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Friday, 10 October 2014
Iran Matches Saudi Oil Discounts in Bear Market for Brent - Bloomberg
Iran Matches Saudi Oil Discounts in Bear Market for Brent - Bloomberg:
"Iran will sell its crude to Asia in November at the biggest discount in almost six years, matching cuts by Saudi Arabia as Brent crude slides deeper into a bear market.
State-run National Iranian Oil Co. cut official selling prices of its crude to buyers in Asia for November, two people with knowledge of the pricing decision said yesterday. The decrease came a week after Saudi Arabia, the world’s largest oil exporter, reduced the price of Arab Light crude for Asia to the lowest since December 2008. Brent crude, the international benchmark, fell to the lowest in almost four years today.
“The timing of Iran’s price cuts makes the price war more and more probable,” Eugen Weinberg, head of commodities research at Commerzbank AG in Frankfurt, said by phone yesterday. “Iran is fully aware of the direction of and the mood in the market. Given that we’ve seen consecutive cuts, this would seem to be some kind of action and reaction.”"
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"Iran will sell its crude to Asia in November at the biggest discount in almost six years, matching cuts by Saudi Arabia as Brent crude slides deeper into a bear market.
State-run National Iranian Oil Co. cut official selling prices of its crude to buyers in Asia for November, two people with knowledge of the pricing decision said yesterday. The decrease came a week after Saudi Arabia, the world’s largest oil exporter, reduced the price of Arab Light crude for Asia to the lowest since December 2008. Brent crude, the international benchmark, fell to the lowest in almost four years today.
“The timing of Iran’s price cuts makes the price war more and more probable,” Eugen Weinberg, head of commodities research at Commerzbank AG in Frankfurt, said by phone yesterday. “Iran is fully aware of the direction of and the mood in the market. Given that we’ve seen consecutive cuts, this would seem to be some kind of action and reaction.”"
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Ruble Rout Pounding Russia’s Retailers as Prices Soar - Bloomberg
Ruble Rout Pounding Russia’s Retailers as Prices Soar - Bloomberg:
"The generally upbeat story -- and current hardship -- of Russia’s middle class since the end of the Cold War can be partly told through Dixy Group.
Founded in 1992 as a wholesaler in St. Petersburg, it has more than 1,800 stores selling once-exotic products like Danone yogurt and Nestle ice cream. Today, just like the urban consumers it serves, Dixy must grapple with the plunging ruble, which makes it harder to keep shelves stocked with popular brands at prices shoppers expect.
“We’ve been seeing accelerating inflation for food all year,” said Fedor Rybasov, Dixy’s chief financial officer. With suppliers charging more, “at the end of the day the increases are reflected in the retail price.”"
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"The generally upbeat story -- and current hardship -- of Russia’s middle class since the end of the Cold War can be partly told through Dixy Group.
Founded in 1992 as a wholesaler in St. Petersburg, it has more than 1,800 stores selling once-exotic products like Danone yogurt and Nestle ice cream. Today, just like the urban consumers it serves, Dixy must grapple with the plunging ruble, which makes it harder to keep shelves stocked with popular brands at prices shoppers expect.
“We’ve been seeing accelerating inflation for food all year,” said Fedor Rybasov, Dixy’s chief financial officer. With suppliers charging more, “at the end of the day the increases are reflected in the retail price.”"
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UniCredit May Strengthen Presence in Middle East, Asia, CEO Says - Bloomberg
UniCredit May Strengthen Presence in Middle East, Asia, CEO Says - Bloomberg:
"UniCredit SpA (UCG) is considering strengthening its presence in the fastest-growing regions of the Middle East, Asia and Latin America, Chief Executive Officer Federico Ghizzoni said.
“The bank is reviewing its presence outside Europe and may open new offices and branches in those regions to support the bank’s clients,” Ghizzoni told reporters late yesterday at a meeting with foreign press in Milan. UniCredit may also sign commercial agreements with local banks boosting offer for finance, advisory and global transaction banking services for European customers, he said.
UniCredit, Italy’s biggest bank, which has offices in about 50 countries, is focusing on banking and commercial business to improve profitability. The bank is cutting costs and disposing of assets, including Pioneer Global Asset Management SpA and UniCredit Credit Management Bank SpA, as part of a plan targeting 2 billion euros ($2.54 billion) of net income this year."
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"UniCredit SpA (UCG) is considering strengthening its presence in the fastest-growing regions of the Middle East, Asia and Latin America, Chief Executive Officer Federico Ghizzoni said.
“The bank is reviewing its presence outside Europe and may open new offices and branches in those regions to support the bank’s clients,” Ghizzoni told reporters late yesterday at a meeting with foreign press in Milan. UniCredit may also sign commercial agreements with local banks boosting offer for finance, advisory and global transaction banking services for European customers, he said.
UniCredit, Italy’s biggest bank, which has offices in about 50 countries, is focusing on banking and commercial business to improve profitability. The bank is cutting costs and disposing of assets, including Pioneer Global Asset Management SpA and UniCredit Credit Management Bank SpA, as part of a plan targeting 2 billion euros ($2.54 billion) of net income this year."
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Iran Targets Turkey Gold Trader Over Oil Billions, Lawmaker Says - Bloomberg
Iran Targets Turkey Gold Trader Over Oil Billions, Lawmaker Says - Bloomberg:
"An Iranian investigation into $2.7 billion of missing oil funds has concluded that Turkey-based gold trader Riza Sarraf may know the whereabouts of the money, a lawmaker involved in the probe said.
Sarraf, who was detained in Istanbul on separate corruption charges last year and released in February, helped jailed Iranian businessman Babak Zanjani transfer the oil revenues out of Iran, said legislator Amir Abbas Soltani, a member of the investigative committee set up last year to find the money.
Sarraf “didn’t just have one hand in this, he had all his hands tied up in what happened,” Soltani said in an interview in Tehran on Oct. 7. Sarraf was “definitely” involved in efforts by Zanjani to deposit the money in investments and assets outside Iran, Soltani said, citing information in his possession."
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"An Iranian investigation into $2.7 billion of missing oil funds has concluded that Turkey-based gold trader Riza Sarraf may know the whereabouts of the money, a lawmaker involved in the probe said.
Sarraf, who was detained in Istanbul on separate corruption charges last year and released in February, helped jailed Iranian businessman Babak Zanjani transfer the oil revenues out of Iran, said legislator Amir Abbas Soltani, a member of the investigative committee set up last year to find the money.
Sarraf “didn’t just have one hand in this, he had all his hands tied up in what happened,” Soltani said in an interview in Tehran on Oct. 7. Sarraf was “definitely” involved in efforts by Zanjani to deposit the money in investments and assets outside Iran, Soltani said, citing information in his possession."
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