Business Watch
Russia should break away from the paradigm of a military and raw materials power and embark on a path of innovative development, believes Russian Deputy Prime Minister Vladislav Surkov. He was speaking Thursday at the London School of Economics.
The Ministry of Economic Development published the World Bank's ranking of doing business in Russia in 2012-2013. Officials believe that, theoretically, Russia could already be in 44th place.
As oil prices continue their fourth straight day of decline, Russia is expected to reduce duties on most oil shipments as much as 5.8% by May. Oil prices have had a hellish opening to the week. Brent Crude has dropped below the critical $100 level, down almost 3% to $99.66. WTI dropped below $90, down more than 3% to 87.90, its lowest level this year.
Russian President Vladimir Putin warned on Monday that the deepening global economic crisis was damaging the Russian economy, and ordered the government to find ways to prevent a recession.
“The global crisis is taking an even more dangerous shape, which inevitably affects us as well,” Putin said at a meeting with Prime Minister Dmitry Medvedev.
Russian metals giant Norilsk Nickel's 2012 IFRS net profit fell 41 percent on the previous year to $2.143 billion, the company said on Monday, citing unfavorable market conditions. That was below a consensus forecast of analysts polled by Prime news agency who expected the company’s net profit to reach $2.8 billion.
Russian steel and coking coal producer Mechel posted a $1.114 billion US GAAP net loss for October-December 2012, down from a $54.911 million net profit in the third quarter of last year, the company said on Monday.