high-tech companies, which may even be unprofitable, but have a strong impact on young technology companies, growth dynamics, high expectations for some breakthrough technologies, so the ipos are small, there were even 2 billion rubles, in my opinion, 10, maybe 15, of course, this is not very much, but nevertheless it is positive. pain can be different, no matter what caused the pain, if there is pintalgin, a universal remedy against different types of pain. pentalgin, we can do without pain. connect your sber subscription prime, more cashback categories to choose from, access to vox movies and tv shows. and music in

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these are the ivanovs, the average russian family, they throw away 664 plastic bottles per year, and if they sorted the waste, this could work out. 21 backpacks for a son or 11 sneakers for a daughter, 73 t-shirts for dad or 70 dresses for mom. sort your waste and give things a new life. the company, because andrey lionevich really raised the question, and where do you see? sources for financing, well, for example,

industry, companies you created, they continue to develop, while you look at the structure of investments in russian business, in general nothing has changed there for a decade, there 50, 50 dash 5% is the business’s own funds , how can this story be changed, this has already been talked about, thank you, no, well, look, you are now giving a rate on deposits of 16, well, who at this moment will go with the strengthening ruble, well, we don’t quite understand how it is strengthening taking into account . all restrictions, but it is strengthening, that is , it turns out that those who invested in deposits have received, well, for 20 plus since the beginning of the year, that’s why i don’t believe in share capital, all the ipos of the last year, in my opinion, are 40 billion, well, rusal in 2010 brought in five times more with one placement, that is, well, in my opinion, you have a bond market, that is , it is... dead, this is where the question was raised before

the session: these are government guarantees, why don’t they help reduce and they don’t create, well, they don’t create any leverage.

thank you very much, let’s continue with you, also including where you see the source of money, we use the word believe right now during this block, i really don’t like it when discussing macroeconomic effects and macroeconomics in general, the word believe, well, really we have modern economy,

it is deeply behavioral, but as where you see, firstly, this same source, like a private bank, well, that’s the balance of risks, how much more difficult it has become for our central bank to maintain, thank you very much. tools, that is, i don’t know, two specific proposals, one proposal is standards per borrower, will help the largest corporations, such as rosneft, gazprom, russian railways, what has happened now when the largest companies are up against, so to speak, their limit

in any, even the largest bank, and technically cannot afford to take out a larger loan, and god forbid they buy someone else, then the purchased company generally loses its credit limit, because it falls into the same limited limit of a large corporation and so here is the tool the state guarantee that oleg vladimirovich spoke about, germanich spoke on the sidelines, it seems to me that it would be good, or the central bank would simply measure the capital load ratios in a different way, because we all understand that the risks of such companies, well, really would be very low, this is like a little bit of ethosism, the second example is leasing, a super instrument, last year the growth was 50%, now the leasing portfolio for the whole country is 10 trillion.

we issue a credit instrument, we must pay tribute, the central bank reacts quickly, last week there was a report on the topic concentration on borrowers, this question is more or less addressed there, and i think that now all this will come to some kind of practical implementation, there will be another example of how the central bank finds a balance between risk and growth, thank you very much, germanovska, you know , i would like to ask a question, july 1st is such a significant date, a significant event, the completion of the program of preferential real estate lending for the purchase of real estate in its widest form. in my opinion, the program was, of course, quite interesting; many russians improved their living conditions, but the vast majority, at least on the moscow market, on the market of st. petersburg and

not only, in general, the program led to directly opposite results, accelerated the value of real estate, led to the creation of what are called micro-micro apartments, micro real estate objects. the transition may be possible in the conditions, despite the fact that this is a growing economy, economies are quite complexly arranged for more targeted targeted measures to support various areas, including lending and so on, plus we have after all, sberbank is the operator of dozens there, correct me, support programs, subsidies and so on, industry, real estate and so on, maybe it’s worth expanding this story, making it more targeted, what do you think? well...

as a result, there was a colossal imbalance in the market, everything is true, everything is true, and more than one,

affordability, affordability of housing as a result , like us, i hope someone didn’t fall into deception, yes, who didn’t manage to register before july 1 mortgage, friends, it is preserved, you just have to start a family there and have children, sorry, mortgage availability during this time, housing affordability... this time fell by about 10%. in this sense, we have not done anything better for the end consumer, that is, for the citizens. incomes have increased, as you said, mainly for developers, because the banks' margins have also dropped greatly, so they managed to make money on all this, only developers managed to make money on all the subsidies, and now the market for primary secondary... housing has also historically diverged , and accordingly,

this has a big advantage, in the sense that investment housing has ceased to be the subject of dreams for many, because first of all in moscow, because it is impossible to sell this apartment later, but now, i think, we will spend a couple of years in the mortgage market in order to bring the market to a normal equilibrium state , we will all be sick together. the availability of housing will continue to be disrupted, it will be difficult for developers, because big things have been done, the investment cycle there is quite long, and it will not be easy for banks, but to bring the organism, the economic one, into this state, into an equilibrium state the body is extremely necessary, i don’t think that there will be any such very dramatic consequences, but there will be consequences, it’s important, i support the winding down of mortgage programs, such a frontal winding down of mortgage programs, we talked about... there a couple of years ago, that we need to start getting out of them, because the further you go, the more difficult it will be to get out, that’s why

here we can only draw one conclusion, that this kind of frontal programs are not always effective and therefore we need to make such decisions in time, then get out of them in time, uh the accuracy of what you said is probably the right recipe, uh as for uh in general - labor and capital and technology, strictly speaking, there are two, two sources of economic growth, yes, if we look at the two thousandths, then for for 10 years from 2001 to 2011, the economy grew at a rate of approximately 4.5%, of which the contribution of human capital was 0.2%, approximately everything else - well, more precisely 3/4 - is the contribution -

it has ceased to work effectively, it is in a state of overheating, at the moment we have a problem of efficiency, a problem productivity is generally a national problem. and as i already said, there are factors here that we need to start working with, the first is the efficiency of the state as a whole and the efficiency of state institutions, including those that create competition, and then the efficiency of business, we have a number of industries in which labor production has been falling all these years, there are sectors in which it

has grown very quickly, but there are a number of sectors, the quality and efficiency of public administration related to the quality of work of institutions, with it will be difficult to improve efficiency in the private sector. thank you, i will definitely return your question about efficiency. when purchasing complete equipment, a built-in dishwasher for only 23,999. the problem of cystitis is known to many women, the main cause of cystitis is bacteria, cystone

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banks for free and receive cashback of up to 70% from partners. more profitable with a subscription. years, a lot of effort, with an incomprehensible result, and it’s easier to make some other decisions, benefits, subsidies and so on, but therefore this is not a very good quality of institutions, we are trying to compensate for everything with something else, these benefits, financial resources, and so on, but now there is concern , business gets used to

working in any institution, it’s just included in the costs, it becomes a factor in general...

organizational measures were business, those who know how to do this may complain less, but nevertheless there is a problem, as far as key rate and the cost of money, we understand that to develop the economy, to invest in labor productivity, in technology, long-term financial resources are needed, so we are actively working to ensure that... both the bond markets and the stock market have developed, unlike me from oleg vladimirovich i see prospects there, it’s hard work, i see the problems that large large... companies do not want to enter the capital market, we now have investors who want to invest not only in technological companies, we have a queue to invest when there is some kind of ipo, but the big ones

don’t want to, well, because really, probably, the profits allow me to go after this and it seems easier to get preferential loans, but i think that the capital market is certainly possible ; its potential has not been exhausted for us. we need long-term financial resources, including long-term loans. the difference in our positions is as follows: i believe that long-term loans, our experience shows, there is no such thing as high inflation, it does not happen, these are loans paid for by someone, budget benefits, higher rates for someone else, well, i would like to ask the bankers here, even then maybe i will answer, just imagine, we now have annual inflation more than 8%.

what, if we lower the key rate now, it will be terrible, no, i generally think that everything is correct, here i have a lawyer at my bank, when you call him, you will tell him, listen, lyosha, how to do this correctly so that everything is correct according to the law, according to everyone rules, he says whatever he says, lenidovich, it will be right, i think whatever he says, he’s a great lawyer, i adore him, i think whatever elviradovna says, it’s right, it will be 18, that means 18. because inflation is big trouble, really, a big trouble, i worked in london at one time, there was such a techer, so to speak elvira, techer, and

for me she says inflation is killing the economy, she removed inflation and brought the english economy to a completely different level, that’s what elvira set i think it does the same thing in fact, and also successfully, i think, they don’t want to answer the question, they don’t want, they don’t want to leave, oleg vladimirovich raised the microphone, let’s maybe he answer specifically what they will do? they will issue long-term loans at low rates to oleg vladimirovich or someone else just because we lower the key rate. very good germanov, soon, as in spirit, it would be a signal to all banks and, in general , the entire sane economy that our last sane institution called the central bank, caused some serious failure, most likely everything is just... they will simply stop issuing money altogether, because it is not clear what to do in such conditions, because this obviously contradicts, i’m not talking about

macroeconomic theory, common sense in general and so on and so forth, there can only be one answer: fear, when a person is scared of what he is doing, he stops giving out money altogether, which you just gave your colleagues an excellent headline and more than one, yes, but you still didn’t quite answer the question, vladimir vyacheslavovich, well... and realistically, well, theoretically, the mathematics works there in such a way that there will of course be a reduction in the lending rate, but realistically, i agree with the german government, we will all say that something is happening, not like in general, it’s better this way not to do, in general, the market must understand, the market must understand what is happening, when the market does not understand, it worries, when the market worries, the rates are even worse, the risks are growing and so on, this is a loss of trust, you know, there was such a very famous one. theorist, head of the central bank in germany, he said this a phrase that he often likes to repeat is that if you flirt with inflation, then you are doomed to marry it, but

divorce from inflation is very expensive, it is also so flighty, yes, okay, then i will try to hypothetically assume that what the banks have done now, well, yes, they would probably reduce rates on short-term loans, maybe a ban. rates on long-term loans would disappear, they would simply disappear, because banks do not understand and companies do not understand what inflation will be, it is generally not

controlled, they don’t pay attention to it and...

in my opinion, for this we need, we need to control inflation, and i often forget.

well, right now on channel russia 24. the main facts of this day in the studio are georgy podgorny and natalya litovka. and that's what we're going to talk about. the sco summit is taking place in astana. russia is represented by vladimir putin. the russian leader held a number of meetings, including with erdogan and aliyev. the importance of the shanghai cooperation organization is growing thanks to those countries that are pursuing independent policies. what a future sco member states are discussing. targeted

strikes on military factories of the armed forces of ukraine, in particular on yuzhmash , the use of iskanders on the infrastructure of airports of the kiev regime was again recorded. what is the intention of the russian command, which consistently cuts off the supply routes and movement of militants, reports of the special operation. the attack of the ukrainian armed forces on the raduga substation disrupted the normal operation of the zaporozhye nuclear power plant, an alarming message. npp press service. most of the energy supply was left without light and water. what are the consequences and are there any? risks of nuclear disaster? in moscow , the temperature record that stood for 107 years was broken. recorded at 32.5°. and across the country , 40 records were recorded at once. what can an abnormal heat turn into when you expect a sudden change in the weather? a bus with russian tourists was involved in a major accident in turkey in

the province. what caused the accident? well, in france they are preparing for the second round of elections, and what the mokronists are playing at reminds many of them of thimbles, how strong are the positions of the right? and parliamentary elections in great britain. for the first time in 14 years, the majority the labor party may get it, but does this mean a change in the kingdom's foreign policy? an appeal to the world community to begin an honest and open global dialogue, this is how the participants of the sco summit see it as one of the main tasks, they gathered today in astana. the main day of the summit will be thursday. today in astana there is a whole marathon of bilateral meetings, vladimir putin, who arrived in astana this morning.