• 2015 January 28 17:16

    RF Government sets forth priority measures to ensure sustainable economic development and social stability in 2015

    The Government of the Russian Federation has drafted and approved the plan to ensure sustainable economic development and social stability during the most unfavourable foreign economic and political situation.

    According to the document published at the website of RF Government, the measures stipulated for 2015-2016 are designed to accelerate economic restructuring, stabilise strategic companies in the key industries, balance the employment market, reduce inflation, moderate the consequences of the increase of prices of socially significant goods and services for low-income families, and ensure growth and macroeconomic stability in the medium term.

    The key actions under the plan for the coming months include:

    - supporting import substitution and the export of a wide range of non-resources, including high-tech products;

    - assisting the development of small and medium-sized businesses by reducing their financial and administrative expenditures;

    - creating conditions for attracting working capital and investment at affordable costs to the most important sectors, including during the implementation of state defence contracts;

    - compensating additional inflation outlays of the most vulnerable groups of the population, such as pensioners and multi-child families;

    - reducing tensions in the employment market and supporting full employment;

    - optimising budget expenses by pinpointing and reducing ineffective spending, concentrating resources in the priority development areas and honouring public commitments; and

    - stabilising the banking system and creating a financial restructuring mechanism for strategic companies.

    The chapter “Stimulating Economic Growth” includes stabilisation measures, import substitution, support for non-resource exports, reduction of business outlays and support for small and medium-sized businesses.

    The chapter “Supporting Economic Sectors” provides for reviewing the priorities of government programmes, federal targeted programmes and the federal targeted investment programme in order to finance priority areas and additional anti-recession measures. It includes support measures for the agriculture industry, housing construction and the housing and utilities sector, industry and the energy sector, as well as transport.

    The chapter “Ensuring Social Stability” will target efforts to change the employment structure, social assistance, healthcare and the provision of medicines and medical products.

    The plan also includes monitoring the situation in the economy and the social sphere.

    The Government will submit a draft law to the State Duma to reduce the majority of expense items of the 2015 budget by 10 percent, primarily by eliminating ineffective spending. At the same time, all social commitments must be honoured, which calls for additional budgetary allocations. Moreover, spending on defence, agriculture and the fulfilment of Russia’s international obligations will not be reduced. Budgetary investment will be focused on completing current projects, while the implementation of some new projects will be delayed. Spending on the operation of government bodies will be lowered, including by reducing the financing of enhanced comfort services.

    The new macroeconomic forecast, which has been prepared in light of the unfavourable foreign situation, will serve as the basis for proposals on the continued streamlining of the federal budget in the medium term, including through the annual reduction of expenditures by at least 5 percent in real terms in the next three years. By 2017, it is necessary to balance the budgetary system, taking into account the most probable prices of the basic Russian exports.

    The Government believes that the gradual stabilisation of the global commodity markets and measures to be taken in cooperation with the Bank of Russia will eventually normalise the situation in the foreign currency market and create conditions for considerably reducing nominal interest rates and increasing loan affordability. This will help the basic industries gradually overcome the recession, including thanks to the increased price competitiveness of Russian products due to rouble weakening. The accompanying decrease of the inflation rate in the consumer market will reduce the crisis effects on the quality of life in Russia.

    While implementing emergency anti-recession measures, the Government will also prioritise structural reforms to diversify the national economy and create conditions for sustainable economic growth in the medium term, which will be reflected in the revised edition of the Policy Priorities of the Government of the Russian Federation. Efforts to ensure macroeconomic stability and lower inflation should be complemented with:

    - the implementation of government programmes to increase the quality of healthcare and education systems in accordance with the 21st century requirements;

    - the creation of conditions for the priority growth of the share of private investment in GDP, accelerated and appropriate implementation of the National Business Initiative roadmaps, and comprehensive improvement of control and supervision, including by taking a risk-based approach, so that Russia will achieve a high ranking in terms of doing business;

    - the effective use of all available industrial policy instruments, including large direct investment, primarily for purposes of import substitution and export support (project financing, guarantees, industry support fund, industrial parks, government procurement and public-private partnerships);

    - the development and implementation of the National Technology Initiative based on the latest achievements of the Russian and international funDamental sciences and the use of new innovation infrastructure (the Skolkovo Innovation Centre, science and technology parks, leading universities and innovative development institutions);

    - the stabilisation of the tax system combined with tax incentives for encouraging structural change;

    - the continued modernisation and balancing of the pension system and the system of social benefits (by making it more target-oriented); and

    - a radical improvement of the quality of the system of state governance and the effectiveness of large state-controlled companies.

    The Government will implement these anti-recession measures in close cooperation with the Federal Assembly, regional authorities and local governments, as well as with the professional and expert communities within the Open Government programme and other forms of cooperation.

    This list of priority anti-recession measures is not exhaustive and will be amended when and if necessary.

2020 January 24

12:01 CMA CGM announces PSS for reefer exports from Ecuador to Europe, Baltic, Mediterranean, Middle East & Asia
11:00 MAN Energy Solutions wins contract to supply the main propulsion engines for two patrol vessels
10:33 The ShipFC project to convert offshore vessel to run on ammonia-powered fuel cell
10:22 MABUX: Bunker market this morning, Jan 24
09:31 Brent Crude futures price is up 0.35% to $62.26, Light Sweet Crude – up 0.4% to $55.81
09:14 Baltic Dry Index is down to 576 points

2020 January 23

19:00 Chembulk Tankers announces management changes
18:27 KOTUG provides salvage assistance to MV EM-OINOUSSES
18:07 Ocean Installer awarded contract with Dana Petroleum
17:42 Almost 290 cruise liners will call at Ports of Stockholm in 2020
17:37 NYK-operated coal carrier Sunshine Pride enters service for Joban Joint Power
17:19 Throughput of port Helsinki (Finland) in 2019 fell by 2% to 14.42 million tonnes (table)
16:48 Draft Strategy for Development of Russia’s Arctic Zone to be ready by 20 March 2020
16:05 The AUTOSHIP project receives funding of almost Euro 20.1 mln
15:21 probunkers signs LOI with Hyundai for the construction of two LNG bunker vessels
15:16 Perspectives for containers and ro-ro market discussed in Berlin
14:40 New intermodal train connection arranged from Luxembourg
13:37 Container Terminal Saint-Petersburg spent RUB 11 million under its social and charity programmes in 2019
13:03 Global Ports Group to renew handling equipment
12:29 Russia's Main Department of State Expertise approves reconstruction at the port of Petropavlovsk-Kamchatsky
12:05 Port of Long Beach moves more than 7.6 million TEU in 2019
11:48 Croatian DIV Group in process to take-over Kleven Verft
11:00 Austal awarded A$15.5m contract for a 41 metre high speed catamaran ferry for SGTM Mauritius
10:56 MABUX: Bunker market this morning, Jan 23
10:27 ABS marks record-setting three years without a work-related lost time injury
10:25 IBIA: IMO 2020 preparations pay off
10:03 Brent Crude futures price is down 0.4% to $64.33, Light Sweet Crude – down 0.48% to $58.1
09:46 TransContainer dispatched test train with hazardous cargo in reefers from Korea to Poland
09:24 Baltic Dry Index is down to 623 points
09:08 Swissterminal and DP World enter strategic partnership

2020 January 22

18:37 BunkerTrace secures first commercial partnership with Marfin Management
18:07 MAN Cryo to supply icebreaking RoRos with fuel gas supply system
17:45 Throughput of Chinese sea and river ports in 2019 grew by 5.7% YoY to 13.95 billion tonnes
17:20 Ships of RF Navy’s Northern Fleet approached the Strait of Tunis
17:06 Boluda Towage Europe introduces 1st retrofit of conventional tug complying with IMO TIER III Standards in Zeebrugge
16:56 Russian-Japanese anti-piracy exercise successfully completed in the Arabian sea
16:05 European shipping industry urges the revival of Operation Sophia
15:38 Marubeni and Klaveness join forces to create the world’s leading dry bulk Panamax pool
15:23 IMO Secretary-General calls for renewed cooperation at Davos forum
14:57 Positive steps for Somalia’s maritime sector
13:40 Medium sized sea tanker Akademik Pashin entered service with the Baltic Fleet
12:52 Bunker prices are slightly down at the port of Saint-Petersburg, Russia (graph)
12:29 Nonius Engineering supports 7th International Forum of Dredging Companies as its Sponsor
11:44 NIBULON’s fleet transported a record number of cargoes by Ukrainian rivers in 2019
11:19 DNV GL’s Technology Outlook 2030: Digital acceleration and climate change
11:01 IMO Secretary-General assesses progress on sulphur limit implementation
10:58 NIBULON’s non-self-propelled B1500 Project vessel made its first cargo trip
10:36 Nibulon achieved record export results in 2019
10:13 Representatives of Russian and Japanese Navies held briefing on board Baltic Fleet’s guard ship
10:10 MABUX: Bunker market this morning, Jan 22
09:51 Ministers of the Government of the Russian Federation appointed
09:32 Brent Crude futures price is down 0.4% to $64.33, Light Sweet Crude – down 0.48% to $58.1
09:15 Baltic Dry Index is down to 689 points

2020 January 21

18:27 ABS and Hyundai Heavy Industries complete landmark smart functions JDP
18:07 Mystic orders four more Explorer Class Polar expedition vessels
17:43 Outer Port is among main topics of Polish-Japanese economic cooperation
17:19 Wärtsilä LNG Bunkering & Fuel Supply System Simulator launched to raise training levels
17:18 BCT ends 2019 with highest every cargo handling of 500 000 TEU
16:55 Letter of Intent signed between Port of Gdynia Authority S.A. and Pelixar S.A.