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Workers outflow from the Russian industry continues. The outputs of the analysis by the Gaidar Institute of regular surveys of managers of enterprises point to the fact that late in 2012 the share of enterprises experiencing labor shortages largely increased. About 30% of enterprises recognize that labor shortages may impede growth in industry.

 

In the 3rd quarter of 2012, growth rates of aggregate assets of the banking sector amounted to 5.0%, including 1.9% in September, while annual growth rates remained in the range of 20% to 22%. The aggregate volume of profit received by the banking sector in September became the minimum one in 2012 (Rb 72.3bn). As a result, in September profitability of assets of the banking sector decreased to 1.9% per annum, while in the entire period from the beginning of the year it remains at the level of 2.3%.

The intrigue around the fate of TNK-BP which dated back to last summer is now over. I. Sechin, Head of Rosneft managed to secure V. Putin's support of the idea to buy 100% of equities of TNK-BP.

Continued growth in fuel prices in October, additional indexation of regulated tariffs in September and higher growth rates of price on food products contributed to the speed-up of the consumer inflation rate.

 

In the first two quarters of 2012, the dynamics of manufacturing growth points to the fact that growth at the level of 103.6% forecasted by the Ministry of Economic Development in the current year is getting hard to achieve.

At present, an active discussion is under way on development of an economic policy aimed at reduction of high dependence of the Russian economy on the situation on the global energy market and changing of the model of growth towards upgrading of its quality in order to ensure high rates of economic growth and their strength in the long-term prospect.

 

On October 22, 2012, the Report: Doing Business 2013 (the 10th edition of the series within the frameworks of the Doing Business Project) by the International Financial Corporation and the World Bank was released. The subject of the research deals with the activities of small and mid-sized businesses, as well as analysis of regulatory documents.

 

On October 19, 2012, at the plenary meeting of the State Duma the draft Federal Budget for 2013 and the 2014-2015 Planned Period was approved in the first reading. Deputies indorsed the country's main financial document provided that it was further updated by the second reading.

 

The RF Ministry of Finance, the Bank of Russia and the Deposit Insurance Agency are discussing the possibility to raise the threshold for deposit insurance. At present it amounts to Rb 700,000; according to First Deputy Chairman of the Bank of Russia Aleksey Simanovsky, in the next few months it can be raised to Rb 1m.

 

On October 18, 2012, at the meeting of the government the draft law On Protection of People's Health from the Effects of Tobacco Smoke and Repercussions of Tobacco Consumption was considered and approved. The above draft law introduces, among other things, a complete ban on smoking at public places.

 

 

How can we even consider any land policy if since 2004 there has been no government body in this country whose functions included managing land resources?!

Russian natural gas monopolist Gazprom chose Switzerland's jurisdiction to register its holding companies that will pool its foreign assets in the fields of logistics and trading. By doing so, Gazprom will restructure its European assets in order to avoid accusations of having violated the European Union's antimonopoly legislation.

 

The economy of Belarus, with its inefficient capacity, functions largely due to ‘energy subsidizing' by Russia.

According to the latest data published by Rosstat, the Industrial Production Index in January-September 2012 amounted to 102.9% against the corresponding period of last year, and in September 2012 it was 102.0% against September 2011.

 

On Monday, 8 October 2012, the Royal Swedish Academy of Sciences announced that the Nobel Prize in Economics for 2012 had been awarded to US scholars Alvin E. Roth and Lloyd S. Shapley.

 

The draft federal budget for the year 2013 and the 2014-2015 planning period submitted to parliament by the Russian government envisages the use of revenues generated by federal property privatization as a separate source of financing the federal budget deficit.