ID :
87848
Wed, 11/04/2009 - 14:58
Auther :
Shortlink :
https://oananews.org//node/87848
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Russia needs to diversify its economy - WB deputy head.
WASHINGTON, November 4 (Itar-Tass) - For overcoming crisis Russia
needs to reform its economy so that it no longer depends on oil prices, Vice President of the World Bank (WB) Philippe Le Houerou told Itar-Tass in an interview on Wednesday.
"The economy diversification is important for Russia and that the
Russian government is engaged in it is good news," he noted adding that
"this is one of the main strategies of the future." According to him, "the
same is true regarding managing macroeconomic processes."
Houerou expressed confidence that Russia is already beginning to come
out of crisis. "Certainly, in the current world situation it is difficult
to make any forecasts, but we believe that Russia has already passed the
lowest crisis point and is about to overcome it. Basically, this a trend
of the whole world economy," he said.
However, the WB deputy head did not rule out that the economic
recovery process might be more difficult that it had earlier been
supposed. "We do not expect the economy to be as strong as before the
crisis," he said.
-0-
.GM leadership decides to keep Opel - media.
NEW YORK, November 4 (Itar-Tass) - The leadership of the American
automobile manufacturer General Motors on the results of its meeting on
Tuesday decided to keep the ownership of the German automobile group Opel
and not to sale it to the Canadian-Austrian firm Magna, which acted
jointly with the Russian partners - Sberbank (Savings Bank) and the GAZ
Group, the Associated Press, Reuters agencies and the British satellite
television channel Sky News have reported.
According to Reuters, the board of General Motors Co has opted to keep
Opel, undoing months of painstaking negotiations to sell the European unit
to a Russian-backed group led by Canada's Magna. GM confirmed the decision
made by its 13-member board after a meeting of directors on Tuesday in
Detroit, saying that improving business conditions and the strategic
importance of Opel to its operations had prompted the decision. "GM will
soon present its restructuring plan to Germany and other governments and
hopes for its favourable consideration," GM Chief Executive Fritz
Henderson said in a statement. GM said it expected that restructuring Opel
on its own would cost about 3 billion euros.
The meeting of the GM board came after European Union officials asked
GM to confirm that it would have decided to sell Opel to Magna if it had
known that 4.5 billion euros ($6.58 billion) in state aid promised by
Germany would go to any buyer.
Under pressure to focus on shoring up sales in its home market after
emerging from bankruptcy, GM's board had earlier opted to sell a 55
percent stake in the loss-making Opel unit to Canadian group Magna and its
partner Sberbank, th ereporte says.
GM's move is a setback for Magna founder and chairman Frank Stronach,
who left his native Austria at age 21 as an impoverished toolmaker but
went on to build one of the world's biggest car parts groups, Reuters
reported. Magna had no comment on the GM decision.
Opel's workforce -- which was to be cut by a fifth under the new
owners from 50,000 -- was supposed to receive a 10 percent stake in the
new company in return for 265 million euros in annual cost concessions. GM
would have kept a 35 percent stake in the unit under the now-scrapped deal.
-0-
.GM to present to Germany Opel restructuring plan.
NEW YORK, November 4 (Itar-Tass) - The leadership of the American
automobile manufacturing company General Motors made a decision at a
meeting on Tuesday to keep the German automobile group Opel and not to
sell it to the Canadian-Austrian Magna firm that acts jointly with the
Russian partners - Sberbank and GAZ Group, GM Executive Director Fritz
Henderson confirmed.
General Motors will soon present its plan of restructuring (of Opel)
to the German government and other countries and hopes that they will meet
this plan favourably, Henderson said in a statement.
GM, earlier considering several variants of the future Opel, assessed
the cost of restructuring of the German car making company at about 3
billion euros.
-0-ezh
needs to reform its economy so that it no longer depends on oil prices, Vice President of the World Bank (WB) Philippe Le Houerou told Itar-Tass in an interview on Wednesday.
"The economy diversification is important for Russia and that the
Russian government is engaged in it is good news," he noted adding that
"this is one of the main strategies of the future." According to him, "the
same is true regarding managing macroeconomic processes."
Houerou expressed confidence that Russia is already beginning to come
out of crisis. "Certainly, in the current world situation it is difficult
to make any forecasts, but we believe that Russia has already passed the
lowest crisis point and is about to overcome it. Basically, this a trend
of the whole world economy," he said.
However, the WB deputy head did not rule out that the economic
recovery process might be more difficult that it had earlier been
supposed. "We do not expect the economy to be as strong as before the
crisis," he said.
-0-
.GM leadership decides to keep Opel - media.
NEW YORK, November 4 (Itar-Tass) - The leadership of the American
automobile manufacturer General Motors on the results of its meeting on
Tuesday decided to keep the ownership of the German automobile group Opel
and not to sale it to the Canadian-Austrian firm Magna, which acted
jointly with the Russian partners - Sberbank (Savings Bank) and the GAZ
Group, the Associated Press, Reuters agencies and the British satellite
television channel Sky News have reported.
According to Reuters, the board of General Motors Co has opted to keep
Opel, undoing months of painstaking negotiations to sell the European unit
to a Russian-backed group led by Canada's Magna. GM confirmed the decision
made by its 13-member board after a meeting of directors on Tuesday in
Detroit, saying that improving business conditions and the strategic
importance of Opel to its operations had prompted the decision. "GM will
soon present its restructuring plan to Germany and other governments and
hopes for its favourable consideration," GM Chief Executive Fritz
Henderson said in a statement. GM said it expected that restructuring Opel
on its own would cost about 3 billion euros.
The meeting of the GM board came after European Union officials asked
GM to confirm that it would have decided to sell Opel to Magna if it had
known that 4.5 billion euros ($6.58 billion) in state aid promised by
Germany would go to any buyer.
Under pressure to focus on shoring up sales in its home market after
emerging from bankruptcy, GM's board had earlier opted to sell a 55
percent stake in the loss-making Opel unit to Canadian group Magna and its
partner Sberbank, th ereporte says.
GM's move is a setback for Magna founder and chairman Frank Stronach,
who left his native Austria at age 21 as an impoverished toolmaker but
went on to build one of the world's biggest car parts groups, Reuters
reported. Magna had no comment on the GM decision.
Opel's workforce -- which was to be cut by a fifth under the new
owners from 50,000 -- was supposed to receive a 10 percent stake in the
new company in return for 265 million euros in annual cost concessions. GM
would have kept a 35 percent stake in the unit under the now-scrapped deal.
-0-
.GM to present to Germany Opel restructuring plan.
NEW YORK, November 4 (Itar-Tass) - The leadership of the American
automobile manufacturing company General Motors made a decision at a
meeting on Tuesday to keep the German automobile group Opel and not to
sell it to the Canadian-Austrian Magna firm that acts jointly with the
Russian partners - Sberbank and GAZ Group, GM Executive Director Fritz
Henderson confirmed.
General Motors will soon present its plan of restructuring (of Opel)
to the German government and other countries and hopes that they will meet
this plan favourably, Henderson said in a statement.
GM, earlier considering several variants of the future Opel, assessed
the cost of restructuring of the German car making company at about 3
billion euros.
-0-ezh
