Medvedev next week.

    Russia is still Finland’s fifth-biggest export destination despite sanctions and Mr Mykkänen said it was “important to support the work of Finnish companies in Russia”. But he added that Russia’s bombardment of Aleppo in Syria had made both the EU and Finland “more negative” towards Moscow.

    He also warned against over-interpreting the revival of the trade commission. “It’s nothing so special and I wouldn’t overstate the meaning of this,” Mr Mykkänen said.

    Both the Finnish and Norwegian ministers agreed to further meetings, with Ms Maeland due to visit Moscow in April 2017 while the Finnish-Russian commission is set to reconvene next year.

    As part of the visit by Sergei Donskoi, Russia’s natural resources minister, to Oslo this week, the two countries agreed to hold future talks on how to allocate potential oil or gas discoveries that could straddle the border, as well as share seismic data in the Barents Sea.

    “Companies have been pushing us to have a political dialogue with Moscow for some time,” a Norwegian government official added.

    kvs
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    Re: Russian Economy General News: #8

    Post  kvs on Thu Dec 01, 2016 1:58 am

    Meh. Finland can go and f*ck itself. The way it treats the Russian parent in custody cases is a crime. Russia needs to make sure
    that all the economic contacts are to Russia's advantage.

    And as for the word "annexation", FT and the rest of the NATO propaganda chorus can go and eat shit. At the very least Ukraine
    annexed Sevastopol City in 1991. The city was never transferred to Ukrainian SSR jurisdiction by Khruschev or any of the clowns
    that followed him. During the breakup of the USSR it should have retained its status as a Russian territory like Kaliningrad. Since
    Yeltsin did not officially transfer it to Ukraine, it was an annexation in every sense of the word. Russia cannot "annex" Sevastopol
    City since it legally owned it between 1991 and 2014.

    As for the rest of Crimea, that comes down to its vote to restore its autonomy status (https://en.wikipedia.org/wiki/Crimean_sovereignty_referendum,_1991).
    So Ukraine lost its Soviet claim on Crimea in 1991. And the chronology is just fine regardless of the "official" breakup of the USSR in 1990.
    All such territorial issues automatically entered a pending state, including the ones regarding South Ossetia, as there is no automatic
    resolution upon dissolution of the supra-state entity (USSR). If the EU breaks up, there will not be any automatic resolution of various
    territorial issues (e.g. Basques, Catalonians, etc.) in and between its member constituents either. So Ukraine annexed Crimea in 1991.

    Project Canada
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    Re: Russian Economy General News: #8

    Post  Project Canada on Thu Dec 01, 2016 5:32 am



    Putin appoints new economy minister


    Russian President Vladimir Putin signed a decree appointing Maxim Oreshkin to the office of the Minister of Economic Development. The relevant document was posted on Nov. 30 on the Kremlin’s website.

    "To appoint Maxim Oreshkin as the Minister of Economic Development of the Russian Federation," the document says.

    The decree comes into force from the date of its signing.

    Maxim Oreshkin was born in 1982 in Moscow and graduated from the High School of Economics with the master degree in 2004. He held executive positions with Rosbank, Credit Agricole Corporate and Investment Bank, and VTB Capital from 2006 to 2013. Oreshkin started working in the Ministry of Finance in 2013 as the department head and was appointed to the office of the Deputy Finance Minister in March 2015.


    Does anybody know if this guy is a supporter of Glazyev's economic plan? I just hope he is not another Liberal stooge


    kvs
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    Re: Russian Economy General News: #8

    Post  kvs on Thu Dec 01, 2016 7:50 am

    Project Canada wrote:

    Putin appoints new economy minister


    Russian President Vladimir Putin signed a decree appointing Maxim Oreshkin to the office of the Minister of Economic Development. The relevant document was posted on Nov. 30 on the Kremlin’s website.

    "To appoint Maxim Oreshkin as the Minister of Economic Development of the Russian Federation," the document says.

    The decree comes into force from the date of its signing.

    Maxim Oreshkin was born in 1982 in Moscow and graduated from the High School of Economics with the master degree in 2004. He held executive positions with Rosbank, Credit Agricole Corporate and Investment Bank, and VTB Capital from 2006 to 2013. Oreshkin started working in the Ministry of Finance in 2013 as the department head and was appointed to the office of the Deputy Finance Minister in March 2015.


    Does anybody know if this guy is a supporter  of Glazyev's economic plan? I just hope he is not another Liberal stooge


    The Higher School of Economics is a monetarist hive. We will have to wait and see whether he has any integrity.

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    Re: Russian Economy General News: #8

    Post  Project Canada on Thu Dec 01, 2016 2:26 pm


    Russian factory activity moves from strength to strength

    Activity in Russia's manufacturing sector in November expanded at the fastest pace in more than five-and-a-half years boosted by sharper growth in production and new orders, according to a Markit Economics survey.

    The seasonally adjusted Purchasing Managers' Index (PMI) climbed to 53.6 in November from 52.4 in October. Experts expected the index to fall to 51.5.

    A reading above 50 means expansion in the sector on a monthly basis, anything below indicates contraction.

    “Russia’s manufacturing sector is moving from strength to strength as we approach the end of 2016,” said Samuel Agass, an economist at HIS Markit, commenting on the data.

    “The latest figure continued a four-month sequence of growth and indicated a solid overall improvement in the health of Russia’s manufacturing industry,” the report read.
    The analysts link the increase to stronger demand for Russian goods that is potentially showing up in solid production increases.

    “Firms are also experiencing sufficiently low-cost pressures to allow them to solidly raise their buying activity in an effort to sustain this expansion,” Mr. Agass commented.

    The upturn in new orders marked the strongest level since January 2013. However, new export orders dropped again albeit at the slowest pace for three months.

    At the same time, Russian manufacturers recorded a further decline in their inventories of finished goods.

    “Faced with a greater number of incoming new projects, Russia’s manufacturing sector recorded a further accumulation of outstanding business in November,” according to the report.

    Besides, the growth rate of incomplete work was the sharpest since August 2006.

    “On the price front, rates of inflation in both input and output prices remained muted in comparison to their long-run averages during November,” Markit Economics reports.

    At the same time, Russia’s manufacturers cut their workforce numbers for the fifth straight month.

    READ MORE: Washing machines making clean work of Russian exports

    Purchasing of raw materials and semi-finished goods by the country’s producers continued to increase in November. But pre-production inventories are still declining at a substantial pace.

    “November’s solid upturn makes for a stark contrast from the beginning of the year, when firms were struggling to contend with waning demand and steeper cost inflation. Now, moving into December, the sector is on course to enjoy its strongest quarter for almost six years,” Mr. Agass said.

    https://www.rt.com/business/368843-russia-pmi-factory-business-growth/

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    Re: Russian Economy General News: #8

    Post  Austin on Fri Dec 02, 2016 7:59 am

    Putin orders share of non-defense export in defense industry to be increased to 50%

    More:
    http://tass.com/defense/915962


    MOSCOW, December 1. /TASS/. Russian President Vladimir Putin called in the state-of-the-nation address to the Federal Assembly on Thursday to increase the share of non-defense export in the defense industry to 50% by 2030.

    "Its share should be at least a third of the total production output in the defense sector in the coming decade," Putin said.



    "I want to share these plans with you: the defense segment will produce approximately 16.1% of non-defense products, minor growth is planned in 2020, 30% by 2025 and at least 50% of non-defense products should be by 2030," Putin said. 


    Russian president has also marked progress in the national defense industry sector, which shows a significant productivity growth - 9.8%.

    "We conducted a thorough modernization of the military-industrial enterprises of the defense sector. This has led to an increase in production volumes, and which is most important - to a significant increase in productivity. The defense sector shows is very good performance and gives a good example. In 2016, the expected rate of production growth in the defense industry will be 10.1%, and the expected productivity growth rate is 9.8%," President Vladimir Putin said in his state-of-the-nation address

    Austin
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    Re: Russian Economy General News: #8

    Post  Austin on Fri Dec 02, 2016 8:01 am

    What kind of Non Defence Growth is Putin talking about said to be 30 % by 2025.

    So the same organisation that has been making tanks and aircraft will be making railway engine , fridge , TV , Civil Aircraft etc and exporting it ?

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    Re: Russian Economy General News: #8

    Post  franco on Fri Dec 02, 2016 10:07 am

    Austin wrote:What kind of Non Defence Growth is Putin talking about said to be 30 % by 2025.

    So the same organisation that has been making tanks and aircraft will be making railway engine , fridge , TV , Civil Aircraft etc and exporting it ?

    Remember these companies are government owned and they have already been on a production diversification program. So presently 1/6 of the production value of these companies is of non military products and to raise to 50% by 2030. Keeps workers working, technology and manufacturing upgrades financed.

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    Re: Russian Economy General News: #8

    Post  Rmf on Sat Dec 03, 2016 12:06 am

    why no, those tank diesel engines are used in heavy trucks ,tractors and electric agregates.

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    Re: Russian Economy General News: #8

    Post  franco on Sat Dec 03, 2016 1:15 am

    Russia looking for a 3% cut in oil production to equal a 10% increase in oil prices.

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    Re: Russian Economy General News: #8

    Post  Viktor on Sat Dec 03, 2016 12:33 pm

    Austin wrote:What kind of Non Defence Growth is Putin talking about said to be 30 % by 2025.

    So the same organisation that has been making tanks and aircraft will be making railway engine , fridge , TV , Civil Aircraft etc and exporting it ?

    This has been a plan all along. At least from 2010 as I remember. The idea is that defense companies produce civil equipment too thus easing for them growth once military

    rearmament finishes and to more easily transfer military science into civil production something SSSR was slow on.

    Now it will also increase GDP of the country.

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