Economy

Economy
“THE RUSSIAN JUDICIARY SYSTEM IS FAR MORE RELIABLE THAN MANY BELIEVE IT TO BE”

Russia is subjected to a lot of bad press when it comes to questions of upholding and respecting the law. It has reached a point where entrepreneurs hesitate to develop and invest in business ventures in that country. But what is the true situation today – 20 years after the collapse of the USSR? An interview on the subject with Max Albers and Thomas Heidemann, partners at CMS – a renowned European law firm specialising in commercial and business law with offices in Russia since 1992.

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Economy
“GENEVA’S SUCCESS – AND SWITZERLAND’S SUCCESS IN GENERAL – RESTS ON TWO ELEMENTS: COMPETENCE AND TRUST“

	Geneva is at a crossroads right now. Although it has become the economic centre of a region reaching beyond the nation’s borders and continues to foster its international ambitions for the future, the canton has to make some tough decisions if it wants to guarantee further development in the coming years.
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Economy
WEALTH MANAGEMENT MORE TRANSPARENCY WITH BBGI PRIVATE BANKING INDICES

The year 2008 will sadly remain an unusual year in economic and financial history, as it will in the sector of private wealth management. While it is clear for everyone that the economy has cycles of growth and contraction, the brutal change in the economic scenario observed in 2008 surprised most investors. Such a reversal of situation has had only few precedents during modern history. The fall in stock markets with the background financial crisis and banking system crisis was exceptional too and marked by an absence of transparency, which was highly regrettable.

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Economy
THE JOINT CHAMBERS OF COMMERCE – COVERING ECONOMIC RELATIONS BETWEEN SWITZERLAND AND RUSSIA, UKRAINE, KAZAKHSTAN, BELARUS KYRGYZTAN AND MOLDOVA

	Almost 20 years ago, the universe of states which emanate from the former Soviet Union has endorsed the market economy and opened its borders in order to become part of the global economy.
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Economy
THE WORLD MAY STILL LIVE WITHOUT THE DOLLAR

	Many analysts proposed creating reserve regional currencies last autumn, in response to the accelerating global financial downturn. But Kazakh President Nursultan Nazarbayev was the first to advocate the idea at the political level.
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Economy
VAT FOR VAT, OR SOMEBODY’S LIGHT IN THE TUNNEL

	Not long ago, Russia adopted amendments to the Tax Code that abolished the value added tax on imported technological equipment that does not have domestic analogues.
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Economy
SWISS-RUSSIAN COOPERATION IN SCIENCE IS OPEN TO BUSINESSES

	Switzerland is recognised to be one of the best scientific places in the world.
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Economy
“IT’S THE BIGGEST ECONOMIC DISRUPTION I HAVE EXPERIENCED”

	Famous Swiss banker Ivan Pictet talks about government interventions, the Swiss financial centre – and Moscow on its way to a financial metropolis.
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Economy
RUSSIA AND THE CREEPING CRISIS

	As part of the globalising world economy, Russia was bound to be affected by the global financial crisis. Moreover, its economy will be one of the hardest hit, with growing unemployment and inflation, and a slowdown in GDP growth.
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Economy
THE CZECH REPUBLIC, A COUNTRY ISOLATED FROM THE FINANCIAL CRISIS

	The worldwide financial crisis has spilled over from the United States into Europe and is affecting several sectors in EU countries. However, the Czech Republic remains well isolated from these effects, and the banking environment can be regarded as stable.
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Economy
SUKHOI TAKES ON CIVIL AVIATION

	rer, famous for its fighter jets, is going after the civil aviation market. It plans to deliver the first of its Superjet 100s, which seat 100, at the end of 2009. The overall goal is to capture 20 per cent of the world's regional aircraft market.
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Economy
KASPERSKY LAB, CYBER CRIME’S RUSSIANNIGHTMARE

	The Moscow-based firm was founded in 1997 and has since elbowed its way to the top of the anti-virus software market. Already second in Europe with individual users, it is now going after the business sector.
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Economy
RUSSIA’S WTC CELEBRATES ITS 30TH ANNIVERSARY

	The World Trade Centre (WTC) in Krasnaya Presnya, Moscow was inaugurated thirty years ago. For many years, it was the Soviet Union’s first and sole harbour for free market trade in an ocean of planned socialist economy.
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Economy
“POLITICS IS A CORE CONCERN FOR INVESTORS”

	Switzerland has become an international centre for economic conferences, where Russia plays an important role. Pierre Lavaud, a hedge funds specialist and the organiser of investment conferences, comments on the part played by politics in Russian business and on Russian interests in Switzerland.
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Economy
WHERE SHOULD FOREIGN INVESTORS GO?

	Deputy Prime Minister Alexander Zhukov spoke to the European Business Association in Moscow about investment opportunities for foreign businesses in Russia, a subject of concern for all Association members.
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Economy
BRITISH BUSINESS INTERESTS IN RUSSIA

	In spite of Arctic cold in relations between Moscow and London, their bilateral business cooperation is better than ever before. Mr. Neil Cooper, the Moscow Director of the Russo-British Chamber of Commerce (RBCC) talks about this and other problems in his exclusive interview for Business Mir magazine.
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Economy
CENTRE OF ATTRACTION

	The World Trade Centre (WTC) in Krasnaya Presnya is the oldest, most respected and comfortable business centre in Moscow. Interview with WTC director Valery Serov.
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Economy
INDEPENDENT DIRECTORS IN RUSSIA: WHO ARE THEY?

Russian business is getting actively integrated into the global economy and “civilised”. One of the clear signs of this is the presence of independent candidates on the boards of directors of Russian companies, which helps them to adjust corporate governance schemes to international standards and make their companies competitive on both domestic and foreign markets. They are also a handy instrument for improving a company’s efficiency and investment attractiveness and increasing its capitalisation.

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Economy
THE EFFICIENT ALTERNATIVE TO TRADITIONAL PRIVATE BANKING

	BBGI Group is a unique independent wealth management firm, which has distinguished itself since its creation by making its strong institutional expertise available to private investors.
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Economy
IT IS POSSIBLE TO BUY AN ISLAND

	Instead of purchasing a new villa, an increasing number of millionaires are treating themselves to an emerging corner of paradise in which they can relax and find peace and quiet. This booming market is now attracting a growing clientele.
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Economy
“IN UNCERTAIN TIMES, THE SWISS FINANCIAL CENTRE HAS SOLID ADVANTAGES”

	Arnaud Leclercq, a partner of the group holding Lombard Odier Darier Hentsch & Cie in charge of the Eastern Countries, explains the impact of the financial crisis on Russian portfolios in Switzerland and the consequences of the crisis for the economy. Interview.
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Economy
“DON’T HESITATE TO INVEST IN RUSSIA!”

	Dr. Frank Schauff, Chief Executive Officer of the Association of European Businesses in the Russian Federation, gave an exclusive interview to Business Mir.
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Economy
MIRAX’S ASSAULT ON THE MOUNTAINS OF VALAIS

	The Russian real-estate group is planning to build a huge tourist complex on the periphery of Crans-Montana in Switzerland. Worth nearly 400 million francs, this investment could give new life to the Aminona resort, which has been moribund since the 1970’s.
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Economy
CHINA AND RUSSIA: NEW PRAGMATISM IN OLD TIES

	China is emerging from the global economic and financial crisis rather quickly. While world powers are looking for positive signs from their economies and debating as to whether or not the recession is behind them, the Chinese economy has already posted figures indicating recovery. Last year, China became the world’s largest car manufacturer and the world’s leading steel producer.
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Economy
FERRARI DEDICATES A MODEL TO THE RUSSIAN MARKET

	To mark its 60th anniversary, the prancing-horse brand has launched a Ferrari 612 Scaglietti, Russian Edition.
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Economy
UNDER WATER IN A CAR, JUST LIKE JAMES BOND

	Unveiled at the Geneva motor-show, the Swiss company Rinspeed’s totally submersible prototype created a sensation.
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Economy
GOLD - THE ONLY CURRENCY THAT NO CENTRAL BANK CAN PRINT

	In the past eight years, gold hasmultiplied its value fourfold versus the U.S. dollar. Some analysts say that this is a bubble which is set to burst soon. Personally, I share the view of those who believe that precious metals are in a secular bull trend.
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Economy
HOW TO MINIMISE COSTS AT THE CUSTOMS BORDER

	Targo Group’s Director General Tatyana Kruglova talks with BusinessMir’s Alexander Bondar about the requirements for obtaining the zero tax privilege.
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Economy
NEW ENERGY EXPORT ROUTES

	Russia is intensively developing new routes for its energy exports, especially natural gas, focusing on several export routes from Russia and Central Asia in the next few years.
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Economy
INVITATION TO HOLDINGS… NOT FOR ALL

	The process of setting up an extensive network of specialised state-owned holding companies has gained new momentum after the government reshuffle. The list of such Gosholdings will be extended to new corporations in the defence and nuclear sectors.
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Economy
GROUPE H BUILDS AN ENTIRE CITY IN UKRAINE

	Sputnik City, 25 kilometres from Kiev, will be the work of a Geneva-based architectural firm. Hervé Dessimoz, Groupe H’s CEO, is banking on the market opportunities in countries issued from the former Soviet Union, in order to pursue the development of his company.
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Economy
ABOARD A PRIVATE JET AT SUPERSONIC SPEED

	Texas-based Aerion Corporation is working on a business jet capable of flying at Mach 1.6. The first customers have already reserved their aircraft, the unit price of which is 80 million dollars.
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Economy
CZECH INVESTMENTS IN THE RUSSIAN ECONOMY

	After a cooling in economic relations in the 1990s, the Czech Republic is again looking toward Russia. Based on geographical proximity and stable historical connections, Czech investors feel more confident in Russia than their western colleagues.
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Economy
“IN A WORD: GREED”

	The world of finance is gripped by a crisis. Adrian Schönauer, Chief Investment Officer at Banque Bénédict Hentsch, gives his version of the financial debacle in an interview with Business Mir.
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Economy
LESSONS TO BE DRAWN FROM THE FINANCIAL CRISIS

	The financial and economic crisis which engulfed the world last year seems to be rolling back. Either way, there are timid signs of positive development engendering hope for economic recovery, financial revival and social improvement.
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Economy
BIG CITY LIGHTS

	The Moscow City international business centre is the largest real estate investment project in Moscow and the whole of Russia. Its landmark is the 612-meter high Russia Tower.
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Economy
ZURICH GOES EAST

	The Russian marketplace has promising perspectives for Zürich’s economy. Medical clinics, as well as the building and tourist industries are being heavily promoted in Moscow.
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Economy
THE MOST EXPENSIVE OFFICES ARE IN LONDON

	The Business Space Across theWorld ranking compares the costs of leases in 211 key office locations. Largest price growths were inMumbai, India and Dublin, Ireland.
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Economy
THE DIAMOND BATTLE

	The Russian company Alrosa is the second biggest player on the diamondmarket. Stepping out of De Beers’ shadow the newmanagement is about to place Russia in the heart of its dealing strategy.
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Economy
“Trade volume between Italy and Russia increases 20% annually”

	Rosario Alessandrello, head of Italian-Russian Chamber of Commerce, speaks about his experiences in 20 year russian-european business relations.
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Economy
Investor Beacon

	In order to modernize Sochi, billions of Dollars float to the Blacksea summer resort.
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Economy
Eastern Europe is new hot spot for Hotel Business investors

	Purchase of hotels in Central and Eastern Europe is becoming more and more interesting for foreign investors. It is generally known that hotels in this region generate much bigger revenues than similar real estate in Western Europe.
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Economy
IPO RUSSIAN STYLE: MOVING FAST AFTER LONG PREPARATIONS

	Russia ranked third in terms of IPO volume in 2006. Its companies raised $15.83bn in the first half of 2007.
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Economy
TOMORROW STARTS TODAY

	Sergei Borisov, Opora’s president, who is well known to this author and many others for his numerous public appearances, has always said small businesses have a bright future, whatever challenges lie ahead, and will successfully manage their growth. A very optimistic outlook, considering the not-so-bright present for the SMEs.
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Economy
“WE COULD COMPARE OPORA EUROPE TO A MATRIMONIAL AGENCY FOR SMALL BUSINESSES”

	The potential for collaboration between Russian and European small businesses is enormous, but it’s a tough knot to tie; that’s why Opora has just opened a European bureau in Zurich.
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Economy
MOSCOW-BERN… AND MORE

	The Russian Business Council for Cooperation with Switzerland was set up in June 2009, ahead of Russian President Dmitry Medvedev’s official visit to the Swiss Confederation, the first by a Russian leader in the two countries’ history.
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Economy
“RUSSIA DOESN’T KNOW HOW TO MARKET ITSELF”

	Swiss banker Hans-Jörg Rudloff is an authority on the Russian economy. Currently chairman at Barclays Capital, as well as both chairman of Rosneft's audit committee and a corporate board member, he analyses the economic crisis and the challenges Russia faces in an exclusive interview with Business Mir at the luxurious Hotel Beau-Rivage in Geneva.
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Economy
GOLD ABOVE $1000… TIME TO BET ON GOLD MINES

The nominal price of gold crossed the $1000 resistance and psychological level at the beginning of the last quarter 2009, resuming its positive trend. But is this figure really crucial? Why are there so many headlines on the subject if many investors consider gold to be a commodity like any other? Furthermore, how can investors profit from this rise? Can rising gold prices last beyond the current crisis? How should investors select the best investment vehicle to benefit from this trend?

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Economy
SIX MILLION FRANCS FOR SWITZERLAND-RUSSIA COOPERATION

Switzerland is working on strengthening cooperation with Russia in the areas of science and technology through a cooperation programme developed by the Swiss Confederation and supervised by the University of Geneva. Yves Fluckiger, Deputy Rector of the University of Geneva and Coordinator of the Scientific & Technological Cooperation Programme Switzerland-Russia, gave Business Mir an exclusive interview.

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Economy
COOPERATION KEY TO RECOVERY

	The financial and economic crisis, which has by now grown into a social one as well, according to certain signs, has not spared a single country. This is only natural in a globalisation age, because the world is heavily interconnected and can only exist in interaction.
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	Central Bank affirms refinancing rate
	31-08-2010 MOSCOW. The board of directors of Russia’s Central Bank has decided to affirm the refinancing rate and the interest rate on its transactions, the bank’s external and public relations department said. Given the current trends in the Russian economy and persistent inflation risks due to obtaining monetary conditions, the Bank of Russia deems it possible to affirm the parameters of the monetary and credit policy aimed at facilitating the growth of loan activity in the banking sector and resumption of sustainable economic growth, the statement reads.	X

	LUKoil ups production of market-grade hydrocarbons 2% in 1h10
	31-08-2010 MOSCOW. LUKoil on Tuesday reported that its six-month production of market-grade hydrocarbons grew 1.9% in the first six months of 2010 year-on-year, to 2.262mn bpd of oil equivalent. Daily gas production rose 25.5%, to 300,000 bpd of oil equivalent, Russia's number two oil producer said. The company produced 48.14mn metric tons (353.8mn bbl) of crude in the reporting period. Market-grade gas production was 9.24bcm (326.2 bcf), including 6.76 bcm in Russia (up 34.9% y-o-y) and 2.48 bcm at foreign operations (up 5.6%). The company’s oil refining at own facilities grew 8.2% to 32.41mn tons, including its share in the ISAB and TRN refineries. LUKoil’s Russia based refineries showed a 1.5% increase in production volumes and foreign facilities 26.1%. The company exported 20.4mn tons of crude and 12.9mn tons of refined products in the reporting period; its total sales grew 2.7%, to 76.8mn tons (564.5mn bbl).	X

	Legislative initiatives: August 20 – 27, 2010
	31-08-2010 MOSCOW. President Dmitry Medvedev instructed the government to work out proposals to develop the system of local governments. * The Federal Anti-trust Service proposed establishing a common system of exchange grain trade through launching round-the-clock trading. * Services conglomerate Sistema board chairman Vladimir Yevtushenkov and Anatoly Chubais, the head of state nanotechnologies corporation RusNano, proposed adopting a programme to regulate the country’s microelectronics sector. * The Natural Resources Ministry approved the structure of draft guidelines of Russia’s state environmental policy through 2030. * The bill expanding the powers of executive power bodies regarding emergency relief payments was submitted to the State Duma, the lower house of parliament. * Participants of a round table in the Federation Council, the upper house of parliament, decided that the law on police needs to be revised. They proposed that President Dmitry Medvedev hold a meeting of the State Council and that the Federation Council convene the Council of Legislators to discuss the issue. * The Natural Resources Ministry drafted measures to stimulate the exploration of Russia’s continental shelf. *** The State Duma may consider a government bill to simplify the licensing procedure in October 2010.	X

	M.video may acquire Ukrainian retailer Comfy
	31-08-2010 MOSCOW. Russian consumer electronic retail chain M.video is in talks to acquire Ukrainian electronic... YOU NEED A SUBSCRIPTION TO READ THIS ARTICLE	X

	Russia invites China to join three uranium projects
	31-08-2010 BEIJING. Russia has sent proposals to China to set up three joint ventures to mine uranium. Sergei ... YOU NEED A SUBSCRIPTION TO READ THIS ARTICLE	X

	Investors to withdraw $10bn from Russia in 2010
	31-08-2010 MOSCOW. Net capital outflow from Russia will be about $10bn in 2010, Deputy Economic Development Min... YOU NEED A SUBSCRIPTION TO READ THIS ARTICLE	X

	World Bank Group member to invest over $1bn in Russia
	31-08-2010 MOSCOW. The International Finance Corporation (IFC) will invest some $1.1bn-$1.2bn in Russian projec... YOU NEED A SUBSCRIPTION TO READ THIS ARTICLE	X

	Sibirtelecom’s IFRS net profit up almost 190% in 1h10
	31-08-2010 MOSCOW. Sibirtelecom, Siberia’s largest telecoms operator, posted a 187% increase in its net profi... YOU NEED A SUBSCRIPTION TO READ THIS ARTICLE	X

	National TV company to help Sistema build film studio
	31-08-2010 MOSCOW. VGTRK, Russia’s national TV and radio broadcasting company, has reached an agreement with ... YOU NEED A SUBSCRIPTION TO READ THIS ARTICLE	X

	$59mn to be invested in building four small hydropower plants in Karelia
	31-08-2010 PETROZAVODSK. An investment project to build four small hydroelectric power plants with a total capa... YOU NEED A SUBSCRIPTION TO READ THIS ARTICLE	X

	Cigarette filter plant in Pskov Region to be unveiled in 2011
	31-08-2010 PSKOV. A cigarette filter plant in the Pskov Region to be unveiled in 2011 will be a carbon copy of ... YOU NEED A SUBSCRIPTION TO READ THIS ARTICLE	X

	Finance ministry sees no need to review monetary policy
	30-08-2010 MOSCOW. Finance Minister Alexei Kudrin told the media when commenting on the country’s reviewed so... YOU NEED A SUBSCRIPTION TO READ THIS ARTICLE	X

	Russia remains competitive in military aircraft manufacturing and shipbuilding
	30-08-2010 MOSCOW. Russia’s military aircraft and naval ships are in great demand in the world, Prime Ministe... YOU NEED A SUBSCRIPTION TO READ THIS ARTICLE	X

	Government will continue to support Russian carmakers
	30-08-2010 MOSCOW. The government will encourage foreign automakers to localise production in Russia, including... YOU NEED A SUBSCRIPTION TO READ THIS ARTICLE	X

	FGC UES to provide electricity to Transneft’s projects
	30-08-2010 MOSCOW. Russian electric grid company FGC UES, the country’s largest hydroelectric power producer ... YOU NEED A SUBSCRIPTION TO READ THIS ARTICLE	X

	Kinross buys two Chukotka gold mines
	30-08-2010 MOSCOW. Canadian Kinross Gold Corp has closed a deal to buy 100% of shares of Aurelius Holdings Ltd,... YOU NEED A SUBSCRIPTION TO READ THIS ARTICLE	X

	Norilsk Nickel pays 2009 dividend
	30-08-2010 MOSCOW. Norilsk Nickel completed the payment of dividends in the amount approved by the Annual Gener... YOU NEED A SUBSCRIPTION TO READ THIS ARTICLE	X

	Kalina’s IFRS net profit up 5.3% in 1h10
	30-08-2010 MOSCOW. The net profit of one of Russia’s leading cosmetics producers, Kalina, calculated to Inter... YOU NEED A SUBSCRIPTION TO READ THIS ARTICLE	X

	Mechel, FGC UES, RusHydro reach deal to power Elga coal deposit development
	30-08-2010 MOSCOW. Russia's leading mining company Mechel, the country’s largest hydroelectric power producer... YOU NEED A SUBSCRIPTION TO READ THIS ARTICLE	X

	Town of Sokol to be modernised under investment plan
	30-08-2010 VOLOGDA. The administration of the northwest Russian Vologda Region has approved a modernisation pla... YOU NEED A SUBSCRIPTION TO READ THIS ARTICLE	X