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Russian Central Banker Doesn't See Strong External Shocks To Economy
http://www.nasdaq.com/aspx/stock-market-news-story.aspx?storyid=201111170217dowjonesdjonline000241&title=russian-central-banker-doesnt-see-strong-external-shocks-to-economy
MOSCOW -(Dow Jones)- Russia isn't likely to be directly effected by the euro zone sovereign debt crisis, but faces a period of slower growth as a result of economic problems abroad, the central bank's deputy chairman Sergei Shvetsov said Thursday.
"I don't see any external shocks to the Russian economy, but this (European) crisis will be a long one, and it's not realistic to think we will return to the growth rates of the first decade of this century," Shvetsov said at an investment forum.
"Growth will be slower, inflation lower, and the Russian economy will have to adapt," Shvetsov said.
Russia expects its economy to grow by 4.1% in 2011 and 3.7% in 2012. Prime Minister Vladimir Putin hopes to speed that growth up to 6% to 7% in the long term.
The central bank expects inflation at 7% or below this year, the lowest reading since Soviet times.
-By Ira Iosebashvili, Dow Jones Newswires; +7 495 232-9192, ira.iosebashvili@ dowjones.com
--Jacob Gronholt-Pedersen in Moscow contributed to this report.
Loan rates unlikely to go up in 2012
http://www.rbcnews.com/free/20111117110005.shtml
RBC, 17.11.2011, Moscow 11:00:05.Loan interest rates are unlikely to increase in 2012, Central Bank of Russia (CBR) First Deputy Chairman Alexey Ulyukaev told reporters.
"I do not think loan interest rates will go up any further, I expect them to go down," he said, adding that in the short-term the rates may increase, but during 2012 as a whole they are more likely to decrease.
Addressing the liquidity shortage in the banking sector, Ulyukaev noted that CBR may provide up to RUB 2 trillion (approx. USD 65bn) through repo transactions.
CBR: capital outflow to slow down in November
http://www.rbcnews.com/free/20111117103613.shtml
RBC, 17.11.2011, Moscow 10:36:13.Capital outflow from Russia amounted to $13bn in October 2011, Alexey Ulyukaev, First Deputy Chairman of the Bank of Russia (CBR), told reporters. "In line with this trend, capital outflow will be even lower in November," he said.
In September 2011, net capital outflow totaled $13bn as well. According to preliminary data, net private capital outflow from Russia rose threefold year-on-year in the first nine months of 2011 to $49.3bn, up from $16bn.
In early November, CBR revised upward its capital outflow forecast for 2011 from $36bn to $70bn.
Russian Central Bank Reserves Fall $1.8 Billion In Week To Nov 11
http://www.nasdaq.com/aspx/stock-market-news-story.aspx?storyid=201111170129dowjonesdjonline000133&title=russian-central-bank-reserves-fall-18-billion-in-week-to-nov-11
MOSCOW -(Dow Jones)- Russia's gold and foreign-exchange reserves fell by $1.8 billion to $516.0 billion in the week ending Nov. 11, the central bank said Thursday.
The reserves fell for the second week, as the Bank of Russia sold foreign currency to defend the ruble.
The central bank cut its end-2011 forex reserve forecast to $495 billion from a forecast of $515 billion earlier this month.
Russia holds the world's third-largest gold and foreign-exchange reserves, after China and Japan.
The table below shows Russia's foreign reserves in billions of dollars.
Nov 11$516.0Nov 4$517.8Oct 28$522.0Oct 21$514.6Oct 14$517.7Oct 7$510.4Sep 30$516.8Sep 23$526.0Sep 16$532.0Sep 9$538.8Sep 2$543.4Aug 26$541.8Aug 19$544.0Aug 12$540.2Aug 5$537.7July 29$535
July 22 $530.9July 15$528.5July 8$526.1July 1$526.7June 24$524.3June 17$520.3June 10$528June 3$522.8May 27$518.3May 20$516.8May 13$514.4May 6$524.7April 29$523.9April 22$517.9April 15$512.8April 8$508.4April 1$504.5March 25$504.0March 18$500.0March 11$497.3March 4$497.2Feb 25$492.2Feb 18$487.4Feb 11$486.1Feb 4$487.0Jan 28$484.7Jan 21$482.0Jan 14$477.5Jan 7$480.7
End 2010 $479.4
End 2009 $440.6
End 2008 $427.1
End 2007 $478.8
End 2006 $303.7
End 2005 $182.2
End 2004 $124.5
End 2003 $76.9
End 2002 $47.8
End 2001 $36.6
End 2000 $28.0
-By Jacob Gronholt-Pedersen, Dow Jones Newswires; +7 495 232-9197, jacob.pedersen@dowjones.com
(END) Dow Jones Newswires
11-17-110129ET
Copyright (c) 2011 Dow Jones & Company, Inc.
Russia’s Krasnodar Region Has Record Rice Crop of 940,000 Tons
http://www.bloomberg.com/news/2011-11-17/russia-s-krasnodar-region-has-record-rice-crop-of-940-000-tons.html
Q
By Marina Sysoyeva - Nov 17, 2011 8:12 AM GMT+0100
Russia’s southern Krasnodar region had a record rice crop of 940,000 metric tons this year, the regional administration said.
This is about 40,000 tons more than a year earlier, the government said on its website yesterday. The Krasnoarmeisky district had the highest average yield of 7.3 tons from each hectare (2.47 acres), it said. Krasnodar’s total grains crop was 11.5 million tons, Alexander Tkachev, the region’s governor, said in the statement.
To contact the reporter on this story: Marina Sysoyeva in Moscow at msysoyeva@bloomberg.net
To contact the editor responsible for this story: Claudia Carpenter at ccarpenter2@bloomberg.net
Business, Energy or Environmental regulations or discussions
Severstal CEO Mordashov Says Company Deserved U.S. Vehicle Loan
http://www.bloomberg.com/news/2011-11-16/severstal-ceo-mordashov-says-u-s-loan-preserving-steel-jobs.html
Q
By Jeff Plungis and Sonja Elmquist - Nov 17, 2011 2:04 AM GMT+0100
OAO Severstal, Russia’s second- largest steelmaker, met all criteria for getting a U.S. advanced-vehicle development loan criticized by some members of Congress, Chief Executive Officer Alexey Mordashov said.
Severstal was on the verge of closing a line at its Dearborn, Michigan, plant in 2009 when it applied for the Energy Department loan, Mordashov said in an interview at Severstal’s Columbus, Mississippi, plant, yesterday. The Moscow-based company was the only steelmaker to apply, Mordashov said.
“We saw this opportunity, and we believed we fit very well,” Mordashov, who’s ranked by Forbes as Russia’s second- richest person with a fortune of $18.5 billion, said. “We just applied for it and U.S. Steel didn’t. That’s the easiest and most powerful explanation.”
Some U.S. lawmakers who increased scrutiny of Energy Department loan programs after the bankruptcy of solar-panel maker Solyndra LLC in September have questioned why a Russian steel company that doesn’t make vehicles or components was approved for a loan from the department’s Advanced Technology Vehicles Manufacturing program.
Severstal in July received conditional approval for a $730 million loan over 18 years from the $25 billion fund, a different Energy Department program than the one that gave Solyndra $535 million in loan guarantees.
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