Russia likely to demand early repayment of Ukraine's $3 billion debt: RIA Novosti | Reuters:
"It is "highly likely" that Russia will demand early repayment of $3 billion in debt owed by Ukraine, Russia's RIA Novosti agency reported on Saturday, citing an anonymous government source.
The source told the agency that Ukraine was in violation of a "whole series" of conditions for Russia's loan.
"In these circumstances it is highly likely that Russia will be forced in the near future to demand from Ukraine the early repayment of the $3 billion debt," the source was quoted as saying."
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Saturday, 10 January 2015
Fitch downgrades Russia’s credit rating to 1 notch over junk level — RT Business
Fitch downgrades Russia’s credit rating to 1 notch over junk level — RT Business:
"The international ratings agency has knocked Russia’s credit rating down a peg, while warning that ‘growth may not return until 2017,’ as the national economy struggles amid sanctions and tumbling oil prices.
Fitch Ratings Inc, with dual headquarters in New York and London, downgraded Russia’s credit rating to BBB- from BBB, which is just one step away from the non-investment field.
While not yet the worst rating, Fitch nevertheless predicted a rough road ahead for the Russian economy, which has witnessed a dramatically weakened ruble together with steadily declining oil prices."
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"The international ratings agency has knocked Russia’s credit rating down a peg, while warning that ‘growth may not return until 2017,’ as the national economy struggles amid sanctions and tumbling oil prices.
Fitch Ratings Inc, with dual headquarters in New York and London, downgraded Russia’s credit rating to BBB- from BBB, which is just one step away from the non-investment field.
While not yet the worst rating, Fitch nevertheless predicted a rough road ahead for the Russian economy, which has witnessed a dramatically weakened ruble together with steadily declining oil prices."
'via Blog this'
Overstretched global economy creates nervous Gulf outlook | GulfNews.com
Overstretched global economy creates nervous Gulf outlook | GulfNews.com:
"Revisiting the events and issues of the global financial crisis, still rumbling on in various ways, it would seem that key differentiations are to be found between countries’ economic records according to the twin, essentially non-quantifiable, characteristics of culture and context.
That realisation should undercut any rigid, deterministic approach to policy, at least one that ignores the reality of how a given society is likely to respond.
One example from the pre-crisis era was the ability of Canada to eliminate its substantial budget deficit in the 1990s by reappraising what the state is for and cutting swathes of its spending, which depended on the willingness of that country’s citizens to see the matter sufficiently the same way. That, together with a common-sense approach to banking regulation that proved significantly absent elsewhere, enabled better survival of the credit crunch."
'via Blog this'
"Revisiting the events and issues of the global financial crisis, still rumbling on in various ways, it would seem that key differentiations are to be found between countries’ economic records according to the twin, essentially non-quantifiable, characteristics of culture and context.
That realisation should undercut any rigid, deterministic approach to policy, at least one that ignores the reality of how a given society is likely to respond.
One example from the pre-crisis era was the ability of Canada to eliminate its substantial budget deficit in the 1990s by reappraising what the state is for and cutting swathes of its spending, which depended on the willingness of that country’s citizens to see the matter sufficiently the same way. That, together with a common-sense approach to banking regulation that proved significantly absent elsewhere, enabled better survival of the credit crunch."
'via Blog this'
Ruble Drops Second Week as Credit Risk Rises Before Fitch Review - Bloomberg
Ruble Drops Second Week as Credit Risk Rises Before Fitch Review - Bloomberg:
"The ruble fell for a second week, Russia’s credit risk climbed to a five-year high and Eurobonds declined amid speculation Fitch Ratings will lower the country’s ranking as early as today.
The currency weakened 2.5 percent to 61.84 against the dollar at 7:45 p.m. in Moscow, sliding 5 percent since the close in offshore trading on Jan. 2. The cost to insure Russian debt against default traded near the highest since 2009 and the yield on dollar bonds due September 2023 rose 14 basis points to 7.14 percent.
Russia’s investment-grade status is under threat after the price of oil, the nation’s main export earner, more than halved in value since June and sanctions over the conflict in Ukraine tipped the economy toward a recession. While Societe Generale SA said Fitch will probably cut by one step today, Standard & Poor’s signaled last month it may drop the country below investment grade within 90 days."
'via Blog this'
"The ruble fell for a second week, Russia’s credit risk climbed to a five-year high and Eurobonds declined amid speculation Fitch Ratings will lower the country’s ranking as early as today.
The currency weakened 2.5 percent to 61.84 against the dollar at 7:45 p.m. in Moscow, sliding 5 percent since the close in offshore trading on Jan. 2. The cost to insure Russian debt against default traded near the highest since 2009 and the yield on dollar bonds due September 2023 rose 14 basis points to 7.14 percent.
Russia’s investment-grade status is under threat after the price of oil, the nation’s main export earner, more than halved in value since June and sanctions over the conflict in Ukraine tipped the economy toward a recession. While Societe Generale SA said Fitch will probably cut by one step today, Standard & Poor’s signaled last month it may drop the country below investment grade within 90 days."
'via Blog this'
Oil Tumbles to 5 1/2-Year Low as OPEC Reaffirms Stance - Bloomberg
Oil Tumbles to 5 1/2-Year Low as OPEC Reaffirms Stance - Bloomberg:
"Oil dropped to the lowest level in more than five years on growing evidence that OPEC won’t pare output to reduce a global supply surplus.
Brent and West Texas Intermediate futures capped their seventh straight weekly decrease. The United Arab Emirates has no plans to reduce output no matter how low prices drop, according to Yousef Al Otaiba, the nation’s ambassador to the U.S. Representatives from Saudi Arabia, Kuwait and the U.A.E. stressed a dozen times in the past six weeks that OPEC won’t curb output to halt the rout. WTI’s discount to Brent shrank to its narrowest since October.
“The price war continues and there’s a great deal of excess supply,” Phil Flynn, senior market analyst at the Price Futures Group in Chicago, said by phone. “The statements from the U.A.E. ambassador show that they’re doubling down and taking no prisoners. This will be a long fought war and they have the Saudis behind them.”"
'via Blog this'
"Oil dropped to the lowest level in more than five years on growing evidence that OPEC won’t pare output to reduce a global supply surplus.
Brent and West Texas Intermediate futures capped their seventh straight weekly decrease. The United Arab Emirates has no plans to reduce output no matter how low prices drop, according to Yousef Al Otaiba, the nation’s ambassador to the U.S. Representatives from Saudi Arabia, Kuwait and the U.A.E. stressed a dozen times in the past six weeks that OPEC won’t curb output to halt the rout. WTI’s discount to Brent shrank to its narrowest since October.
“The price war continues and there’s a great deal of excess supply,” Phil Flynn, senior market analyst at the Price Futures Group in Chicago, said by phone. “The statements from the U.A.E. ambassador show that they’re doubling down and taking no prisoners. This will be a long fought war and they have the Saudis behind them.”"
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