SPIEF 2012
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Western policymakers are "making fools" of themselves in the eyes of people in emerging markets as no initiative to end the euro zone crisis has emerged in more than two years, an economist told CNBC at the St. Petersburg International Economic Forum (SPIEF).
Features
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Europe is a "big question mark" for commodity markets but at the same time demand for aluminum is strong, Klaus Kleinfeld Alcoa Chairman and Chief Executive Officer, told CNBC on Friday at the Saint Petersburg International Economic Forum.
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The current slowdown, which is making other CEOs think about cutting investment because of the uncertainty, is a good period for Cisco to invest.
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Oil fell to its lowest levels in a year and a half on Thursday, the outlook for oil remains weak and sanctions imposed on Iran are likely to make matters worse, Dan Yergin, co-founder and chairman of energy research consultancy Cambridge Energy Research Associates (IHS CERA) told CNBC.
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The European Central Bank should act to weaken the single European currency to help the euro zone out of its debt crisis, Oleg Deripaska, the CEO of Russian aluminum giant Rusal, told CNBC in an interview on Thursday.
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Russia is taking steps to decrease its dependence on oil, with the government mulling a different formula for calculating the oil price for the state budget and measures to encourage other sectors of the economy to grow, Stanislav Voskresensky, Russian deputy minister of economic development, told CNBC.com on Thursday.
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Russia remains a strong market with a wealth of opportunities despite growing concerns that the political system in the country is breeding dissent among the population, Joe Jimenez, CEO at Novartis told CNBC's “Squawk Box Europe”.
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Russia's success in the eyes of foreign investors hinges on how the country will deliver on its promised privatization process – and officials present at the Saint Petersburg International Economic Forum (SPIEF) were quick to reassure markets that they still mean business.
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European policymakers should come up with a sweeping solution to stop the spreading of the debt crisis sooner rather than later, to restore confidence to markets, participants in a panel organized by CNBC at the Saint Petersburg International Economic Forum said on Thursday.
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“I doubt it will be enough,” a chief economist tells CNBC.com. “This is just 2 percent of GDP, and I would expect the cost of a euro zone breakup to be bigger than that for Russia.”
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"Europe looks like it's on the right track," Stanislav Voskresensky, Russia's deputy minister of economic development, told CNBC at the Saint Petersburg International Economic Forum (SPIEF). He added he was optimistic after European Union leaders promised to come up with concrete measures to deal with the crisis at their next summit.
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Over the long term, Russia will play an important role in attracting foreign investment and its privatization program is likely to continue, Dmitri Zaitsev, senior partner at Roland Berger Strategy Consultants, told CNBC at the Saint Petersburg International Economic Forum (SPIEF).
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Russia's prospects are brighter than those of many other economies, despite fears that the return of Vladimir Putin to the presidency will slow the pace of structural reforms and falling oil prices could hurt its budget.
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Russia is setting aside up to $40 billion for this year and next to shore up the economy in case the crisis in the euro zone escalates and spreads, and is dusting off a plan that would allow the government to recapitalize the country’s banking system.
Special Reports
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Will Europe’s economy stabilize or collapse? Here’s what you need to know about the euro zone debt crisis.
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Will the Greeks be forced out of the Euro after their cliffhanger election takes place on Sunday?
Euro Proof Investing
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CNBC's Simon Hobbs explains how a creative eurobond plan is gaining traction in Germany.
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Thousands of well-educated workers are fleeing Greece and heading to Germany as the euro zone crisis batters their homeland.
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The stability of the global economy hangs in the balance as Greeks go to the polls this coming Sunday to choose who will lead their country.