SOCHI: ‘ Russia and China Discuss $100 Billion of Joint Contracts ‘

#AceFinanceNews – SOCHI – September 19 – Russia and China are discussing over 30 joint projects worth over $100 billion with the frames of the mutual economic cooperation, Kirill Dmitriev, the CEO of the Russian Direct Investment Fund, said on Friday and /ITAR-TASS/ reported. 

' Invest in Russia (RDIF) '

‘ Invest in Russia (RDIF) ‘

We have set up an intergovernmental Russian-Chinese commission and recently discussed over 30 projects worth over $100 billion,” Dmitriev said addressing the International Investment Forum Sochi-2014.

' Investors Part One '

‘ Investors Part One ‘

Investors Part Two

‘ Investors Part Two’

The bilateral investment commission comprising both private and state-run companies gathered for its very first session in China last week.

Asian investors are interested in Russia, however, it takes little longer than usual to establish relations with them and it is important that the relations are organized in a more system-like manner,” Dmitriev added.

#AFN2014

#china, #russia, #russian-direct-investment-fund-rdif, #sochi

EUROPEAN UNION: ‘ Will NOT Cut Russia OFF from SWIFT Inter-Bank Transactions ‘

#AceFinanceNews – EUROPEAN UNION – September 19 – The European Union will not cut Russia off the SWIFT inter-bank financial system, Andrei Kostin, the chief executive officer VTB Group, Russia’s second largest bank, said on Friday.

EU Seeks to Ban Russia from Using SWIFT '

EU Seeks to Ban Russia from Using SWIFT ‘

“I think this is not going to happen. I would have called it an act of direct aggression against Russia’s financial system with all subsequent consequences. This is a very tough measure,” Kostin said at an international investment forum in Sochi.

What can blocking SWIFT lead to?

The Society for Worldwide Interbank Financial Telecommunications (SWIFT) transmits 1.8 billion communications a year, remitting payment orders worth $6 trillion a day.

The system comprises over 10,000 financial organizations from 210 countries.

#AFN2014

#european-union, #russias, #sochi, #swift, #vtb-group

` Bosco Russia’s Leisure and Sportswear Outfitter’s Closing All 6 Stores Operating in the Ukraine and Crimea ‘

#AceFinanceNews – MOSCOW – April 01 – Sochi Olympic kit and leisure sportswear outfitters, Russia’s BOSCO stores are withdrawing from the markets of Ukraine and Crimea, representatives told (Tass) on Tuesday.

A store executive based in Crimean Yalta could not say what had prompted the decision to close the store now located in Russia since Crimea’s accession to the Russian Federation.

All six stores operating in Ukraine and in Crimea will be closed.

There are two boutiques in Kiev, others in the cities of Kharkov and Donetsk in Ukraine’s mostly Russian-speaking east , and in the Black Sea city of Odessa in Ukraine’s south.

#AFN2014

#ans2014, #black-sea, #bosco, #crimea, #crimean, #donetsk, #kharkov, #kiev, #moscow, #odessa, #russias, #russian, #russian-federation, #sochi, #ukraine, #ukraines, #yalta

#Russia : “Vladimir Putin has Recommended Official’s `Optimise’ the `Funds’ Allocated for `Press’ Coverage”

#AceFinanceNews says Putin orders governors to slash PR budgets

Published time: January 20, 2014 10:57
Russian President Vladimir Putin (RIA Novosti / Mihail Metzel)

Russian President Vladimir Putin (RIA Novosti / Mihail Metzel)

The Russian president has recommended officials ‘optimize’ the funds allocated for press coverage of their work after mass media uncovered unprecedented growth in such spending in regional budgets.

The presidential order to optimize PR budgets must be fulfilled before February 1, reads the document published on the official Kremlin website. The Finance Ministry was made responsible for overseeing the process.

Putin’s order came after a whole series of controversies emerged a short time after a scandal in the central Russian Saratov Region. In December last year, the pro-Putin political movement United People’s Front officially complained to the president that the governor of the remote Far East province of Sakhalin planned to spend 680 million rubles (over $20 million) of budget funds on “improving his image” in just three years.

Putin expressed surprise over the news, but the Sakhalin public servants quickly justified the move, explaining that the huge sum was to be spent on “improvement of the state governing system” as a whole and actual “reporting on the activities of state power bodies” only required 50 million rubles (about $1.5 million).

Still, after the United People’s Front’s move the problem has come to the attention of both the authorities – who are currently looking for any opportunity to cut expenditures in the face of a looming budget deficit – and the media.

The head of the presidential administration, Sergey Ivanov, has called for regional officials to stop “fooling the people” by reporting about all governors’ actions and Prime Minister Dmitry Medvedev has urged greater independence for regional mass media, including the switch from budget financing to self-accounting.

Popular internet news site Slon.ru has published a research report made by an expert of the Fiscal Politics Center, who claimed that although the expenditures on mass media amounted to about 1 or 2 percent of the regional budgets, they continued to grow even when budgetary income began to decrease – sometimes several-fold, such as in the Sverdlovsk Region (264 percent growth in 2013 compared to 2012) and in the Astrakhan Region (528 percent).

Such a trend can be explained, at least in part, by the political reform of 2013 that reinstated direct elections for heads of federation subjects, who were previously appointed by the president and only required formal approval from regional legislatures.

Federal parliamentarians and top officials have claimed that the changes would give more legitimacy to regional leaders and also give the political system a new impetus for development.

The first nationwide election day under the new rules took place on September 8, 2013.

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#acefinancenews, #dmitry-medvedev, #kremlin, #mass-media, #president-of-russia, #putin, #ria-novosti, #russia, #sakhalin, #sochi, #sverdlovsk-oblast, #vladimir-putin