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 "