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Briefs:
Bank offers housing loans ... N. Korean fishing quota decreases ... MDM Bank expands exchange offices ...
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Business Briefs
Bank offers housing loans
PrimSocBank, one of the few Primorye banks to survive the economic crisis successfully, has announced a new credit program to help people purchase apartments or other real estate. The management says people will always need living space, and there is a market for a business willing to help provide the cash. PrimSocBank provides credits only in foreign currency and only for a period of two to three months. But the loan isn't without a sting: Interest runs from 40-45 percent.
N. Korean fishing quota decreases
The Russian-North Korean Joint Fishery Commission recently decided to decrease the volume of mutual quotas by 5,000 metric tons. This past year, North Korean ships fished only 2,500 tons in Russian waters, although they had a 30,000 ton quota. According to a new agreement, Russian and North Korean fishermen will resume extraction of sea grass in Korean waters, as well as fishing in Russian waters near the southern Kuril island of Shikotan, in the Sea of Otkhosk, and the Bering Sea.
MDM Bank expands exchange offices
The Vladivostok branch of MDM Bank, the leading foreign currency exchange institution, has opened four new exchange offices in the city last week, the bank announced. According to the bank, U.S. currency is becoming more and more popular, boosting the banks weekly sales volume. The demand for South Korean won and Chinese yuan has also increased.
Autopilot flies to Chicago
Autopilot, a Vladivostok company providing driver services, was the only Russian firm to take part in Expo '98 in Chicago, Illinois, this year. Other Vladivostok companies had planned to go but canceled their plans due to the crisis. Autopilot also was exploring the possibility of producing disposable dishes and vacuum packaging in Vladivostok - presumably for hungry drivers or those wishing to preserve their cars in plastic.
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