Amendments to the Russian Civil Code

Federal Law of 24 February 2010 N 17-FZ "On Amendments to Article 1501 Part IV of the Civil Code of Russia"

Changes lead provisions of the Civil Code in line with the Singapore Treaty on the Law of Trademarks (ratified by Russia by the Federal Law of 23 May 2009 N 98-FZ). 


The Treaty stipulates several conditions for relief in the form of restoration of rights: the deadline is not met, despite the fact that appropriate measures are taken by the applicant (or the delay was unintentional), petition for reinstatement filed within the prescribed period of a contracting party. The latter can not be less than 6 months.

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Russia Doubled Duties on Foreign Cigarets

The RF Government approved the doubling of the duties on tobacco products of foreign manufacture imported into the territory of Russia  by the Decree of the Government dated 20 February 2010. 

According to the Decree, the import of tobacco products to Russia with old marks is prohibited from January1, 2011, sale - from January 1, 2012. 

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Foreign Capital Entry Restrictions in Russia

Governor of Samara Region Vladimir Artyakov proposed to restrict entry of foreign capital in the production of automotive components in Russia so that foreign producers could only to participate in it through a joint venture in equal shares with Russian companies.

None of the major world producers of auto components have opened its own production in Russia.

The most realistic contender for the establishment of automotive production in Russia was the Austrian-Canadian Magna - last year it claimed for the purchase of Opel in a consortium with Sberbank. But the deal never took place.

German-Japanese company Takata-Petri is now booked a platform for the creation of production in the Ulyanovsk region in Russia.

Samara Region:
adm.samara.ru

Ulyanovsk Region:
ulraion.ru

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Large Poultry Complex Construction in Russia

Large poultry complex with investments of 800 million rubles will be built by 2011 in the village Starozhilovo Ryazan region in Russia, told on Saturday the regional governor Oleg Kovalev.



"We are interested in attracting major investors in the agricultural sector in the creation of modern agricultural production, which use advanced technologies. Therefore, we will provide full support to the implementation of such projects. However, a prerequisite for our cooperation is the participation of the investor in social programs", - said the governor.
ryazanreg.ru


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Sberbank Contracts Visa to Create New Services for Sochi-2014

General partners of the Olympic Games in Sochi 2014 - Russian Sberbank and Visa International Company signed an agreement on cooperation and establishment of new financial services for participants and guests of Sochi Olympic Games.

By 2014 there will be prepared a special financial product, probably in a mobile form. Any financial transaction will be made by means of a mobile phone, through internet banking and payment terminal.

 Sberank also plans to prepare the target products for different categories of Olympic clients ranging from athletes and ending with the tourists. 

"We are segmenting customers - athletes, coaches, team organizers. They come (to play) with large sums of money, they have a lot to buy. They face restrictions on cashing in, they have large financing needs and the need to interact with the trading infrastructure. Now  there is no centralized service orientation. We divide customers into segments that will map the needs and create products for different target groups" -

the head of Sberbank German Gref stated. 

It is the first-ever global Olympic sponsorship partner, who for four years prior to the game signed an agreement with a local bank, regulating in detail all further relations to develop  financial infrastructure.

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Visa-free Regime Between Russia and EU

Russia is ready to open its borders, but first they need to get rid of illegals. 

Illegal migrants - one of the obstacles to the transition to a visa-free regime between Russia and the EU. Only fifth migrant comes to Russia by quota.

The question of the of visas abolishment has already been discussed for ten years and is primarily political in nature. The EU position is ambiguous. One of the most ardent opponents of such a decision is London. However, the most real progress in this direction experts call easing of visa regime.

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Russians Will Save SAAB

The company Spyker Cars N.V., the largest shareholder of which was a Russian businessman, Vladimir Antonov, confirmed acquisition of Saab Automobile AB.

Ownership was transferred on February 23, 2010. Saab stopped liquidation procedure, and management of the company was again given to the executive director of Saab Automobile, Jan-Ake Jonsson.

Saab Automobile and Spyker Cars will operate as subsidiaries under the parent company Amsterdam Euronext, registered at the exchange as Spyker Cars N.V.

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Eurobonds of "RZD" Russia

Russian railway monopoly OJSC "RZD" has appointed Barclays Bank plc, JP Morgan Securities Ltd and VTB Capital plc the leading organizers of the first issue of its eurobonds, which could amount to $ 1 billion. 

"Dates, the amount of placement and other conditions of the proposed transaction will depend on the state of markets and determined in accordance with the financial plan and budget of RZD For 2010. 

Term of circulation of securities may be about 10 years. Placement could take place in spring this year.
www.eng.rzd.ru 

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Canadian Companies Are Interested In Sochi-2014 Projects

Canadian companies are intended to participate in projects to build transport infrastructure for the Winter Olympic Games in Sochi in 2014, the chairman of the board of directors of the Canadian Business Association in Russia and Eurasia, Nathan Hunt reported.

Hunt also noted that the Russian-Canadian business cooperation in recent years considerably strengthened in various spheres: in oil and gas, mining, and automobile industry, transport and food industries.

"Even despite the crisis, we continue to negotiate on many projects", - said the representative of Canadian business.

http://www.cerbanet.org/public/about.php?page_id=1 

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Gazprom Neft Negotiates to Attract $1 Billion

Gazprom Neft is nagotiating with foreign banks to attract $ 1 billion, Dow Jones reported.

Among the participants in the talks, according to sources, the banks Societe Generale SA, Natixis SA and Bank of Tokyo Mitsubishi.

This is a secured pre-export financing for five years with two-year grace period of credit. Credit is given under orders from foreign buyers to finance the exporter of mining and oil. This is one of the safest forms of lending for banks, says Dow Jones.

Russian Bank Avangard Allocates Bonds

March 3, 2010 Bank "Avangard" allocates bonds amounting to 1,5 billion rubles, according to a report of the issuer.

The Bank places 1.5 million bonds by public subscription for three years with face value 1000 rubles each, without the possibility of early repayment.

Coupon payments are made semiannually.

Bidding will be conducted in the form of competition to determine the interest rate of the first coupon bonds. Second coupon rate is set equal to the rate of the first coupon.

Bank "Avangard" was established in 1994. The main activities are corporate banking, retail banking, leasing, investment in real sector of the economy, lending to individuals.

Russia Will Finance NPP Construction "Belene"

Russia will finance the Construction of Belene NPP untill Bulgaria find a strategic investor. This statement was made by Minister of energy, economy and tourism in Bulgaria Traycho Trajko after the meeting with Russian Minister of Energy Sergei Shmatko and the head of Rosatom, Sergei Kiriyenko.

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Commerzbank Net Loss Amounts to 4.63 Billion Euro

Net loss for the second-largest bank in Germany, Commerzbank AG amounted to 4.63 billion Euro in 2009, compared with a net profit of $ 59 million Euro, received a year earlier. The latter was published in financial report on Tuesday.

Net interest income for the bank last year increased by 52% and amounted to 7.18 billion Euro against 4.73 billion Euro a year earlier. Operating losses for 2009 amounted to 2.27 billion Euro. 
http://commerzbank.cz/


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French Vinci Construction in St.Petersburg Russia

One of the world's largest construction companies French Vinci may obtain order for the construction of the first tunnel under the Neva from St.Petersburg authorities. Estimated cost of the progect amounts to 47.7 billion rubles. (1.6 billion dollars).
According to Reuters the final decision on the progect should be taken on 30th March 2010.

Russia Allowed Mobile Use in Aircrafts

The State Commission for Radio Frequencies (SCRF) on Friday allowed to use frequencies in the range of 1.710-1.785 and 1.805-1.880 MHz for GSM on board of aircraft and ships, but the heavy use of this service, the authorities do not expect. 

"The service providers will have to obtain a separate license and pass the reconciliation procedure," - said Communications Minister Igor Shchegolev on Friday. - At the initial stage it will be a luxury service.

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Citibank Doubled Growth Forecast For Russia's GDP in 2010

Сitibank doubled the growth forecast for Russia's GDP in 2010 - up to 6.2 percent from 3.0 percent.

The latter became the most optimistic among all expressed current expectations regarding the pace of economic recovery of Russia.

8 Russian Companies in the List of World's Most Expensive Brands

The most expensive brand in the world again is a Wal-Mart, which cost the British agency Brand Finance valued at $ 41 billion. 

This year the rating included 8 Russian companies, and Sberbank was in the first hundred, taking 57 th place. 

His closest pursuer domestic brand Gazprom costs half price.

Russian Film Won Three Prizes In Berlin

Russian film "How I ended this summer," directed by Alexei Pologrebski  won three prizes at the jubilee 60th International Film Festival in Berlin.  

This is the first success of Russian cinema in the capital of Germany for the past 5 years, reports agency Associated Press.

CBR Refinancing Rate Decrease in Russia

Starting from February 24, 2010 CBR refinancing rate decreases from 8,75 to 8,5% per annum.

This decision is due to lower inflation. So, on February 15, 2010 the annual inflation fell to 7,6% compared with 13.4% for the same date last year.

46% of Office Staff in Russia Plan to Change Job in 2010

The survey was conducted by hh.ru in January 2010 among the staff of companies in Russia. Totaly the study involved 9043 people. 

46% of respondents answered affirmatively to the question of possible change of work in 2010, while 30% more inclined to such a scenario, rather than took a firm decision. Only 6% plan to stay at the current workplace, while 11% are still undecided in their choice. 

The most popular causes for the desire to change jobs, are such factors as "lack of career prospects", which referred to 44% of respondents, and "the desire to change the type of activity" (40%, respectively).

"Mismanagement" were dissatisfied with 25% of respondents. Only 20% of respondents linked their thoughts about the care of low wages. 15% of employees who participated in the survey stated that they planned to seek another employer in connection with the rumors about future reductions.

And, finally, dissatisfied with the excessive workload and the nervous atmosphere in the office were 14% of respondents. (The answer to this question, respondents could indicate multiple answers). 

The study showed that the crisis can not make Russian specialists and managers reduce their salary expectations.
The most prone to change jobs were specialists from:
- transport and logistics - 56%,
- Law - 52%,
- marketing, advertising and branding - 51% 
- financiers and professionals in the field of wholesales - 49%
- personnel management - 10%.


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Gazprom Gas Sales

Gazprom agreed to establish for E. ON Ruhrgas more flexible price writes the German Handelsblatt.

According to the E. ON Ruhrgas Chairman of Directors Board Bernhard Reutersberg, in particular the cost of certain part of gas in the future may not be tied to the cost of oil, as it was in the past three decades. 

 He noted that the basic parameters of the contract have been already agreed upon. Last year 31.6 billion cubic meters of Russian gas have been exported to Germany.

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Grouth Potential of Kamaz Shares Is Not Exhausted

In the first half of the trading session today one of the leading gainers were ordinary shares of JSC "KAMAZ". Shares of trucks manufacturer grew in value within 2%. By 13:30 Moscow time KAMAZ shares went up by 2.27%.
Yesterday, on Thursday, the company reported opening of a plant on 25 February in India by a joint India-Russian venture Kamaz-Vectra Motors Ltd. Joint venture (JV) was established on the industrial base of the Indian group of companies Vectra Group, partner of JSC "KAMAZ". 

KAMAZ and India's Vectra Group in 2009 signed a memorandum about the alliance and created a joint venture Kamaz-Vectra Motors Ltd with a design capacity of 5 thousand cars a year. KAMAZ in the joint venture owned 51% shares.
Shares of KAMAZ move on uptrend

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Societe Generale Merge Rosbank in Russia

The group Societe Generale and Interros company agreed to merge Rosbank and other Russian subsidiaries of Societe Generale said in the joint press release.

 

Two universal banks - Rosbank and Societe Generale Vostok (BSGV) - will be merged into a single structure with preservation of two independent brands.

Two specialized companies - Rusfinansbank (consumer credit) and DeltaCredit (mortgage) - will become 100% subsidiaries of a new structure. Both retain positions in their sectors, while at the same time providing cross-selling products of the new unified structure. 

After approval by the relevant authorities Societe Generale will own 81.5% in the new bank. The remaining shares are mainly owned by the Interros group, said in a press release.

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iPhone 3GS reached Russia

VimpelCom has begun taking orders for the Apple smartphone
VimpelCom was the first operator of the Big Three in Russia announced the cost of the new smart phones iPhone 3GS, and began to take on its website for pre-order.  

Version apparatus with a storage capacity 16 GB will cost 29 990 rubles., A phone with 32 GB is offered for 34 990 rubles. 

In all sales offices operators and retailers, the new model will appear at the same time in March. Apple recommended level of retail prices to be uniform throughout the country.

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Slovak Eximbanka Ready To Finance Urals Industry Modernisation

Slovak industrialists might expand their presence in the Urals. The Sverdlovsk Oblast government and the Export-Import Bank of Slovakia (Eximbanka SR) have signed the agreement on cooperation in the sphere of investment development. 

The Eximbanka SR management offered various financing options guaranteed by the Slovak Republic. The key condition to be eligible for financing is that 30 to 40% of the financial resources provided must be spent on purchases of Slovak made equipment.

The Sverdlovsk Oblast government informed that power engineering seems to have the best future for the cooperation.

Slovak SES Tlmače is prepared to participate in the construction of power plants at OJSC Uralelectromed, OJSC Sredneuralsky Copper Smelter and OJSC Nizhniy Tagil Iron and Steel Works.

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Italy Expecting "Trade Renaissance" From Russia

Italy is one of the key European trade and economic partners of Russia. The friendly tone is maintained by the parties not only in business but at the highest levels as well. 

Well known, for instance, is the fact that the Italian Prime Minister Silvio Berlusconi wears the jacket gifted to him by the Russian Prime Minister Vladimir Putin. 

The bright picture of far-reaching Italian-Russian plans has been clouded by the economic crisis that caused significant reduction in the trade turnover. 

Roberto Pelo, the Director of the Italian Institute for Foreign Trade in Russia, claimed that today businessmen from Apennines are waiting for positive signals from the Russian side counting on the renaissance of large scale trade connections.

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VEB Searching for a Partner

Vnesheconombank (VEB) is looking for a partner to participate in establishment of a Post Bank. VEB is ready to give him 25 to 50 percent in the project.

VEB bought Svyaz-Bank, suffered during the crisis, in autumn 2008. The RF has spent about $ 2.5 billion on its salvation.

The decision to create a Post Bank on the basis of Svyaz Bank and Post of Russia, which has 42,000 offices in Russia, VEB adopted in December.
Among the requirements for the partner bank VEB has prescribed 

- a satisfactory financial condition,

- rating not lower than "B3" by Moody's and "B" from S & P / Fitch,

- willingness to participate in the financial capital of the Post Bank in the amount not less than 25 percent but not more than 50 percent ,

- availability of advanced information technology platform. 

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11% Mortgage Lending Rate in Russia

The rate of mortgage lending in the first half of 2010 may be reduced to 11% per annum, according to Minister of Regional Development Viktor Basargin.

Speaking at the plenary session of the Council of Federation, he said that in the I quarter of this year they have to complete  formation of legal and financial mechanisms for the acquisition by VEB of corporate bonds of  JSC "Agency for Housing Mortgage Lending" (AHML), and of mortgage-backed securities of banks amounting to 250 billion rubles.

Work on all the necessary documentation is completed, and their adoption will lead to lower rates, he said.

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Russia's Largest Gold Miner Promised Shareholders Handsome Dividends

"Polyus Zoloto" promised its shareholders fairly good dividend on the basis of 2009.

"I see no reason for changing the policy of paying dividends. Indicators are supposed to grow, including the amount of dividends ", - said today the head of "Polyus Zoloto" Yevgeny Ivanov. The gold miner was enriched during the crisis. 
Eugene Ivanov recalled that, according to the company's policy,  the sum of dividends amounts up to 25% of consolidated net profit. He noted that in 2008, they "failed to pay dividends because of some legal aspects". But the company compensated the shareholders by payment of dividends in the first half of 2009. Then shareholders received 1.25 billion rubles.

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