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Russian Central Bank Forecasts Winter of High Inflation

Russian Central Bank Forecasts Winter of High Inflation | Global Leaders | Scoop.it

Russia's surging inflation rate will remain high through spring of next year, propelled by the devaluation of the ruble currency and the steep cost of Moscow's bans on food imports from Western countries that sanctioned it over Ukraine.

Anne Egros's insight:

Russia’s surging inflation rate will remain high through spring of next year, propelled by the devaluation of the ruble currency and the steep cost of Moscow’s bans on food imports from Western countries that sanctioned it over Ukraine.

 

The rapid tumble of the ruble, which has lost a third of its value so far this year, has accelerated inflation by raising the price of foreign imports.

 

The Russia ban on Western fresh product imports has triggered a rise in locally produced food prices such as pork and poultry.

Lack of competition from cheaper imported products is  benefiting domestic producers. so for Russian consumers everything is getting more expensive.

 

However sanctions are not the major problem when it comes to the ruble,. The two main factors that contribute to weakening  of the Russian economy are:

 

1-The costs of borrowing money, which increased even more than a year before the Western sanctions over Russian banks were applied in September.

 

2–The sharp decrease of  the oil price under $100 per barrel. The OPEC announced late on November 27 that the oil cartel would not cut production, sending the price of oil  around $70 per barrel.  The announcement also sent the Russian ruble lower to the U.S. dollar and euro. The ruble dropped to over 50 against the U.S. dollar late on November 28 and dropped to 62.03 against the euro in early trading recovering to 61.41 by the close of the day.

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30 ways to become rich before you reach 30 | Russia Beyond The Headlines

30 ways to become rich before you reach 30 | Russia Beyond The Headlines | Global Leaders | Scoop.it
RBTH features the 30 most promising and successful Russian entrepreneurs under the age of 30
Anne Egros's insight:

Millennials in Russia: many are already millionaires: Are they the "New Russia" ?  

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Russia is in the WTO: More business cooperation with foreigners?

Russia is in the WTO: More business cooperation with foreigners? | Global Leaders | Scoop.it
It is a coincidence that Russia’s long-awaited accession to the World Trade Organisation last August was followed by mounting concerns about a slowdown in economic growth.
Anne Egros's insight:

The news out of Russia tends to paint a dark picture of a country and its leader.


Away from the headlines, however, changes of another sort are taking place – less talked about in the press but no less real for the businesses that have ridden Russia’s boom, bust and recovery under president Vladimir Putin.

 

"Since the economic downturn of 2009 there has been a new openness to foreign business, says Philippe Pegorier, country president and general director of French engineering giant Alstom, who has experienced the changes in Russia for 30 years. “There is a real will at the top to modernise infrastructure and industry, and to fight corruption,” says Mr Pegorier"

 

Frank Schauff, head of the Association of European Businesses, which represents more than 600 big companies in Russia, believes the crisis taught the Kremlin that it could only get ahead in co-operation with foreigners. “

 

 Joerg Schreiber, president and managing director of Mazda Motor Russia, concurs: “We have seen a shift in the attitude to foreign business. It’s one thing to say on paper it’s a good thing, another to embrace it and let it merge and mingle with local business.”


 Japanese carmaker Nissan now employs just eight Japanese and nine British staff. The factory, which opened in 2009, won the company’s global quality award last year.

 

Related resource: Ernst & Young attractiveness report:

Russia is shaping its future:

http://www.ey.com/Publication/vwLUAssets/2013-Russia-attractiveness-survey-Eng/$FILE/2013-Russia-attractiveness-survey-Eng.pdf

 

Shaping Russia’s future, finds that, although it still faces some challenges, Russia remains an attractive destination for FDI.

 

There is a substantial gap between the perceptions of current and prospective investors. Those who are already working in Russia are more aware of the country’s real investment climate and the efforts being made to improve it.

 

 

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Understanding Russia Today

Understanding Russia Today | Global Leaders | Scoop.it

Article from Sean Dubberke is director, intercultural programs for RW3 CultureWizard, New York, NY

Anne Egros's insight:

There are very few good and accurate  articles about dealing and doing business with Russians in the 21st century and this article is one of them.. However, it was written in 2011 before the reelection of president Vladimir Putin which has a great impact on the way Russia is perceived outside Russia via its leader.

 

With the Sochi 2014 Olympic Games I have seen so much misunderstandings about Russia and was surprised that the fear and hate of the Russians are still very present in the western mentalities for people over 40 who was born before or during the Soviet Union.


Although I would not say that working with Russians is easy, I really enjoy the dynamism and enthusiasm of most people I meet in Moscow, especially women entrepreneurs, that can largely compensate the challenges of dealing with intercultural differences.

 

 

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Angela Tynes's curator insight, March 17, 2014 9:32 AM

Use to demonstrate an ongoing world concern between Russia and the world.

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Doing Business in Russia now easier than in China, says World Bank | Russia Beyond The Headlines

Doing Business in Russia now easier than in China, says World Bank | Russia Beyond The Headlines | Global Leaders | Scoop.it
Russia moves ahead of its fellow BRIC countries in the World Bank’s latest Ease of Doing Business ranking, as the country fights to attract international investment
Anne Egros's insight:

Encouraging for FDI, especially in telecommunication and online businesses.

 

Russia edged ahead of China in the World Bank's ease of doing Businesse index, which placed at number 96, and placed higher than any of its peers in the so-called BRIC club of large emerging economies comprised of Brazil, Russia, India and China.

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Kremlin seeks to monetise the field of science - FT.com

Kremlin seeks to monetise the field of science - FT.com | Global Leaders | Scoop.it
Change is coming to the 289-year-old Russian Academy of Sciences. Once famous for work that won it 18 Nobel Prizes and helped put the first man in space, the Academy has failed to keep up with the times.
Anne Egros's insight:

The idea is to build bridges between science and innovative enterprises by bringing together inventions, research and development, venture capital, and business education.

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