Ukraine detains central banker in suspected theft of $170 million | Reuters:
"The Ukrainian prosecutor's office has detained a deputy head of the central bank on suspicion of involvement in the theft of more than $170 million in state funds.
Borys Prykhodko was appointed to his position during the presidency of Viktor Yanukovich, whose rule was marred by accusations of widespread corruption. He is the most senior official detained since Yanukovich's overthrow in February.
"Prykhodko has been remanded in custody", First Deputy Prosecutor General Mykola Herasimyuk told a news conference."
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Friday, 1 August 2014
Ukraine Skirts Argentine Default Path as Premier Survives - Bloomberg
Ukraine Skirts Argentine Default Path as Premier Survives - Bloomberg:
"Ukrainian lawmakers backed a tax increase needed to qualify for a $17 billion bailout by the International Monetary Fund and rejected the prime minister’s resignation after warnings that the country risked a default.
“The first major economic news today is that Argentina went into default,” Prime Minister Arseniy Yatsenyuk told lawmakers after the vote today. “And the second is that Ukraine didn’t default, and it never will.”
Ukraine is relying on the IMF’s funding for its budget needs and for making about $10 billion in foreign debt payments by year-end. The Washington-based lender’s mission urged the government and the legislature to adopt austerity measures before its board decides next month on the second disbursement of a $1.4 billion tranche."
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"Ukrainian lawmakers backed a tax increase needed to qualify for a $17 billion bailout by the International Monetary Fund and rejected the prime minister’s resignation after warnings that the country risked a default.
“The first major economic news today is that Argentina went into default,” Prime Minister Arseniy Yatsenyuk told lawmakers after the vote today. “And the second is that Ukraine didn’t default, and it never will.”
Ukraine is relying on the IMF’s funding for its budget needs and for making about $10 billion in foreign debt payments by year-end. The Washington-based lender’s mission urged the government and the legislature to adopt austerity measures before its board decides next month on the second disbursement of a $1.4 billion tranche."
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How much UAE visa will cost after increase | GulfNews.com
How much UAE visa will cost after increase | GulfNews.com:
"Effective on Friday, the employment visa for a worker sponsored by governmental bodies will cost Dh200 per year, while the visa charge for workers employed by the private sector or free zones will be Dh250 per year.
A new visa fee structure signed by Lieutenant General Shaikh Saif Bin Zayed Al Nahyan, Deputy Prime Minister and Minister of Interior, states that the residence visa for an investor or partner will cost Dh250 per year.
The residence visa for a family member of a worker employed by governmental bodies will cost Dh200 per year, while the charge for workers employed by private businesses and free zones as well as investors and partners of businesses will be Dh250."
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"Effective on Friday, the employment visa for a worker sponsored by governmental bodies will cost Dh200 per year, while the visa charge for workers employed by the private sector or free zones will be Dh250 per year.
A new visa fee structure signed by Lieutenant General Shaikh Saif Bin Zayed Al Nahyan, Deputy Prime Minister and Minister of Interior, states that the residence visa for an investor or partner will cost Dh250 per year.
The residence visa for a family member of a worker employed by governmental bodies will cost Dh200 per year, while the charge for workers employed by private businesses and free zones as well as investors and partners of businesses will be Dh250."
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Asian buyers take 25% more Iran oil in first half | GulfNews.com
Asian buyers take 25% more Iran oil in first half | GulfNews.com:
"Iran’s biggest clients took in a quarter more oil in the first six months of 2014 than in the same period of last year, with China and India holding to the higher volumes they started after the agreement that relaxed Western sanctions on Tehran.
Iran’s exports to its top four oil buyers — China, India, Japan and South Korea — may keep rising even though a deadline for a final deal on its disputed nuclear programme had to be extended. The lead US nuclear negotiator on Tuesday said participants aim to reach a resolution on the decade-old dispute by the end of the four-month extension.
Iran last week received the final instalment of the $4.2 billion in oil payments released as part of the earlier agreement, although another $2.8 billion was released as part of the extension."
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"Iran’s biggest clients took in a quarter more oil in the first six months of 2014 than in the same period of last year, with China and India holding to the higher volumes they started after the agreement that relaxed Western sanctions on Tehran.
Iran’s exports to its top four oil buyers — China, India, Japan and South Korea — may keep rising even though a deadline for a final deal on its disputed nuclear programme had to be extended. The lead US nuclear negotiator on Tuesday said participants aim to reach a resolution on the decade-old dispute by the end of the four-month extension.
Iran last week received the final instalment of the $4.2 billion in oil payments released as part of the earlier agreement, although another $2.8 billion was released as part of the extension."
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Sberbank ADRs Drop as EU Measures Hit State-Owned Lenders - Bloomberg
Sberbank ADRs Drop as EU Measures Hit State-Owned Lenders - Bloomberg:
"OAO Sberbank (SBRCY) fell in New York yesterday, capping its biggest monthly drop in two years, as the European Union banned the state-controlled lender from selling bonds or shares in the 28-nation bloc.
American depositary receipts of Russia’s biggest bank, which holds about half of the country’s deposits, slumped 2 percent to $8.28 in New York. Sberbank tumbled 19 percent in July, the steepest drop since May 2012. The Market Vectors Russia ETF (RSX), the largest U.S. exchange-traded fund tracking the nation’s companies, slid 8.7 percent in the month, the most since January. Futures in the dollar-denominated RTS index lost 0.5 percent to 120,350 in U.S. hours yesterday.
The EU, Russia’s major trading partner, joined the U.S. in hardening its stance against President Vladimir Putin’s support for separatists in Ukraine. The rising tension has spurred a $21.9 billion reduction in Sberbank’s market capitalization this year, data compiled by Bloomberg show. Even before the latest measures, the Russian government expected the $2 trillion economy to expand at the slowest pace since 2009."
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"OAO Sberbank (SBRCY) fell in New York yesterday, capping its biggest monthly drop in two years, as the European Union banned the state-controlled lender from selling bonds or shares in the 28-nation bloc.
American depositary receipts of Russia’s biggest bank, which holds about half of the country’s deposits, slumped 2 percent to $8.28 in New York. Sberbank tumbled 19 percent in July, the steepest drop since May 2012. The Market Vectors Russia ETF (RSX), the largest U.S. exchange-traded fund tracking the nation’s companies, slid 8.7 percent in the month, the most since January. Futures in the dollar-denominated RTS index lost 0.5 percent to 120,350 in U.S. hours yesterday.
The EU, Russia’s major trading partner, joined the U.S. in hardening its stance against President Vladimir Putin’s support for separatists in Ukraine. The rising tension has spurred a $21.9 billion reduction in Sberbank’s market capitalization this year, data compiled by Bloomberg show. Even before the latest measures, the Russian government expected the $2 trillion economy to expand at the slowest pace since 2009."
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Emerging Stocks Rout Burns Investors Piling in at Highs - Bloomberg
Emerging Stocks Rout Burns Investors Piling in at Highs - Bloomberg:
"The biggest selloff in emerging-market stocks since March is handing losses to investors who piled in as the benchmark index rose to an 18-month high.
The two-largest U.S. exchange-traded funds that invest in developing nations recorded net inflows of $2.04 billion in the week ended July 30, the biggest purchases in about four months, while China-focused ETFs attracted the most money among 24 countries, data compiled by Bloomberg show. Asia ETFs and mutual funds lured $2.3 billion, the most since 2007, according to EPFR Global data compiled by Citigroup Inc.
The MSCI Emerging Markets Index sank 1.2 percent yesterday and extended its retreat today as lower-than-estimated earnings at Samsung Electronics Co. (005930), unrest between Russia and Ukraine and a default by Argentina spurred speculation that the rally has gone too far. The gauge had climbed as much as 7.8 percent this year as China’s economy accelerated and concern eased that Federal Reserve stimulus cut will spur capital outflows."
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"The biggest selloff in emerging-market stocks since March is handing losses to investors who piled in as the benchmark index rose to an 18-month high.
The two-largest U.S. exchange-traded funds that invest in developing nations recorded net inflows of $2.04 billion in the week ended July 30, the biggest purchases in about four months, while China-focused ETFs attracted the most money among 24 countries, data compiled by Bloomberg show. Asia ETFs and mutual funds lured $2.3 billion, the most since 2007, according to EPFR Global data compiled by Citigroup Inc.
The MSCI Emerging Markets Index sank 1.2 percent yesterday and extended its retreat today as lower-than-estimated earnings at Samsung Electronics Co. (005930), unrest between Russia and Ukraine and a default by Argentina spurred speculation that the rally has gone too far. The gauge had climbed as much as 7.8 percent this year as China’s economy accelerated and concern eased that Federal Reserve stimulus cut will spur capital outflows."
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Gold ETPs Halt Outflows as Buyers Return Amid Price Slump - Bloomberg
Gold ETPs Halt Outflows as Buyers Return Amid Price Slump - Bloomberg:
"Gold investors who pulled money out of U.S. exchange-traded products through the first half of 2014 rushed back in July, just as prices resumed a decline that Barclays Plc and Goldman Sachs Group Inc. say will get worse.
ETPs backed by precious metals took in $540.7 million this month through yesterday, a 1 percent gain for funds that saw a net outflow of $319 million in six months through June, data compiled by Bloomberg show. This month’s 3 percent drop in futures left prices down 7.9 percent from a 2014 peak in March.
The appeal of gold as a haven increased since Russia backed a rebellion in Ukraine and as violence escalated in the Middle East and North Africa. While the metal has outperformed equities and bonds so far this year -- gains that Citigroup Inc. says will hold -- analysts in a Bloomberg survey predict prices will drop in the fourth quarter as economic growth spurs a shift to U.S. equities already at all-time highs."
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"Gold investors who pulled money out of U.S. exchange-traded products through the first half of 2014 rushed back in July, just as prices resumed a decline that Barclays Plc and Goldman Sachs Group Inc. say will get worse.
ETPs backed by precious metals took in $540.7 million this month through yesterday, a 1 percent gain for funds that saw a net outflow of $319 million in six months through June, data compiled by Bloomberg show. This month’s 3 percent drop in futures left prices down 7.9 percent from a 2014 peak in March.
The appeal of gold as a haven increased since Russia backed a rebellion in Ukraine and as violence escalated in the Middle East and North Africa. While the metal has outperformed equities and bonds so far this year -- gains that Citigroup Inc. says will hold -- analysts in a Bloomberg survey predict prices will drop in the fourth quarter as economic growth spurs a shift to U.S. equities already at all-time highs."
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