Real Estate Revival Confirmed by Data

Official data has confirmed the revival on the Moscow real estate market that market participants have been talking about for several months.

In March and April, there were nearly twice as many apartment sales on the secondhand market than in January and February: 9,124 compared with 4,626, respectively, according to data from the Moscow branch of the Federal Registration Service.

"The March-April figures reflect the demand bubble that we recorded in February-March," said Dmitry Taganov, director of Inkom's analytic center.

"And the lower indicators in January-February reflect the fall in demand at the end of last year," he said.

Without question, there are more sales now compared with January and February, said Grigory Poltorak, president of Best Realty. "People are recovering: They were promised housing for next to nothing, but the miracle never happened, and sellers aren't significantly lowering their prices," he said.

(continued)

Vocabulary

real estate - недвижимость

revival - возрождение

confirm - подтвердить

data – данные, факты

participant – участник

respectively - соответственно (в указанном порядке)

according to - со слов

branch - филиал

reflect - отражать

recover - оправляться, приходить в себя

ОБЩЕНИЕ /COMMUNICATION/

At the bank

James: Good morning, sir, what can I do for You?
Доброе утро, сэр, чем я могу быть Вам полезен?

Adam: I'd like to cash this cheque, please.
Я хотел бы обналичить этот чек.

J: Certainly, sir. It is for seventy five pounds. But sir, the check needs to be signed before it can be cashed. Could I have your signature here, please.
Конечно, сэр. Он на семьдксят пять фунтов. Но сэр, чек должен быть подписан прежде чем он может быть обналичен. Не могли бы вы поставить свою подпись здесь.

A: Oh yes, of cource, my apologies. Here you are.
Ах да, конечно, извините. Вот, пожалуйста.

J: Thank you, sir.
Спасибо, сэр.

A: And could I please get the money in smaller bills?
И нельзя ли получить деньги купюрами поменьше?

J: How about 2 twenties, 2 tens and 3 fives?
Вам подойдут две двадцатки, две десятки и три пятёрки?

A: Yes, that sounds good.
Да, вполне подойдут.

J: Is there anything else I could help You with, sir?
Что-нибудь ещё, чем я мог бы помочь Вам, сэр?

A: No, not today, thank you. Have a good day.
Нет, не сегодня, спасибо. Всего хорошего.

J: Good day to You too, sir.
И Вам тоже, сэр.

ВАРИАЦИИ НА ТЕМУ /MANY AND VARIOUS/

Taxes (3)

tax - an amount of money that you must pay to the government according to your income, property, goods etc, that is used to pay for public services. (налог, пошлина, сбор)

indirect tax – a tax on goods or services that are bought, rather than on the income that people and companies earn. (косвенный налог)

input tax tax added to a buyer's bill when buying particular goods or services. At regular periods of time the buyer adds up the input tax from all their bills and takes the total away from the tax they have charged buyers of their products or services to arrive at a final value-added tax figure which they must pay to the government. (налог на закупленные товары)

local tax – a tax paid to a local government authority, rather than to central government, that helps pay for public services such as education, health, waste collection etc. (местный налог)

luxury tax - tax on special goods that peuple do not really need but that are pleasant and enjoyable. (налог на предметы роскоши)

progressive tax - a tax that is charged at an increasing rate as income increases. (прогрессивный налог)

output tax – tax that a seller adds to a buyer's bill when they sell particular goods or services. At regular periods of time, the total tax they have paid when buying goods and services themselves is taken away from the total output taxes they have paid to arrive at a value-added tax figure that they must pay to the government. (налог на объём производства)

payroll tax – tax taken from someone's wages, for example income tax. (налог на заработную плату)

ТАЙНЫЙ СМЫСЛ /OBSCURE MEANING/

cu. : cubic
кубический

cur : currency
валюта

cwo : cash with order
оплата при заказе

cwt : hundredweight
центнер

d : dividend
дивиденд

The Future Landscape of the Russian Stock Market

The crisis will fade away one day. On that day, companies will start forecasting year-on-year earnings growth instead of growing declines. The stock market will survive, but its landscape is likely to change significantly.

Looking at the Russian stock market 10 years from now we are likely to see new sectors and stocks. Some sectors will become bigger and more important, and some sectors will lose its share in total capitalization. The new stocks will come to the market via IPOs, private placements and sales.

The banking sector is likely to get a higher weight in total market cap of the Russian market. The weight of banks in the total market cap of developed countries is roughly 20 percent. It is approximately the same weight in the emerging markets. In Russia, only about 40 percent of the banking sector is traded on the stock exchange. The rest are privately held banks. This will change in 10 years. One of the factors that will facilitate banks taking a larger share of the total market cap will be the purchase of lots of distressed assets, which will cost many times more what they do now.

(continued)

Vocabulary

landscape - перспектива

stock market - фондовая биржа

fade away - постепенно исчезать

forecast – предсказывать

earnings – прибыль

significantly - значительно

likely - вероятно, насколько можно ожидать

sector - сектор

stocks - акции

capitalization - капитализация, превращение в капитал

via - посредством

IPO = initial public offering- первичное публичное предложение, публичное размещение акций на бирже

market cap = market capitalization - рыночная капитализация

developed - развитый

emerging - развивающийся

facilitate - способствовать

distressed - бедствующий

assets - активы

ОБЩЕНИЕ /COMMUNICATION/

Money Transfer

Rojer: Good morning Mam, how can I help You?
Здравствуйте Мэм, чем я могу Вам помочь?

Elanor: Hello. My name is Gabel, Elanor Gabel. There should be a money transfer for me.
Здравствуйте. Меня зовут Гэбель, Эланор Гэбель. Мне должен был прийти перевод.

R: By post, cable, or telex Ms. Gabel?
Почтовый, телеграммой, или телексом Мис. Гэбель?

E: By telex.
Телексом.

R: And where is it coming from? What bank and who sent it?
И откуда он? Из какого банка и кто его оформил?

E: I did. It is coming from the Central bank in Toronto.
Я. Из Центрального банка в Торонто.

R: Yes, here it is. A transfer for 500 dollars. Could I have some identification, please?
Да, вот он. Перевод на 500 долларов. Можно документ удостоверяющий личность, пожалуйста?

E: Yes, here it is.
Да, вот, пожалуйста.

R: Thank you. Please, fill out this form. Are You familiar with it?
Спасибо. Пожалуйста, заполните этот бланк. Он Вам знаком?

E: Yes, thank you.
Да, спасибо.

R: Very good. Now, please sign here and here. Here is your passport.
Очень хорошо. Теперь, пожалуйста, распишитесь здесь и здесь. Вот Ваш паспорт.

ВАРИАЦИИ НА ТЕМУ /MANY AND VARIOUS/

Taxes (2)

tax - an amount of money that you must pay to the government according to your income, property, goods etc, that is used to pay for public services. (налог, пошлина, сбор)

flat tax (= flat-rate tax) – a tax at one fixed rate for all levels and types of income, with no tax allowances. (налог, взымаемый по единой ставке, пропорциональный, фиксированный налог)

tax allowance - 1. an amount of money that a person can earn without paying tax on it. 2. an amount that can be taken off a business's profit figure when calculating tax. Allowances are often used to encourage particular business decisions, such as spending on new machinery. (льготы на налог)

goods and services tax (GST) – a type of value-added tax charged on goods and services in some countries. (налог на товары и услуги)

value-added tax (VAT) - a tax on some goods and services. Businesses pay value-added tax on most goods and services they buy and if they are VAT registered, charge value-added taxs on the goods and services they sell. At regular periods of time, the total amount of tax paid is taken away from the total amount charged to arrive at an amount that is owed to or by the business. Final customers pay VAT on these goods in shops and on services. VAT is a way of charging tax on the increase in value of goods and services at each stage as they are produced, rather than just on their final selling price to customers. (налог на добавленную стоимость (НДС))

graduated tax - income tax that rises in stages according to a taxpayer's incomes. For example it may be 20% for the first $4100 income, 23% for the next $22000, and 40% for the rest. (прогрессивный налог)

head tax (= poll tax) – a tax paid by every person in a country at the same rate, whatever their income. (подушный налог)

hypothecated tax – a tax where they money obtained, or part of the money obtained, is used for a particular purpose, rather than spent on a number of things. (закрепленный налог)

ТАЙНЫЙ СМЫСЛ /OBSCURE MEANING/

c/o : care of
под опекой

COD : cash on delivery
наложенный платёж

col. : column
колонка

COO : Chief Operating Officer
исполнительный директор

corp. : corporation
корпорация

The Future Landscape of the Russian Stock Market

The crisis will fade away one day. On that day, companies will start forecasting year-on-year earnings growth instead of growing declines. The stock market will survive, but its landscape is likely to change significantly.

Looking at the Russian stock market 10 years from now we are likely to see new sectors and stocks. Some sectors will become bigger and more important, and some sectors will lose its share in total capitalization. The new stocks will come to the market via IPOs, private placements and sales.

The banking sector is likely to get a higher weight in total market cap of the Russian market. The weight of banks in the total market cap of developed countries is roughly 20 percent. It is approximately the same weight in the emerging markets. In Russia, only about 40 percent of the banking sector is traded on the stock exchange. The rest are privately held banks. This will change in 10 years. One of the factors that will facilitate banks taking a larger share of the total market cap will be the purchase of lots of distressed assets, which will cost many times more what they do now.

(continued)
Vocabulary

landscape - перспектива

stock market - фондовая биржа

fade away - постепенно исчезать

forecast – предсказывать

earnings – прибыль

significantly - значительно

likely - вероятно, насколько можно ожидать

sector - сектор

stocks - акции

capitalization - капитализация, превращение в капитал

via - посредством

IPO = initial public offering- первичное публичное предложение, публичное размещение акций на бирже

market cap = market capitalization - рыночная капитализация

developed - развитый

emerging - развивающийся

facilitate - способствовать

distressed - бедствующий

assets - активы
ОБЩЕНИЕ /COMMUNICATION/
Money Transfer

Rojer: Good morning Mam, how can I help You?
Здравствуйте Мэм, чем я могу Вам помочь?

Elanor: Hello. My name is Gabel, Elanor Gabel. There should be a money transfer for me.
Здравствуйте. Меня зовут Гэбель, Эланор Гэбель. Мне должен был прийти перевод.

R: By post, cable, or telex Ms. Gabel?
Почтовый, телеграммой, или телексом Мис. Гэбель?

E: By telex.
Телексом.

R: And where is it coming from? What bank and who sent it?
И откуда он? Из какого банка и кто его оформил?

E: I did. It is coming from the Central bank in Toronto.
Я. Из Центрального банка в Торонто.

R: Yes, here it is. A transfer for 500 dollars. Could I have some identification, please?
Да, вот он. Перевод на 500 долларов. Можно документ удостоверяющий личность, пожалуйста?

E: Yes, here it is.
Да, вот, пожалуйста.

R: Thank you. Please, fill out this form. Are You familiar with it?
Спасибо. Пожалуйста, заполните этот бланк. Он Вам знаком?

E: Yes, thank you.
Да, спасибо.

R: Very good. Now, please sign here and here. Here is your passport.
Очень хорошо. Теперь, пожалуйста, распишитесь здесь и здесь. Вот Ваш паспорт.
ВАРИАЦИИ НА ТЕМУ /MANY AND VARIOUS/ 
Taxes (2)

tax - an amount of money that you must pay to the government according to your income, property, goods etc, that is used to pay for public services. (налог, пошлина, сбор)

flat tax (= flat-rate tax) – a tax at one fixed rate for all levels and types of income, with no tax allowances. (налог, взымаемый по единой ставке, пропорциональный, фиксированный налог)

tax allowance - 1. an amount of money that a person can earn without paying tax on it. 2. an amount that can be taken off a business's profit figure when calculating tax. Allowances are often used to encourage particular business decisions, such as spending on new machinery. (льготы на налог)

goods and services tax (GST) – a type of value-added tax charged on goods and services in some countries. (налог на товары и услуги)

value-added tax (VAT) - a tax on some goods and services. Businesses pay value-added tax on most goods and services they buy and if they are VAT registered, charge value-added taxs on the goods and services they sell. At regular periods of time, the total amount of tax paid is taken away from the total amount charged to arrive at an amount that is owed to or by the business. Final customers pay VAT on these goods in shops and on services. VAT is a way of charging tax on the increase in value of goods and services at each stage as they are produced, rather than just on their final selling price to customers. (налог на добавленную стоимость (НДС))

graduated tax - income tax that rises in stages according to a taxpayer's incomes. For example it may be 20% for the first $4100 income, 23% for the next $22000, and 40% for the rest. (прогрессивный налог)

head tax (= poll tax) – a tax paid by every person in a country at the same rate, whatever their income. (подушный налог)

hypothecated tax – a tax where they money obtained, or part of the money obtained, is used for a particular purpose, rather than spent on a number of things. (закрепленный налог)
ТАЙНЫЙ СМЫСЛ /OBSCURE MEANING/

c/o : care of
под опекой

COD : cash on delivery
наложенный платёж

col. : column
колонка

COO : Chief Operating Officer
исполнительный директор

corp. : corporation
корпорация

Cyprus Tax Treaty Targets Developers

A new double-taxation treaty between Russia and Cyprus includes a section that will make it more difficult for developers to use offshore firms to minimize their tax payments, according to a copy of the document.

Earlier this month, finance ministers from both countries agreed on a protocol that will alter the current bilateral agreement on double taxation. The main changes involve better information sharing between the countries' finance ministries and help in collecting taxes, but several of the alterations will have a direct effect on the real estate market.

Developers typically register their projects as part of a separate firm so that it is easier to sell, said Alexander Zakharov, a partner at legal firm Center YuSB. As a rule, he said, those firms are registered offshore, frequently in Cyprus.

... When developers sell a property, they usually sell the shares in the company that controls the project as well, said Dmitry Shmelev, commercial director of Snegiri Development. If the share sale takes place in Cyprus, Zakharov said, it is a tax-free transaction, whereas in Russia a 20 percent profit tax would need to be paid after deducting the construction expenses.

Changes to Article 13 of the agreement with Cyprus allow Russia to collect a profit tax on the sale of companies registered there if more than half of the firm's assets are in Russian real estate. The main problem is being notified of such deals, a tax official said, adding that they had to hope that the Cypriots would start informing the Finance Ministry under the rules spelled out in the protocol.

The result could be hundreds of millions of dollars in new tax revenue. According to Colliers International, the 10 largest commercial real estate projects in Moscow last year alone were worth $2.72 billion.

Vocabulary

treaty - договор, соглашение

target - нацелен на что-то

developer - застройщик

double-taxation – двойное налогообложение

offshore – офшорный (расположенный, действующий в другой стране)

according to - в соответствии с, по словам, по мнению

alter - изменять

bilateral - двусторонний

alteration - изменение

real estate - недвижимость

shares - акции

asset - активы, капитал

notify - извещать, уведомлять

spell out - разъяснять, растолковывать

revenue - доход

worth - стоящий

ОБЩЕНИЕ /COMMUNICATION/

Exchange

Olga: I would like to exchange this please.
Я бы хотела поменять это, пожалуйста.

Andrew: Is there anything wrong with it?
Что-то с ней не так?

O: Well no, not really.
Ну... нет вообщем-то.

A: Mam, I need a valid reason to let You exchange something.
Мэм, мне нужна обоснованная причина чтобы позволить Вам что-нибудь обменять.

O: Oh, it's just that it's a birthday present, but the size is a bit off. I love the shirt, I just want a different size.
О, ну просто это подарок на день рожденья, но размер немного не тот. Мне кофточка очень нравится, я просто хочу другой размер.

A: Alright, thank you. Can I have Your receipt?
Хорошо, спасибо. Мажно мне Ваш чек?

O: Yes, of cource, here You go.
Да, конечно, пожалуйста.

A: It's a gift receipt - Your friends thought of everything.
Это подарочный чек - Ваши друзья подумали обо всём.

O: Yes, it was prudent of them.
Да, жто было предусмотрительно с их стороны.

A: Go ahead and pick out the size You need. Come back to me with both items and I will write You a new receipt.
Идите и выберете себе размер, который Вам нужен. Возвращайтесь ко мне с обоими вещами и я выпишу Вам новый чек.

O: Thank You, I'll be back in a few minutes.
Спасибо, я вернусь через несколько минут.

ВАРИАЦИИ НА ТЕМУ /MANY AND VARIOUS/

Taxes

tax - an amount of money that you must pay to the government according to your income, property, goods etc, that is used to pay for public services. (налог, пошлина, сбор)

ad valorem tax – a tax that changes, depending on the value of the goods it is added to, rather than being fixed amount. (налог на стоимость, пошлина "ад валорем")

capital tax - a tax on capital, rather than on spending. (налог на капитал)

consumption tax (= expenditure tax) – a tax that a government puts on certain types of goods in order to make people buy fewer of them, for example in order to make people buy fewer of them, for example during a war or difficult economic conditions. (потребительский налог)

deferred tax - tax relating to a particular year that the authorities allow to be paid in a later year. (отсроченный налог)

degressive tax - a tax where people with low incomes pay a smaller percentage of what they earn than those with high incomes. (уменьшающийся налог)

direct tax – a tax on what you earn, for example income tax, rather than one paid on goods that you buy. (прямой налог)

discriminatory tax – 1. a tax on particular producers intended to make it easier for other producers to compete. 2. a tax on a particular activity that some people think is unfair. (дискриминационный налог)

excise tax (= excise duty) – a tax on certain goods produced and sold in a country, for example cigarettes and alcoholic drinks. (акцизный сбор, акцизный налог)

ТАЙНЫЙ СМЫСЛ /OBSCURE MEANING/

CLO : collateralized loan obligation
облигация, обеспеченная кредитами

CLU : chartered life underwriter
дипломированный андеррайтер по страхованию жизни

CLV : customer lifetime value
пожизненная ценность клиента

CM : category management
управление ассортиментом

Co : Company
Компания