The order book exceeds $ 4 billion

The order book Aircraft Corporation MiG exceeded $ 4 billion, said on August 12 in an interview to RIA "Novosti" CEO Sergei Korotkov. The company's plans, he connects with on-ground market MiG-29K/KUB modifications.

"Speaking of the situation to blink on the world market, it should be noted strong demand for our products. The order book exceeds the corporation $ 4 billion "- said Mr. Korotkov. In late 2011 the company will supply five MiG-29K/KUB for the Indian Navy. In March 2010 the company signed a new contract with the Ministry of Defence of the country $ 1.5 billion for the supply of additional 29 fighters in its class. Design Office will supply aircraft to the customer in 2012. Currently, the MiG is completing negotiations with the Russian Defense Ministry to supply fighters for the Navy MiG-29K/KUB Russia. Commenting on the upcoming plans of the company, Sergei Korotkov said "time to market for land modifications MiG-29K/KUB strengthen the position of the corporation, as many traditional customers are looking for MiGs aircraft to replace the aging fleet."

Sberbank has announced three new "Kyoto" Contest

Savings Bank announced another contest to select the Kyoto Joint Implementation (JI), was first organized it on a sectoral basis and increasing the competitive limit to 70 million tonnes of carbon credits from the state. Meanwhile, prices for Russian reductions in the secondary market of the EU have fallen from € 11-13 per tonne in 2010-2011 to a value below € 9. Growth prospects of the market price does not see - the best time to trade reductions in the EU has lost in interagency coordination.

On Friday, the operator of the carbon market of the Russian Federation Savings Bank has announced three parallel industry of the competition, which will be drawn 70 million tons of carbon credits from Russia in favor of private projects, Joint Implementation (JI), which are implemented under the Kyoto Protocol. Competition limits are divided as follows: 30 million tons - to projects in the fields of energy, the same - the "industrial processes", while the remaining 10 million tonnes of CO2 equivalent - for projects in the field of waste management. Acceptance of bids ends September 5, 2011.

In practice, the Russian market SAR design, in which the Savings Bank conducts several contests, the first use. In addition, the first and second competitions, which played out 30 million tons (this limit is set to contest the decision of the government) did not anticipate and sectoral approach (see "Kommersant" on 30 July). The desire to accelerate the selection of the Savings Bank of joint implementation projects to be expected. In June 2011, President Dmitry Medvedev demanded to "speed up the selection and approval" of the Russian JI and agree to the June 17 amendments to the current ruling government, initiated by the operator (see "Kommersant" on 10 and 28 June). The amendments, in particular, suggested simplification of tender procedures and emission reductions of greenhouse gas project, mandatory reinvestment of part of the "Kyoto" money and the abolition of the competitive limit. In turn, the head of Sberbank German Gref, Dmitry Medvedev promised to "fast raskassirovat" € 600 million potential "Kyoto" money and get another € 1,4-1,9 billion in 2012, before the end of the period of the Kyoto Protocol.

Amendments to the Decree of the Government Savings Bank has not yet been agreed. Recall Ministry of Natural Resources says it has no control over the target of Kyoto reinvestment of money, and requested Sberbank doppolnomochiya not assume any liability of the operator. "I would not call it a controversy. We believe that when it comes to investing funds, then some control mechanisms must be provided. They should be as debureaucratized, but they should be," - said the head of Ministry of Natural Resources Yuri Trutnev.

To date, no international negotiators, nor, especially, Russian regulators have no idea what will be the global design market in "post-Kyoto period" and whether it will exist at all. On establishment of the internal market of greenhouse reductions in the RF speech does not go. German Gref promised billions of euros in the Savings Bank and responsible for implementing the PSO officials would have to produce, coming up with new schemes in terms of unresolved institutional problems of regulation. This proves the last competition of the industry, and government officials and the company found "Halopolymer 'ability to increase the project emission reductions to offset their non-competition goskvotoy (legitimacy latest innovations, we recall, is put into question by lawyers, see" Kommersant "on August 4).

Such problems, although a negative impact on the price of Russian cuts in the secondary European markets (for example, the uncertainty period for delivery of contracted emission reduction units (ERU) makes Russian reductions more cheaply, for example, Chinese), but no longer play a decisive role in the demand for ERUs from the Kyoto RF. Today the price of December futures on the ERU in European trading system - less than € 9 per tonne discount to them in relation to European quota increases (see chart). Falling prices for "carbon" is due not only to global stock market panic, convinced market participants: the time when the rules of the game in the transaction could dictate a seller than a buyer's time. The fact that EU companies can buy to cover their obligations reductions abroad only by 10%, and this reserve with the approach of 2013 tends to zero. If in the course of 2010 to sell the ERUs can be priced from € 11 to € 13 per tonne, now get the price of € 9 is already very profitable. And in this situation, the losers were not only those companies who will win in the new competitions Savings Bank, but those who did not have time to contract to reduce their past.

Russian banks will finance from the East

Interest in the Fund to the capitalization of Russian banks, which initiated the establishment of an IFC (International Finance Corporation), was shown by foreign investors. As the "Y", Middle East sovereign fund Abu Dhabi Investment Authority may invest in regional banks $ 100 million interest in participating in the capital stock expressed and other institutional investors, their total investment in the banking sector could reach $ 1 billion

At the disposal of "b" were the documents prepared for the meeting of VEB's supervisory board on the participation of state corporations in the capital of the Fund's capitalization of Russian banks. As follows from the bank, expressed interest to fund a number of foreign investors, among them, in particular, the Middle East sovereign fund Abu Dhabi Investment Authority, which may invest in the equity fund $ 100 million in "interest in participating" in the fund have also demonstrated the Korean Investment Corporation and National Pension Fund of Korea. Source: "b" in the VEB has confirmed the reliability of the materials and their relevance. According to him, they will be considered at the next meeting of the Supervisory Board, the date of which has not been determined.

For the first time the establishment of the Fund's capitalization of Russian banks IFC, a member organization of the World Bank, put forward in 2009. Corporation proposed to establish such a fund in partnership with the state, as well as to private investors. An agreement with IFC in June signed by the Minister of Finance Alexei Kudrin.

Previously reported (see "Kommersant" on 15 June) that the contribution of VEB's capital fund of $ 250 million, plans to list as many IFC, a $ 50 million - the Finance Ministry. The Fund should begin early next year, its volume can reach $ 1.5-1.7 billion rubles., With contributions from IFC, VEB and the Finance Ministry will not increase. As follows from the bank, a fund which will be a period of eight to ten years, plans to invest 10-15 Russian banks, both large and small.

The presentation VEB said that in each of the three or four major banks (10-60th place in terms of assets) may invest $ 100-300 million, and smaller banks (60-200-th place in terms of assets) can be embedded for $ 20-100 million

Manage a fund to be Asset Management Company (AMC, 100-percent "daughter" IFC), to decide which ones in the capital of banks to enter, will be the investment committee. AMS Award for fund management will be 1.5-2% of capital raised and 20% of the profits remaining after payment of the minimum rate of return to investors (at 8% per annum).

The stated rate of return on investments in the banking sector get very real, experts say. "The fund will invest in medium-sized banks that are actively growing and consolidating around a smaller players. To develop further, they need capital and investors after banks get stronger, to capitalize on this", - said Head of Research and strategist Market shares of the company "Capital opening" Vladimir Savov. "This is a promising idea, because the lack of capitalization of small and medium-sized banks has always been a brake on the development of the banking system. In this part of the state - an additional guarantee of reliability of investment for foreign investors", - said deputy general director of "Agana" Oleg Sukharev.

I IFC has experience of investing in Russian banking sector. Thus, a corporation engaged in the capital of MDM Bank, Absolut Bank, Loko-Bank, Primsotsbanka, Rostpromstroybanka, Asian-Pacific Bank. IFC is the largest foreign investor in Russia's banking sector, together with the European Bank for Reconstruction and Development, which since 1994 has participated in 12 capital of Russian banks, including banks, "St. Petersburg", "Spurt" SDM-Bank.

According to Managing Director Vladimir BCS Solodukhina for foreign investors to participate in the capitalization of Russian banks through the IFC fund is a good opportunity to enter the Russian market. "Foreigners are quite difficult to enter the Russian banking sector. The easiest way to do this - buy an exchange-traded stocks on the market but only two" blue chips "- Sberbank and VTB," - said Mr. Solodukhin.

"The cost of entry into the capital of each bank is different and depends on its specificity, risks and profitability," - said the analyst, "Troika Dialog" Olga Veselova. Nevertheless, she agrees that such investments are generally profitable. However, there are exceptions. So, Mrs. Veselov indicates that Barclays paid for Expobank an amount equal to four of its capital, but at the exit of this investment has suffered a loss of $ 100 million and there is a risk that the expiration of the Fund Bank will not be able to hold an IPO or to attract investors .

Meanwhile, the head of one of the largest Russian investment funds said that the main problem of Russia's banking sector - it's opacity. "Suffice it to mention the example of the problems that popped up at the Bank of Moscow. If they have such big players, the smaller banks the situation could be worse. That is why the Russian banking sector is not very popular among domestic investors, although long-term money is, and we "

"Rosatom" was invited to the Emirates

Russia has a chance to win a contract to supply nuclear fuel for the first Arab nuclear power plant being built by Korean KEPCO. In Abu Dhabi, insisting on the return of spent nuclear fuel producing country. Under these conditions, except for "Rosatom", can run only the French Areva. But while Russia does not have technology to produce fuel for Korean reactors.

United Arab Emirates (UAE) have started negotiations with Russia and France on the possible supply of nuclear fuel under construction in the country's first nuclear power plant. About this media reported UAE permanent representative to the IAEA, the United Arab Emirates Hamad al-Kaabi. According to him, the UAE would prefer such an agreement which provides for the return of spent nuclear fuel (SNF) to the manufacturer.

UAE to become the first Arab country with nuclear power. The tender for the construction of nuclear power plants worth chetyrehblochnoy $ 20.4 billion in 2009 won the Korean company KEPCO. The first block of the station to become operational in 2017, the entire station will be completed by 2020. Supplier of fuel for nuclear power plants has not been determined, the competitive procedure of his choice for the first 15 years of service stations to be completed next year.

In the fuel element of (the company that combines the assets of "Rosatom" to enrich uranium and produce nuclear fuel), "b" have confirmed that talks with the UAE, but refused to disclose further details. Now TVEL is the monopoly producer of nuclear fuel in Russia, but also retains nearly 100% market share of fuel for nuclear power stations of Soviet and Russian design abroad. The company also manufactures in suburban IGC Technology French Areva fuel that is used in the European nuclear power plants.

In the nuclear industry there is a strong bond between the companies with reactor technologies and fuel suppliers. For example, the only attempt so far to compete with the fuel elements in creating fuel for the most common type of Russian VVER made Westinghouse (experimental batch was placed at the South Ukrainian nuclear power plants). In turn, the fuel element has its own project, "TVS-Square", designed for nuclear power plants of western design. The company intends to complete the 2015-2016 year, the licensing process, "TVS-Square", said a year ago the vice-president Vasily Konstantinov fuel elements.

Since the UAE is critical for the return of spent nuclear fuel manufacturer, a list of potential suppliers is limited. For example, the same Westinghouse does not return its fuel, leaving it on deposit from the buyer. Re-export of spent nuclear fuel is used only "Rosatom" and Areva. Russia enters into such agreements on the majority of new projects to build nuclear power plants.

Technology to create a new fuel for reactors with the Korean "Rosatom" no. But under the fuel supply can be understood not only the export of finished assemblies, but any degree of processing, such as providing uranium enrichment services, sales of fuel pellets or natural uranium, said the head of the news agency Nuclear.Ru Ilya Platonov. As for fuel cells, he says, the incinerator is already supplying fuels to meet the needs of both external and internal market (including a floating nuclear power plant reactors on fast neutrons, etc.). Ability to supply them to the UAE depends, firstly, on its ability to master a technology of production, and, secondly, on the economic feasibility. In this case, says Mr. Platonov, it is a contract for 15 years, its volume can be roughly estimated at several hundred million dollars - the question is whether it is to recoup the cost of implementing and licensing of new technology.

Norwegian media group sold its business in Russia

Norwegian media group Schibsted, operating in 25 countries, refused to businesses in Russia. Having sold more in 2009, local partners, the newspaper "Moy Rayon" in Moscow, the Norwegians came out and now the founders of "My area" in St. Petersburg. This is one of the most popular books in the city last February started talking about the possible resignation of the governor of St. Petersburg Valentina Matvienko, and then subjected to the opinion of the editorial board, "unprecedented pressure".

On the Russian market the Norwegian Schibsted out in the spring of 2006, bought for $ 3.3 million 66.7% of LLC "Regional independent newspapers of the North-West", published in St. Petersburg since 2002, a free weekly "My Area". Content of this paper differs from the distribution area: a local news will be limited to 40% of output. For each specific area is going, and advertising. Now in St. Petersburg comes ten variations of "My Area". Audience of one number on the average, according to TNS Russia for December 2010 - April of 2011, 543.3 thousand persons over 16 years. From this figure weekly in St. Petersburg, above only "AIF" (690.4 thousand) and TV Guide, "Antenna-Telesem" (642.3 thousand), whereas, for example, at Friday's "plump", "Komsomolskaya Pravda", he is only 422.5 thousand people.

Also in 2006 Schibsted has invested approximately $ 4.4 million to launch "My area" in Moscow. Initially, weekly capital model was the same as in St. Petersburg, but in a crisis, the fall of 2008 the publisher was forced to abandon the localization of content. Now in Moscow go nine versions of "My Area", which differs only advertising. Weekly audience in the capital, according to TNS Russia, - 516,2 thousand people. For comparison: the "AIF" - 1.387 million, the "Antenna-Telesem" - 1.396 million, from Friday, "Komsomolskaya Pravda" - 1.025 million

Of losing "my district" in Moscow has got rid of Schibsted in 2009, sold his share to management. Weekly for the capital was created a separate legal entity - LLC "Independent regional newspapers Center," which became the founders of the founder of "my area" Grigory Kunis, his brother Dmitri, Yuri Joffe. From the project in St. Petersburg, Norwegian group then did not give up, on the contrary, taking advantage of an option, even increased in 2009, its share to 79.4%.

But this year, Schibsted decided to still leave the Russian market, according to "Kommersant" the group's spokesman Anders Rikter. According to him, has been revised international strategy, and now outside of its core markets - the Nordic and Baltic countries - Schibsted is only interested in specializing in advertising online resources. Group's share of LLC "Independent regional newspapers North-West" last June bought Grigory Kunis. Amount of the deal not disclosed. Mr. Kunis said only that it was less than the initial investment Schibsted. In 2010, the newspaper in St. Petersburg, has worked at a loss, but this is expected to reach self-sufficiency, said Grigory Kunis.

Founded in 1839 by a group Schibsted is represented in 25 countries. In particular, it publishes daily Aftenposten in Norway, Svenska Dagbladet in Sweden, 20 Free Minutes in France and Spain. Revenue in 2010 - 13.768 billion Norwegian crowns (€ 1,75 billion), net profit - 2.931 billion kroner (€ 373 million). Capitalization yesterday - 15.844 billion kroner (€ 2,01 billion).

Schibsted of care was preceded by Russia, according to the St. Petersburg version of "My Area", "unprecedented pressure" on the paper. In February, the weekly published an article entitled "Seeing Matvienko: everything is ready, it's time to start?" Where politicians were discussing whether Moscow has announced an information attack on the administration of Valentina Matvienko. After that, in respect of the publication was started by an unscheduled tax inspection, and the retail network, "Okay," contrary to the treaty against the spread of newspapers declined in its hypermarkets. Member of the Board of Directors of "independent regional newspapers North-West" Bernard Moore even sent a letter in March, Governor Valentina Matvienko, trying to get her attention "to the unacceptable actions of subordinates." In response, the administration assured the publication of Smolny, in Russia the pressure on the media is against the law. In May, "my district" said the unscheduled tax inspection is completed, no violations were found.

This story scared off by "my area" of advertisers, that could become an additional incentive for Schibsted departure from the Russian market, admits Gregory Kunis. However, he assured that the editorial policy of the newspaper after the change of the founders will remain unchanged

The second largest player in the mortgage market - VTB 24

The second largest player in the mortgage market - VTB 24 - the results of last year showed the growth of the portfolio is 2.3%, follows from its international reporting, while the market grew by 11.8%. The bank argued that the issuance of mortgages has increased almost threefold over the previous year, and cause a modest portfolio growth was an increase in the volume of early redemption. Other leading players in the mortgage market this trend is not observed.

The second player, after the Savings Bank in the mortgage market - VTB 24 (the Savings Bank's market share - 53%, VTB 24 - 16%) showed a very modest portfolio growth for the last year - just 2.3%, that is 4 billion rubles., To 178 billion rubles. follows from the Bank of IFRS for 2010. It is even less than in the crisis year of 2009 - 5.5 billion rubles. When the mortgage market was half alive and in fact the whole issue was to refinance troubled loans. In 2008, VTB-24 showed twofold increase in its mortgage portfolio.

Thus, in the growth of the portfolio in 2010, VTB-24 yielded the position of Gazprombank (market share of 6%), which, according to IFRS, built up its mortgage portfolio by 9.9 billion rubles., To 65.2 billion rubles. Issuance of mortgage he was just over 16 billion rubles. Sberbank portfolio growth by the end of 2010 according to IFRS amounted to 90.99 billion rubles. According to the press service of the Savings Bank in 2010 were granted housing loans worth 220.7 billion rubles., And the amount of repayment for the year totaled 134.9 billion rubles.

According to official statistics, the Central Bank in 2010 was granted mortgage loans worth 380 billion rubles., The portfolio of January 1, 2011 amounted to 1.13 trillion rubles. Increased during the year to 120 billion rubles. A year earlier, the volume of issuance amounted to 151.5 billion rubles. In 2008 the figure was 665.7 billion rubles. The largest banks in terms of the mortgage - Sberbank, VTB 24, GPB, the bank "DeltaCredit", "KIT Finance", "Uralsib", accounting for 87% of the market.

In the VTB-24 is so modest mortgage portfolio growth was explained by the fact that new loans given quite a lot, but the citizens faster rate early repayment of earlier loans. "We've issued in 2010 to two and a half times more mortgages than a year earlier, while the increase was smaller than in 2009 - said the deputy director of the department mortgage VTB 24 Elena Tarasova .- This is due to the fact that in the past year and a half very strongly increased amount of early repayment. At the exit from the crisis all their savings accumulated in a crisis, customers are directed to repay the mortgage. " According to her, it makes the bank's concern, as the mortgage may become unprofitable if the amount of early repayment will be critical. "You can prevent this only by increasing the duration of the moratorium on prepayment, which is now three months - she continues .- But in the rush of high number of departments in respect of the rights of consumers, such measures must be well weighed."

The second factor influencing the growth of its mortgage portfolio VTB 24, according to Ms. Tarasova was the revaluation of the currency - about 30% of the mortgage portfolio is formed in the currency. Meanwhile, by end of 2010 the ruble against the dollar virtually unchanged (30.5 rubles. / $ At the end of the year against 30.2 rubles. / $ At the beginning) fell euros (40.33 USD. / € 43.5 vs. rub. / €), while in practice most of the foreign currency mortgage is formed by the dollar.

Does not confirm the market and a sharp increase in prepayments. According to the Central Bank, in 2010 the volume of prepayments on the mortgage of 96 billion rubles. against 76.8 billion rubles. a year earlier, which means it has decreased in relative terms, amid growing issuance of mortgage in two and a half times. "Usually the amount of early repayment of mortgages is 7-12% of the portfolio, and it is in the best years - said a member of the board of Gazprombank Valery Seregin .- There is no spike in the past year, we did not notice." Have not noticed anything like this in the bank "DeltaCredit." "Prepayment really" eats "a significant part of the output to ramp up a portfolio, for example, 40%, we should increase the issuance of up to 80% - said vice-chairman of board of bank" Revival "Oleksandr Dolgopolov .- But I would not say that the volume early redemption is now much higher than before the crisis, we have this figure is approximately the same level. "

The difficulties of organic growth of mortgage portfolio VTB 24 can compensate for the purchase of mortgage loans from other banks. The acquisition of the mortgage portfolio in "KIT Finance" worth 36 billion rubles. be held this year.

The signing of the contract will look Vladimir Putin

Today in Zhukovsky in the second day of the MAKS-2011 experts expect the conclusion of major transactions in aeronautical engineering. The second day of MAKS is more intense than the first, as most market participants and state agencies intended to coincide with the conclusion of contracts to attend the air show Prime Minister Vladimir Putin.

Today, as part of the second day of MAKS is expected to sign a number of strategic contracts. In particular, according to the "Russian Technologies", will be awarded a contract for 50 aircraft MS-21 with "Aeroflot". The signing will take place in the presence of Prime Minister Vladimir Putin.

Also today, as expected, "Aeroflot" officially unveil the information that a working group that will study the possibility of buying aircraft A380. Also today, according to "Kommersant", the airline "UTair" sign an agreement to supply 24 aircraft SSJ. General Director Andrey Martirosov airline did not deny this information, but details are not told, saying that he wanted to keep the intrigue.
"MAX is interesting, first of all, foreign sellers"
At the air show in Zhukovsky, Russian side plans to conclude all three contracts to supply military aircraft MiG and Yak ...

Some participants also MAKS prefer not to announce future contracts even in the common parts. For example, a major contract to sign today the lessor "Ilyushin Finance.", But which one, the company declined to specify. In addition, under the Paris Air Show to be held a roundtable on the problems of the domestic airline industry, organized by the Ministry of Transport.

Head of research at "the airport" Oleg Panteleyev also expects announcements of large government orders for military equipment. He expects to be concluded more and larger contracts for delivery of 40 Mi-171 helicopters airline "UTair" and "Gazpromavia".

Russian microfinance market, whose volume is estimated at 30 billion rubles

Russian microfinance market, whose volume is estimated at 30 billion rubles. Is becoming more organized. For extensive work with arrears of microfinance institutions (MFIs) have started a collection agency.

The fact that microfinance institutions increase the amount of debt transferred to the work of collectors, "Kommersant" said the head of the collection agency FASP Alexander Morozov. According to him, the company now employs about a dozen organizations to outsource several hundred debts.

Previously, micro-finance institutions to cooperate with collectors in pilot projects. In addition, collectors are actively working to take bad debts affiliated with MFI. For example, the FASP and debt platform "Vdolg.ru" which, in essence, a microfinance institution, the general shareholders. The agency "Sequoia Credit Consolidation" is Adela Holdings with MFI "Household Money" and the company on financing small and micro business "Finotdel." However, after the entry into force of the law "On Microfinance and Microcredit Organizations" and the emergence of the registry of such organizations, collectors have shown interest to delay the MFI, "the market". "MFIs have become tougher approach to the reservation, which, in turn, affect the allowable level of arrears" - indicates general director of "Sequoia Credit Consolidation" Elena Dokuchaev.

The greatest experience with debt collectors in the platform "Vdolg.ru" which actually is not microfinance, but the specifics of the subject of foreclosure there are similar - are loans issued to individuals for emergency needs under high percentage (up to 200% per annum). Unlike conventional MFI only that the lender is a natural person, and the platform is a "meeting place" of lenders and borrowers. According to the director "Vdolg.ru" Anton Tarasov, the work of collectors of debts transferred after the first day of delay. "In an earlier delay can recover about 70% of the debt, but debt whose age exceeds five or six months, are virtually unrecoverable, can return lish1 2%," - he points out. According to him, work in high-risk segment of the credit makes it necessary to cooperate with collectors.
Need to work with collectors to MFI confirms CEO "Financial Technologies" Andrei panel. "About a month ago we passed on the outsourcing agency" bailiff "portfolio of bad debts worth about 11 million rubles., About 20% of them have already returned - he says .- Given that the outstanding debt is about 40% of our portfolio, the transfer of bad debts collectors is more expedient than trying to self-punishment. "

However, not all market participants believe microfinance cooperation with collectors profitable. "Our experience working with collectors showed that the cost of their services and the effectiveness of sanctions can not be compared - says the president of the Criminal Code" Center microfinance "Paul Segal .- In our service recovery 30 people, and even considering the costs of organizing its work, work independently with poor debt is cheaper. " Agrees with him CEO of the agency "Microfinance" Andrew Marula, noting that security staff have worked in the company's collection agency, which allows them to use the experience and methods of the collectors.

Yet with the development of the MFI market transfer of their bad debts on outsourcing will become widespread, experts said. "Given the high rate of market development of MFIs in the future it will be a tangible source of income for collectors," - indicates Mr. Morozov. "Clearly, the prospect of collectors in the segment of micro-credit will rise, but their success will depend on whether they can develop special techniques for dealing with such debts" - believes the president of the National Partnership of Microfinance Market Michael Mamut.

The gold price on world markets has updated the historical maximum

The gold price on world markets has updated the historical maximum, set last week, rising to $ 1816.4 per ounce. Investors are buying the most secure assets, because they do not believe in global economic recovery. Against this backdrop, experts expect growth of quotations of up to $ 2,000 per ounce.

After a week's downturn in the market of precious metals at today's auction, the price of gold has exceeded the $ 1,800 per troy ounce. According to Reuters, by 16:00 Moscow time in the spot market quotations of precious metal reached a level of $ 1816.41 per ounce - a new historical record. This is 1.6% above the close environment, and more than 28% higher than the beginning of the year. Only in the last month and a half after the agency Moody `s has translated into Portuguese government bonds category of" garbage ", the price of gold rose more than 20%.

Investors buy gold again, as the low evaluated the prospects for recovery in global growth. Such fears intensified after the two representatives on the eve of the U.S. Federal Reserve (Fed) questioned the applicability of the quantitative easing policy for the world's largest economy (USA) (see today's b-Online). "The market is hoping that, as before, the Fed will solve economic problems by printing money opportunities. Hence the words of its representatives have provoked reduction in risk appetite and increased demand for protective assets such as gold, "- noted the director Dmitry Simargl Capital Garden.

The experts also one of the largest U.S. commercial banks - Morgan Stanley - have lowered forecasts for world GDP growth in 2011-2012 due to "inadequate" response to the European authorities debt crisis of the euro area, reducing investor confidence in the economy of the region, as well as a serious effort to consolidate the budget in some states. The forecast for the current year revised from 4.2% to 3.9% in 2012 - from 4.5% to 3.8%. According to experts of the bank, financial difficulties of the largest economies in the world, as well as increased volatility of markets led to losses in the trillions of dollars. At the same time slowing economic growth in Germany and the U.S. have a negative impact on investor confidence. "There is a belief that all these problems indirectly play into the hands of gold. The point is the effects that these factors have to exchange. Market participants have come from them and buy gold, - told Reuters the head of metals sales ANZ Peter Hilyard .- I am one of those who believe that gold is moving to around $ 2,000 per ounce. The fundamental causes are not changed, everything else trust few. "

Experts working on the "Strategy 2020"

Experts working on the "Strategy 2020" for the Russian government, came to the conclusion that the RZD should develop in state money. In addition, the team considers it necessary to revise the plan to sell subsidiaries of monopoly by imposing a ban on the sale of "strategic importance for the functioning of the branch companies." Findings were consistent with the fact that more than one year before the government is trying to convey itself a monopoly.

Expert Group, "Strategy 2020" published the next part of their opinions about the future economic development. At this time there were revealed the results of the study a subgroup of "Rail", in which experts have analyzed the reform of the railway industry.

Conclusions of overlap that the last two years trying to convey to the Government of OAO RZD. The experts of the "Strategy 2020" under the leadership of director general of the Institute of Natural Monopolies Yuri Sahakyan believes that the main problem of development of rail transport is "impossible in the short and medium term to fully meet the needs of the economy and population in traffic." As part of the cargo, according to experts, this is due to market liberalization: a situation where the Railways as the carrier is not his car, lost control efficiency of rolling stock, empty wagons of private owners and clog an already overburdened infrastructure sites. Passenger transport (long-distance trains on more than 40% of the total number of passengers of all modes of transportation) due to the removal of these subsidies are becoming more expensive. Suburban complex does not meet the requirements of the economy because of the lack of a mechanism of break-even commuter rail carriers, experts say.

To solve this problem there are three scenarios. The inertia, which can lead to degradation of the infrastructure of the complex: Goods will be exported not as much as you need and how many will turn out. The liberal scenario involves only state to retain the infrastructure, greatly increasing the tariff for its use, and all other rail activities (including shipping) to give private owners. The consequences of such a solution can be degraded a number of industries, including coal, believe in the "Strategy 2020": The industry can not cope with the increase of transportation costs in production costs.

While experts tend to the third option, which is indicated in the documents as a "soft budget". Its essence lies in the allocation of funds to the Railways for infrastructure projects (RZD evaluates these needs until the year 2015 about 450 billion rubles).. But beyond that, experts believe that the railway monopoly to retain the status of a leading operator of freight cars, retaining "major subsidiary". To do this, Railways should review the program of selling its "daughters" with the imposition of ban on the sale of companies that have strategic importance for the functioning of rail transport in general. The names of companies not listed in the document, but it is clear that this is a second cargo company, in which control Railways should sell after 2015.

General Director of the agency «Infoline-analyst" Michael Burmistrov surprised that such a strong and authoritative expert group considered Railways, but still tougher version of: previously the monopoly did not resist the gradual sale of its subsidiaries. "It is strange that the document does not reflect the experts the most important issue today: the lack of an effective management mechanism in private wagons park", - says Mikhail Burmistrov. According to him, Railways during the years of reform were to solve this problem, but instead took only a few solutions "manual mode", which is now the main threat to the implementation of traffic to the extent demanded by the economy.

Venezuela plans to nationalize the gold mining industry

Venezuela announced the nationalization of the mining industry and the repatriation of international reserves. The only local gold mining company with Russian capital, it will not be affected: SP Rusoro has lost the license for one of the world's largest deposit of Las Cristinas in February.

Venezuela plans to nationalize the gold mining industry. This was said yesterday the country's president Hugo Chavez. "We're going to nationalize the gold to convert it to other things in our international reserves, as gold continues to rise in price," - said the president of Venezuela. Since the beginning of the year against the backdrop of weakening global economy gold has risen in price by a third. Yesterday, for instance, an ounce of the metal once again set a historic high, topping the mark of $ 1.82 million (see material on this band).

Venezuela's production volumes are relatively small. According to government statistics, the total amount it is 4.3 tons per year, the amount of foreign reserves - 366 tons. For example, the largest Russian company "Polyus Gold" in the year produces nine times as much. Meanwhile, Venezuela's nationalization of the mining industry may undermine the implementation of projects of Canadian companies with Russian capital - Rusoro Mining.

Rusoro annually produces about 100 million ounces of gold (approximately 65% ​​of the total production of Venezuela). In 2010, revenues were $ 144 million, EBITDA - $ 21 million, net loss - $ 88.6 million company is listed on the stock exchange of Toronto. Since March capitalization Rusoro fell nearly tripled - to $ 66 million estimate the company, in local projects has invested about $ 750 million

Rusoro - the only major gold producer in Venezuela. The company was founded Russian businessman Vladimir Agapov, who, according to a source close to him, "b", started his business in this country with the extraction of kaolin (used in the manufacture of porcelain). Businesswoman engaged in gold mining since 2007. At present the company owns two mines - Choco 10 and Isidora (total reserves - 12.8 million troy ounces). The last mine Rusoro owns at parity with the Government of Venezuela. The largest shareholder is the son of Vladimir Agapov Andrew (13.53%).

In Russia, Rusoro has become known in 2008 when, during the visit of Deputy Prime Minister Igor Sechin, to Venezuela, the company acquired the rights to one of the world's largest gold deposits - Las Cristinas. Reserves are estimated at 35 million ounces. For comparison, the Russian stock Natalka (considered the third largest in the world, a license for it belongs to the company "Polyus Gold") are about 41 million ounces. For the development of Las Cristinas was formed company Venrus, whose founders were Rusoro and the Venezuelan government.

But Agapov never have started development of the deposit. At the time of signing the contract with Rusoro rights to Las Cristinas were in another Canadian company - Crystallex, which went to the Venezuelan Government in February this year.

By this time, Rusoro contract has expired, and the deposit became the property of the state, said yesterday, "Kommersant" Andrey Agapov. What are your plans for Las Cristinas in the administration of Hugo Chavez is now, he does not know. "It's a big bat, which they (the government of Venezuela .-" b ") are unlikely to develop themselves. Most likely, you will create a joint venture with a major international corporation," - he said "b".

Will now returned to Venezuela, current projects Rusoro, as yet unknown. Get the comments in the administration of Hugo Chavez's "Kommersant" yesterday failed. Andre Agapov sure that yesterday's statement by Chavez Rusoro not apply, he said, they talked about the fight against the Mafia in the gold mining business - "Our business is 100% legal, all depths, and so belong to the state." In an interview with The Wall Street Journal, he noted that his father (Chairman Vladimir Agapov Rusoro) "friendly" with Hugo Chavez and his company "has always had good relations with the government of Venezuela."

The nationalization of the gold mining sector - the continuation of policies of Hugo Chavez to nationalize natural resources, said the deputy head of the Russian-Venezuelan Business Council Vladimir Semago. But the achievement of economic effect in this case out of the question - "is a purely political action on the eve of the election." According to IHS Global Insight analyst on Latin America, Diego Moya-Okampos, "it could also be a gesture of protection of assets of Venezuela abroad from possible decisions of arbitration courts" on the claims of companies affected by the nationalization. "Now the government plans to pay compensation, but may change their plans because of financial problems," - says the analyst.

Third in the sentence "Norilsk Nickel", "Rusal" to sell its stake in MMC

Third in the sentence "Norilsk Nickel", "Rusal" to sell its stake in MMC, the parameters of which were announced today, will be the average price. Offer includes repurchase shares at $ 306 apiece, compared to $ 251.8 and $ 335.7. Total "Norilsk Nickel" wants to buy out of "Rusal" 15% of the share capital of $ 8.75 billion, half of that amount - borrowed money.

"Norilsk Nickel" announced "Rusal" Oleg Deripaska terms of the offer to repurchase its own shares. Offer includes the acquisition of 15% from 25.13% existing shares Aluminum Company "Norilsk Nickel" for $ 8.75 billion, or $ 306 per share. The offer price is determined based on the recommendations of independent consultants, banks and assumes a 20 percent premium over the weighted average market price of shares in the past six months, said the MMC. Since early August, "Norilsk Nickel" has fallen by 13%, so on the basis of current prices (at 12:00 - $ 225.8 per share) premium of more than 35%. Parameters will be considered at board meetings, "Norilsk Nickel" August 24, if approved, the offer will run until September 5.

This is the third offer, "Norilsk Nickel", the first two were made, "Rusal" in December and February. The current proposal is 21.5% better than the first, but 8.8% worse than the previous one. However, the sources of "Y", close to the MMC, last week warned that the new conditions of the offer will be worse, because the market situation has changed since February.

"Norilsk Nickel" said the transaction will be used for equity and debt. For redemption, in particular, MMC plans to send its own account $ 4.5 billion, another $ 4.25 billion to take on the market, "Interfax". Attract the same amount of work not be: according to analysts, c forecast for EBITDA of $ 8 billion, "Norilsk Nickel" can easily take about $ 15 billion in case of acceptance of "Rusal" to an offer for 10% stake in MMC offers a shareholders' agreement.

"Rusal", like the previous two times, called the investment in the "Norilsk Nickel" "strategic." "And as a public company, we discuss all the proposals received by the Company in accordance with the" Rusal "corporate governance procedures," - said the press service of the company.

In case of failure, and this time, "Norilsk Nickel" intends to repurchase its own shares. Parameters buy back have not been determined. We only know that the treasury shares at the suggestion of "Interros" Vladimir Potanin (30% SMC) can be redeemed. In this case, "Norilsk Nickel" may appear in the person of a controlling shareholder alliance "Interros" and management (from 9.2% MMC) with a loyal raider Trafigura (8%). It will be enough to buy another 6%, says Nicholas Sosnowski of "VTB Capital." In addition, the redemption of shares will allow "Interros" cross the 30 percent barrier and continue to increase its stake to 50% without a declaration of an offer to other shareholders. The share of "Rusal" in this case will rise to 26.7%.