Russia to supply banks with up to $6.54bn to fight off crisis — RT Business:
"Banks in Russia will get a government boost to finance debt and projects as the country risks recession. On Friday, the State Duma passed the last two readings of a law to allocate up to 10 percent, or $6.54 billion, from a sovereign wealth fund.
The law is essentially a bank bailout from the Ministry of Finance.
Once the bill is signed into law, Russia’s largest state-owned banks, Sberbank, VTB, VTB 24, Gazprombank, the Russian Agriculture Bank, and Bank of Moscow, as well as private banks such as Alfa-Bank, UniCredit Bank, and Rosbank (Societe General) will be eligible for loans, but no final list has been drawn up."
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Friday, 19 December 2014
Gulf monarchies brace for tough times over oil price plunge | Middle East Eye
Gulf monarchies brace for tough times over oil price plunge | Middle East Eye:
"Gulf countries are bracing for tough times as vital oil revenues fall and after they missed a golden opportunity to diversify their economies in a decade of unprecedented windfalls, analysts say.
The six nations of the Gulf Cooperation Council (GCC) -- Bahrain, Kuwait, Oman, Qatar, Saudi Arabia and the United Arab Emirates -- could soon start reeling from falling oil prices, which have dropped by half from their 2014 highs to around $60 a barrel.
Pumping about 17.5 million barrels per day, GCC countries are forecast to lose at least half their oil revenues, or around $350 billion a year, at current price levels."
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"Gulf countries are bracing for tough times as vital oil revenues fall and after they missed a golden opportunity to diversify their economies in a decade of unprecedented windfalls, analysts say.
The six nations of the Gulf Cooperation Council (GCC) -- Bahrain, Kuwait, Oman, Qatar, Saudi Arabia and the United Arab Emirates -- could soon start reeling from falling oil prices, which have dropped by half from their 2014 highs to around $60 a barrel.
Pumping about 17.5 million barrels per day, GCC countries are forecast to lose at least half their oil revenues, or around $350 billion a year, at current price levels."
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Rouble uncertainty ripples across Russian economy - FT.com
Rouble uncertainty ripples across Russian economy - FT.com:
"The effects of the wild gyrations in the rouble rippled across the Russian economy as pressure on the country’s financial system intensified and trade flows with the world’s ninth-largest economy were disrupted.
Interbank rates hit the highest in nine years on Thursday, in a sign of the strains on the banking industry after three days of rouble fluctuations that shook confidence in the Russian currency.
Western manufacturers, of goods from cars to furniture, have temporarily halted sales in Russia as they could not adjust prices quickly enough to counter the swings in the rouble."
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"The effects of the wild gyrations in the rouble rippled across the Russian economy as pressure on the country’s financial system intensified and trade flows with the world’s ninth-largest economy were disrupted.
Interbank rates hit the highest in nine years on Thursday, in a sign of the strains on the banking industry after three days of rouble fluctuations that shook confidence in the Russian currency.
Western manufacturers, of goods from cars to furniture, have temporarily halted sales in Russia as they could not adjust prices quickly enough to counter the swings in the rouble."
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MIDEAST STOCKS-Gulf markets surge on stronger oil | Reuters
MIDEAST STOCKS-Gulf markets surge on stronger oil | Reuters:
"Stock markets in Saudi Arabia and the United Arab Emirates soared on Thursday after the price of oil rebounded and the Riyadh government eased investors' fears by saying it would continue spending heavily on economic development.
Saudi Arabia's bourse rose 8.9 percent, its biggest daily gain in six years. Almost all traded stocks posted gains and dozens were up 10 percent, the bourse's daily limit for price moves.
The benchmark had earlier plunged 35 percent from its September peak due to oil's sharp decline. Investors across the Gulf dumped stocks fearing that cheap oil would cause governments to cut back spending."
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"Stock markets in Saudi Arabia and the United Arab Emirates soared on Thursday after the price of oil rebounded and the Riyadh government eased investors' fears by saying it would continue spending heavily on economic development.
Saudi Arabia's bourse rose 8.9 percent, its biggest daily gain in six years. Almost all traded stocks posted gains and dozens were up 10 percent, the bourse's daily limit for price moves.
The benchmark had earlier plunged 35 percent from its September peak due to oil's sharp decline. Investors across the Gulf dumped stocks fearing that cheap oil would cause governments to cut back spending."
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Putin Offers Olive Branch to Business With Billionaire Freed - Bloomberg
Putin Offers Olive Branch to Business With Billionaire Freed - Bloomberg:
"Russian President Vladimir Putin has made a conciliatory move toward business, publicly inviting AFK Sistema (AFKS) Chairman Vladimir Evtushenkov to a meeting tomorrow after the billionaire was freed from house arrest.
Putin is sending a message that the state won’t target business owners as the economy threatens to collapse, according to Alexander Shokhin, head of the Russian Union of Industrialists & Entrepreneurs lobby.
The move echoes Putin’s surprise pardon of former Yukos Oil Co. owner Mikhail Khodorkovsky at his annual news conference last year, as he prepared to host the Winter Olympics in Sochi. Russia has experienced the worst ruble rout since a 1998 devaluation and faces a recession next year after the price of oil, its main export, fell more than 45 percent since June."
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"Russian President Vladimir Putin has made a conciliatory move toward business, publicly inviting AFK Sistema (AFKS) Chairman Vladimir Evtushenkov to a meeting tomorrow after the billionaire was freed from house arrest.
Putin is sending a message that the state won’t target business owners as the economy threatens to collapse, according to Alexander Shokhin, head of the Russian Union of Industrialists & Entrepreneurs lobby.
The move echoes Putin’s surprise pardon of former Yukos Oil Co. owner Mikhail Khodorkovsky at his annual news conference last year, as he prepared to host the Winter Olympics in Sochi. Russia has experienced the worst ruble rout since a 1998 devaluation and faces a recession next year after the price of oil, its main export, fell more than 45 percent since June."
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