all business news with sharona. cologne welcome to our business program i'm sure i. could all prices have hit two year highs in recent days as industrial production in the u.s. and europe picks up experts are optimistic about the oil price in two thousand and eleven but with many all majors diversifying their output with alternative energies like natural gas some why this could hurt overall oil revenues jorge much of pick a global director of marker ports plots in london explains the correlation. over the long term there is competition among fuels and gas to some degree is already eating into the heating home market and will continue to do that on into some industrial processes but in the short term any extra gas production is really not affecting oil prices in fact gas prices in some areas right now are what they were fifteen even twenty years ago but oil prices are two year highs way above the trend so so far those two products are really not affecting one another this is actually fairly good news for russia because that means that the revenue it gets from oil sale

politics is taking control of the world's energy supplies that's in the spotlight but first though sharona joins us with the business news. well welcome to our business program i'm sure ana qian. a high tech country needs to make high tech products the government is putting its political and financial capital behind modernizing the economy but it also needs to find innovative goods the rest of the world might want to buy that tell you how close reports. the gigantic ultramodern building of called innovation center these days it's attracting a lot of interest from those who in the near future could change the face of both russian science and its economy speaking at the forum the presidential aide even went as far as saying that russia may become the world leader in innovation within the next five years but for that to happen talent needs to be nurtured and harnessed such as that belonging to this fifteen year old muscovite was in the us this model is built with a leg and construction cage it's intended for people with limited hand movement it is constructed on the principle of human biomech

just turning twenty minutes past the hour here time now for the business news with sharona. hello welcome to our business program i'm sure. the food and agricultural organization has warned that the world is facing a food price shock this comes after f.a.r.'s benchmark index of agricultural commodity prices shot up to a nominal record last month surpassing the levels of the two thousand and seven two thousand and eight food prices the surge in the food index is based on rising costs for corn sugar vegetable oil and meat the situation has been made worse by inflation and increasing economic challenge in developing countries including those of china and india however the f.a.a. and food aid agencies are drawing comfort from relatively stable prices for rice one of the most important agricultural commodities for global food security. and russia is the leading export of energy resources but also one of the most energy inefficient economies in the world but both state and commercial businesses have modernization projects in the pipeline in a bid to improve the country's competiti

time for places of business news now with sharona don't go away. hello welcome to our business program armstrong and. russia has delivered forty two thousand tons of crude oil in its first delivery via the newly opened chinese section of eastern siberia and pacific ocean crude oil pipeline they e.s.p. pipeline which began operating on the first of january is designed to pump oil produced in west side bierria to the asian pacific market russia plans to transport fifteen million metric tons of oil annually to china until two thousand and thirty according to analysts the huge project makes a huge strategic shift for russia and energy export having previously been heavily dependent on european markets. and russia has set a new oil output record with last year beating even pre-crisis heights the energy ministries figures show it was the only country to produce more than ten million barrels of oil per day as growing prices stimulated output the next biggest producer saudi arabia provided only a quarter million barrels per day in recent months russian oil

and time now for the business news with sharona. welcome to our business program. a year since its launch the trilateral customs union proved a success according to all of its members though it also had some unexpected effects it stirred up the long lasting negotiations on russia's entry to the world trade organization after russia said it would seek the a session together with belarus and kazakhstan but as. reports there may still be some problems ahead. russia belarus and kazakstan are speeding up the next phase of their customs union the single economic space with a free trade area and a common external policy the trilateral union was launched at the beginning of twenty ten just simplify the movement of goods and capital between its members. we are creating the terms for fair competition for all the member countries to help the producers be competitive on the external markets the simple economics piece one of unified regulation rules and single economic policy russia belarus and kazakstan with a combined population of one hundred seventy million account for more