The economic development Ministry suggested the Ministry to streamline the approach to the distribution of state funds. To do this, the funds propose to divide on “investment” and “innovation” contracts
Photo: Raisa Ibragimova / TASS
The Ministry of economic development suggested that the Ministry of industry and trade to share the funds of the state support allocated to the automotive industry through specinvtehnica (Speke), by category.
About it reports “RIA Novosti” with reference to the letter from Deputy economic development Minister Mikhail Rasstrigin, Deputy head of the Ministry Alexander Morozov. Morozov heads the group responsible for the changing approaches to state regulation and support of the automotive industry.
According to the letter of Ministry of economic development proposes to introduce the concept of innovation and investment specinvtehnica (“innovation list” and “investment list”).
To request establishment of an arbitration panel in a dispute in the world trade organization the parties to the proceedings may, if the disagreement is not resolved during consultations. To the same extent previously ran Russia
Photo: Guido Kirchner / DPA / TASS
Norway and the EU following Russia filed a request to the establishment of an arbitration panel in a dispute with the United States in the world trade organization (WTO) regarding the additional U.S. duties on steel and aluminum. This was stated by Minister of foreign Affairs of Norway, Ine Eriksen Sereide, reports Norwegian business newspaper E24.
“We believe that the additional US tariff on steel and aluminium violate WTO rules,” — said the Minister, Recalling that “the dispute settlement mechanism in WTO is a common method of dispute resolution when the issue is not resolved through consultations”. “Therefore, together with the EU and several other States today, we asked the WTO to establish a dispute resolution panel under the additional duties of States,” — said in a Statement.
Earlier, on 18 October, same as ran Russia. She initiated WTO proceedings because of the fees of the United States, and now it became known that after the completion of formal consultations to resolve the situation, Moscow and Washington failed. So it is, as stated in the Russian Ministry of economic development, asked to establish, in a dispute with the United States arbitration group. The arbitrators will have to consider a conflict situation.
The number of millionaires in Russia in 2018 increased by 40 thousand to 172 thousand, estimated Credit Suisse. According to Bank calculations, in the world ranking of concentration of wealth, the country ranked second out of forty
Photo: Artem Zhitenev / RIA Novosti
For the year (from early July 2017 until the end of June 2018) the number of millionaires in Russia grew by 40%, or 30%, to 172 thousand, follows from the data of the research Institute of Credit Suisse, which formed the basis of the next annual global wealth report Global Wealth Report. The Bank estimates that Russia ranks second in the world ranking of 40 countries in terms of concentration of wealth after Thailand. The top 10% wealthiest people in Russia accounts for 82% of all personal wealth, estimated Credit Suisse. This is higher than in USA (76%) and China (62%).
The share of the 5% wealthiest people in Russia accounted for 73,7% of all personal wealth in the country, the share of the 1% wealthiest — 57%. The aggregate personal wealth of the Russians, the Bank valued at $2.2 trillion.
High concentration in Russia due to the fact that, despite the modest level of wealth per adult population in the country, an estimated 74 adults billionaire (not entered into the rights of minors are not considered).
First Deputy Prime Minister Anton Siluanov proposed to invest the national welfare Fund in the construction of nuclear power plants in Egypt. In the framework of the project Russia plans to grant Egypt a loan of $25 billion until 2028
Photo: Amr Abdallah Dalsh / Reuters
The Finance Ministry proposes to Finance the construction of a nuclear power plant in Egypt, agreed upon by Moscow and Cairo, at the expense of the national welfare Fund (NWF). By law, it will be possible once the volume of free funds of the NWF will exceed 7% of GDP. The journalists said the first Deputy Prime Minister — Minister of Finance Anton Siluanov.
The total amount of the NWF at the end of the current year will amount to 3.8 trillion rubles, and the free reserves (the currency, not associated with existing investments and deposited in the Central Bank) and 2.2 trillion rubles At the beginning of 2019 in the Fund will be credited with the currency accumulated from purchases of the Ministry of Finance on fiscal rule on oil and gas windfall. As a result, in the end of 2019, NWF will reach almost 8 trillion and excluding funds already placed in assets of 6.4 trillion rubles. Thus, the government will approach the NWF in the amount of 7% of GDP: after reaching this level of power have the right to direct money from the Fund for investment, said Siluanov.
“This is important because we have large volumes of providing [foreign] credits in subsequent years”, — said Siluanov. He recalled the project of nuclear power plants in Egypt, under which Russia will provide the Republic loan of $25 billion until 2028 (in the building will participate in “Rosatom”). In this regard, the President considers it appropriate to use part of the funds of the NWF. According to him, the government this question is not discussed.
Relevant departments still have not submitted proposals for funding all projects, said first Deputy Prime Minister Anton Siluanov. It speaks of “the discipline” of officials, he said
Relevant departments have not yet submitted all the proposals on the financing of projects from the may decree about the appropriate distribution of funds across regions. This was reported to journalists by the first Vice Prime Minister — Minister of Finance Anton Siluanov, the correspondent of RBC.
Agencies had until October 20 to submit to the government proposals on the reserves that should be created in the framework of financing of projects, and their distribution by region. “Now, as it turns out, the problem occurs. Very low discipline we have in the offices going, and on a number of projects such allocation is not ready. We will investigate,” — said Siluanov.
During the discussion of the national projects, officials have said, what industries should be financed, he said. “Now it turns out that the Agency was not prepared to give such proposals,” — said the first Deputy Prime Minister.
The growth of overdue debts of foreign States and legal entities linked to Russia with “sanctions consequences,” said first Deputy Prime Minister Anton Siluanov. According to the chamber, the delay increased to $3.5 billion
(Photo: Ramil Sitdikov / RIA Novosti)
“There were some delays in payments [foreign] organizations; [it is] the consequences of sanctions”, — said the first Vice Premier, Finance Minister Anton Siluanov, answering the question RBC about the reasons for the growth of overdue debts of foreign States and their legal entities.
Siluanov did not disclose which countries and organizations. A program of bilateral government loans to Russia is the secrecy.
The overdue debt of foreign governments (legal persons) to the Russian Federation for 2017 increased by $3.5 billion (+36%) and at the beginning of 2018, totaled $13 billion, posted previously by RBC , citing data from the audit chamber. This is due to “non-payment by the countries-debtors of the relevant payments required by intergovernmental agreements,” said the chamber.
The Swiss Federal Supreme court dismissed the appeal of Russia and confirmed that the arbitration in Geneva empowered to consider the merits of the requirements of 12 Ukrainian companies compensation for loss of assets in Crimea. The plaintiffs are asking $100 million
Photo: Alexander Maksimenko / RIA Novosti
The Swiss Federal Supreme court on 16 October ruledthat the composition of international arbitration in Geneva has jurisdiction on the merits of the application 12 Ukrainian companies about indemnification for the nationalization of their assets in Crimea after March 2014. The Swiss court considered this question at the request of the Russian government, which objected to the competence of the Geneva arbitration in these disputes.
The company “Ukrnafta” (the first claim) and 11 other Ukrainian enterprises (the second claim), some of which in the past was associated with the group “Privat” Igor Kolomoisky, in 2015, appealed to the Permanent court of Arbitration in the Hague over the nationalization of their assets (mostly gas stations and tank farms) in the Crimea and Sevastopol as a result of joining the Peninsula to Russia. The applicants relied on the Russian-Ukrainian intergovernmental agreement on mutual protection of investments of 1998, which allows Ukrainian investor to submit the dispute with Russia to the court of arbitration under the rules of the United Nations (UNCITRAL). Since Russia refused to recognize the dispute, the Permanent court of Arbitration itself appointed arbitrators, and the Chairman became the arbitrator Gabrielle Kaufmann-Kohler of Geneva. This arbitration in June 2017 issued an interim decision, allowed to hear the requirements of 12 Ukrainian companies on the merits. But Russia appealed the interim decision in the Swiss Federal court (place of arbitration).
Russian lawyers relied on formal arguments: the Russian-Ukrainian agreement protects the investments made in the territory of another country; these investments were made in the period when the Crimea was part of Ukraine, and therefore not subject to protection. However, Ukraine still considers Crimea as its. However, the Swiss court decided that the agreement on investment protection should extend to those investments which, due to boundary changes were in the territory of another state at the time of expropriation. This is stated in the press release of the court (.pdf).
In the coming months the ruble will outperform the currencies of other developing countries — they are waiting for the weakening of the ruble will be fixed at current levels until the end of March, says JPMorgan. The margin of safety of the Russian currency due to the undervaluation
Photo: Neil Hall / Reuters
In the coming months, the ruble will be more stable than currencies of other developing countries, such as the Turkish Lira and South African Rand which weakened against the dollar by 30% and 8%, respectively, from foreign currency forecast analyst JPMorgan of aniki Cristovao (have RBC). The Bank gives a neutral recommendation on the rouble, expecting the Russian currency by the end of March to trade near 65,5/$. About the same it costs now — on Monday, the dollar traded for approximately 65.6 per RUB.
The margin of safety of the Russian currency due to the fact that now its value is weaker than the fair rate, says an economist. According to the Bank assessment methodology the behavioral equilibrium exchange rate (Behavioral Equilibrium Exchange Rate, BEER), the undervaluation of the ruble is 8.3%. If from the model to exclude the factor of currency purchases in the budgetary rules (Bank of Russia has suspended their August 9), then, on the basis of current oil prices, the undervaluation of the ruble will be 15.6%.
Earlier to similar conclusions came the economist with Deutsche Bank Christian Vitoshka. According to his model, the ruble became the third in the top 21 undervalued currencies. According to Deutsche Bank, support the Russian currency has a group of factors: high real rate and foreign exchange reserves, the suspension of purchases of currency on the budgetary rule and the upcoming increase in correlation with oil.
Some countries in 2017 has violated its debt obligations to Russia, opened the chamber. In the result, the overdue debt of foreign States to Russia increased by 36%, or $3.5 billion
Photo: Oleg Yakovlev / RBC
The overdue debt of foreign governments (legal persons) to the Russian Federation for 2017 increased by $3.5 billion (36%) and at the beginning of 2018, totaled $13 billion, said the audit chamber in the materials for the draft Federal budget for the coming three years. This is due to “non-payment by the countries-debtors of the relevant payments required by intergovernmental agreements”.
The auditors did not disclose which countries were behind on debt payments to Russia. A program of bilateral government loans to Russia, traditionally classified. Of the loans issued in the framework of military-technical cooperation (for the purchase of Russian weapons).
RBC has sent requests to the accounting chamber and the Ministry of Finance.
Convicted enrichment at the expense of the company the Directors may lose the right to hold leadership positions in joint-stock companies. A new initiative on the requirements for business reputation of the proposed economic development
Photo: Vladislav Shatilo / RBC
Entering into transactions with affiliated entities the Directors of the company may not be allowed to occupy leadership positions in joint-stock companies during the year. This initiative was part of the plan “Transformation of the business climate” (TDK), which was developed Ministry of economic development together with business representatives and experts.
The document (there RBC) provides for “the establishment of a legal mechanism to prevent entry into the management bodies of public companies unscrupulous individuals”. Similar practice already operates in the banks — now it wants to extend to non-financial sector. The proposal included in the draft decree of the government, told RBC press service of the Ministry of economic development.