Contents tagged with Economy

  • Media: German economy is at risk due to new US sanctions against Russia

    Business owners in Germany are concerned about the possible consequences of the new US sanctions against Russia. If German companies lost their chance to participate in Russian gas pipelines expansion projects, the entire German economy could be at risk, says Volker Treier, the head of the Department for Foreign Economic Affairs of the Federal Association of Chambers of Commerce and Industry of Germany, as quoted by DW.

    According to Treier, Germany expects to increase the country’s exports to …

  • Russian Finance Ministry proposes decreasing funding for state media

    The Russian News Agency, TASS, the Federal State Unitary Enterprise, Rossiya Segodnya, RT (Russia Today) and the All-Russia State Television and Radio Broadcasting Company (VGTRK) may lose part of their subsidies. The Russian Ministry of Finance called these changes preliminary estimates. The government plans to reduce the cost of public media over several years.

    The Russian Ministry of Finance has proposed to reduce funding for public media in the budget for 2017 - 2019, as reported by …

  • Russia increased investments in U.S Treasury bonds

    In May 2016, Russia increased investments in U.S. Treasuries for the first time in four months. The investments went up by $5.7 billion to $88.2 billion, Finmarket reported, quoting the results of a survey by the United States Department of the Treasury and the U.S. Federal Reserve System. In April, Russia had reduced investments in the U.S. Treasuries by $3.5 billion. Russia is ranked tenth in the list of largest U.S. creditors.

    However, China remains the largest holder of U.S. Treasuries. In …

  • German manufacturer of agricultural machinery signs contract with Russia at economic forum

    A manufacturer of agricultural machinery from Germany signed a special investment agreement with the Russian government at the St. Petersburg Economic Forum.

    The German CLAAS Group was the first foreign company to sign a special investment contract with Russia. The agreement was signed on Friday, June 17, at the St. Petersburg International Economic Forum. The German company received the status of the Russian manufacturer of agricultural equipment, and its products can now qualify for the …

  • Ukraine joins the Trans-Caspian transport route

    Ukrainian Infrastructure Minister Volodymyr Omelyan announced on his Facebook page that Ukraine has joined the Trans-Caspian international transport route and reached an agreement to reduce tariffs for transportation of containers along the so-called "New Silk Road.” Director for Freight Transport and Logistics at PJSC Ukrzaliznytsia Ivan Fedorko signed the relevant protocol in Tbilisi on May 17th.

    "It was agreed to reduce the transportation rate from $5,559 to $3,980 per 40-foot container …

  • Auto sales in Russia fall to the lowest level in ten years

    On Thursday, May 12, the Chairman of the Automobile Manufacturers Committee of the Association of European Businesses (AEB) stated that auto sales in Russia fell to the lowest level in the last ten years. This applies to both March and April and to the cumulative result for the first four months of 2016.  Overall in Russia, since the beginning of the year, 440,600 cars have been sold; a 15% decrease from the same period last year.

    The largest drop was in the brands Datsun and Honda, with 56% …

  • Russia to spend 850 million euro on the restoration of Syrian infrastructure

    On Monday, April 25th, RIA Novosti reported that Russia and Syria signed an agreement on the restoration of Syrian infrastructure worth 850 million euros. RIA Novosti credited the information to the Prime Minister of Syria, Wael Nader Al-Halqi.

    "The Russian side responded to the idea of restoration of infrastructure, because of which a lot of deals were signed with the Russian Federation, including agreements worth 600 million euros and 250 million euros," Al-Halqi was quoted as saying.

    The …

  • Producer of upholstery for BMW and Porsche to move its factory to Ukraine

    The Polish company Groclin, the manufacturer of upholstery for exclusive versions of Porsche and BMW autos, will move its factory to Ukraine.

    The main reason for relocation is that Ukrainian labor is cheaper, in comparison to Poland. In Ukraine, salaries are approximately two times lower than in Poland.

    "In the future, most of the production will be done in Ukraine. In 2017, we will produce about 60% of our goods at the Ukrainian enterprises," said the CEO of Groclin, Andre Gerstner. …

  • Minister of Finance: Ukraine will revise tax treaties to address 'deoffshorization'

    The new Minister of Finance of Ukraine, Alexander Danyluk, announced a review of bilateral tax treaties. This will be done to address deoffshorization.

    Ukraine, within the framework of deoffshorization, plans to review bilateral tax treaties, reported the Minister of Finance Alexander Danyluk.

    "Only three agreements between Ukraine and other countries meet the requirements. In addition, we will improve transfer pricing rules and the related reporting," Danyluk wrote on his Facebook page on …

  • Crimea signs deals for more than $1 billion in economic investments at Yalta Forum

    The self-proclaimed "head" of the annexed Crimea, Sergiy Aksyonov, posted on Facebook that the Council of Ministers have attracted 70 billion rubles worth of infrastructure investments in Crimea, most notably an investor for constructing the Simferopol Airport. Aksyonov asserted that the effect of the agreements in the Yalta forum is to bypass the sanctions.

    According to Aksyonov, the forum was attended by the representatives of 26 countries, the members of the European Parliament. "The …