Business in Brief
- By Unknown
- Dec. 12 2008 00:00
State to Halve Foreign Labor
The government will reduce next year's foreign labor quota by half as unemployment rises amid a global economic slowdown.
The quota of 3.9 million people will be cut by 50 percent, the Health and Social Development Ministry said late Wednesday. The reduction is aimed at "easing tension on the Russian labor market and providing Russian citizens with a priority right for employment," the ministry said. (Bloomberg)
Biggest Gold Deposit Found
The country's undeveloped Sukhoi Log gold deposit contains about 65 million ounces of the precious metal, making it the world's largest, according to a government study cited by Renaissance Capital.
The study said the deposit, in the eastern Irkutsk region, would yield 1.6 million to 1.9 million ounces of gold a year in the next four decades and cost $1.8 billion to develop. (Bloomberg)
Food Maker May Default
Nutrinvestholding, the parent company of the country's largest baby-food maker, did not make a payment on $50 million of 8.34 percent bonds due Thursday.
Yury Kunashev, head of investor relations, said in an earlier interview that the Moscow-based company will be in "technical default" if it misses the payment. (Bloomberg)
Capital Outflows Slow
The outflow of private capital from Russia slowed in November, Finance Minister Alexei Kudrin said, Interfax reported.
Countries that experience capital outflows should raise their refinancing rates, Kudrin said. (Bloomberg)
$750M Could Go to IMF
Russia may give the International Monetary Fund about $750 million in January to help finance its operations, Finance Ministry official Andrei Bokarev said, RIA-Novosti reported.
The need for Russia's contribution will depend on how many countries ask the fund for assistance and which applications it accepts, Bokarev said Thursday. (Bloomberg)
CPC Oil Shipments Down
The Caspian Pipeline Consortium said crude oil shipments through its terminal at the Black Sea port of Novorossiisk fell 0.8 percent in November from October.
The Yuzhnaya Ozereyka-2 terminal shipped an average of 715,145 barrels a day in November, compared with 721,058 barrels a day the previous month, the CPC said. (Bloomberg)
Potanin Stops Building
Vladimir Potanin's Rosa Khutor property developer halted construction of a ski resort near Sochi amid a spat over ownership of the site.
The Federal Property Management Agency won a ruling in a Krasnodar arbitration court overturning the developer's lease on the land, which was signed with Sochi National Park, Rosa Khutor chief Sergei Turbin said in a statement on the company's web site.
For the Record
Russian banks brought more foreign currency into the country in October than in any other month in at least 12 years. (Bloomberg)
Dixy Group said nine-month profit more than tripled to 242.8 million rubles ($8.7 million). (Bloomberg)