"“We have lent a huge amount of money to the U.S. Of course we are concerned about the safety of our assets. To be honest, I am definitely a little worried.” "

Chinese premier Wen Jiabao 12th March 2009

""We have a financial system that is run by private shareholders, managed by private institutions, and we'd like to do our best to preserve that system."

Timothy Geithner US Secretary of the Treasury, previously President of the Federal Reserve Bank of New York.1/3/2009

Wednesday, June 14, 2006

St Petersburg to be the new Detroit ?

Today the The Russian Ministry for Economic Development and Trade and the Japanese Nissan Motor Company signed an agreement on the construction of a car plant (total investment $200 million (5.5 billion Rubles)) in Russia's second biggest city, St. Petersburg. It is planned to produce initially, 50,000 vehicles a year and up to 1,000 people will be working at the plant.The plant will produce at least three different models specifically adapted for the Russian market.

According to St. Petersburg Governor Valentina Matviyenko, the company has chosen the town of Kamenka as the construction site, which means "a convenient location as concerns the European Union, a port on the Baltic Sea, well-developed logistics structure, qualified personnel and transport opportunities."

St Petersburg is of course the home patch of the "silivaki" and the signing ceremony was conducted within the framework of the International Economic Forum, which took place this week in St. Petersburg, representing Russia’s integration into the international economic system.

Nissan Motor Rus (NMR) is based in Moscow. NMR began commercial operations on January 1, 2004 and currently employs 100 people. It distributes Nissan vehicles and parts across the Russian dealer network, which currently has around 30 sales outlets. In 2003, Nissan sold 9,470 units.2004 ,28,436 units and in 2005, 46,485 units.. Russia will become the first European market to offer the Infiniti luxury brand with a planned launch in the Autumn of 2006.

Record Financial Result FY 05 for NISSAN

Nissan Motor Co., Ltd., on April 23rd 2006 announced consolidated net income of 518.1 billion yen (US $4.57 billion, euro 3.78 billion), up 1.1% for the fiscal year ended March 31, 2006, a record for a sixth consecutive year.

Net revenues totaled 9.428 trillion yen (US $83.21 billion, euro 68.87 billion), up 9.9%. Operating profit amounted to 871.8 billion yen (US $7.69 billion, euro 6.37 billion), up 1.2%, while the company’s operating profit margin came to 9.2%. Ordinary profit amounted to 845.9 billion yen (US $7.47 billion, euro 6.18 billion), down 1.1%.

Nissan sold a record 3,569,295 vehicles. In the US, sales advanced 6.1% despite no new models to 1,075,097 units.

GM also open plant in St Petersburg today.

GM have plans for a "me too" plant in St Petersburg wich is planned to go on line in late 2008, initially producing 25,000 units of the Chevrolet Captiva sport utility vehicle per year and later turning out a new compact car from CKD kits, GM Europe President Carl-Peter Forster said. In September, he said, GM will open a temporary plant in northern St. Petersburg that is to build 4,000 Captivas annually.

GM Chairman and CEO Rick Wagoner and St. Petersburg Governor Valentina Matviyenko stuck spades through a hole in the floor of a blue-and-white tent today, and shoveled dirt at the site of the new plant in a sandy field in Shushary, on the southern outskirts of St. Petersburg. Total investment in the new facilities amounts to $115 million. (The good thing is that Rick R has found his best job yet - digging holes - he's well qualified he has dug a massive one for GM which no amount of investment in Russia will get the shareholders out of. )

GM already have operations in Togliatti and Kaliningrad. Established in Togliatti in 2001 as the first joint venture on the Russian automotive market, GM Avtovaz builds the Chevrolet Niva and Viva. GM, with partner Avtotor, began SKD operations in Kaliningrad in 2004 and now assembles Cadillac, Hummer and Chevrolet models.

Russian car sales increased by 17% in the first 4 months of 2006.

Can Russian Motown recording stars be lying in wait ? The lady above showing her hairless chihinuana may be one waiting in the wings ? Posted by Picasa

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