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    Russian Economy General News: #13

    GarryB
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    Post  GarryB Mon Jan 15, 2024 10:59 pm

    Not sure where to put this civil/military interest.

    Interesting... near the end of that video there appears to be a Yak-152 and a Baikal aircraft being looked at too... if the train shown and the Coalitsia are being put into production then can we assume the Yak and the Baikal are also being put into serial production too?
    kvs
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    Post  kvs Tue Jan 16, 2024 12:36 am

    The ruble forex trend is oil price driven. The Red Sea crisis is having an impact on the oil prices over the last week.

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    Russian Economy General News: #13 - Page 19 Empty China Russia Trade 2023 $240bil

    Post  Gazputin Tue Jan 16, 2024 3:31 am

    vs target of $200bil
    that would put russia ahead of Germany and getting closer to Korea, Japan and Taiwan
    where it should have been all along... yes


    Trade turnover between China and Russia last year reached a
    record high of 240.1 billion USD, up 26.3% over the year 2022, China's General
    Administration of Customs announced data on Friday.
    China exported goods to Russia worth 110.97 billion USD, an increase of 46.9% compared to
    2022, while exports from Russia to China reached 129.13 billion USD, an increase of 12.7%
    compared to the previous year. In December last year, trade turnover between the two countries
    hit 21.9 billion USD.
    The leaders of Russia and China previously set the task of doubling trade turnover between the
    two countries from 100 billion USD in 2018 to 200 billion USD in 2024. This target was achieved
    ahead of schedule as trade value in the first 11 months of last year exceeded the 200 billion
    USD mark, reaching 218.7 billion USD.

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    Post  par far Tue Jan 16, 2024 11:41 am


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    Post  owais.usmani Tue Jan 16, 2024 11:47 am

    lancelot wrote: It is not that much a good idea to have the ruble valued too highly either.

    Why?
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    Post  lancelot Tue Jan 16, 2024 1:59 pm

    owais.usmani wrote:
    lancelot wrote: It is not that much a good idea to have the ruble valued too highly either.
    Why?
    Because a scarce and expensive ruble will make it harder to keep government expenditures at a low level and for Russian exports to remain competitive.

    If inflation goes down then the Russian central bank should consider lowering the interest rates faster than initially planned and maybe slightly increase the money supply. If inflation doesn't go down and the ruble continues to appreciate though they need to consider ways to boost trade with friendly countries. Given the low unemployment rate in Russia, maybe the right answer is to boost trade, you would basically be importing labor indirectly.

    Given the huge imbalance in trade between Russia and India plus the supposed lack of IT people in Russia right now I am surprised they haven't increased their use of Indian IT services. This would be easier to do in non-customer facing sectors because of the language barrier. You could also import Indian labor in the Russian construction sector like the Middle Eastern countries do. This labor could be used to speed up reorientation of the economic trade flows to Asia. For example construction of ports in the Arctic to export coal, fertilizer, and LNG without risk of a NATO blockade, enhancing the rail links to China, or building the North-South Corridor.

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    Post  GarryB Wed Jan 17, 2024 5:20 am


    Why?

    A strong ruble makes exports of Russian products harder and less competitive, and it also makes imports cheaper encouraging Russians to buy imported goods instead of domestic goods.

    If Russians are buying Russian things made from Russian resources and materials then the value of the ruble means nothing at all.

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    Post  lancelot Thu Jan 18, 2024 12:19 am

    Rostec to launch first unit of Udarnaya power plant in Taman in Jan
    17 Jan 2024

    MOSCOW. Jan 17 (Interfax) - The first generating unit of the Udarnaya thermal power plant in Krasnodar Territory has undergone comprehensive testing and is scheduled to go into operation in January, state corporation Rostec reported.

    The plant's "equipment operated for 72 hours at nominal capacity, supplying electricity to the country's Unified Energy System" and the "stated specifications were confirmed," Rostec said.

    "The Udarnaya TPP project is big and complex. There were substantial changes due to the geopolitical situation, including in the composition of generating equipment. Nonetheless, our enterprises, both builders and equipment suppliers, are meeting this challenge," Rostec head Sergei Chemezov was quoted as saying in the press release.

    The 560 MW Udarnaya plant is being built under new generation competitive capacity offtake mechanism. The plant uses the domestic GTD-110M turbine made by United Engine Corporation (UEC), a division of Rostec. The project will earn a return with payments from industrial electricity customers.

    The plant, which is being built by Rostec division Technopromexport (TPE), was initially supposed to go into operation in April 2021, but the launch was rescheduled to 2023 due to the reconfiguration of the project. The first unit was expected to start operations in late October and the second in late November.

    The capacity offtake mechanism provides for fines for investors if they fail to meet deadline commitments. But for Udarnaya, gradual attestation mechanism was introduced so that it could be launched in stages. "They will generate power from two turbines and build another GTD-110M turbine in May 2024. If they don't build it, then we will take everything that they received for the first two turbines," Deputy Energy Minister Pavel Snikkars said earlier.

    https://interfax.com/newsroom/top-stories/98508/

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    Kiko
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    Post  Kiko Thu Jan 18, 2024 8:04 pm

    Have a little bit of sense of humour on yourselves too, gentlemen. The world is so serious.
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    Post  Hole Thu Jan 18, 2024 10:02 pm

    Who are you to tell me something about humour?
    I´m Geman.
    We are the most fun people in the world!

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    GarryB
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    Post  GarryB Fri Jan 19, 2024 12:11 am

    Yeah, just don't mention the war.
      Russian Economy General News: #13 - Page 19 Images13
    I let it slip but I think I got away with it...
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    Post  Kiko Fri Jan 19, 2024 12:19 am

    You're banned.

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    Post  franco Mon Jan 22, 2024 12:34 pm

    The Central Bank announced a reduction in Russia's debt by the end of 2023, the regulator's press service reports.

    “According to the Bank of Russia, the external debt of the Russian Federation as of January 1, 2024 amounted to 326.6 billion US dollars, having decreased by 57.0 billion US dollars, or 14.9%, since the beginning of 2023,” the statement says. .

    As the Central Bank explained, the main contribution to the reduction in debt was made by the reduction in obligations of other sectors on attracted loans, including within the framework of direct investment relations.

    “The debt of government bodies was decreasing at an accelerated pace, which was due to a decrease in the volume of Russian sovereign securities at the disposal of non-residents, including as a result of their planned repayment,” the Central Bank added.

    https://www-stoletie-ru.translate.goog/lenta/vneshnij_dolg_rossii_snizilsa_na_57_mlrd_653.htm?utm_source=finobzor.ru&_x_tr_sl=auto&_x_tr_tl=en&_x_tr_hl=en

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    Post  lancelot Mon Jan 22, 2024 2:50 pm

    It is nice to know that the amount of debt that Russia owes to these G7 bozos is higher than the amount they intend to confiscate.
    If they confiscate Russian Central Bank assets then Russia can just renege on such payments.

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    Post  Rodion_Romanovic Mon Jan 22, 2024 5:17 pm

    franco wrote:The Central Bank announced a reduction in Russia's debt by the end of 2023, the regulator's press service reports.

    “According to the Bank of Russia, the external debt of the Russian Federation as of January 1, 2024 amounted to 326.6 billion US dollars, having decreased by 57.0 billion US dollars, or 14.9%, since the beginning of 2023,” the statement says. .

    As the Central Bank explained, the main contribution to the reduction in debt was made by the reduction in obligations of other sectors on attracted loans, including within the framework of direct investment relations.

    “The debt of government bodies was decreasing at an accelerated pace, which was due to a decrease in the volume of Russian sovereign securities at the disposal of non-residents, including as a result of their planned repayment,” the Central Bank added.

    https://www-stoletie-ru.translate.goog/lenta/vneshnij_dolg_rossii_snizilsa_na_57_mlrd_653.htm?utm_source=finobzor.ru&_x_tr_sl=auto&_x_tr_tl=en&_x_tr_hl=en

    And take into account that debt repayments are counted "negatively" when they calculate annual GDP....

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    Post  GarryB Tue Jan 23, 2024 2:07 am

    It is nice to know that the amount of debt that Russia owes to these G7 bozos is higher than the amount they intend to confiscate.
    If they confiscate Russian Central Bank assets then Russia can just renege on such payments.

    Honestly I would say that there are various major contracts with western companies in gas and oil and mineral extraction projects that would be about to start producing good income that would be worth stealing instead... the investment and preparation is mostly completed and some are ready to come online and provide those companies a nice income stream of profit to cover years of work and investment etc etc.

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    Post  Kiko Tue Jan 23, 2024 2:45 pm

    Medvedev responded to the US State Department’s refusal to return Alaska. 01.23.2024.

    After the words of the State Department representative about Alaska, Medvedev joked about an inevitable war.

    https://www.rbc.ru/rbcfreenews/65aed8289a794768a51e291a

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    Post  Scorpius Sun Jan 28, 2024 8:30 pm

    Something about the cost of living in Russia. In 2023, my utility bills totaled 692 euros (I counted the average annual euro-ruble exchange rate of 92.8741 as indicated by the Central Bank). Of these, 205 euros is a charge for electricity (2830 kWh), another 64 euros is a payment for the Internet.
    Oh, yes. I also paid the property tax. It amounted to about 4 euros for 2023.
    At the same time, my income after taxes amounted to a little more than 27 thousand euros. Thus, my utility bills amounted to 2.58% of my net income.

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    Post  sepheronx Sun Jan 28, 2024 8:46 pm

    Scorpius wrote:Something about the cost of living in Russia. In 2023, my utility bills totaled 692 euros (I counted the average annual euro-ruble exchange rate of 92.8741 as indicated by the Central Bank). Of these, 205 euros is a charge for electricity (2830 kWh), another 64 euros is a payment for the Internet.
    Oh, yes. I also paid the property tax. It amounted to about 4 euros for 2023.
    At the same time, my income after taxes amounted to a little more than 27 thousand euros. Thus, my utility bills amounted to 2.58% of my net income.

    Lucky man. I know KVS can attest to this but in Canada, we pay just for utilities like $300 or more a month. He is from Ontario so he may pay more than myself in west coast.

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    Post  Kiko Tue Jan 30, 2024 6:23 pm

    Russia’s GDP growth in 2023 to reach up to 4% after revision — PM, 01.30.2024.

    Such GDP dynamics is connected with an increase in domestic consumer and investment demand, "particularly due to implementation of national projects," Mikhail Mishustin said.

    MOSCOW, January 30. /TASS/. Last year’s GDP growth may total up to 4% after revision, Russia’s Prime Minister Mikhail Mishustin said.

    "Economic results were positive regarding the country’s GDP dynamics in general as well. Growth totaled 3.5% for the year, according to preliminary calculations of the Economic Development Ministry. As more data is provided among other things on the services sector, there is also potential for upgrading the estimate to 4%," he said at a strategic session on national development goals.

    Such GDP dynamics is connected with an increase in domestic consumer and investment demand, "particularly due to implementation of national projects," PM said.

    https://tass.com/economy/1739273

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    Post  franco Tue Jan 30, 2024 11:02 pm

    The Russian economy is growing faster than the International Monetary Fund (IMF) predicted. This was stated by the organization's chief economist Pierre-Olivier Gurincha during a briefing.

    “The overall picture is definitely that the Russian economy is growing better than we predicted,” Gurinsha said .

    In addition, IMF analysts have raised the bar for the growth of the Russian economy - they expect Russia's GDP to grow by 2.6% in 2024. This figure is 1.5 percentage points higher than the estimate made in October last year.

    When making the forecast, the fund took into account a possible decline in oil prices in the world, but analysts concluded that the impact of this factor would be limited.

    “In the case of Russia, the situation is more complicated due to the oil price ceiling. Even if global oil prices decline, this will not necessarily affect Russian oil revenues,” Gurinsha told RIA Novosti.

    Earlier, US Assistant Secretary of State for European and Eurasian Affairs James O'Brien said that Russia's economic leadership is very talented . In his opinion, the Russian Federation is managing to cope with the sanctions of Western countries.

    https://tvzvezda-ru.translate.goog/news/2024130178-PKbqj.html?_x_tr_sl=auto&_x_tr_tl=en&_x_tr_hl=en-GB&_x_tr_pto=nui

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    Post  kvs Wed Jan 31, 2024 1:04 am

    In Kanada basic phone + internet is about $100 Canadian per month. Electricity plus heating pushes that to around $250 but it will vary depending
    on the size of your house, if you rent a unit and the size of your family. If you have a half decent cell phone service then you can add another $50
    per month to the phone bill. I need a land line to get my ADSL and I do not pay for cable. Going all in on a cell phone with a data plan does not
    make the phone + internet cheaper.

    Since property taxes are being counted, it depends on where you live in the country. In Toronto, a small bungalow that would be demolished if
    sold, has a tax burden of about $5,000 per year. That is low and not the normal. The average detached house goes for over a million dollars so the
    tax is over $7,000 per year.

    https://www.doorloop.com/blog/property-tax-in-toronto

    So add around $600 per month for property tax. That takes us to around $900 per month. If you rent this number is going to be lower, but then
    you have to pay a monthly rent which is over $1000 per month. If you own a condominium, then you still have to pay property tax and a large monthly
    maintenance fee. I have seen such fees run over $500 for a ho-hum unit.

    Russians have it good. They pay more now than 30 years ago (inflation adjusted) but it still much better than in the NATzO craptopia.



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    Post  ALAMO Wed Jan 31, 2024 5:23 pm

    We should compare apple to apple to get any point.

    Just an example.
    My home Internet costs about $15 a month.

    It is already insanely inexpensive, concerning only the price.
    But here is another catch.
    It's speed is up to ... 600Mbps.
    SIX-HUNDRED.
    It is optic fiber, and the only concern is how far is a device from home mesh emitters.
    Honestly, only the newest phones I have can use this speed, most of the home devices go up to 350-400 max.

    We don't use stationary phones like forever. I remember having a telephone line, but it was in ... 2005.
    Everything has gone mobile since.

    So my monthly expenses for mobile phones are $60 in total.
    BUT ... we are talking about FIVE numbers, plus a card for a mobile Internet that can be used for any SIMed device. We are using it with tablet and making hot spot of it.
    It is 5G standard.
    And all six numbers are unlimited with everything, including data exchange. A 60GB monthly runs at maximal speed available later is goes down to some 30Mbps. But works unlimited.

    It is not cheap. It is insanely cheap if we consider a European average. I can't compare to the US or other places, no experience there.

    Sometimes just a price given won't tell us a whole story behind.

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    Post  kvs Thu Feb 01, 2024 12:43 am

    Kanada has atrociously high cell phone prices. The CRTC is a condom to the oligopoly that runs the show in Kanada.

    300 Mbs goes for $90 per month (ignoring temporary discounts) in a big city. I have heard that some remote rural areas
    get high bandwidth for less.



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    Post  lancelot Thu Feb 01, 2024 1:38 am

    kvs wrote:Kanada has atrociously high cell phone prices. The CRTC is a condom to the oligopoly that runs the show in Kanada.

    300 Mbs goes for $90 per month (ignoring temporary discounts) in a big city. I have heard that some remote rural areas
    get high bandwidth for less.
    That is pretty atrocious. I mean I can understand that Canada being more sparse would have higher costs to build a whole network. But countries with similar issues like Sweden seem to have much lower Internet prices.

    Modern fiber optics can be put on regular telephone poles. They tolerate being bent much more than older fibers. Running the lines over phone poles is much cheaper than having to dig a ditch like used to be necessary. I am surprised they haven't replaced your phone lines with fiber optics to recycle the metal already.

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