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    St. Petersburg City Guide

    By RUSSIA CONSULTING Located on the Neva River at the easternmost part of the Baltic Sea, St. Petersburg is the second-largest city in Russia and the third-largest city in Europe, with some 4.8 million inhabitants. Founded in 1703 by Peter the Great, it was capital of Imperial Russia for nearly 200 years until Soviet times,[…..]

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    South Koreans to Energize 2014 Winter Olympic Games in Sochi

    Nov. 4 – Russia and South Korea are teaming up to develop a tourism hub in the mountainous North Caucasus region and Korean investors have signed on to contribute US$1 billion towards the US$30 billion project. The state-run OJSC Northern Caucasus Resorts Company (NCRC) signed a joint venture agreement with Korean Western Power Co. (KOWEPO)[…..]

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    Siemens to Become One of the Biggest Investor in Russian Economy

    Oct. 19 – German engineering and industrial giant Siemens AG will spend €1 billion (US$1.37 billion) on projects in Russia over the next three years, Peter Löscher, head of the board, said on Monday. Russia’s energy sector will get the bulk of investment – around €700 million, with €400 million to be invested in a[…..]

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    Russian Government Better Off Not Selling Natural Monopolies

    Jul. 20 – While the Russian cabinet has been trying to accelerate privatization, foreign experts suggest it may be better to ease up, saying that selling the “natural monopolies” could possibly be counter-productive. Giving a speech at the St. Petersburg Economic Forum this June, President Dmitry Medvedev demanded that the government correct plans for privatization[…..]

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    Italian and Turkish Developers to Construct the New Pulkovo Airport in St. Petersburg

    Feb. 16 – St. Petersburg’s new aviation hub Pulkovo will be expanded by Italian Astaldi together with Turkish Ictas Insaat, the airport said on its web site. The contract is worth an estimated US$1.2 billion to US$1.3 billion. “The main criteria for choosing the general contractor were international experience in building large hubs, as well[…..]

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    Russian Railways Look for High-Speed Rail Network Bids

    Jan. 31 – Foreign investors will be invited to Russia to design, build, finance and maintain a new high-speed rail network, state-run Russian Railways announced Friday. Russian Railways, which operate the world’s biggest passenger rail network, has created a subsidiary to handle the project, High-Speed Rail Lines, which will present potential bidders in March 2011,[…..]

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    Russia’s Economic Recovery Prompts Salary Renewal and New Jobs

    Apr. 28 – St. Petersburg’s private sector is showing some signs of recovery from the Global Economic Crisis. Companies have gradually started to renew revision of salaries with the average increase estimated at 10 percent, reports the Vedomosti newspaper. This month a British-American tobacco giant in St. Petersburg factory raised the salaries of 95 percent[…..]

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    Investments Aid ‘Boom Time’ in St. Petersburg Region

    Mar. 12 – Foreign investments into the St. Petersburg region have grown almost 30 percent in 2009 compared to 2008 and have so far totaled US$1.3 billion. These indicators have allowed the region to remain one of leaders on rates of increase in foreign investments in Russia. The main investors are United States (45.4 percent[…..]

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