Market News

The government’s campaign against inflation and unemployment is finally paying off: within a little more than a year since the economy bottomed out, Russia has made good progress in a Bloomberg rating known as the poverty index. Russia was only outpaced by Ukraine in terms of the rate of improvement. 

Russia's inflation in the first six months of the year was third in Europe, lower only than that in Malta and Kazakhstan, according to the Russian Federal State Statistics Service's (Rosstat) report based on publications by Eurostat. 

Moldova is interested in developing trade and economic cooperation with Russia, specifically in light of the elimination of trade barriers in agricultural products and wines. 

Living wage on the average per capita, calculated proceeding from the minimum norms of consumption of the basic foodstuff, in June, 2010 in comparison with the last month has increased by 6.8 % and in June, 2009 - by 4.3 %. 

Russia's Agriculture Ministry may revise the grain crop forecast to below 85m tonnes, Agriculture Minister Yelena Skrynnik told the government’s presidium today. As she explained, the drought that has been plaguing Russia’s key agricultural regions is prompting the ministry to make yet another downward revision. 

Member states of the Intra-European Organization of Tax Administrations, or IOTA, have approved the accession of Russia's Federal Tax Service to the body. The Russian watchdog will become a full-fledged IOTA member on January 1, 2011, the federal service said in a press release.

Russia will extend an extra $10m to Kyrgyzstan as an additional grant on social benefits, Russia's Finance Minister Alexei Kudrin told the government's presidium today. 

Deputy Prime Minister of Ukraine Andrei Klyuyev and First Deputy Prime Minister of Belarus Vladimir Semashko signed an intergovernmental agreement yesterday in Kiev on measures to develop cooperation in oil transit via Ukraine to Belarus.

In Bulgaria, it is faster to establish a foreign-owned limited liability company but the procedure for leasing public land is slower, in comparison to the global average, the World Bank has announced.

Bulgaria and Russia will sign an agreement settling all questions about the construction of the South Stream gas transit pipeline on July 16.

 After having a positive monthly budget balance in April, in May 2010 Bulgaria is back to registering a monthly deficit, announced the Finance Ministry.

ASH still blows around this Silk Road trading hub, just two weeks after the worst violence in Central Asia’s post-Soviet history. Yet on June 27th Kyrgyzstan’s diverse ethnic groups turned out to vote peacefully, in a referendum on their future government. Almost 70% of those eligible voted, roughly 90% in favour. Foreign observers congratulated the country’s interim leaders on a job well done.

The global economic downturn had a severe effect on Bulgaria’s economy, but brought about a welcome adjustment in some of the imbalances, says an analysis of the European Commission.

Russia has set up the first company to apply nanotechnology commercially. The move was announced yesterday by Anatoly Chubais, CEO of Rosnano and the Deputy Prime Minister, Sergey Ivanov. The first items coming from this world-class project will be nano-coated carbide tools to be used in machine-building industries.

Last weekend Austria became the center of the political and economical life of Europe, if not the world. Russia received two positive pieces of news from Austria. First of all, this wealthy and respected country joined the South Stream project. Second, Heinz Fischer, who has very good relations with Russia, will remain the President.