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Business Mir № 16, Spring 2010

Culture
FABERGÉ’S REBIRTH

On September 9th, 2009 (9/9/9) the world famous house of Fabergé officially reopened after a 90-year hiatus. Now majority-owned by Pallinghurst Resources with family members on the board, the company has designed a revolutionary new business model including round-theclock online client service. Fabergé is aiming to reclaim its glorious past and international reputation for excellence. An interview with Fabergé CEO Mark Dunhill at his Geneva boutique.

Lifestyle
OFFICIAL DINNERS: THE BUSINESSMAN’S DILEMMA

	Business travellers who are constantly on the go don’t always have a choice in deciding on the foods they may be expected to eat. Some dishes, appetising as they may seem, can have drastic consequences on people who suffer from food allergies. What foods should one be most wary of under the circumstances? And what kinds of precautionary measures can be taken in these cases?
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Economy
“THE RUSSIAN JUDICIARY SYSTEM IS FAR MORE RELIABLE THAN MANY BELIEVE IT TO BE”

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Russia is subjected to a lot of bad press when it comes to questions of upholding and respecting the law. It has reached a point where entrepreneurs hesitate to develop and invest in business ventures in that country. But what is the true situation today – 20 years after the collapse of the USSR? An interview on the subject with Max Albers and Thomas Heidemann, partners at CMS – a renowned European law firm specialising in commercial and business law with offices in Russia since 1992.

Economy
“GENEVA’S SUCCESS – AND SWITZERLAND’S SUCCESS IN GENERAL – RESTS ON TWO ELEMENTS: COMPETENCE AND TRUST“

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	Geneva is at a crossroads right now. Although it has become the economic centre of a region reaching beyond the nation’s borders and continues to foster its international ambitions for the future, the canton has to make some tough decisions if it wants to guarantee further development in the coming years.
	READ

Lifestyle
PROPERTY IN LATVIA: SEIZE THE DAY

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	Property investors are bound to benefit from the fall of Latvia’s real estate market, which was provoked by the global recession and a general slowdown of the country’s economic growth.
	READ

Lifestyle
THE GEMS OF SWISS SPAS

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	Switzerland’s hot springs, natural beauty and luxury hotels have long made it a favourite destination for those seeking a health-oriented holiday or even a mini-break from the stress of daily life. Business Mir has selected a few outstanding spots to recharge your batteries.
	READ

Lifestyle
SWISS RIVIERA: THE NEW EL DORADO FOR REAL ESTATE INVESTORS

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	Nowadays, more and more people are concerned about the advantages of comfort, health and security. Due to poor environmental conditions, air pollution and unreliable sources of fresh water, people are frequently tending to look for a more favorable places to live, like the Swiss Riviera.
	READ

Politics
THE EU'S FUTURE AFTER THE LISBON TREATY

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	The Lisbon Treaty introduced significant political changes which will officially be adopted by the EU nations in 2010. These include the establishment of veritable European ministries, such as the European External Action Service (EEAS).
	READ

Politics
UKRAINE: YANUKOVYCH TURNS TO WEST, CALLING ON MOSCOW FOR HELP ALONG THE WAY

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	Ukraine’s European neighbours need not fear that the country’s new president, Viktor Yanukovych, might make some unexpected political or economic U-turn.
	READ

Politics
ROUTES OF INTERACTION

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	Russia's relations with European countries are not always sunny. Cloudy and even thunderous conditions may prevail from time to time, if not outright tension; but all this is in the natural course of things. After all, don’t such things happen now and again within the EU family itself, as demonstrated by the recent crisis in Greece, for example?
	READ

Russian Economic News

	Central Bank affirms refinancing rate
	31-08-2010 MOSCOW. The board of directors of Russia’s Central Bank has decided to affirm the refinancing rate and the interest rate on its transactions, the bank’s external and public relations department said. Given the current trends in the Russian economy and persistent inflation risks due to obtaining monetary conditions, the Bank of Russia deems it possible to affirm the parameters of the monetary and credit policy aimed at facilitating the growth of loan activity in the banking sector and resumption of sustainable economic growth, the statement reads.	X

	LUKoil ups production of market-grade hydrocarbons 2% in 1h10
	31-08-2010 MOSCOW. LUKoil on Tuesday reported that its six-month production of market-grade hydrocarbons grew 1.9% in the first six months of 2010 year-on-year, to 2.262mn bpd of oil equivalent. Daily gas production rose 25.5%, to 300,000 bpd of oil equivalent, Russia's number two oil producer said. The company produced 48.14mn metric tons (353.8mn bbl) of crude in the reporting period. Market-grade gas production was 9.24bcm (326.2 bcf), including 6.76 bcm in Russia (up 34.9% y-o-y) and 2.48 bcm at foreign operations (up 5.6%). The company’s oil refining at own facilities grew 8.2% to 32.41mn tons, including its share in the ISAB and TRN refineries. LUKoil’s Russia based refineries showed a 1.5% increase in production volumes and foreign facilities 26.1%. The company exported 20.4mn tons of crude and 12.9mn tons of refined products in the reporting period; its total sales grew 2.7%, to 76.8mn tons (564.5mn bbl).	X

	Legislative initiatives: August 20 – 27, 2010
	31-08-2010 MOSCOW. President Dmitry Medvedev instructed the government to work out proposals to develop the system of local governments. * The Federal Anti-trust Service proposed establishing a common system of exchange grain trade through launching round-the-clock trading. * Services conglomerate Sistema board chairman Vladimir Yevtushenkov and Anatoly Chubais, the head of state nanotechnologies corporation RusNano, proposed adopting a programme to regulate the country’s microelectronics sector. * The Natural Resources Ministry approved the structure of draft guidelines of Russia’s state environmental policy through 2030. * The bill expanding the powers of executive power bodies regarding emergency relief payments was submitted to the State Duma, the lower house of parliament. * Participants of a round table in the Federation Council, the upper house of parliament, decided that the law on police needs to be revised. They proposed that President Dmitry Medvedev hold a meeting of the State Council and that the Federation Council convene the Council of Legislators to discuss the issue. * The Natural Resources Ministry drafted measures to stimulate the exploration of Russia’s continental shelf. *** The State Duma may consider a government bill to simplify the licensing procedure in October 2010.	X

	M.video may acquire Ukrainian retailer Comfy
	31-08-2010 MOSCOW. Russian consumer electronic retail chain M.video is in talks to acquire Ukrainian electronic... YOU NEED A SUBSCRIPTION TO READ THIS ARTICLE	X

	Russia invites China to join three uranium projects
	31-08-2010 BEIJING. Russia has sent proposals to China to set up three joint ventures to mine uranium. Sergei ... YOU NEED A SUBSCRIPTION TO READ THIS ARTICLE	X

	Investors to withdraw $10bn from Russia in 2010
	31-08-2010 MOSCOW. Net capital outflow from Russia will be about $10bn in 2010, Deputy Economic Development Min... YOU NEED A SUBSCRIPTION TO READ THIS ARTICLE	X

	World Bank Group member to invest over $1bn in Russia
	31-08-2010 MOSCOW. The International Finance Corporation (IFC) will invest some $1.1bn-$1.2bn in Russian projec... YOU NEED A SUBSCRIPTION TO READ THIS ARTICLE	X

	Sibirtelecom’s IFRS net profit up almost 190% in 1h10
	31-08-2010 MOSCOW. Sibirtelecom, Siberia’s largest telecoms operator, posted a 187% increase in its net profi... YOU NEED A SUBSCRIPTION TO READ THIS ARTICLE	X

	National TV company to help Sistema build film studio
	31-08-2010 MOSCOW. VGTRK, Russia’s national TV and radio broadcasting company, has reached an agreement with ... YOU NEED A SUBSCRIPTION TO READ THIS ARTICLE	X

	$59mn to be invested in building four small hydropower plants in Karelia
	31-08-2010 PETROZAVODSK. An investment project to build four small hydroelectric power plants with a total capa... YOU NEED A SUBSCRIPTION TO READ THIS ARTICLE	X

	Cigarette filter plant in Pskov Region to be unveiled in 2011
	31-08-2010 PSKOV. A cigarette filter plant in the Pskov Region to be unveiled in 2011 will be a carbon copy of ... YOU NEED A SUBSCRIPTION TO READ THIS ARTICLE	X

	Finance ministry sees no need to review monetary policy
	30-08-2010 MOSCOW. Finance Minister Alexei Kudrin told the media when commenting on the country’s reviewed so... YOU NEED A SUBSCRIPTION TO READ THIS ARTICLE	X

	Russia remains competitive in military aircraft manufacturing and shipbuilding
	30-08-2010 MOSCOW. Russia’s military aircraft and naval ships are in great demand in the world, Prime Ministe... YOU NEED A SUBSCRIPTION TO READ THIS ARTICLE	X

	Government will continue to support Russian carmakers
	30-08-2010 MOSCOW. The government will encourage foreign automakers to localise production in Russia, including... YOU NEED A SUBSCRIPTION TO READ THIS ARTICLE	X

	FGC UES to provide electricity to Transneft’s projects
	30-08-2010 MOSCOW. Russian electric grid company FGC UES, the country’s largest hydroelectric power producer ... YOU NEED A SUBSCRIPTION TO READ THIS ARTICLE	X

	Kinross buys two Chukotka gold mines
	30-08-2010 MOSCOW. Canadian Kinross Gold Corp has closed a deal to buy 100% of shares of Aurelius Holdings Ltd,... YOU NEED A SUBSCRIPTION TO READ THIS ARTICLE	X

	Norilsk Nickel pays 2009 dividend
	30-08-2010 MOSCOW. Norilsk Nickel completed the payment of dividends in the amount approved by the Annual Gener... YOU NEED A SUBSCRIPTION TO READ THIS ARTICLE	X

	Kalina’s IFRS net profit up 5.3% in 1h10
	30-08-2010 MOSCOW. The net profit of one of Russia’s leading cosmetics producers, Kalina, calculated to Inter... YOU NEED A SUBSCRIPTION TO READ THIS ARTICLE	X

	Mechel, FGC UES, RusHydro reach deal to power Elga coal deposit development
	30-08-2010 MOSCOW. Russia's leading mining company Mechel, the country’s largest hydroelectric power producer... YOU NEED A SUBSCRIPTION TO READ THIS ARTICLE	X

	Town of Sokol to be modernised under investment plan
	30-08-2010 VOLOGDA. The administration of the northwest Russian Vologda Region has approved a modernisation pla... YOU NEED A SUBSCRIPTION TO READ THIS ARTICLE	X

Economic bulletin

MACROECONOMIC AND POLITICAL RISKS IN RUSSIA № 33
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