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Friday, 14 June 2013

Prasolov: Ukraine going right way in issue of FTA with EU - ForUm

"Creating a free trade area with the European Union will positively influence the development of the Ukrainian economy, economic development and trade minister of Ukraine Ihor Prasolov said during the First International Business Conference “ABC: Ukraine & Partners”.

"Since the entry into any area of free trade is a question of agreements, the question of any balance, we have been well aware of this fact when conducted negotiations with the EU on this matter. We have been doing this step consciously, we have analyzed everything, and came to the conclusion that it ill be an advantage for Ukraine," the minister said.

Thus, according to him, now concrete steps are worked out for the government to be done to ensure that domestic economy could feel the positive effects from the FTA with the EU as soon as possible.

"You will see that when it's all done, it will be good for our producers. I think we are going the right way," Prasolov noted.


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Moscow considers Association with EU as Ukraine’s suicide - ForUm

"Russia will not be able to provide Ukraine with benefits for oil and gas and to remove protective export duties within the participation in WTO, as in this case, such benefits should be available to all participants of the Organization, Russian presidential advisor Sergei Glazyev said at the conference ABC: Ukraine & Partners in Kyiv on Friday.

"If Ukraine becomes a member of the Customs Union, it will get gas and oil without customs duties, which will give Ukraine 4.5-5 billion dollar per year. If Ukraine does not enter the CU, then we can not give any benefits to Ukraine, because then we would have to give the same benefit to all countries," Glazyev said.

At the same time, he clarified that the trade preferences within the Customs Union are stipulated in the contract documents of the organization.

He called the prospect of signing the Association Agreement between Ukraine and the EU as a suicide. "This is a suicide," the Russian presidential adviser stressed."

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Boiko: Russia loses Ukrainian market due to expensive gas - ForUm

"Ukraine is constantly in talks with Russia on reduction of imported gas prices. In addition, Ukraine successfully implements a program for increasing its energy independence, vice Prime Minister of Ukraine Yuri Boiko said in interview with Channel 5.

"We are constantly in talks with partners. We show them that consumption of expensive Russian gas has been significantly reduced this year. Second, we buy gas in Europe, where it is cheaper. Also, we increase our own production," Boiko is quoted by his press office.

Vice Prime Minister added that selling expensive gas to Ukraine, Russia, in fact, is losing Ukrainian market.

He added that participants of the talks on cooperation with the Customs Union do not touch upon energy prices as Ukraine is not a member of this association."

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CEE floods: economic impact ‘limited’ | beyondbrics

"Central Europe’s recent floods looked dreadful on television. And they will have scarred the memories of the people who were hit the hardest. But the economic effects will be limited thanks to the solid defences put in place since the last flood a decade ago.

So says Erste Bank, which argues that while the floods were similar in scale to those of 2002, the costs for Austria, the Czech Republic, Slovakia and Hungary, will be a small fraction of 2002′s €6bn.

Erste says that central European states have invested about €3.3bn in flood defences in the last decade – €1.8bn in Austria, €500m in the Czech Republic, €600m in Slovakia, and €300m in Hungary."

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Investment volumes in Ukrainian agriculture to be increased - ForUm

"Ukraine extends cooperation with foreign investors in field of agriculture. Thus, the prospects of cooperation were discussed at the First International Business Conference “ABC: Ukraine & Partners”.

Participants discussed issues of strengthening investment in the Ukrainian agricultural sector. In particular, such its areas as production of cereals, oilseeds, food industry, mechanical engineering, logistics development, etc.

"For us it is very important to expand relations with existing and new investors. After all, as it is rightly noted by leading experts, agricultural industry is not only a hallmark of Ukraine, but it also helps raise funds in related industries. We had a series of meetings with companies and countries, which have already invested in Ukraine, as well as with potential investors in domestic agriculture. I want to emphasize that our partners noted the special attractiveness of our agricultural sector and willingness to step up the pace of investment in it," agrarian policy and food minister of Ukraine Mykola Prysiazhniuk said during discussion.

Prysiazhniuk stressed that the government is working to improve the investment climate in the country to enhance investment flows in domestic agriculture."

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Qatar firm invests in Australia's LNG industry - Energy -

"A company owned by Qatar's former finance minister has made a "major investment" into Australia's liquefied natural gas industry.
The deal, which was finalised last week, saw Qatar-based Petroserv Group buying a 49 percent stake in Brisbane-based Bothar Boring & Tunnelling Limited.
Bothar will be rebranded as Petroserv International as part of the deal, said DLA Piper, which represented Bothar in the deal."

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WebMoney Transfer does not have permit for operation, says NBU

"WebMoney Transfer LLC does not have a permit for operations, the National Bank of Ukraine (NBU) has reported.

"As of today, the NBU had not issued permits for the operation of WebMoney Transfer or the issue of WebMoney Transfer electronic money… WebMoney Transfer does not have the right to operate in Ukraine," reads a report of the NBU sent to Interfax-Ukraine on Friday.

"Banks and non-banking financial institutions of Ukraine should take into account the information and bring it to the attention of their clients," reads the report."

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World primary-energy demand | The Economist

Global consumption of primary energy has grown by 30% over the past decade. But almost all of that growth has come outside the rich world. In four of the past five years energy demand has fallen in the OECD, despite GDP growth in three of those years. Last year was no exception, according to BP’s 2013 “Statistical Review”: energy consumption fell by 1.2% even as OECD economies expanded by 1.4%. In the developing world the link between economic growth and energy demand endures. But oil consumption peaked in the OECD in 2005. Demography and vehicle efficiency mean it is now in structural decline. It is possible—though BP reckons it is too early to tell—that rich-world energy demand has peaked too."

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UAE bankruptcy law needed to develop financial markets - The National

"The UAE is hitting a serious obstacle in developing its financial markets because of the lack of a bankruptcy law, and risks falling behind other Arabian Gulf states that are moving to address the problem, said the head of National Bank of Abu Dhabi.

Michael Tomalin, who retires next month after 14 years as the chief executive of the UAE's biggest bank, told The National that lenders and their clients faced a higher cost of doing business as a result of the way that banks must account for exposures to third parties.

The problem centres on the way that banks process the "netting" of foreign exchange contracts. For example, in many financial centres if a bank sells US$500 million to one bank, but buys $450m, it can "net" the two contracts and hold capital against a net exposure of $50m in the event of financial difficulties."

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Moody's Reviews Bahrain for Downgrade on Weaker Growth Prospects -

"Moody's Investors Service has placed its rating on Bahrain on watch for a possible downgrade, citing the implications of the country's high and rising break-even oil prices and the outlook for lower economic growth.

Moody's currently rates Bahrain at baa1, three levels above junk territory.

The ratings firm noted Bahrain's rising government debt burden introduces uncertainty into its longer-term debt sustainability. Bahrain's fiscal deficit for 2012 was 2.6% of gross domestic product and smaller than the deficits recorded in 2009 and 2010."

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IMF concerned about Dubai debt expansion to $142bn « ArabianMoney

"The International Monetary Fund has warned that Dubai is risking another boom-to-bust business cycle by pushing up its debt to boost short-term growth at the cost of the medium term outlook, in a statement concluding its annual mission to the UAE.

The global central bank highlighted an increase in debt at Dubai government-related companies from $84 to $93 billion in the year to end of March. Borrowers have been taking advantage of the low yield on Dubai Government bonds to raise new funds. Total debts of $142 billion are now over 100 per cent of GDP."

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Persian flavour of Ukraine - ForUm

"For many regular Ukrainians Iran means a horror story about Islamic regime and rightless women. The regime is indeed Islamic and the country lives under the Sharia laws, but at the same time it is very welcoming, many-sided and interesting. Moreover, Iran is one of the significant foreign trade partners of Ukraine. There is a number of long-term joint investment projects which make our country respectable and well-known in Iran, as well in the whole Middle East."

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