vlad.tribnet.com / Issue #151 / Business / Reading article...

Sakhalin seeks loan

The Russian government recently encouraged Yuzhno-Sakhalinsk officials to apply for a $65 million loan for new equipment and renovation of the city’s airport. Federal officials reported that a loan from the Export-Import Bank of Japan would greatly assist the economic development of the region.

Bank teaches credit

The European Bank of Reconstruction and Development recently conducted a two-week seminar for credit employees in its small-business support program. The bank’s Russian fund for supporting small businesses has chosen Far Eastern Bank, Inkombank and Sberbank to participate in the project, which loans money for a number of businesses, including printing, bread-making, and furniture enterprises. Far Eastern Bank has already made loans of 900 million rubles ($50,000) in the project, and Inkombank recently created a department to work with small business.

Fleet sub glides south

A Pacific Fleet Varshavyanka-type submarine will take part in two prestigious international exhibitions of weapon and military equipment to be held in the Asia-Pacific region late this year. A tow boat will accompany the submarine when it departs in mid-October for Thailand and later makes its way to Malaysia. The two Asian countries last saw the Russian Navy flag in the beginning of this century. Submarines of Varshavyanka-type are informally called “black holes” because of the low noise they produce and excellent capabilities to hide from enemies.

Defense profits implode

The defense industry’s conversion production of civil products fell by 48 percent since this time last year, the krai statistics department reported. State expenditures for conversion projects in Primorye were only 6.2 billion rubles ($1.03 million) in the first six months of this year, 80 percent short of original promises. Workers at such enterprises are among the lowest-paid in Primorye, with average salaries of 906,000 rubles ($150) per month. Workers involved in manufacturing military products receive 5 percent less, the statistics department calculates. Many highly-qualified employees have been forced to quit their jobs, and only 7.4 percent of them have found another job.