as natural reaches. the key to the tama is a geologist who first arrived in barron's board in the early eighty's the collapse of the soviet union and made him trade geology for business but the recent afternoon state funding allowed him to come back to his beard in the peter bergen is a key to all the arctic graphically it's a place where the global weather is being formed. it's a unique ground for science and money and such an oil gas and other minerals it's a place we simply can't afford to lose. and his country seems to agree at some point arts the gatherings work spitzbergen archipelago. is very place where russia's past is being restored there is more on our website our team dot com. a series of miracles a map made of tools and jam still is refurbished by the outhouse seven hundred craftsmen managed to restore the last of the u.s.s.r. . and existing you know legal limbo of the british male living

behind bars for five years after being imprisoned without charge suffering from his own country's extradition all. part of brings us up to date here on our t.v. time now for the business news with us davis. hello and a very warm welcome to the business update the russian ruble has lost forty percent of its value in one day on wednesday the country's central bank allowed a chorus e. to sell at market rates in a bit to ease the worsening financial crisis the currency fell to eight thousand six hundred rubles against the dollar compared with the official rate of five

thousand three hundred it's the second time since may that the currency has been allowed to devalue move comes amid an effort by the government to make the country's exports more competitive but the official rate will remain in force for the state owned companies buying imported materials. german truck maker man says the crisis is over in russia's automotive industry the company is expected to double its sales this year it's also building a new plant which it hopes will produce a lot of vehicles sold in russia by twenty twelve companies representative in russia outlines the sales dynamics. terrible drop in still to two thousand line where sales of the body to the sun was up in each of them ten was so much of the almost portable shields that we shouldn't see the seals until much gold leadership says strong orders to date we have more should live on the floor doesn't touch a little bit of fuel compared to just seven hundred in two thousand and eight two thousand maybe not sixty three competitive in trucks which is by far the most

anywhere in the world we've actually come out stronger after the prices of each of the vision used to market leadership last year and asked the oldest we continue that model each of us within the market both in trucks and also on imports you wish them both. let's have a look at the markets now world prices are heading down as reports say inventories have grown in the us whether the thing losses are limited by easing wars while the european economy brant launches trading at around one hundred twelve dollars a barrel while the top of the charities close to eighteen million dollars that. asian stocks are on the rise and says days investors solved buying back shares off of france and germany said greece will stay in the euro zone the nikkei is climbing one hospice center moving away from a fresh two and a half closing while home cause i'm saying is a bit behind the cent on the rise. and here in moscow is just one hour ahead of the opening bell the markets ended when stay straight in session mixed. just

a notch as you can see it but the mice it's gained almost half of the second. largest biggest petrochemical could use a suborder wants to hold an initial public offering for the next two years says the c.e.o. of the company suborder is worth more than seven billion dollars it has been mulling an offering for years but had to postpone as a result of the downturn in two thousand and eight said profit is expected to grow three percent in twenty eleven up from one point four billion dollars in previous years. money is so true many of us have to fly in our own personal jets and russians are no exception before the prices bizjet charges in russia are generating a turnover of over one billion dollars and once again it's taken off as michael. pre-crisis the country's ultra rich were buying into this new level of privilege and luxury big time and it seems the good times are returning traffic is back to two thousand and seven levels and analysts expect it to grow by ten percent

annually with its past distances pool roads and underdeveloped commercial infrastructure russia is tailor made for private aviation. in the last year alone the number of billionaires in russia went from sixty to over one hundred and then we look at the ultra high networks that also use airplanes for the overall industry at large that increase by fourteen percent year over year so we see the growth prospects in russia very good throughout europe middle east now for but equally as good as any to put country in the recent tragic accidents can point to all the areas of potential growth the need to update or replace obsolete costs but what is still happening in the industry is the lack of proper legislation i think is russian aviation business matures you're going to see a lot more legislation drop and we have seen very positive signs in the last year that we believe we're going to see aircraft being registered in russia and more craft coming in the market here now a new rule allowing general aviation pilots to operate freely in the uncontrolled

airspace is a step forward one has to take into account that russia is the world's largest country and with it is key to moving around quickly and space liberalization is great but if you want to sit in this seat you're going to have to find twenty two million goal is to take advantage of it. that wraps up the business news for us and what stories you can head to a website archie dot com slash business so join me for another business update in less than one last time.

like millions of americans i've lost thousands of dollars in retirement funds and i haven't had as bad as many so it's not just about the them it's about me to. me man brown man ya gotta shake. hands. and say. that. and g.'s o. w. same. you. need it. but now he. says this is my film i get the last word this financial crisis will not be turned off like a light sweet. welcome

back you're watching live from moscow these are the top stories the new authorities in libya vowed to provide freedom and democracy but people say they are afraid any criticism of the new government will be met with severe punishment. france and germany stand down and calls for greece to be kicked out of the euro zone as the third anniversary of the two thousand and eight financial crash brings concern another is close at hand. turkey signs up for nato is missile defense plan agreeing to deploy a greater system on its soil just a day after romania said it will also take part. so the host city of the twenty

fourteen winter olympics has become an international investment hotspot in recent years next thirty spotlight show talks to a member of the such investment for him to find out why this city has become so attractive.

hello my name is al green often i welcome you to spotlight beams in the show on our team my guest in the studio today is adam i v t sucking the city of salt she is not only the future olympic kept it has turned into the main economic attraction these days as hundreds of bankers and business men are attending the international investment from like many other countries russia has suffered an investment slump and least news for the global research now that the country is trying hard to recover by putting money into startups the government has created a specialized strategic initiatives agency to help promote new ideas and the young business so once they're in it and their mission we're asking the head of the new

business department had this to teach you initiatives agency and also one of the saudi foreign purpose out of this is. according to official statistics foreigners invested almost one hundred fifteen billion. dollars in the russian economy last year it's only six billion less than before the global recession experts say however are the major developing economies like china are more attractive for investors the social forum is one of the measures to improve investment climate and russia so will the newly established strategic initiatives agency promote a promising start ups and supporting business. hertha welcome to the show first of all you said this will be the first your first ever interview. my first experience so congratulations thank you take care relax and

enjoy it. well first of all you are its only the searching for what you expect from the forum in such. i expect. maybe first of all at tourism agency certainly a possibility too to introduce your agency to a wide wide public there because it's the first introduction agency was started good both three weeks ago and its first introduction to investors to. different banks. all in all people oh and now let's take a look at the evolution of these such investment forum which is taking place for the tenth time this year spotlights in the records. russia's most popular see signed result first became a place to talk business ten years ago it started as a band with

a goal of attracting capital into the region first i was fourteen vestment for him could boast no more than a deal signed but that was enough to make big business come back for more the next year more and more of russia's regions join the event to compete for investment from big international players ranging from pepsi co to boeing two thousand and six became crucial to the forum or putin's visit significantly raised the profile of the ground and a year later it was no longer just the sea resort hosting an investment for sochi won the bid for the two thousand and fourteen winter olympics the region saw an investment boost which even the economic downturn could not dampened by two thousand and ten the number of deals signed that the sochi forum was measured in hundreds and their value in billions of u.s. dollars before is not only about striking deals it's also a place to discuss problems in the russian economy. as

a russian businessman ury miller he was a guest here in the studio a couple months ago he for one is supporting many start up projects in the united states in the silicon valley and i am i think you are you are aware of his business but. he as many others is reluctant to invest money into russian projects and the projects here in this country why what's so wrong with the russian economy are the russian vest in a climate that even the russians are investing into their own country. there are a lot of different. areas of bear areas and they're sort of administrative barriers commercial. and of course. for

medium especially for medium sized business it's very difficult to implement a project in life i don't know why. mr miller has problems. in investing on projects in russia because a for large companies it's much easier to survive and it's much easier to find. communication with the government much easier to find financing for trade finance or it's much easier to structure projects because they have a lot of serious fishless in their big structures maybe they don't want to be surviving egypt but the word to make business and have fun. maybe he did you know because the reason they are asking is why i asked the same question to mr miller and he said i will be interesting to watch me in a couple of months i will be putting money into projects in russia and he's still doing that well well well this is history ok according to the government's program

innovating development the mean time for years two thousand and eleven two thousand and thirteen is i quote to raise receptiveness of the kind of me and business to innovation does it mean that now russia is not prepared for innovations and. what does the plan russia as a country what is it like to to to to attract. of course it's very difficult in russia for a moment and when we're talking about innovation. we need to talk about who is going to invest in such innovating projects when we're talking about agency where focusing on the media on business first of all because medium business is the key. is a key driver of any economy especially the russian economy and to and we are

trying to a focus on finding projects which are attractive innovating projects which can be. replicated all over russia. oh would you say medium business going to small business those large big business what's what's the criteria of medium business for russians in this country rush rush is very big country everything is bigger in russia that many other countries that's right you know. there is no any exact rules and executive for a medium business for us it's a preliminary preliminary great area medium project to project from ten million dollars more than that more than ten million dollars. billion or what we can say about a. project. with

a star for less than one thousand people. what needs to be done. how does your agency see in the process of supporting this media business. first to wall first the wall are the main idea of supporting the leaders of the business the young are into printers self-made and vicious who want to develop a plan to create their own business or but it's not just absolutely this startup they'll really be it's been anything but something and they want to continue their. business intrapreneur career what is promised to put in supposed to play as the as the head of the supervisory board of eurasians first of all i would like to say that it

was absolutely he's a dear and the deal belongs to mr putin of creating decisions here agency. his role number the rule mr putin and the role of agency would be a breach between interpreters leaders of the business and the government. well we all know that sturtz kokomo at the in an elevator project is is the favorite toy favorite gadget our present value so we should call this your agency the answer of put in to mitigate its project and skulk of. i will tell the turks called color is something separate and it is the answer because what his agency or over there do you can usually i would say it's like a big communicator we. with

a very very friendly interface so we communicate with all the relevant institutions with banks to raise financing with the government authorities with the regional government and. we help to find and to implement. the most exciting the most innovative projects so so so your relations will skolkovo our. would you call it competition or rather or rather like health and support. it's first of all cooperation operation because if you can find a good project we can ask for some grants from school cause and make can make it together with with colcannon but. agency of three to you can issue to something more of course we. also. define

different different barriers and help business to grow and to start up. says alex every to send one of these predecessors in south of the saatchi investment forum and i add the new business before i even have the strategic initiatives it's not like it will be back shortly dried out through grey cells stay with the film there will be that little. ok decades back untaught. one thousand miles from the north pole. the iraqi team is taking on a trip to spitzbergen on to tell ago. where twenty years after the u.s.s.r. collapsed the soviet way of life is still glowing strong player in the world's the

northernmost statue of lenin presides over a ghost plane where the sewage heritage has become a tourist site for those overcome by the cold war in the style of. cooking the close up special edition on our t.v. . to gold. bringing you the latest in science and technology from around russia. we've got the future covered. place. welcome back to spot and i'll grab in just to remind you that my guest in the studio today is. the son of one of the process a prince of the search an investment forum and add the new business appointment at

the strategic initiatives agency. strategic initiatives agency has recently been founded in russia to support financially young and talented and printers hoping to bring life to their innovative projects but is meant to prove a thing in precious small and medium business according to the heart of precious burbank herman graph over the last decade a sector of the economy doubled in size from ten to twenty percent of g.d.p. . despite the growth or she's legging far behind france of the us say where at least half of g.d.p. comes from small enterprises prime minister putin has recently named support for small and medium business among the country's priorities over the years the federal budget has been rescind the amount of subsidies it has sent out to the regions for the development of small and medium business however the practice has been

criticised within the government itself the ministry of finance doubts the captive ness of handouts rather than loans another problem is then willingness of russian capital to invest in start ups it's much easier for russian and tipper nurse to find understanding in money abroad ideas go west as a result of such a forum looks. for reversing the trend. well. we we we saw you should biography in the beginning of the program you were very young you just over thirty what did you achieve so far you have a public figure so we don't know a lot about what have you do. which made you. such a high position with only that it would put in above you in a certain sense right. after greely it in finance academy in moscow in one

thousand and seven in one thousand nine hundred eight yeah. organize my own company i had nothing so my first company was consulting company because i didn't have enough money for making the investments and some others here and there i started with consulting in the valley in structuring projects. and now my company is. four hundred people working in a mosque or in we have affiliates in different regions of russia and. when i heard about the a dear of a mr putin of creating the edge and see it was. for me a. very interesting because it was what i really did for thirteen years. you qualified for the job because how do you go out and

you just send an email or one doesn't do e-mail see his mail. it's sort of. contest throughout the world was a tender it was a tender. send by email. via. the they're all ours see the edge and see and etc and then on the twenty seventh of july. putting invited us and told the results tell me tell me what did you write to the prime minister how how did you impress him how you going to improve the investment climate in russia because i have been asking this question here in this studio for more than a year now but in very improving the investment climate what nots need in your approach there deal of agency and the met new managers from managers who would

work in the agency they should be businessmen who will really created their own business because for businessmen to understand other business and is much easier then for our government authority for a government official for example that's why. i think the commission saw that i have experience of creating from zero my wrong. medium business you are heading the department of the new businesses and within the agency you said there's the agencies aiming mostly at medium business small business but but new business must be the small or not or i'm mistaken. you can be medium a businessman or you hope can have already. done something and you can have a factory for example but you want to start with something else new means or

younger. when you see new younger innovative know you can have idea of new business resample you want to make something which can be replicated in all regions of russia and you want to make your medium business try to drop you want to be to become a very big large company and you come to agency and you come to agency with different problems and they can be problems over attracted financial find investors they could be problems of some administrative barriers commercial barriers and all these things we. help you to cope with. what's the criteria according to which you are going to evaluate the the success of the projects. the criteria is.

we'll. be divided by two main groups and one group. are quality of creating great areas. it's the projects should be innovative the project should be. long maybe social the projects should can be the project. can be replicated in different regions and the most important criteria is the project should have a leader. that is the big difference between our sent some other institutions so it was even wasn't that you shouldn't make projects without leaders is a process a new project without a leader here and your project can be be organized by the company. we try to find.