Google+ Followers

Friday, 11 October 2013

Uralkali CEO Faces 12 Years in Belarusian Jail on New Charges | Business | RIA Novosti

Uralkali CEO Faces 12 Years in Belarusian Jail on New Charges | Business | RIA Novosti:

"
Alexander Lukashenko
© RIA Novosti. Alexei Druzhinin
Belarus has changed the charges faced by the detained CEO of Russian fertilizer maker Uralkali, upping the maximum possible punishment by two years, according to the Belarusian president.
“They have reclassified the charge to embezzlement, I think,” Alexander Lukashenko said at a press conference in Minsk on Friday.
Vladislav Baumgertner was previously charged with abuse of power, which is punishable by up to a decade in jail, according to the Belarusian Criminal Code. The maximum penalty for embezzlement in Belarus is 12 years.
Baumgertner, a Russian citizen, was detained in the Belarusian capital in August and taken into custody, though he was later transferred to house arrest, also in Minsk.
Belarus also asked Interpol to issue an international arrest warrant – on suspicion on abuse of power – for Russian billionaire Suleiman Kerimov, a major shareholder in Uralkali, though Interpol refused to do so."

'via Blog this'

Kernel leads UAIndex for second day - Business - News - Ukraine Business Online

Kernel leads UAIndex for second day - Business - News - Ukraine Business Online:

"The pace of UAIndex’s recovery continued for a second consecutive day, up +1.66% for the day to close with the composite market cap at 4,174.34.

Vegoil giant Kernel was Best Performer for the second day running, up +5.15% on trade of 173,702 shares. However, in spite of its sharp recovery line over recent days, Kernel remains down -17.04% on an annual basis.

Thursday produced a daily double for Agrokultura AB, unfortunately of the type no one wants to see, i.e. the stock was not only the bottom feeder of the day, it was also the Volume Leader."

'via Blog this'

▶ How corporations cross cultures: A little empathy goes a long way - YouTube

▶ How corporations cross cultures: A little empathy goes a long way - YouTube:

"IF companies want to go global, they need to understand the values and aspirations of local consumers, argue Kai Hammerich and Richard Lewis in their new book "Fishes Can't See Water"

"

'via Blog this'

Ukraine leader sees solution soon to Tymoshenko issue - World | The Star Online

Ukraine leader sees solution soon to Tymoshenko issue - World | The Star Online:

"Ukrainian President Viktor Yanukovich said on Friday that he saw prospects soon for a definitive solution to the "painful" issue of his jailed rival, ex-prime minister Yulia Tymoshenko, Interfax news agency said.

The West has been pressing for the release of Tymoshenko, saying she was the victim of a political trial, and the issue has threatened the signing of landmarks agreements between the European Union and Ukraine set for late next month.

"We still have to face a most painful question - this is the question of Tymoshenko," Yanukovich was quoted as saying during a meeting with European commissioner Stefan Fuele. "We are seeking a way (out) and I hope that very soon we will conclusively work out by what means we can settle this question.""

'via Blog this'

Carlsberg spreads bets beyond Russian beer drinkers - FT.com

Carlsberg spreads bets beyond Russian beer drinkers - FT.com:

"
Bloomberg
Ending a tradition that goes back into the mists of Russian history, President Vladimir Putin’s government swallowed hard at the start of this year and finally classified beer as an alcoholic drink.

Like every brewer, Carlsberg, the Danish king of Russia’s beer market, knew this decision was coming. But the government’s action followed exceptionally steep increases in beer tax and strict new restrictions on beer advertisements. Then came the closure of many of the ubiquitous urban kiosks where vendors have sold beer to thirsty Russians day and night since the late Soviet era. Truly, Carlsberg has reason to reflect on the choppiness of business conditions in emerging markets."

'via Blog this'

Just How Rich Are Russia's Billionaires? - Bloomberg

Just How Rich Are Russia's Billionaires? - Bloomberg:

"In its 2013 Global Wealth Report, Credit Suisse asserts that Russia's transition to capitalism failed the country's people, creating an economy with the world's highest level of wealth inequality. According to the report, 110 Russian billionaires command 35 percent of the nation's wealth, while worldwide, billionaires account for 1 to 2 percent of total household wealth.
"At the time of transition there were hopes that Russia would convert to a high skilled, high income economy with strong social protection programs inherited from Soviet Union days," the report said. "This is almost a parody of what happened in practice."
Much is wrong with Russia's blend of crony capitalism and a powerful public sector. But Credit Suisse's picture of wealth inequality is as much a data quality problem as a real issue."

'via Blog this'

Reports show the US could overtake Russian oil and gas production

Reports show the US could overtake Russian oil and gas production:

"A short story in the Wall Street Journal caused tremendous excitement in the community of analysts in Moscow last week. It was an embarrassing revelation. The edition quoted two sources: the International Energy Agency and the Energy Information Administration of DOE, reporting that the United States would overtake Russia in terms of oil and gas production this year.

In July the US was producing hydrocarbons at the daily rate of 22.2 million barrels of oil equivalent even as Russia was estimated to produce 21.8 million barrels.

During the first six months of this year, Russia’s oil production averaged 10.8 million bpd, just 900,000 bpd more than in the US, and the gap is closing rapidly (it was 3 million bpd a few years ago), and last year the US produced more natural gas than Russia for the first time since 1982. It took the US five years to cut down gas imports by 32% and oil imports by 15%, and two years ago the country became a net exporter of refined petroleum products (depressing performance of European refiners along the way). "

'via Blog this'

Egypt plans new stimulus package worth billions of dollars in early 2014 | GulfNews.com

Egypt plans new stimulus package worth billions of dollars in early 2014 | GulfNews.com:

"Egypt plans a second stimulus package worth billions of dollars early next year, its trade and industry minister said, as the government works to give people jobs and put money in their pockets during a tough political transition.
The package will likely be equal to or larger than a 22.3 billion Egyptian pound (Dh11.8 billion, $3.2 billion) package announced in August, trade minister Mounir Fakhry Abdul Nour told Reuters in an interview on Wednesday.
His comments came hours before the United States halted some aid to the army-backed transitional government following a crackdown on the Muslim Brotherhood, a move that Cairo sharply criticised."

'via Blog this'

Mena stock markets hit right notes in September | GulfNews.com

Mena stock markets hit right notes in September | GulfNews.com:

"September and August were highly volatile months for Mena markets due to concerns over the Syria conflict and a possible widening of the conflict to a regional level. As it became apparent that a military strike on Syria could be avoided and a diplomatic solution was more likely, markets recovered much of the earlier losses.
During September, Dubai put in the best regional market performance of 10 per cent followed by Egypt 7 per cent, Abu Dhabi and Saudi Arabia with 3 per cent each, while Qatar witnessed no change and Oman was the only market in negative at — 1 per cent.
Small cap stocks in Dubai such as Union Properties (+56 per cent m-o-m) and Deyaar development (+41 per cent m-o-m) rose significantly on the back of new property launches. A notable event during the month was Dubai Land Department’s decision to increase property transfer fees to 4 per cent from 2 per cent in an attempt to curb property speculation."

'via Blog this'

Poland Pension-Fund Overhaul to Cut Debt Sets 75% Stock Minimum - Bloomberg

Poland Pension-Fund Overhaul to Cut Debt Sets 75% Stock Minimum - Bloomberg:

"Poland today unveiled its draft law to take over 51.5 percent of assets held by the country’s privately-run pension funds, saying the step will reduce public debt by 9.2 percentage points of economic output next year.
Thirteen funds, which invest mandatory contributions from 16.2 million members and control $94 billion of assets, will be banned from buying government bonds from Feb. 3 and required to put at least 75 percent of their assets in stocks.
The overhaul will give the government more leeway to boost public spending as 2015 general elections loom while its public support wanes. The draft will be sent to parliament in mid-November following a month of consultations, Prime Minister Donald Tusk told reporters in parliament this week."

'via Blog this'

Putin Mounts Assault on Ukraine Favoring EU Link Over Russia Tie - Bloomberg

Putin Mounts Assault on Ukraine Favoring EU Link Over Russia Tie - Bloomberg:

"Russia is mounting a last-ditch offensive to torpedo Ukraine’s shift toward Europe as President Vladimir Putin seeks to salvage his dream of a common economic space in the former Soviet Union.
As Ukraine pursues an accord on European Union integration, Russia has disrupted regional trade and sent thousands of troops for war games on the doorstep of the three Baltic nations that joined the bloc in 2004. The pact is due to be signed next month in Lithuania, alongside similar deals for Georgia and Moldova.
The agreement would be the latest step in Ukraine’s bid to break away from its former Soviet master and poses risks for both sides. For Putin, the move threatens to wreck his dream of a continent-spanning economic bloc to rival the European Union. Ukraine is gambling that closer European ties will outweigh the risk of retribution from Russia, which buys a quarter of its imports and supplies it with 60 percent of its gas supplies."

'via Blog this'

Construction in the Gulf booms again

Construction in the Gulf booms again:

After nearly three years of oil prices comfortably above US$100/barrel, the Gulf is awash with liquidity and a renewed confidence, similar to that seen in 2006‑08, which is manifesting itself in a second construction boom. This is led by public‑sector driven megaprojects, but there are also a raft of private-sector real estate developments under way. This contrasts with 2009‑10, when private-sector construction activity lulled in many countries and a number of major projects were cancelled or put on hold indefinitely.

The public sector in most Gulf Co-operation Council (GCC) countries continued to spend after the bursting of the regional real estate bubble in late 2008. A recent report by Qatar National Bank showed that capital expenditure recorded in GCC budgets grew in ever year since 2004 (barring a small blip in 2012) and averaged US$115bn in 2011‑12, up from US$68bn in 2008. Spending was also higher as a share of GDP, at 7.1% in 2012 compared with 5.7% in 2008. Similarly, output in the regional construction sector has continued to grow in real terms over the last five years, including by around 5% in 2012, and is estimated to be about one-quarter larger than it was in 2008.

'via Blog this'

LME Week: metal traders look to 2014 - YouTube

LME Week: metal traders look to 2014 - YouTube:

"FT commodities editor Neil Hume and markets reporter Jack Farchy discuss the conclusions of LME Week, the London gathering of metals traders. They examine prospects for copper, nickel and alumunium as well as the reform of 'warehousing'

"

'via Blog this'

Sun ray for Suntech - YouTube

Sun ray for Suntech - YouTube:

"Two solar panel makers have bid for US-listed Suntech Power's main unit, which went bankrupt in March. Lex's Vincent Boland and Julia Grindell discuss the impact of the rescue attempt for the solar panel maker, which was once the world's largest

"

'via Blog this'