Word: kudrin
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That admission notwithstanding, the government continues to talk up the economic prospects. Earlier this week, Russian Finance Minister Alexei Kudrin told a global investment and finance conference in Moscow that the economy will grow by 2% or 3% in 2010. Kudrin said a recovery depends on a resurgence of private spending. "The moment when private demand revitalizes itself on the market is the moment we emerge from the crisis," Kudrin said, the Russian media reported...
Many analysts and observers say Kudrin is being massively optimistic. Talk of 2% or 3% growth next year are "the numbers of a public official who is trying not to add fuel to the fire of public fears," says Roland Nash, chief strategist at Renaissance Capital. "There are a lot of politics being played out and a lot of fears. I don't think anybody anywhere trusts any forecasts right...
...predecessor-turned-Prime Minister Vladimir Putin intervened in Georgia in August, relations between Moscow and the United States and European Union have been frosty. Though many hawks argue the Western powers were not forceful enough, Russia has paid for its bellicosity with capital flight. According to Finance Minister Alexei Kudrin, the country has lost between $10 and $15 billion of foreign direct investment and its stock market is down close to 50 percent this year. Despite the global financial crisis affecting all markets, a considerable part of such downturns for energy-rich Russia can be attributed to investors?...
...Russia had been obstructing U.S. requests on banking and insurance, hoping that by making some last-minute partial concessions, it would carry the day. Just before the Bush-Putin meeting, Finance Minister Alexei Kudrin had said that differences had been settled and a final WTO agreement would be reached at the G-8 summit. "Such tactics only show how little the Russian leaders understand of how America works," says Lilia Shevtsova, a political analyst at the Carnegie Moscow Center. What Putin did not understand is that his U.S. counterpart cannot make such decisions without congressional support. "If the U.S. system...
...Minister. Putin's move dramatically strengthens the state's hold on the energy sector. Finance Minister Alexei Kudrin said that the assets of embattled oil major Yukos would soon be sold off in a transparent, legal way; Gazpromneft seems likely to take the spoils. Luxury Goody Two-Shoes N o loafing here: Gucci has agreed to become the first luxury fashion house to abide by a stringent voluntary labor code, the company confirmed last week to TIME. The leather and apparel firm, a division of France 's Pinault-Printemps-Redoute, pledged earlier this month that Gucci headquarters outside Florence...