Articles by Maxim Tovkailo



Inspection Services' Benefit Not in Profit

  • 19 May 11
  • Bloomberg
Government watchdogs are unprofitable Ч in 2010 they spent 91.2 billion rubles but sought fines of only 12.5 billion rubles.

Tourism Industry Has Room to Improve

Russia came in 59th out of 139 countries worldwide in the World Economic Forum's latest tourism industry ranking.

Central Bank Raising $117M Seaside Resort in Sochi

The Central Bank will spend $117 million to build a 200-room, four-star resort in Sochi as part of the effort to offset the shortage of hotel space for the 2014 Olympics, the Regional Development Ministry said late last week on its web site.

Mazda Plans Automobile Assembly in Far East

Mazda plans to begin assembly of its cars in Primorye, the region's government announced, making it the first foreign car manufacturer to start a production facility after the crisis.

Economic Ministry Suggests Property Inspections

The Economic Development Ministry is proposing that property inspections be carried out starting in 2013 to increase tax collection rates, ministry department head Andrei Ivakin told Vedomosti.

MTS CEO Warns of $585M in Lost Turkmenistan Profit

Mobile TeleSystems has filed lawsuits against Turkmenistan's Communications Ministry for suspending its license to operate, and the Russian government has intervened to defend MTS's interests.

Moscow to Start Asset Sales With 78 Stakes

City Hall will begin the large-scale asset sale promised by Mayor Sergei Sobyanin with stakes in companies where Moscow is not the controlling shareholder, according to a list obtained by Vedomosti.

Liberal Economist Joins Volodin

Prime Minister Vladimir Putin has appointed Anna Popova, a deputy economic development minister described by colleagues as a staunch liberal, as the first deputy for his new chief of staff, Vyacheslav Volodin.

Putin's Ride Boosts Ripe-Lemon Kalina Sales

AvtoVAZ is starting production of a bright yellow Lada Kalina Sport Ч just like the one Prime Minister Vladimir Putin used for his road trip on the Amur highway at the end of August.

Moscow Leads in Building Red Tape

While it is becoming easier to build, administrative barriers in several regions, such as Moscow, remain high, the Regional Development Ministry said in a report.

Medvedev Orders Customs Service Reforms

Acknowledging that cumbersome customs regulations are causing Russia to fall behind in its battle to attract investment, President Dmitry Medvedev ordered a reduction in the number of outdated customs regulations, among other measures.

Up to 50% of Checks on Small Business Illegal

The majority of unplanned checks on small businesses are not being approved beforehand by the Prosecutor General's Office, which is being circumvented in half of all inspections, the Economic Development Ministry has found.

'Last' Huge Oil Fields to Cost $2Bln

The Energy Ministry is seeking a record price of 60 billion rubles ($2 billion) to develop the Trebs and Titov oil fields, and the government looks determined to get as much as it possibly can from oil companies for the massive deposits.

Putin Offers Mild Punishment for Kremlin Offenders

Prime Minister Vladimir Putin has issued reprimands to six deputy ministers for not fulfilling presidential orders in a timely fashion, a Kremlin spokeswoman said.  The deputy ministers included ones in finance, energy and sports.

$32Bln in Tax Debt All But Written Off

Every year, the Russian budget does not receive about 1 trillion rubles ($32.4 billion) in revenue from late taxes and fines, a sum that is not even included in budget projections.

Privatization to Get Information Support

A large level of informational support will be needed for privatization, according to the Federal Property Management Agency, which is writing to investors and inviting them to presentations.

'National Nanotechnology Network' Announced by Government

The nanotechnology research network was created as part of the federal targeted program on developing the nano-industry from 2008 to 2010, an Education and Science Ministry official said.

Ismailov to Build Hotels For Sochi Olympics

Telman Ismailov, founder of the now-liquidated Cherkizovsky market who drew criticism for building a $1 billion five-star hotel in Turkey, will build almost 10 percent of the hotel space needed for the Olympics in Sochi.

Legal Flaw Jeopardizes Strategic Sector Investment

Major purchases by Gazprom, Gazprom Neft, Novatek, Sistema and other companies could be ruled invalid because of a broad interpretation of the phase "a group of entities," though officials are promising to fix the legal flaw.

State Provides Guarantees on PPP Bonds

Prime Minister Vladimir Putin has signed a decree on the provision of state guarantees on corporate bonds that are issued to raise funds for major investment projects.

Levitin Pushes Revival of Road Funds

The Transportation Ministry wants to return to the use of separately administered funds to pay for road construction, but the Finance Ministry opposes the idea, saying it would lead to corruption and be impractical to finance.

Federal Funding to Support Innovative Clusters

The Economic Development Minister will gather plans from regional governments by March 15 to decide on how much money will be allotted from the federal budget for innovative clusters, which are groups of linked enterprises concentrated in a single territory.

Gazprom Middlemen Face Audit On Exports

Gazprom is conducting an internal audit of export schemes to sideline unnecessary intermediaries, a manager at the state-run gas export monopoly told Vedomosti.

Government Asks Investors for Privatization Feedback

The government is planning to ask investors what assets they would like to buy from the state, an idea proposed by First Deputy Prime Minister Igor Shuvalov to speed up privatizations.

AvtoVAZ Workers Offered Chance to Move

In a pilot project designed to help residents of single-industry towns find work elsewhere, redundant staff from carmaker AvtoVAZ are to be rehoused in another city.

Kudrin: Tax Breaks for East Siberian Oil Fields Hurting Budget

A tax break won by the oil industry last year that eliminated export duties for 13 fields in eastern Siberia is taking an unexpectedly high toll on budget revenue and has the Finance Ministry alarmed.

Belarussian Firm Quits Sochi Biathlon Project

Traipl, a diversified Belarussian business group, has backtracked on plans to develop a 257 million ruble biathlon complex in the host city of the 2014 Winter Olympics.

VEB Gets Welfare Fund Cash for Infrastructure

The funds will form a resource base for Vneshekonombank and are needed to finance the bank's own lending and investment activity, the state corporation's press service said.

Housing, Autos in 2010 Anti-Crisis Program

The 2010 program could in part be considered a post-crisis development plan, which all members of the G20 are supposed to create.

Russian Technologies Blocks VEB Loan to Engine Maker

At an Avtodizel shareholders meeting, Russian Technologies voted against taking out a 5.8 billion ruble VEB loan to manufacture a new line of truck engines.