Предприниматель | Информационно-аналитический журнал - Part 147

Steve Jobs Right

In an email that Steve Jobs sent to employees, said little: Jobs wrote that goes on indefinite leave for health reasons, has promised to keep abreast of the strategic decisions of the company and someday return, and also asked to respect his privacy. Everything. Apple’s stock immediately collapsed to 5% until the end of the week and could not return to its previous level even compared to the fantastic quarterly report the company showed record revenues in its history, and net income.

Shareholders enough to know that Steve Jobs wants to return to the operational management as soon as possible – they want to look into his medical record and on this basis to make decisions. How sick Apple CEO this time? How serious it is, how it’s going to be treated, whether the probability is high that he did not return to the management company?

Problems of Jobs health have long been known, but information about them never differed immediacy and candor. In 2003 he was diagnosed with pancreatic cancer, but the diagnosis of shareholders learned only six months later – the day after a successful operation. A few years later it became known that defeat the disease initially tried Jobs with complicated diet. In 2009, history repeated itself: the head of Apple, said to be suffering from hormonal imbalance and it needs to go through a simple course of treatment, and then suddenly it became clear that the transplanted liver Jobs.

Shrouding the health of its CEO a veil of secrecy, Apple is in right field. Commission on the U.S. Securities and Exchange (SEC) requires companies to disclose to shareholders material information that may influence their decisions, but information about the health of top management such right does not apply. However, this week revived the debate in the U.S., which began two years ago, after surgery of Steve Jobs: silence if Apple and the letter of the law, does not this mean that the law is time to change?

Investors are accustomed to see a direct correlation between prosperity and the availability of Apple’s Steve Jobs in an armchair CEO. He controls every aspect of Apple, is the driving force behind the company. Jobs spent all important presentation and personally chose the chef for the cafeteria, his name is worth hundreds of patents for the company – from the box for the iPod to the design of stairs in the Apple Store in San Francisco.

Two years ago, in the midst of uncertainty with hospital Jobs completed as a liver transplant, worried investors, experts and journalists began to attack the SEC with a request that the issue of health CEO of Apple some clarity. And soon, Bloomberg reported citing an anonymous source that the Commission had begun an investigation to find out whether manipulating its shareholders, Apple, withholding important information. Many now urge SEC to reflect on recognition data on the health of top management as “essential» and require public companies to disclose them to its investors. Opinions, however, expressed very different.

Risks associated with hypertrophied significance of Jobs to Apple, already included in the price of the company, says former SEC head Arthur Levitt, who left office in 2001. “You have to be deaf, dumb or blind not to know about the problems of Jobs’ health – he said recently the agency Bloomberg. – Jobs takes the hospital and sends a message to the market, a wise investor is enough. I do not think that the Apple board of directors should be accountable for his disease more specifically. ”

But most experts think the opposite. “The right CEO to privacy outweighed the significance of this information to the market. If Apple wants the loyalty of thinking rather than emotional investment, it should tell you about the status of their CEO – that would be fair. Everyone wants to Jobs for a speedy recovery. But given that he leads the second-largest U.S. company, we need to know from what illness he has to get better, “- said the former vice-president of General Electric on the legal issues Ben Younger Hanimen. Calls for Jobs and Apple to tell the truth, and the SEC – to oblige them to do it, sounds from the pages of The New York Times and The Slate.
SEC’s dilemma is easy to understand. Force a person to tell the world his diagnosis and see how the markets are quoted duration of his life, is unethical. “But in some degree of top managers can be compared with high-ranking officials and athletes. When you occupy such a post and is responsible for such sums of money, you can not live a private life, like everybody else “, – said Alex Perryman, a professor of Texas School of Business. In the journal Business Horizons published its article on health CEO.

If the SEC decides to listen to public opinion, it would act as a pioneer: equity and corporate legislation of European countries do not provide a precedent. Might look like a new measure?

“If you are exporting coffee from Papua – New Guinea and you get information about what the next ten years, there is established atrocious weather and harvest coffee go bad, you must notify the shareholders. Jobs disease – a similar case, “- says CEO of British law firm Gololobov and Co. Russian advisors Dmitry Gololobov. But he believes that bind to report an accurate diagnosis is not: it violates human rights: “It is enough to reveal how severe the disease, as doctors evaluate the chances of cure, as well as call return possible – six months a year.”

“Probably should be required to disclose such information if a person combines several important functions. Like Jobs, who is also the founder and major shareholder, and has served as executive director “- the director of the Legal Consulting Group” ASPECT “and adviser prezdidenta” Business Russia “under the law of Alexander Molotnikov. Technical problems in adopting such legislative measures Molotnikov not see: it is possible to adopt a common law for all, or require the company to the relevant paragraph in the statute. The former Yukos lawyer Svetlana Bakhmina considered it inappropriate to publicly display an excerpt from a medical card, “can probably be grouped according to their degree of disease risk and require CEO just tell the group number.”

In the meantime, some companies disclose such information on their own initiative, for example, McDonalds in 2004, after learning of his terminal illness CEO Charlie Bell, immediately issued a press release.

Apple has announced record sales in its quarterly report

Recently, the press center of Apple published a fin. report for the first quarter of 2011 FY. year. Revenue was a record amount of $ 26.74 billion, a record quarterly profit of $ 6 billion ($ 6.43 per share). During the same quarter the previous year, Apple generated $ 15.68 billion, and profit then is $ 3.38 ($ 3.67 per share). International share of sales accounted for 62% of total revenue in the quarter.

Also during the quarter, Apple has made the sale of 4.13 million personal computers iMac, it’s 23% more than in the same quarter of 2010. Smartphone sales growth in the iPhone reached 86% over the previous year. Avot iPod sales fell to $ 19.45 million devaysov is 7% lower than in 2010. With sales of iPad during the quarter amounted to 7.33 million

“We had a fantastic record quarter, we sold a record number of Mac, iPhone and iPad» – said Steve Jobs, head of Apple.

“We are delighted with the success of our business, which provided a cashflow of $ 9.8 billion this year” – said Peter Oppenheimer, CFO of Apple.

Sales are good, even better predictions, the results of the second quarter of 2011, Apple plans to help out for about $ 22 billion, while earnings per share is 4.9 $.

The unaudited consolidated statements of operations

The unaudited consolidated statements of operations

Unaudited Consolidated Balance Sheet

Unaudited Consolidated Balance Sheet

The unaudited consolidated statements of cash flows

The unaudited consolidated statements of cash flows

 

How to do business on-line games

Today CEO “Innova” said Gevorg Sargsyan on the market structure of online games and products on it, the legalization of digital content on the pitfalls in the localization of online gaming, working with publishers MMOG and why personal motivation employees is more important than financial. The complete audio version you can listen to the interview on the program website, “Runetologiya.”

Maxim Spiridonov : Since ancient times, one of the most vivid illustrations of the needs and desires of man is the ancient Roman concept of “bread and circuses.” And the “spectacle” can be interpreted in a broader sense – as a general “entertainment.” Whether we like it or not, but after eating and sex entertainment – this is probably the main thing that worries the average consumer of any race or nationality. Therefore, the entertainment industry is a long and versatile working fine business. On the Internet one of the most notable are its offshoots games: Casual, browser, games, social networks and the like. Globally, it is now billions of dollars in annual turnover. Today, if I remember correctly the first time in “Runetologii” we’re talking about business in online games. Our guest Gevorg Sargsyan, General Director of game company “Innova”. Kevork, how and why you went into business for online gaming?

Gevorg Sargsyan: Any business needs to create interest. This industry is in a period when we first started dealing with it, was not investigated. We were among the first to provide users with a licensed content. Then the entire Russian market is a fragmented community of pirates, who were engaged only known at the time the game – Lineage II. Obviously, any pirate market should be as transparent and convert it into legal. This idea, we lit up, and we realize it, but since then has undergone many changes. Today, we understand that what we have learned and what we have today can compete with European and Asian publishers even.

– Today, you only localizers?

– Yes, but the localization process – a very delicate and complicated business. At first it may seem that everything is simple: you can easily translate the game, run it and make money. Many companies rushed into this market, trying to get some food and something to implement. The principle of our company, which has never changed – we are doing our best to provide the user with the highest quality product. We have never chased a quantity. This led to the fact that we are not only in runet, but throughout the industry among the first to have one personal account for all games, a single system to run the game, made a custom script most simple, one-password login for all games.

– According to the press, your turnover last year amounted to about $ 20 million is so?

– No, it’s understated figure. I do not know where it came from, because we have not officially announced.

– In fact, your turnover more?

– Yes.

– In your biography are intertwined in the office of public bodies and the transition to the game startup. How did it happen? You are in the Ministry of Taxation of Internet preparing to become an entrepreneur?

– I think that the human skills to make to do something, and are applicable in the civil service, and business. I can not say that his philosophy and character when I was a classic bureaucrat, but always felt that I could be a businessman. Even in the civil service I have found solutions that do not lie on the surface and it is often difficult realizable. I can say that people who can work effectively in business and in government service, there is, but they are few.

– It’s just a different mental entity. The usual official does not think “business».

– I do not agree with you, because I thought “entrepreneurial” and always put yourself in the shoes of the entrepreneurs with whom he worked. We can say that our office has been built on this model: we have done everything as efficiently as possible, do not build dead-ends, tried to overcome all obstacles and achieve maximum results. It is not necessary to exhaust all within the framework of the perception of officials, need to think like an entrepreneur thinks. I want my leaders were able to instill.

– It’s great, but when I hear about the clerk with an entrepreneurial mindset to me (and not just for me) comes entirely nepozitivny image. Officer – servant of the people, speaking high style. At least, it should be them. When he thinks like a businessman, surely he sees its benefits. Then, the situation, described in the blog Navalny …

– We probably have different understandings of the meaning of “Corporate Business” thinking. The point is not to make money. I have this problem never happened, because I come from affluent family and I have not had the need to earn big money. Corporate Business (entrepreneurial) thinking is that when you see any obstacles and barriers that are objectively impossible to overcome, you are looking for ways to overcome them. Cool Project Manager, ideally, should outsource all of its tasks within the company and outside it. When he realizes that a service which he provides the company of poor quality, it looks for solutions, it is necessary to solve this problem the best way for themselves. This Corporate Business method of thinking. When you do not stop and is not limited to management, when you realize that you have unlimited resources, you are looking for ways to maximize [effectively] the resources to distribute and get the result. It makes no sense to link it with money.

– How many “behind the border” people with an entrepreneurial mindset with the ability to flexibly navigate the circumstances, the ability of unconventional approach to the problem?

– There are not many. On many key positions such people, but the problem is that if these people are turned into the bad side of what you said recently, then worse. On the other side there are very strong people who do not act in the interests of the people.

– Why do you still have moved from the Ministry of Finance in the gaming business? Why not do social networks began, talking about the Internet? Why not become engaged in oil industry?

– It was one of the ideas. It is quite a long time been discussed with my colleagues and we decided that we would do for her.

– That is a group of like-minded people who have had the opportunity to invest in the project and the desire to start this project?

– Yes.

Often these projects have a very short lifetime. When going to a group of people, quite intelligent, enthusiastic and willing for any reason to be on the Internet, with the money, this is often not very well finished. Your example – one of the few exceptions when added to money management expertise, willingness and understanding of the market and we got a game startup, which as you say, now has more than $ 20 million turnover. By the standards of Runet is a very solid money. Do you think it possible to do this? That allowed us not to relax?

– To begin with, that to me all the companies differ in a single component – people. Investment can be identical, and differ only in men. Our success – the team that has never before anything is not shy and has contempt for the impossible.

As the team assembled?

– He collected himself at first, but then our “eychary» (HR), who think the same paradigm that I am. I still personally interviewed nearly everyone. I interviewed a lot of “eycharov” and only some time later found a man who thinks in the same plane with me. Once I found him I began to work closely with us to equally represent what people have to work as they should think and what they should aspire to.

One can formulate the paradigm that you carry with HR?

– We create an opportunity for people to find their place in the company and give them an opportunity to improve every day, we try to link the purpose of their lives with our goal. I should explain to staff what his purpose in the context of 15-20 years, because our success depends on how long we plan our lives. If you work in this company, this environment allows him to achieve this goal, he needs to explain to me the path that he has to go through. Work with us to fit into the framework of this path. If it does not fit, then it makes me wonder why a man with a love and passion to do what he does. I need to know that he will want to improve every day. When people realize that they have the opportunity to achieve what they want, they have a strong coach who will always keep them in suspense.

Coach – are you?

– I, or their immediate supervisor. In this case, strong – an important clause! – People are just happy. Strong players have always kept strong coaches, they set themselves high goals, but the coach puts even more stringent targets and are constantly doing everything to ensure that their coach, train and ask, respectively. Such people we are looking for, find and nurture in our company.

possible?

– The specific examples I can say absolutely that it is possible, but quite a lot and Feil. I agree that it is impossible to relax. A startup has no right to have enough money. If you have a lot of money, then you relax. “In order to run ahead of the pack, you need to always be hungry.” Relaxation comes in when you are not hungry. Then you stop and run ahead of the pack.

How do you keep yourself hungry?

– I am alone a man. Every day I tune myself to this wave. Our people are the same work.

According to some stories, motivational circuits in the “Innova” built on the principle of no-stick, but carrots. Bonuses and premiums are not paid – is it true?

– So.

Why?

– You can make an analogy. Do you have friends that are with you in a good relationship when you are provided? I think most people will answer no. None of the key people in the company should not be financially motivated. If key people in the company financially motivated, it means that you have friends who are friends with you only because you are in good condition and at a time when your condition is bad, these friends did not immediately become.

That is the motivation has to be personal?

– Motivation to be in achieving the goals that the person poses to himself. I strive to ensure that our employees were paid above the market and are able to afford many things: go to a nice restaurant for a good concert, and so on. Why is it important for me? Because I want to give employees a sense of taste was so they could see a lot and many have tried, and that they have developed emotional intelligence.

Now people from developing emotional intelligence you have about 150 if I remember correctly.

– I can not say that all are, but we strive to do so. The fact is that in a good company usually 20% of people who carry it forward, the rest is slower than the company. For example, Dell. The people who created the company, left, left two or three people, because the company is developing rapidly. Vector of the company faster than that of all people. My problem is that an array of such people was not 20, and 30-40%.

That is, you divide people into passionaries and staff?

– No, we do not have passionaries. We give everyone the opportunity to grow, from the Junior or professional competence of a particular, then to lida-specific competence, then to the PM, which may lead to different lidami competencies and so on. If a person has the potential (we take only people with potential), it can achieve great results in our company.

your flagship product to date – Lineage II?

– No. I was recently at a conference in Germany, many German companies CEO said that the game companies usually have one or two flagship products, and all other products – an appendage.

Usually this happens.

– We do not have. To date, we have a couple of products that we are not very happy. They are not as good as we wanted, and our expectations when we launched, differ from the current state. But all our other products occupy an important place in the structure of revenues and our users. For example, Point Blank – a shooter, which we launched last year, the number of users is now on a par with Lineage II.

With what intensity you start new projects?

– We do not focus on how to run a lot of projects, we focus on how to improve our services and make our overall service Game 4 is better. By September, he will undergo so many changes that it’s hard to imagine.

You 12 projects. How do you prioritize, how to manage such a set of different toys? How do you decide which projects to add to the pool, which closed?

– We have a flat structure in the company. Each project has a Project Manager, he is actually the CEO of his project, entitled to take all decisions from beginning to end within it. He is the manager of the project, it has the resources to ensure your project so that it is necessary, in the form of internal outsourcing translation department, design department and so on. Also, it has its own staff, who work exclusively on his project.

How many employees are usually on a project?

– At Point Blank – five people in Lineage – twelve. It depends on the formation of work to be done.

As projects come into the company? As I understand it’s localized Korean and Japanese products?

– All Korean. Now we have a priority – to work with American products. I think next year will be a couple of American ones.

How do you choose products?

– We have the estimation-command, which deals with estimates, intelligence, looks all game. It has its own rating system, which analyzes in detail the game, and the information comes to Project Managers, me, the team of international business (people who interact with the environment), and we decide which project to us is the most important and how we will fight for you to represent him in Russia.

How to build relationships with publisher-owner? It’s always a different model or is there some kind of typical?

– It’s always different models, which depend on the owner, how do you want to represent this game in Russia, as far as he wants her to trust you, and many other factors.

Affordable Europe

Investors European funds over the past three months received two serious blow: the capitalization of European companies fell by a decline in government expenditures, and debt crisis unleashed in Greece, the euro by almost 20%. At the same time, emerging market funds have shown themselves much better, falling by an average of 5% against 15% fall in Europe.

Fall has convinced some managers of international funds to pay attention to European equities, particularly for long-term investment. In fact, after shares of oil giant BP fell by 40% as a result of oil spills in the Gulf of Mexico, came a rare moment when the more profitable it became to invest in actively managed funds or individual stocks rather than indexes, like the index of SP’s Euro 350 ( BP takes it about 3%).

“We think that the European market meet the most undervalued assets that have excellent potential for global growth” – explains Cindy Sweeting, a portfolio manager Templeton Growth Fund (assets of $ 16.5 billion). – “While the mood in the markets of weaker countries of Europe such as Greece, obviously, is deteriorating, key performance indicators across the region – economic indicators and corporate profits – show an increase.”

Part of the optimism of investors due to the fact that many in Europe are based multinationals such as Unilever and Diageo, earning mostly in the U.S. and in developing countries. For example, shares Diageo, which owns alcohol brands Johnnie Walker, Smirnoff and Jose Cuervo, fell 3% in three months and only 10% with respect to its annual maximum.

Shares in global European companies – a strategic interest in Chad Dickens, manager of RidgeWorth International Equity fund, invested another $ 235 million in undervalued, according to the company’s assets. “Everything fascinated debt crisis, which we think will be – he says. – This moment we invest in company affected than they deserve ».

In Dickens’ portfolio consists mainly of multinational companies like Nestle and SABMiller (Miller and brewer Grolsch): «SABMiller has plants in almost all continents, so the company benefits from growth in both Europe and in emerging markets such as Brazil and some African countries “.

Investors rejoice in the fall euro like the American tourists, who for their dollars can now buy more European currency than a year ago. “Before the crisis, it was hard to find assets for successful investment. Now, after the market correction, many risks have disappeared, “- says David Samra, head of Artisan International Value Fund, which manages assets of $ 2.3 billion to change its strategy to convince this fall of the euro. Now, Samra invested in companies that benefit from European growth. For example, the airline-loukoster Ryanair. “Budget deficits in the eurozone, of course, hinder the development of the economy, but it is not only a European problem,” – he concludes.

Large Moscow real estate development collapse

In an era of high oil prices and rapidly rising in price of real estate money flowed to the river to developers. In autumn 2008 the story was over. It is best to have survived the crisis big companies with access to government contracts. Owners of DSC-1, SU-155, a group of LSR or, for example, the company “Inteko” keep your business. Owners of Capital Group and head of Mirax Group Sergei Polonsky, parted with some of the real estate, but the company maintained. But the four companies whose owners were forced to give up control over the business.

Sistema Hals

Revenue in 2007 – $ 452.2 million revenue in 2009 – $ 64 million

Two unfinished towers on Leningrad Prospekt (Moscow)

Two unfinished towers on Leningrad Prospekt (Moscow)

Before the crisis:

The owner of the company was AFK “Sistema” Vladimir Yevtushenko. The most famous sites – two unfinished towers on Leningrad Prospekt (Moscow), headquartered AFK “System” on Moss Street, cottage settlement “Gorki-8.”

After the crisis:

From the sale of apartments in the company last year received just over $ 24 million, the rest – the sale of land and development projects. Last year the company completed a loss of $ 555.4 million in April 2009, VTB acquired a controlling stake in the developer for a symbolic 60 rubles in exchange for debt restructuring of $ 700 million

PIK Group

Revenue in 2007 – $ 2.7 billion in revenue in 2009 – $ 1.3 billion

Flats economy class Kerimov

Flats economy class Kerimov

Before the crisis:

The company specializes in large-scale construction of housing economy class. PIC has built more than 1 million square feet. m per year. Controlling shareholders are the founders Kirill Pisarev and Yuri Zhukov.

After the crisis:

In April 2009 the debt peak reaches 44 billion rubles, and surpassed the annual revenue loss for the year – $ 360 million, billionaire Suleiman Kerimov has received from the founders of the PIC a 25% stake in exchange for assistance in restructuring of debt owed to banks (the largest creditor – the Savings Bank). Now the share structure of PIK Karimov, according to various estimates, from 35% to 45%, it became the largest shareholder.

DON-Story

Revenue in 2007 – $ 1.3 billion in revenue in 2009 – N / A *.

(* According to “SPARK-Interfax” – $ 10.5 million in 2008)

Company DON-Story is cut two major lender VTB and Sberbank

Company DON-Story is cut two major lender VTB and Sberbank

Before the crisis:

Strong position in the company of Maxim Blazhko and Dmitry Zelenova someone connected with the patronage of Deputy Mayor Vladimir Resin, someone – that is one of its owners in 1990 was listed wife of another officer of the Moscow construction of Alexander Matrosov. Under their residential complex “Scarlet sails”, “Sparrow Hills”, “New Ostozhenka”, “Izmailovo” “DON-Story” received the best areas.

After the crisis:

Residential real estate business class in the crisis was the worst selling, sales rose in residential complexes. Because of the reduction in revenue the company lost the opportunity to service debt. The company’s assets divided among its largest lenders – Sberbank and VTB.

Russian Land

value of the portfolio in 2007 – $ 10 billion cost of the portfolio now – estimated $ 124 million

The crisis destroyed all prospects of Shalva Chigirinsky

The crisis destroyed all prospects of Shalva Chigirinsky

Before the crisis:

Shalva Chigirinsky company owned rights to the building site at the site was demolished hotel “Russia” in front of the Kremlin, under the section of the highest skyscraper in Europe, “Moscow City” development rights of the island “New Holland” in St. Petersburg, and dozens of major projects.

After the crisis:

Banks willing to lend a businessman, but a crisis of access to money was gone. Moscow authorities have taken away the right to build on the site of “Russia”, and the government of St. Petersburg – the “New Holland”, instead of a skyscraper in the “City” city officials now promise to parking. The authorities in Moscow, the structure of the Chechen businessman Ruslan Baisarov and holding “Adamant” Igor Leytis received for the debts of the hotel “Soviet” and 160 hectares of land in the Klin district.

Overview of commercial real estate market: rent went up by 13% per year

At the end of 2010 the average rental rates for retail section 100-300 m in the successful commercial and shopping centers (shopping center / mall) in Kiev has increased by about 13% to $ 85 per sqm

If we compare with previous periods, the current level of rental rates in this segment is close to the level of 2007. The average vacancy rate in the market of Kiev has decreased from 5 to 3.5%. In the successful shopping center / mall vacant premises are virtually absent.

In 2010, the new offering retail space in Kiev was limited to commissioning the second phase of the regional mall Sky Mall of the total lease area of ​​45 500 square meters. m, which is the lowest rate in four years, said market experts.

In total, as of January 1, 2011 in Kiev, operates about 600 thousand square meters. m of retail space in the shopping center / mall.

Commissioning of the many applications for 2010 TC / SC has been postponed due to delays in construction financing. Thus, the majority of owners continues to build its own expense, resulting in the construction schedule directly depends on the rate at which they are received.

Saturation of retail space in Kiev, according to analysts Colliers International, is very small in comparison with other capitals of Central and Eastern Europe. The indicator of market saturation with high-quality shopping center / mall is even lower. As a consequence, new shopping centers with a professional concept and a good location at the end of 2010 have almost zero vacancy.

For 2011-2012 announced by the commissioning of nine new shopping center / mall with a total rental area of ​​about 330 thousand square meters. m. It should be noted that a significant number of quality projects TC / SC, whose construction could begin in 2011-2013.

Based on past practice, the most likely situation where the commissioning of projects already under construction is carried by more than two years. Given this trend, the future of realistic proposal 2011/2012 period may be less than half of the claimed, stressed professionals.

Due to the expected growth of competition, a number of owners of the shopping center / mall, a concept that is outdated or ineffective, considering various options reconception or reconstruction and / or change the format of its commercial properties.

At the moment, as noted in Colliers International, Commercial segment is the only segment of the commercial real estate, to which large quantities of practical interest exhibit foreign and local players.

Contrary to the negative forecasts of some experts in 2008 and in 2009-2010 left the market just a few tenants. In 2009, most retailers optimize their business processes to changing conditions by cutting and / or reorient the other price segments.

In this case since the beginning of 2010 the market started to get new brands. Due to a shortage of professional retail space in the Ukraine, in 2010, demand for some exceeded the supply. In fact, all that came on the market of Kiev for the past 3 years, new shopping center / mall with a professional concept and a good location to the present day are filled with tenants at 95-100%.

Significant changes in the structure of actively developing the tenants in comparison to the year 2009 has not occurred, told the experts. The main consumers of retail space continues to be:

  • grocery stores (hypermarkets, supermarkets, convenience stores, discounters, etc.);
  • shops of home appliances and electronics;
  • specialty stores (baby products, sporting goods, furniture, etc.);
  • clothing, footwear and accessories designed for the mass market (price segment of the “average” and “medium minus “).

It is also worth noting that retailers segment “average plus” fixed small but steady growth in sales in 2011 may increase their development plans.

Based on conservative projections of growth of retail trade and personal income, most likely in 2011, the consumer market in its structure and size will be comparable with rates in 2010, according to Colliers International.

forecasts of experts in 2011:

  • Start of large-scale projects shopping / shopping center in Kyiv and the regions.
  • Ready developers to reconstruction / reconception TC / SC, dubious concept of professionalism and competitiveness.
  • Increased demand for retail space in shopping center successful / TRC, the main shopping streets of Kiev and major regional cities.
  • moderate rental growth with preservation of the existing low level of vacancy in a successful shopping center / mall.
  • Saving rate of most commercial operators to develop stores in Kiev and cities with populations over 500 thousand people.
  • further increase in interest in the commercial segment of the Ukrainian part of international investors, developers and retailers. Some of them may enter the Ukrainian market in 2011.

What are the advantages of a diesel engine?

Rising fuel prices, especially for diesel fuel, has attracted worldwide attention, and around the diesel technology is not subsiding controversy. At the same time, proponents of the “Diesel” result in a number of arguments in its favor.

1. Diesel engines continue to consume less fuel than gasoline

Despite the fact that modern technology – such as gasoline direct injection and the concept of minimizing – to help further improve the gasoline engines, reducing fuel consumption, “Diesel” is still superior to them in this regard.

Modern “diesels,” spend about 30% less fuel than gasoline engines with direct injection of the same generation. Diesel car of the compact class for the previous generation consumed 31% less fuel than a gasoline engine with injection through the intake manifold. The latest generation of diesel engines by 29% more economical than petrol engines with direct injection, turbocharger on exhaust gases and a reduced displacement.

2. Diesel engines are more economical in terms of overall operating costs

In many classes of cars “diesel” is still the leader in terms of total annual operating costs. In addition, long known that the benefit depends on the annual mileage cars: the higher it is, the greater the effect of low fuel consumption.

This is confirmed by several studies, for example, according to the German automobile association ADAC, with an annual mileage of 20 thousand kilometers, “89% of diesel cars are more efficient than their gasoline counterparts.”

3. Distribution of “diesel engine” helps implement a program to reduce the emission of CO2

Thanks to lower fuel consumption diesel engines emit about 25% less CO2, than conventional gasoline engines.

The tendency to buy large cars can have a positive impact on the balance of CO2 – many of them are equipped with diesel engines.

Automakers will be able to reach EU targets on emissions CO2 (120 g / km) only if the diesel models will retain or increase their current share of all new cars in the EU – around 50%.

4. A tax on CO2 – another economic argument in favor of “diesel engine”

A tax on CO2 emissions, diesel cars will make even more advantageous, as they emit about 25% less carbon dioxide than gasoline. Consequently, owners of diesel cars will pay less tax.

5. Diesel engines continue to improve

A number of solutions will soon allow to further reduce fuel consumption and CO2 emissions of diesel engines: the projected engineers “Bosch” – 10% by 2012.

Today offers a variety of technologies for gasoline and diesel engines. For example, the concept of minimization will reduce the displacement without loss of power, reducing fuel consumption and emissions in the engines of both types. The same results and helps to make technology “start-stop”.

In other words, engineers strive to realize the potential of further reducing fuel consumption and harmful emissions – as a diesel and gasoline in cars. Both technologies are developed in parallel to this direction.

6. Diesel cars are gaining ground in world markets

The share of diesels among new cars in Western Europe remains unchanged compared with 2006 and 2007, and in the UK is gradually increasing. The sharp rise in demand for diesel cars has recently seen in France, where in 2008 introduced a system of “bonus-malus,” in which buyers of cars with low CO2 emissions will receive discounts.

From the beginning, the share of diesels among new cars registered in France, has grown by about 6 percentage points – from 74% in 2007 to almost 80%.

The growth in popularity of gasoline direct injection has no effect on the distribution of diesel, but leads to the exclusion of injection through the intake manifold.

Non-European countries are also seeking to reduce vehicle emissions and fuel consumption by introducing appropriate legislative measures. American buyers, for example, are increasingly interested in cost-effective and environmentally friendly engines.

In addition, the U.S. seeks to reduce its dependence on imported crude oil, and diesel engines, with their lower fuel consumption can play a key role in solving this problem. Experts expect that by 2015 diesel engines will be fitted with 15% of all new cars and light trucks in the U.S..

7. New emissions standards will not necessarily lead to higher prices of diesel vehicles

Reduction of nitrogen oxide emissions in compliance with “Euro 5”, which enter into force in Ukraine in 2014, does not require the use of expensive technologies. In many cases – depending on the car – Modern diesel injection technology in combination with the optimization of combustion will fulfill even the norm “Euro 6”, without the high cost of processing the exhaust gases and other additional costs. Now engineers are working on creation of the necessary equipment for this.

On the PFTS trading volume record

The most popular on the stock exchange PFTS days use of government bonds, which accounted for just 90% of all transactions.

According to Igor Seletsky, a member of the Board of Directors of the PFTS, currently focused on the PFTS really all secondary stock market T-bills, and it will not only keep the leading position, but in the near future will declare itself in the stock market.

We remind the share of government securities in exchange PFTS turnover in 2010 increased to 89.2%. In 2010, total trading volume of government bonds rose by 611.3%.

In December 2010, the maximum value was 977 million USD.

The Cabinet plans to increase quotas for grain exports

The Ukrainian government can increase grain export quotas by 1 million tons of wheat and 1.7 million tons – for corn, and after March cancel them, the Minister of Agricultural Development and Food Prisyajnyuk Nicholas.

“We are studying the balance sheet and will likely continue to increase quotas by 1 million tons of wheat and 1.7 million tons of corn. Ministry of Economy is now beginning to shape the draft resolution. It will be in February – before the end of March. We are trying at the end March, after all, to abolish quotas, because it is near the new crop “- the minister said in Kiev on Wednesday.

“The grain embargo” was introduced in Ukraine by 31 March 2011. In the Federation Rosiyskoy it operates from 15 August 2010 to July 1, 2011.

Quotas for grain export, originally introduced by the Government of Ukraine at the beginning of October 2010 up to December 31, 2010, at the end of last year has been extended until March 31, 2011. Moreover, the total size of the quota was increased by 1.5 million tonnes – up 4.2 million tons. The quota for corn exports increased from 2 million tons to 3 million tonnes of wheat – from 0.5 million tons to 1 million tons.

During this time the quotas are distributed only once a way that caused then sharp criticism from market participants: The Cabinet decision of November 10, 2010 limited the period for applications, so many exporters are simply not able to get the findings Minagroproda and submit their bids.

Special commission November 12 last year, 2.182 million tonnes allocated quotas among companies. In particular, LLC “Agricultural enterprise” NIBULON “LLC,” Kernel-Trade “and the enterprise with foreign investment,” Serna “received 52.6% of quotas on grain exports.

Then the Ministry of Economy announced the call for applications from 16 to 30 November on exports of maize in the retained export quota of 518 thousand tons, but it was never distributed.

Porsche will release a limited edition «Carrera 911»

In the spring of 2011 the company “Porsche” will begin selling limited-edition “Carrera 911” with a 3.6-liter engine producing 345 hp The car will be released in 1911 the number of units.

Porsche Carrera 911 Limited Edition

Porsche Carrera 911 Limited Edition

A series of “911 Black Edition” is available in coupe and convertible. The car is painted in black basalt black metallic is available as an option.

The roof of the car in the back of convertible also black. In contrast to body color 19-inch two-tone wheels Turbo II. In addition, the wheels do not hide the brake pads are black and 4-piston monobloc caliper brakes. Tinted top of the windshield is a standard gray color for this model.

Porsche Carrera 911 Limited Edition

Porsche Carrera 911 Limited Edition

Porsche Carrera 911 Limited Edition

Porsche Carrera 911 Limited Edition

The list of equipment “911 Black Edition” includes parking assistance, cruise control, rain sensor, exterior side mirrors and rearview mirror with automatic dimming. The standard acoustic equipment in the “911 Black Edition” installed “BOSE Surround Sound-System”. Sound speakers provide 13 (12 in back of convertible models), active subwoofer, digital amplifier semikanalny 385 Tues Coupe and convertible are equipped with volume control and communications “Porsche” (PCM) like other models, “911 Carrera”. GPS-navigation module in the standard, as well as built in the center console surround sound system.

Salon Porsche Carrera 911 Limited Edition

Salon Porsche Carrera 911 Limited Edition

With respect to the dynamic characteristics of the model, the rear cover is a 6-cylinder engine that provides power 345 hp (245kW) with a 3.614 cubic centimeters of volume. Equipped with a 6-speed manual gearbox, the car accelerates to a top speed of 289 km / h. (Regardless of body type). Acceleration to 100 km coupe is 4.9 seconds, Cabriolet – 5.1 sec. Fuel – 10, 3 liters per 100 kilometers.

Porsche Carrera 911 Limited Edition

Porsche Carrera 911 Limited Edition

The new “Porsche 911 Black Edition” is now available in the official dealer network, “Porsche” in Ukraine. The cost of the car “911 Carrera Coupe Black Edition” – between 103 and 850 euros, “911 Carrera Cabriolet Black Edition” – from 116 290 euros.