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PRIMORYE FINANCIER GETS POSITION IN FINANCE MINISTRY
On this Monday, Nikolai Sadomsky took the position of first deputy chief of the Federal Treasury of the Russian Finance Ministry.
"ZR" FILE: Nikolai Sadomsky was born Dec. 5, 1953 in Samara. Upon graduation from the Kuibyshevsky Planning Institute, he was working in Primorsky Krai, beginning from 1975. In 1986, he was appointed manager of Vladivostok city financial department and in 1989 received the position of head of Primorye executive council's financial department. In 1993, he was appointed chief of Primorye office of the Federal Treasury. In 1995, he became vice governor of Primorsky Krai in charge of financial and economic affairs. He resigned from this position in November 1998. Since December 1998, he was CEO of Primorye branch of SBS-Agro bank, and in November 1999 was elected chairman of board of Conecagroprombank. Russian...
NEW APPOINTMENTS IN PRIMORYE ADMINISTRATION
At his first news conference, held after being re-elected Primorye governor, Yevgeny Nazdratenko informed journalists that significant new appointments will take place in his team. January 13 he signed 13 resolutions appointing vice governors and department heads.
However, these appointments cannot be termed revolutionary, except for dismissal of Fedor Novikov, vice governor and head of the Consumer Market Dept. (some sources say that he has received an offer to take a position in the federal Ministry of Commerce). His successor became Vladimir Sidorov, chairman of the krai's Fishery Committee. Yevgeny Krasnov, formerly chief of Public Relations, Science and Education Dept., was also appointed vice governor. Other vice governors - Valentin Dubinin, Konstantin Tolstoshein, Gennady Tokulenko, Igor Belchuk, Alfred Gartman, Aleksandr Kuzich, Yury Likhoida and Viktor Chepik - retained their positions. Likhoida and Chepik actually supervise one sector, the fuel and energy complex.Vladimir Stegniy, chief of the krai's Foreign Economic Relations Dept., was re-elevated to the status of vice governor.
Same executives remained first vice governors - Dubinin, Tolstoshein and Tokulenko. Russian...
VLADIVOSTOK GETS ONE MORE CONSUL, GERMAN
January 14, Honorary Consul of Germany in Vladivostok was officially introduced to the krai's leadership.
This position has been taken by Manfred Brokmann, pastor of the St. Paul Evangelist Lutheran Church. The ceremony was attended by Germany's Ambassador to Russia Ernst-Jork von Studnitz. "It is important for us to be represented here, said the Ambassador. This will promote further development of economic and cultural relationships between our countries". Russian...
FINANCIAL SECTOR ENLIVENED AFTER FESTIVITIES
The Russian financial world got back to life after New Year festivities, which last in Russia for three weeks, beginning on the Catholic Christmas.
The ruble has dropped by 5% during 3 trading sessions, thus justifying pessimistic economic forecasts for January. However, the majority of analysts predict that very soon the exchange rate will settle down somewhere at 28.5 rubles/USD.
CBR board of directors decided to raise, beginning January 1, rates of deductions by commercial banks to the mandatory reserve fund. Rates will grow from 8.5% to 10% for corporate ruble resources and for corporate and private resources in foreign currency. Rates for resources in the form of individual deposits will grow from 5.5% to 7%.
The Russian government put off to April 1 the deadline for applications on restructuring creditor indebtedness by corporate entities to the budget.
According to Incombank chairman of board Vladimir Groshev, before the end of January they will pay debts to depositors of 37 branches out of 56 ones. The claims of first-turn creditors total, by Incombank data, about 4.58 billion rubles.
By directive No. 1, issued by Dalnevostochny bank in 2000, a branch of this bank was opened in Dalnerechensk. It will open for business January 18. Russian...
The Nakhodka branch of Maritime Commercial Bank (Morbank) transacted first deals in the past week. Russian...
An official reception on the occasion of the 5th anniversary of the EBRD regional representation in Vladivostok was held January 13. Russian...
CBR registered a Primorye branch of Conecagroprombank, which will be led by Nikolai Dikansky. The new branch will be accommodated in the offices, presently occupied by SBS-Agro, and will fully employ the technologies and equipment, belonging to the banking group "Soyuz". Russian...
Beginning January 10, Dalnevostochny bank started paying dividend for 1998, due on preferred shares, at 5% of the par value (10 rubles). Russian...
By a decision of the extraordinary shareholders meeting, held December 10, 1999, Vneshtorgbank increased its charter capital 2.72 times (up to 22137.236 mln rubles) by floating additional 14 mln ordinary registered non-documentary shares with a face value of 1,000 rubles each. Shares were floated through closed subscription in CBR's favor.
The bank "Primorye" intends to hold January 26 a seminar in Nakhodka for its clients, which will be devoted to practical issues of banking activities. Bank specialists will discuss with local entrepreneurs specifics of transactions with securities, depositary services and use of securities as an instrument in banking operations. Russian...
The number of corporate clients, served by the Vladivostok branch of MDM-bank, has grown by 50% during 1999. Russian...
The Moscow arbitration court lifted the bailout procedure, earlier instituted in Tokobank. According to bailout manager Andrei Fedotov, outstanding claims total 4.9 bln rubles and cleared off payments amount to 1.7 bln, of which 21.8 mln was paid to physical persons and 52 mln was directed to the budget.
As RF Promstroibank provisional manager Vladimir Limonov informs, a creditors meeting will take place February 7.
40% OF "CHAMPAGNE" SHARES FOR SALE
JSC "Financial Investment Company "Region-Capital" announced an open bid for 20,716,558 ordinary shares of JSC "Sparkling Wines" (40% of charter capital), to be held February 7 in Khabarovsk.
"ZR" FILE: The principal and only business line of "Sparkling Wines" (previously JSC "Far Eastern Sparkling Wines") is production, bottling, storage and wholesaling of alcohol beverages such as champagne, sparkling and other wines, vodka, and drinking water. Charter capital is 52 mln rubles. 51% of shares belong to the Property Management Committee of Khabarovsky Krai. Profit for 2nd quarter of 1999 was 1,069,800 rubles, as of the end of that quarter, its assets were valued at 11,525.1 thousand rubles. Acting director general is Yury Galin (previously arbitration manager of "FE Sparkling Wines").
As "Region-Capital" representative Vadim Gubkin informed a "ZR" journalist, the starting asking price will be 5 rubles for a share with a par value of 1 ruble; if no bids are submitted, price may be reduced to 0.57 rubles. In case the bidding is pronounced null-and-void, the whole package will be sold on a commission basis. Russian...
POTATO SHORTAGE IN PRIMORYE
Severe frost has driven local farmers, selling potatoes, from open-air market-places, and this product in a moment became most asked-for.
The reaction of the retail market was instantaneous: sellers rose price by 20-30% (8.5-10 rubles/kg), explaining the rise by all their problems, including snow, cold, traffic hazards, the fall of the ruble, more expensive fuel, etc. However, by information from Vladivostok wholesalers, they have sufficient supply of both local and imported (from Amurskaya Oblast and Krasnoyarsky Krai) potatoes at affordable prices - 4.0-5.5 rbl/kg. Wholesale stores began selling potatoes at retail and store managers note that, despite remote location, they have many buyers these days. Russian...
BREAD PRICES RISE IN PRIMORYE
Vladkhleb company rose the ex factory price for the most popular bread grade, Podolsky, and retail prices jumped to 6.5 rubles from 5 rubles.
Already in the past September, Vladkhleb financial department asserted that Podolsky should cost at least 10-12 rubles per loaf. At that time, the city hall provided them 6 mln rubles in subsidies and, since then, although that money was sufficient only for one month, bread prices remained on the same level. Also, a sharp rise of prices for flour, fuel, gasoline, etc., took place in the second half of 1999, which brought down Vladkhleb's profitability in December nearly to a zero. Prices for bread products, baked of top-grade flour, remain the same so far, because its price did not change and is 4.7-6.2 rbl/kg. Russian...
PRIMORYE MARKET OF DAIRY PRODUCTS
Domestic-made dairy products, intended for a long shelf life, were consistently capturing Primorye's market during the past year.
Widely advertised "Milaya Mila" and "Village House" were the first signs of this campaign. Next came "Derevenskoye", "Favorite Cup" and others. The geography of deliveries also expanded, because long-durable milk began to be produced in the Urals, Siberia and Far East.
"ZR" FILE: By data of the krai Statistics Committee, 191 tons of whole-milk products and 515 tons of dry dairy products were imported in Primorye during 9 months of 1999. Local production in the same period was 129,800 tons (96% on the preceding year).
The inundating flow of domestic milk has ultimately driven imported products from local stores by year-end. "Imports of packaged milk are making loss today - there's enough domestically produced milk", say representatives of "New Zealand Dairy Products".
As for local milk producers, they are unable to fill voids in supply, because of the shortage of raw milk. Their production volume did not drop thanks to deliveries from USA, which amounted to 1,400 and 1,000 tons of dry milk, shipped in two portions. Russian...
FOREIGNERS DOMINATE IN GARMENT SECTOR OF PRIMORYE
One of particulars of the past year was a rise in the garment sector of Primorye, the input of which to production volume and export sales considerably grew.
"ZR" FILE: By data of Primorye State Statistics Committee, the garment sector generated during 9 months of 1999 an output valued at 154.6 mln rubles, and increased production volume by 31.4% in in-kind terms. Export sales of textile products amounted to $17 million. In 1999, there were 9 foreign-invested garment making companies in Primorye, employing about 2,000 workers.
The best-known of these, Koross, is based in Partizansk. It uses the production base of a local bankrupt clothing factory, bought out by Chu In Ha, a S. Korean businessman. As a matter of fact, this is the only case of holding production facilities in ownership. There are garment factories also in Vladivostok, Artem, Ussuriisk and other localities. They are "Newmax Apparel", "G M International", "Michigan-Russia Ltd.", "Komex Ltd.", "J and R Company", etc. They manufacture and deliver to the U.S. market mainly outerwear.
And how are local producers getting on? Our correspondent put this question to Svetlana Snagovskaya, head of the Light Industry Dept. of the krai administration.
By her words, the heyday of the industry was 1980s, when there were 12 clothing and knitting factories in Primorye. After privatization, the garment sector has degraded. Practically all previously used sources of raw materials turned out to be in foreign states, factories had no operating capital but needed to maintain social infrastructures.
Still, believes Svetlana Snagovskaya, the light industry did not perish in Primorye and is beginning to recover little by little, although production growth is the credit of foreign-invested companies. But local producers also take steps to develop production. For instance, "Zarya" expanded its product range and began manufacturing women's overcoats along with men's suits and boys' clothing. "Rabotnitsa" (Ussuriisk) produces excellent winter coats and overcoats, which cost three times less than clothes imported from Turkey, Poland and, allegedly, Italy and have the same quality. On the whole, the capacity of the krai's facilities is currently used at 10-15%. Salaries are not high (500-1,000 rubles per month), but there are no other jobs in some communities. Russian...
Copyright © 2000 "Золотой Рог".
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