NBU: Ukraine not at risk of default - ForUm:
"Ukraine is not at risk of default, head of the group of advisors to the governor of the National Bank of Ukraine Valery Litvitsky told a press conference, ForUm correspondent reports.
According to him, Ukraine is able to service its debts.
The banker said that the external debt of the country is 20%, and the entire national debt is 38%.
At the same time, the period of peak debt payments has passed.
"There can be no risk of default, as the peak payments have already passed this year. In the next year they will be several billions less," Litvitsky said.
In addition, according to the NBU representative, the state reserves of Ukraine allow maintaining a stable situation.
"Reserves as of September 1 make up 21.6 billion. In addition, we got another 700 million, and September is not over yet," he explained."
'via Blog this'
Friday, 27 September 2013
Russian economy slows from EU-US pressure - PM — RT Business
Russian economy slows from EU-US pressure - PM — RT Business:
"
As Russia’s economy loses steam, Prime Minister Dmitry Medvedev has made an official excuse for the slowdown, saying the contracting EU and US are largely to blame. He says Russia should now build an "intelligent" state focusing on value in the workforce.
“The European economy is teetering on the edge of recession, and has slowed growth in all BRICS countries. The US economy cannot fully recover with high unemployment, and many individual Americans are just beginning to crawl out of debt,” Medvedev wrote in the official address on the state of the economy on Friday, available on the Kremlin's website.
In the wake of Europe’s debt crisis, the initially projected 3.3 percent growth for Russia seems to be a lofty goal, and Medvedev conceded the GDP growth rate isn’t likely to exceed 2 percent this year, which is below the world average for the first time since 2009. "
'via Blog this'
"
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| Russian Prime Minister Dmitry Medvedev speaks at Sochi International Investment Forum. (RIA Novosti/ Grigoriy Sisoev) |
“The European economy is teetering on the edge of recession, and has slowed growth in all BRICS countries. The US economy cannot fully recover with high unemployment, and many individual Americans are just beginning to crawl out of debt,” Medvedev wrote in the official address on the state of the economy on Friday, available on the Kremlin's website.
In the wake of Europe’s debt crisis, the initially projected 3.3 percent growth for Russia seems to be a lofty goal, and Medvedev conceded the GDP growth rate isn’t likely to exceed 2 percent this year, which is below the world average for the first time since 2009. "
'via Blog this'
Is There Power in This Union? - Transitions Online
Is There Power in This Union? - Transitions Online:
"Moscow’s recent overtures to Ukraine and Armenia concerning membership in the Russia-led Customs Union have been heavy on threats and hardball politics, and rather short on attempts at actually explaining the benefits of joining the union instead of pursuing European Union integration. Which offer is best?
Armenian President Serzh Sargysan’s recent surprise announcement in Moscow that he would pursue Customs Union membership was preceded by months of backroom malice on the part of the Kremlin, manifested in threats of raising Armenia’s gas prices by 60 percent, and a potential weapons deals to Armenia’s arch-enemy, Azerbaijan. Moscow has approached Ukraine and Moldova with the same bullying techniques, banning imports of Ukrainian chocolate and Moldovan wine while clumsily attempting to get Belarus and Kazakhstan to do the same.
"
'via Blog this'
"Moscow’s recent overtures to Ukraine and Armenia concerning membership in the Russia-led Customs Union have been heavy on threats and hardball politics, and rather short on attempts at actually explaining the benefits of joining the union instead of pursuing European Union integration. Which offer is best?
Armenian President Serzh Sargysan’s recent surprise announcement in Moscow that he would pursue Customs Union membership was preceded by months of backroom malice on the part of the Kremlin, manifested in threats of raising Armenia’s gas prices by 60 percent, and a potential weapons deals to Armenia’s arch-enemy, Azerbaijan. Moscow has approached Ukraine and Moldova with the same bullying techniques, banning imports of Ukrainian chocolate and Moldovan wine while clumsily attempting to get Belarus and Kazakhstan to do the same.
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| Russian President Vladimir Putin with Viktor Yanukovych, president of Ukraine, and Moldovan President Nicolae Timofti at July ceremonies marking 1,025 years since the conversion of eastern Slavs to Christianity. Photo from the Kremlin website. |
'via Blog this'
UAIndex continues recovery on Thursday - Business - News - Ukraine Business Online
UAIndex continues recovery on Thursday - Business - News - Ukraine Business Online:
"Thursday trading closed up +0.38% at 4,116.47.
Thursday’s Best Performer was KSG Agro, up +5.50% on trade of 9,684 shares.
The day’s Worst Performing stock was Agroton, down -3.38% on trade of 117,124 shares, which also made Agroton the day’s Volume Leader."
'via Blog this'
"Thursday trading closed up +0.38% at 4,116.47.
Thursday’s Best Performer was KSG Agro, up +5.50% on trade of 9,684 shares.
The day’s Worst Performing stock was Agroton, down -3.38% on trade of 117,124 shares, which also made Agroton the day’s Volume Leader."
'via Blog this'
Fund flows: EM bonds back at last | beyondbrics
Fund flows: EM bonds back at last | beyondbrics:
"It’s taken 17 weeks, but emerging market bond funds are back in positive territory at last.
Data provider EPFR, which monitors fund flows, shows that for the week ending 25 September, EM bond funds had an inflow of $570m.
The both hard currency and local currency funds were up, with hard currency leading the way with $368m, and local currency funds contributing $204m. Blended funds were a negligible $2m outflow."
'via Blog this'
"It’s taken 17 weeks, but emerging market bond funds are back in positive territory at last.
Data provider EPFR, which monitors fund flows, shows that for the week ending 25 September, EM bond funds had an inflow of $570m.
The both hard currency and local currency funds were up, with hard currency leading the way with $368m, and local currency funds contributing $204m. Blended funds were a negligible $2m outflow."
'via Blog this'
LUKoil Tops Forbes List of Biggest Russian Private Companies | World | RIA Novosti
LUKoil Tops Forbes List of Biggest Russian Private Companies | World | RIA Novosti:
"
Oil giant LUKoil is Russia’s biggest private company by revenue, raking in 3.6 trillion rubles ($111 billion) last year, according to a new rating by Russian Forbes magazine published this week.
Russian oil and gas company Surgutneftegas was ranked second in the Forbes list of Russia’s 200 largest private companies, with an estimated turnover of 850 billion rubles ($26 billion). Telecom provider VimpelCom Ltd., which comprises one of Russia's top three mobile operators Beeline, came third in the list, with revenue of 717 billion rubles ($22 billion).
In last year’s Forbes rating, which also included state corporations, Russian energy giant Gazprom was named Russia’s largest company, while LUKoil came second, followed by Russian state oil giant Rosneft."
'via Blog this'
"
Russian oil and gas company Surgutneftegas was ranked second in the Forbes list of Russia’s 200 largest private companies, with an estimated turnover of 850 billion rubles ($26 billion). Telecom provider VimpelCom Ltd., which comprises one of Russia's top three mobile operators Beeline, came third in the list, with revenue of 717 billion rubles ($22 billion).
In last year’s Forbes rating, which also included state corporations, Russian energy giant Gazprom was named Russia’s largest company, while LUKoil came second, followed by Russian state oil giant Rosneft."
'via Blog this'
Financial services in developing countries | The Economist
Financial services in developing countries | The Economist:
"
Access to traditional financial services, such as deposit-taking accounts and automatic teller machines (ATMs), in developing countries has expanded in recent years. Since 2004 the number of ATMs per 100,000 adults has more than doubled, to around 22 (compared with over 70 in rich countries). Russia and Brazil have more ATMs relative to their population than other emerging markets, but according to a World Bank survey less than 2% of adults there used a mobile phone to receive money. Mobile payments are a substitute for traditional banking. In Kenya, where there are 2,381 ATMs (less than ten for every 100,000 adults), over two-thirds of people use mobile money."
'via Blog this'
"
'via Blog this'
Ukraine reaches gas deal with Exxon, Shell - BUSINESS - Globaltimes.cn
Ukraine reaches gas deal with Exxon, Shell - BUSINESS - Globaltimes.cn:
"Ukraine said Thursday it has reached a natural gas production-sharing agreement with a consortium led by Exxon and Shell, its latest step toward energy diversification and reducing its dependence on Russia.
The consortium, which also includes Romanian energy group Petrom and Ukraine's state-owned Nadra Ukrainy, will extract natural gas on the Skifski site off Ukraine's Black Sea coast.
An initial accord was signed by Ukrainian Energy Minister Eduard Stavytsky and representatives of Exxon, Shell, and Petrom on the sidelines of the UN General Assembly in New York, the Ukrainian presidential press service said.
The sides agreed to sign a formal production-sharing agreement within a month in the Ukrainian capital Kiev."
'via Blog this'
"Ukraine said Thursday it has reached a natural gas production-sharing agreement with a consortium led by Exxon and Shell, its latest step toward energy diversification and reducing its dependence on Russia.
The consortium, which also includes Romanian energy group Petrom and Ukraine's state-owned Nadra Ukrainy, will extract natural gas on the Skifski site off Ukraine's Black Sea coast.
An initial accord was signed by Ukrainian Energy Minister Eduard Stavytsky and representatives of Exxon, Shell, and Petrom on the sidelines of the UN General Assembly in New York, the Ukrainian presidential press service said.
The sides agreed to sign a formal production-sharing agreement within a month in the Ukrainian capital Kiev."
'via Blog this'
UAE real estate investment trust plans IPO | Arab News
UAE real estate investment trust plans IPO | Arab News — Saudi Arabia News, Middle East News, Opinion, Economy and more.:
"The UAE’s first real estate investment trust plans to sell shares in an initial public offer on the Nasdaq Dubai bourse before the end of this year, three people aware of the plan said.
Emirates REIT, which was formed in 2010 and complies with Islamic investment principles, has income-generating assets worth AED770 million ($210 million).
REITs directly invest in properties and distribute profits as dividends.
Dubai Islamic Bank (DIB) owns 35.3 percent of the company, while state-owned conglomerate Dubai Holding owns 31 percent through two of its units, according to its website. "
'via Blog this'
"The UAE’s first real estate investment trust plans to sell shares in an initial public offer on the Nasdaq Dubai bourse before the end of this year, three people aware of the plan said.
Emirates REIT, which was formed in 2010 and complies with Islamic investment principles, has income-generating assets worth AED770 million ($210 million).
REITs directly invest in properties and distribute profits as dividends.
Dubai Islamic Bank (DIB) owns 35.3 percent of the company, while state-owned conglomerate Dubai Holding owns 31 percent through two of its units, according to its website. "
'via Blog this'
Ukranian News - London Stock Exchange Suspends XXI Century's Share Trading
Ukranian News - London Stock Exchange Suspends XXI Century's Share Trading:
"London Stock Exchange has suspended trading in the shares of the XXI Century Investments Public Limited (Cyprus), the holding company of the XXI Century (Kyiv), anticipating completion of the talks on extra funding, the stock exchange said in the press-release.
The talks are still underway, the XXI Century Investments Public Limited stressed.
Without additional funding the company cannot meet the liabilities taken.
According to the rules of the Alternative Investment Market of London Stock Exchange (AIM), the company is due to publish the report on the six-month performance by September 30.
If failed, the share trading will be suspended.
As Ukrainian News earlier reported, XXI Century is a major property development company that has been in operation since 1995. It engages in development and management of projects involving shopping, office, hotel, logistics, and residential real estate.
Ovaro Holding Limited (50% of which is owned by businessman Oleksandr Yaroslavskyi's DCH) owns 58.26% of the shares in XXI Century.
Yaroslavskyi and Oleh Salmin control approximately 30.05% of the share capital of XXI Century through Ovaro"
'via Blog this'
"London Stock Exchange has suspended trading in the shares of the XXI Century Investments Public Limited (Cyprus), the holding company of the XXI Century (Kyiv), anticipating completion of the talks on extra funding, the stock exchange said in the press-release.
The talks are still underway, the XXI Century Investments Public Limited stressed.
Without additional funding the company cannot meet the liabilities taken.
According to the rules of the Alternative Investment Market of London Stock Exchange (AIM), the company is due to publish the report on the six-month performance by September 30.
If failed, the share trading will be suspended.
As Ukrainian News earlier reported, XXI Century is a major property development company that has been in operation since 1995. It engages in development and management of projects involving shopping, office, hotel, logistics, and residential real estate.
Ovaro Holding Limited (50% of which is owned by businessman Oleksandr Yaroslavskyi's DCH) owns 58.26% of the shares in XXI Century.
Yaroslavskyi and Oleh Salmin control approximately 30.05% of the share capital of XXI Century through Ovaro"
'via Blog this'
Shale gas alone is not the answer – but neither is renewable energy | Tom Greatrex | Environment | theguardian.com
Shale gas alone is not the answer – but neither is renewable energy | Tom Greatrex | Environment | theguardian.com:
"
In May this year, academics from Washington State University published research confirming a long-held suspicion: being loud and confident is a more effective way to win an argument than being right. The researchers assiduously mined their data from more than 1bn Tweets, but a quick look at the increasingly polarised debate about shale gas in the UK might have saved them some time.
For a significant number of climate-sceptic Tories and rightwing commentators, shale is a silver bullet. The hapless energy secretary, Ed Davey, has been sidelined by George Osborne, who appears to be setting energy policy on the advice of his father-in-law, Lord Howell.
The intervention of Boris Johnson last week has, I suspect, more to with his desire to be on side with discontented Tory MPs than any real appreciation of energy policy. His description of gas as "clean" and "green" was both crowd-pleasing and simply wrong."
'via Blog this'
"
 |
| A test drilling site for shale gas near Banks on the outskirts of Southport, Lancashire. Photograph: Ashley Cooper Corbis |
For a significant number of climate-sceptic Tories and rightwing commentators, shale is a silver bullet. The hapless energy secretary, Ed Davey, has been sidelined by George Osborne, who appears to be setting energy policy on the advice of his father-in-law, Lord Howell.
The intervention of Boris Johnson last week has, I suspect, more to with his desire to be on side with discontented Tory MPs than any real appreciation of energy policy. His description of gas as "clean" and "green" was both crowd-pleasing and simply wrong."
'via Blog this'
Azerbaijani FM: Southern Gas Corridor to bring stability, security and predictability in region - Trend.Az
Azerbaijani FM: Southern Gas Corridor to bring stability, security and predictability in region - Trend.Az:
"Southern Gas Corridor is first inauguration happened in Baku plus construction of the rail road connecting Azerbaijan, Georgia and Turkey, Azerbaijani Foreign Minister Elmar Mammadyarov said at the opening of Caspian Forum New York on Wednesday.
This project strengthens the sovereignty and independence, change the whole picture of the country, Mammayarov added.
According to minister, it has strategic importance and strong impact for the whole region with one pipeline.
"This pipeline is not just a supplier but also our independence and so verity. We should appreciate the United States for this project. Clinton helped a lot", Mammadyarov said.
50 billion USD project has huge strategic importance, it is whole market of Azerbaijan and beyond, minister said."
'via Blog this'
"Southern Gas Corridor is first inauguration happened in Baku plus construction of the rail road connecting Azerbaijan, Georgia and Turkey, Azerbaijani Foreign Minister Elmar Mammadyarov said at the opening of Caspian Forum New York on Wednesday.
This project strengthens the sovereignty and independence, change the whole picture of the country, Mammayarov added.
According to minister, it has strategic importance and strong impact for the whole region with one pipeline.
"This pipeline is not just a supplier but also our independence and so verity. We should appreciate the United States for this project. Clinton helped a lot", Mammadyarov said.
50 billion USD project has huge strategic importance, it is whole market of Azerbaijan and beyond, minister said."
'via Blog this'
Saudi Gazette - NCB Capital: Valuations are key attraction of KSA telecom sector
Saudi Gazette - NCB Capital: Valuations are key attraction of KSA telecom sector:
"Growth in Saudi Arabia’s telecom sector will remain driven by the broadband and corporate segments of the economy, NCB Capital, the GCC’s leading wealth manager and the Kingdom’s largest asset manager, said in its latest update on the Kingdom’s telecom sector.
Contraction in margins due to the increasing competition from Zain and the entrance of the MVNOs, as well as the reduction in Haj visas, are the sector’s main concerns, it said adding that the valuation of the sector remains attractive at 9.5x 2014E P/E, 5 percent below regional peers.
“We maintain our overweight ratings on Mobily, Zain and STC, with Mobily remaining our top-pick due to its strong fundamentals and positive dividend outlook,” said Abdulelah Babgi, equity research analyst at NCB Capital. "
'via Blog this'
"Growth in Saudi Arabia’s telecom sector will remain driven by the broadband and corporate segments of the economy, NCB Capital, the GCC’s leading wealth manager and the Kingdom’s largest asset manager, said in its latest update on the Kingdom’s telecom sector.
Contraction in margins due to the increasing competition from Zain and the entrance of the MVNOs, as well as the reduction in Haj visas, are the sector’s main concerns, it said adding that the valuation of the sector remains attractive at 9.5x 2014E P/E, 5 percent below regional peers.
“We maintain our overweight ratings on Mobily, Zain and STC, with Mobily remaining our top-pick due to its strong fundamentals and positive dividend outlook,” said Abdulelah Babgi, equity research analyst at NCB Capital. "
'via Blog this'
ECONOMICS - Fitch warns Turkey of distant perfect storm
ECONOMICS - Fitch warns Turkey of distant perfect storm:
"Turkey now appears to be distant from any balance of payments crisis and the Turkish economy is not in the middle of a perfect storm but has fairly been close, warned Senior Director of Fitch Ratings Paul Rawkins yesterday, during a meeting of the credit agency.
“Turkey’s current account deficit is so high that it cannot be financed by short-term loans. This makes the Turkish economy quite vulnerable to external shocks,” he said, noting that the country was disproportionally negatively affected by the Fed’s expected gradual decision to taper.
“Any sudden stop in capital inflow to the economy will threaten the growth seriously and in such a scenario Turkey may face a serious recession. The biggest risk for Turkey is the possibility of a sudden stop in line with its high levels of current account deficit,” he said."
'via Blog this'
"Turkey now appears to be distant from any balance of payments crisis and the Turkish economy is not in the middle of a perfect storm but has fairly been close, warned Senior Director of Fitch Ratings Paul Rawkins yesterday, during a meeting of the credit agency.
“Turkey’s current account deficit is so high that it cannot be financed by short-term loans. This makes the Turkish economy quite vulnerable to external shocks,” he said, noting that the country was disproportionally negatively affected by the Fed’s expected gradual decision to taper.
“Any sudden stop in capital inflow to the economy will threaten the growth seriously and in such a scenario Turkey may face a serious recession. The biggest risk for Turkey is the possibility of a sudden stop in line with its high levels of current account deficit,” he said."
'via Blog this'
Sharjah-based Dana Gas tells Egypt: pay up and we’ll pump more gas | The National
Sharjah-based Dana Gas tells Egypt: pay up and we’ll pump more gas | The National:
"Dana Gas is negotiating with the Egyptian government to sell extra gas to recoup US$210 million in overdue bills.
Such a scheme would be a major boost for the Sharjah-based gas producer, which is waiting on $720m in total from Egypt and the government in the Kurdistan region of Iraq.
Dana can easily bump up production by 25 per cent in Egypt, said Patrick Allman-Ward, the chief executive of the company since this month.
“We have potential production that we could bring on quickly and at a low cost,” he said. “We have argued with the government that we can bring new production on stream if we get paid.”"
'via Blog this'
"Dana Gas is negotiating with the Egyptian government to sell extra gas to recoup US$210 million in overdue bills.
Such a scheme would be a major boost for the Sharjah-based gas producer, which is waiting on $720m in total from Egypt and the government in the Kurdistan region of Iraq.
Dana can easily bump up production by 25 per cent in Egypt, said Patrick Allman-Ward, the chief executive of the company since this month.
“We have potential production that we could bring on quickly and at a low cost,” he said. “We have argued with the government that we can bring new production on stream if we get paid.”"
'via Blog this'
Dh1.1bn profit for Abu Dhabi’s Mubadala as global investments pay off | The National
Dh1.1bn profit for Abu Dhabi’s Mubadala as global investments pay off | The National:
"
Mubadala’s first-half profit rose by more than 10 per cent to Dh1.1 billion helped by the performance of investments from microchips to aircraft parts.
The results did not reflect the impact of recent changes to Mubadala’s investment in the Brazilian conglomerate EBX. In July, Mubadala modified the terms of its US$2 billion investment in EBX as the group’s embattled owner Eike Batista restructures his business empire.
As the deal was struck after June 30, Mubadala’s EBX assets were still valued at their initial investment value in the latest results."
'via Blog this'
"
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| Operational highlights for Mubadala have included the official opening of the Shams 1 concentrated solar plant in the Abu Dhabi Western region. Photo courtesy Mubadala |
The results did not reflect the impact of recent changes to Mubadala’s investment in the Brazilian conglomerate EBX. In July, Mubadala modified the terms of its US$2 billion investment in EBX as the group’s embattled owner Eike Batista restructures his business empire.
As the deal was struck after June 30, Mubadala’s EBX assets were still valued at their initial investment value in the latest results."
'via Blog this'
Nakheel to sell 942 Dubai townhouses ahead of Dh8bn debt deadline | The National
Nakheel to sell 942 Dubai townhouses ahead of Dh8bn debt deadline | The National:
"Nakheel is selling 942 townhouses next week as the Dubai developer ramps up sales ahead of an Dh8 billion debt deadline in 2015.
The company, which was one of the highest-profile losers in the Dubai property crash when its debts helped to trigger the Dubai World crisis in 2009, said that it would be taking orders for the Dh1.7 million-plus properties close to its Dragonmart outlet mall on the outskirts of Dubai from Sunday.
The Warsan Village project located next to International City will also include 250 flats available for lease, a shopping centre of 365 shops as well as a recreation centre and a mosque."
'via Blog this'
"Nakheel is selling 942 townhouses next week as the Dubai developer ramps up sales ahead of an Dh8 billion debt deadline in 2015.
The company, which was one of the highest-profile losers in the Dubai property crash when its debts helped to trigger the Dubai World crisis in 2009, said that it would be taking orders for the Dh1.7 million-plus properties close to its Dragonmart outlet mall on the outskirts of Dubai from Sunday.
The Warsan Village project located next to International City will also include 250 flats available for lease, a shopping centre of 365 shops as well as a recreation centre and a mosque."
'via Blog this'
Dubai hikes property transaction charges to 4% | GulfNews.com
Dubai hikes property transaction charges to 4% | GulfNews.com:
"
Effective October 6, freehold property registrations in Dubai will be 4 per cent instead of 2 per cent as the authorities step up efforts to ensure the realty market does not overheat. These will be shared equally by the buyer and seller. (The change will not apply to warehouses or industrial properties.)
In the latest data with the Dubai Land Department, transaction values exceeded Dh160 billion in the year to date from 44,000 deals compared with Dh90 billion for the same period last year. It was Dh145 billion for the whole of 2012.
“The registration fee hike will slow down speculative moves on quick profit taking, which is never a healthy thing in a property market,” said Sultan Butti Bin Mejren of Dubai Land Department. “Last Thursday alone we had registrations of Dh1.2 million and that has never happened in the Department’s 50-year history."
'via Blog this'
"
 |
|
In the latest data with the Dubai Land Department, transaction values exceeded Dh160 billion in the year to date from 44,000 deals compared with Dh90 billion for the same period last year. It was Dh145 billion for the whole of 2012.
“The registration fee hike will slow down speculative moves on quick profit taking, which is never a healthy thing in a property market,” said Sultan Butti Bin Mejren of Dubai Land Department. “Last Thursday alone we had registrations of Dh1.2 million and that has never happened in the Department’s 50-year history."
'via Blog this'
Czech Koruna Gains Most Since July as Intervention Concern Eases - Bloomberg
Czech Koruna Gains Most Since July as Intervention Concern Eases - Bloomberg:
"The Czech koruna strengthened the most in almost three months after the monetary-policy council rejected central bank Governor Miroslav Singer’s push to sell the currency for a second meeting amid an economic recovery.
The koruna gained as much as 0.8 percent, the most since July 9 on an intraday basis, before trading 0.6 percent higher at 25.699 per euro by 3:41 p.m. in Prague. It has slid 4.5 percent since Sept. 17, 2012, the day beforeSinger first signaled the CNB may intervene in the market.
Policy makers kept the main interest rate at 0.05 percent and a vote on koruna sales failed, Singer told reporters in Prague today. Three of the seven board members, including Singer, previously advocated intervention as inflation remains below the bank’s target even as the economy emerged from a recession in the second quarter. All else being equal, a weaker currency makes imports more expensive and helps exporters."
'via Blog this'
"The Czech koruna strengthened the most in almost three months after the monetary-policy council rejected central bank Governor Miroslav Singer’s push to sell the currency for a second meeting amid an economic recovery.
The koruna gained as much as 0.8 percent, the most since July 9 on an intraday basis, before trading 0.6 percent higher at 25.699 per euro by 3:41 p.m. in Prague. It has slid 4.5 percent since Sept. 17, 2012, the day beforeSinger first signaled the CNB may intervene in the market.
Policy makers kept the main interest rate at 0.05 percent and a vote on koruna sales failed, Singer told reporters in Prague today. Three of the seven board members, including Singer, previously advocated intervention as inflation remains below the bank’s target even as the economy emerged from a recession in the second quarter. All else being equal, a weaker currency makes imports more expensive and helps exporters."
'via Blog this'
Ruble Weakens Third Day Versus Basket as Debt Payments Loom - Bloomberg
Ruble Weakens Third Day Versus Basket as Debt Payments Loom - Bloomberg:
"The ruble weakened for a third day on speculation the central bank may pare its defense of the Russian currency and as companies bought dollars and euros before foreign debt payments next month.
The ruble declined 0.2 percent to 37.2683 against the central bank’s target dollar-euro basket by 6 p.m. in Moscow, when the central bank stops its market operations. The currency weakened 0.2 percent against the euro to 43.4695 and slid 0.3 percent to 32.1925 against the dollar.
Russian companies must repay about $5.5 billion of bonds and syndicated loans in October, creating additional demand for foreign currency, according to Anton Zakharov, a money manager at OAO Promsvyazbank. A move now by the central bank to widen the ruble band within which it intervenes to smooth volatility would accelerate the currency’s drop, VTB Capital analysts Maxim Korovin and Anton Nikitin said in an e-mailed note."
'via Blog this'
"The ruble weakened for a third day on speculation the central bank may pare its defense of the Russian currency and as companies bought dollars and euros before foreign debt payments next month.
The ruble declined 0.2 percent to 37.2683 against the central bank’s target dollar-euro basket by 6 p.m. in Moscow, when the central bank stops its market operations. The currency weakened 0.2 percent against the euro to 43.4695 and slid 0.3 percent to 32.1925 against the dollar.
Russian companies must repay about $5.5 billion of bonds and syndicated loans in October, creating additional demand for foreign currency, according to Anton Zakharov, a money manager at OAO Promsvyazbank. A move now by the central bank to widen the ruble band within which it intervenes to smooth volatility would accelerate the currency’s drop, VTB Capital analysts Maxim Korovin and Anton Nikitin said in an e-mailed note."
'via Blog this'