Russia revolutionises its jet industry (BBC) {bad news for Boeing?}

[eppur_se_muova]

By Duncan Bartlett
Business reporter, BBC News, Moscow

Russia is hoping to make a giant come-back in civil and military aviation.

It has pledged to spend billions of dollars on boosting its defence industry, especially the air force.

The goal is to build nearly 6,000 new military and civilian aircraft, and to win 15% of the global aviation market.

Russia has set up a new government-controlled company to oversee the process, the United Aircraft Corporation.

But there's a long way to go, as Russia's aircraft industry has been in the doldrums since the collapse of the Soviet Union in the early 1990s.
***
more: http://news.bbc.co.uk/2/hi/business/7266853.stm

[lapfog_1]

1. Oil money can do wonders...

oil is over $100 a barrel, and, for the moment, Russia is a net exporter.

[CGowen]

2. They are insuring themselves against a fall

Putin orders better management of national financial reserves
17:14 | 03/ 03/ 2008



MOSCOW, March 3 (RIA Novosti) - President Vladimir Putin ordered the government on Monday to draft proposals on improving the management of Russia's financial reserves.

"Given the situation on global markets, I ask you to prepare proposals on optimizing the management of the country's financial reserves - the Reserve Fund, National Welfare Fund, and gold and currency reserves," Putin told a government session.

...

Russia's Finance Ministry said on January 30 it had divided the Stabilization Fund, set up to accrue surplus revenue from high world oil prices, into the Reserve Fund and the National Welfare Fund.

The Stabilization Fund held 3.852 trillion rubles ($157 billion) as of January 30.

Following the reform, the Reserve Fund, designed to cushion the federal budget in the event of an oil price plunge, totaled 3.082 trillion rubles ($128.3 billion) just after its formation, while the National Welfare Fund, expected to help Russia carry through pension reforms, held 777.03 billion rubles ($32.4 billion).



http://en.rian.ru/russia/20080303/100517835.html