Faltering Giant'1 Russia Rated Bottom in Survey

The excellent economic performance of Singapore and China has once again made them the two most competitive countries in the world, according to a survey.

The United States — described as the " undisputed world leader in technology and management" — took third place in the World Economic Forum survey of 53 nations.

By contrast, Ukraine at 52nd and Russia at 53rd were "two faltering giants," not least due to the high level of corruption.

Aminex Oil Deal

Aminex of Ireland has signed a production-sharing deal with four Russian energy firms to tap oil reserves in Russia's autonomous republic of Tatarstan, a Russian company official involved in the deal said Wednesday.

Yury Agababov, a deputy general director at Zarubezhneft, one of the Russian firms which is part of the deal, said an agreement had been signed but did not give further details.

Other companies involved in the deal were Tatneft (an independent oil company with about six per cent of Russia's total proven crude oil reserves and based in the central region of Tatarstan) and two affiliated units — Tatnefteprom and Tatneftekhiminvest Holding.

Interfax said the deal with Aminex would focus on hard-to-recover reserves of 40 million metric tons of crude oil.

Italian Line of Credit

Russia and Italy plan to sign an interbanking agreement for a $260 million intergovernmental credit line to finance investment projects.

The agreement is expected to be signed at the second session of the Russian-Italian Council on Economic, Industrial and Currency-Financial Cooperation which will take place in Moscow soon. The session will be chaired by the Russian First Deputy Prime Minister.

A joint document is also expected to be signed on the results of the council's work in order to map out the guidelines of future economic, industrial and financial cooperation, a spokesman said.

Brewer to Vietnam

Germany's Brauhaase Holding Ltd. and two local partners have been granted a licence to build a $120 million beer factory in central Vietnam. a Planning and Investment Ministry official said.

He said the brewery, which will be located in Nghe An province, would have an annual production capacity of 100 million liters.

An official at one of the local partners, Huu Nghi Company, said Brauhaase would have a 49 per cent stake in the joint venture (СП) and that Huu Nghi and Saigon Brewery Company would hold 25.5 per cent each.

Dairy Farmers Protest

Dairy farmers protesting a fall in milk prices blocked distribution centers around France, threatening blocks at some supermarkets. The farmers targeted some 15 distribution centers in their protest that began at 10 p.m. local time Monday, according to the deputy chief of the National Federation of Milk Producers.

Protesters were stopping trucks from entering or leaving depots in western, eastern and southern France, reports said. The milk producers federation claims prices have fallen 20 per cent.

Airline Plans Bedrooms in the Sky

The airline Virgin Atlantic plans to install bedrooms complete with shower, jacuzzi and double bed in its 747 Jumbos to encourage travellers to join the "Mile High Club," a report said.

Ten to 12 rooms will be installed in the hold of airplanes and be accessed by a staircase from the main cabin, the Sun newspaper said. The price of a trip from London to New York would be around £2,900 ($4,600).

Комментарии

to draw up— составить; growth rate(s)— темпы роста; ilk= type (and the ilk — и иже с ним/и); exponent= supporter; to fall prey to= зд. on the verge of; abandoned its claim= went back on its words; economic turnaround— экономический подъем; to time= зд. to plan (cp. timing, bad/good timing); performance— зд. показатели; undisputed— бесспорный; production-sharing deal— соглашение о разделе продукции; to tap= to develop; proven— разведанные; to chair— председательствовать;

to map out the guidelines= to highlight the main directions; granted a licence = licenced = allowed; production capacity — производственные мощности; a... per cent stake in— доля, пакет акций; Jumbo jet- wide-body Boeing 747/777; Mile High Club= a bonus system for frequent travellers; hold— грузовой отсек.

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