The economy

Oil prices fell below 45 dollars a barrel.

2009-04-22T06:24:00.000-07:00

Oil prices on the NYMEX Exchange fell during the auction on 21 April following a psychologically important mark of 45 dollars per barrel. At 18:00 Moscow time barrel mark WTI crude oil supply in May, dropped in price relative to the previous day's closing at 1.27 dollars to 44.61 dollars.
At the same time, the June futures on the North Sea mark Brent have fallen in price by 90 cents to 48.96 dollars. At the auction on 20 April, both brands cheaper eight per cent.
Oil prices are falling because of fears of investors about the collapse in global demand for hydrocarbons. The International Energy Agency (IEA), world oil consumption in 2009 decreased by 2.5 percent. Thus, the first time since the eighties of the demand will fall within two years.
At the price also has increased the pressure the U.S. dollar. Over the past three days, the U.S. currency to the euro grew by 3 per cent. Dollar rise has meant that investors seek to sell other securities and futures, are they available. At higher dollar commodity prices are falling, with the exception, usually gold.

Russia issued its alternative to the Energy Charter.

2009-04-21T18:08:00.000-07:00

The draft document on international energy cooperation, which can completely or partially replaced by the Energy Charter, published on the site of the President of Russia Dmitry Medvedev.
In the proposal of the Russian side on Energy Cooperation states that the new system, unlike the built around the Energy Charter, should unite all the major States which are manufacturers, exporters, consumers and transit of energy resources. The new system including should be universal, open, equitable and comprehensive.
The document, entitled "Conceptual approach to the new legal framework for international cooperation in the energy sector" refers to the basic principles of cooperation in the energy sector. These include the implementation of unimpeded transit of energy resources to international markets, as well as ensuring security of supply and necessary infrastructure.
International Energy Charter has been developed and adopted in the early 1990's. It included free access of European countries to the Russian resources and pipelines, but Europe itself was closed for the Russian energy investment.
April 20, the draft was submitted to the Russian president during his visit to Finland, and then sent to the leadership of "Big twenty" (G20) and the "Big Eight" (G8), as well as CIS countries and partners of Russia. April 21, Russia offers to cooperate in the energy sector supported Ukraine.

Gazprom has not received from Turkmenistan claims for damages from the accident.

2009-04-21T17:04:00.000-07:00

KommentariiNe waiting for? Saechku of fright! 10.04.2009Turkmeniya accused Gazprom of subversive deyatelnostiSyuzhetyGazovy conflict "Gazprom" and Turkmenii14.04.2009Vinovnye in an accident on the Turkmen gas pipeline will be required to bear the cost of repairs, Gazprom has not yet been received from Turkmenistan written proposals or demands for compensation for damage from the accident at Pipeline CAC-4 (Central Asia-Center). About Interfax reports with reference to the source close to the Russian concern. Now, negotiations on a political level, and specific solutions have not yet been adopted.
According to Interfax, one of the causes of the accident at the pipeline was the lack of action of technical staff working on the pipeline. April 14, President of Turkmenistan Gurbanguly Berdymuhamedov said that the culprit in the pipeline accident CAC-4, must assume all costs associated with repairs.
Remember, an explosion at a gas station CAC-4 in Turkmenistan occurred on the night of 9 April 2009. As a result of the accident, Turkmen gas is completely stopped come to Russia. Later Turkmenistan to blame the accident on "Gazprom", saying that the Russian company, without prior notice to drastically reduced the selection of the gas, resulting in additional load on the pipeline.
Gas CAC-4 is located on the territory of Turkmenistan, Uzbekistan and Kazakhstan. According to Turkmen gas is transported by pipeline to Russia. The throughput capacity of CAC-4 is 80 billion cubic meters of gas a year.

China will build on the Yangtze more than 20 dams.

2009-04-21T16:02:00.000-07:00

By 2020, China intends to build on the Yangtze River for more than 20 dams for the development of hydropower. That was reported by Associated Press on Tuesday, 21 April.
On the Yangtze is already the world's largest hydroelectric power station "Three Gorges", construction of which will be completed by 2010. AP notes that the Chinese government sees the development of hydropower alternative coal (currently 70 per cent of China's energy provide coal energy). On the government plans for construction of 20 dams, reported the press Syi Hu (Hu Siyi), Deputy Minister of Water Resources of China.
Meanwhile, according to the AP, these plans are fears among Chinese ecologists. A recent report by the Chinese Academy of Sciences pointed out that the HPP Three Gorges "has harmed the river ecosystem, including fishery resources. Moreover, as noted experts, since 2006, due to climatic change of rainfall in the world is reduced, so the prospects for development of small hydropower.
According to the State Committee on Water Resources of the Yangtze, is now used by 36 per cent of the energy capacity of the rivers. By 2060 the Government of China has plans to use 60 per cent. According to the AP, the state of "Xinhua reported in April 2009 that, beginning in 2003, the HPP Three Gorges provides 8.8 percent enegropotrebnostey China. Recall the construction of the world's largest hydro power was launched in 1992.

Yushchenko has found shortcomings in the arrangements Tymoshenko and IMF.

2009-04-21T14:58:00.000-07:00

KommentariiKreditor last nadezhdy20.04.2009Missiya the IMF will continue lending to Ukraine Ukrainian President Viktor Yushchenko has asked Prime Minister Yulia Tymoshenko to review and refine the government regulations, adopted for the second tranche adjustment loans from the International Monetary Fund (IMF ). UNIAN reported with reference to a letter from the Ukrainian president, addressed to the Head of Government.
Remember, as a condition for receiving the next tranche of IMF credit demanded from Ukraine a number of bills aimed at improving fiscal discipline. But in April the Verkhovna Rada refused to even make them on the agenda of its meetings, after which the Cabinet of Ministers at its extraordinary meeting on April 14, took them to bypass the parliament as a self-regulations. In particular, a balanced budget "Naftogaz Ukraine" and the Pension Fund, as well as the decision to recapitalize the system of credit institutions, in which the administration launched the National Bank of Ukraine.
In a letter Yushchenko stressed that welcomes government action on the adoption of separate decisions necessary for the continuation of cooperation with the IMF. However, in a package of regulations, there are a number of acts that do not require settlement in cooperation with the IMF. These regulations need to be reviewed.
The IMF agreed to provide Ukraine a loan of 16.5 billion dollars more in autumn 2008. The first tranche of a loan of 4,5 billion dollars was received at the same time, the second - at 1.9 billion - was due to the country in February this year, and a third, amounting to 3.73 billion, is expected in May. However, the IMF suspended disbursement of funds Ukrainian side, in particular, due to the adoption of the budget deficit country.
17 April, the IMF mission in Ukraine agreed that Ukraine's budget deficit could reach 4 percent of GDP. In addition, the mission said they would recommend to the Ukrainian side of the second tranche of the loan to 2.8 billion dollars.

Ministry of Finance has introduced a reform of UST in the main tax bill.

2009-04-21T13:56:00.000-07:00

Comments not found, not weighed "16.04.2009Kudrin pozhuril Assistant Medvedev and the Minister of Economic Development for optimism Crisis nalogooblozhenie14.04.2009Chinovniki invented several tax reformSyuzhetyBorba reduction NDS15.04.2009Dvorkovich promised reduction the VAT rate in 2011 goduMinfin completed the "Basic directions of tax policy for 2010-2012 years", without specifying in any detail the planned government reforms in 2010 the unified social tax (UST). Also in the document there is no word on the reduction of VAT rates, which offset the anticipated increase in business tax burden. The newspaper Kommersant wrote that the withdrawal from the reform of the Ministry of Finance UST can only stop the forthcoming budget message from the President of the country.
Reform UST in "Key" is devoted only one sentence, which states that the tax in 2010 will be repealed. The new insurance premiums, which will be replaced by UST, taxes are not, therefore, will be administered Pension Fund (RPF), alone and in the competence of the Ministry of Finance, which is controlled Revenue Service no longer fall. It should be noted that earlier the Ministry of Finance opposed the transfer of control of the RPF collects payments.
Recall and replacement of UST (rate - 26 per cent) three sotsplatezhami in pension, medical and social funds will occur in 2010 and for 2011 planned increase pressures on the labor remuneration fund from 26 to 34 percent. Estimates of the Future Enhancement of tax burdens vary and range from 300 billion to 1.4 trillion rubles.
The newspaper Vedomosti said that the draft MOF has not yet been agreed. Now the Ministry of Economic Development is preparing its counter-proposals for the "main lines".
Recall that the Ministry of Finance serves to dramatically reduce the VAT. For example, the Minister of Finance of Russia Alexey Kudrin considers "statements to the public" suggestions, Assistant President of Russia Arkady Dvorkovich (prepares the budget message) and the Minister of Economic Development Elvira Nabiullina compensation business replacement UST at the insurance premiums.
Dvorkovich previously served with the statement that the State may reduce the VAT in 2011, and Elvira Nabiullina proposed to exempt from VAT and advances to improve the depreciation bonus to 50 percent (this measure is also not included in the "main direction" MOF). According to Kudrin, think about reducing any taxes in 2011 was premature.
The budget message - the traditional treatment of President of Russia to the Federal Assembly. Message from the President determines the priorities of the Russian economy over the next three years. Moreover, in this paper the President may instruct the Government to develop and carry out some reforms. Usually, the president signs the message at the end of May.

Gazprom called the largest gas suppliers in 2030.

2009-04-21T12:46:00.000-07:00

After 2030, the world will be only three major suppliers of gas - Iran, Qatar and Russia. The statement was made by Deputy Chairman of Gazprom, Alexander Medvedev, the PRIME-TASS. He added that all other suppliers through the 20-25 years old will not be able to fill existing and projected gas pipeline systems.
Medvedev also said that in the long run, European consumers will require additional amounts of fuel. At the same time expect that the supply of liquefied natural gas (LNG) will not be able to fully supply these volumes. According to him, there is at least about 100 billion cubic meters of gas a year.
Alexander Medvedev said that demand growth in Europe requires the implementation of the new gas pipeline projects, in particular, the pipeline "Nord Stream and South Stream." It is anticipated that the gas will supply the European countries Russian gas through the bottom of the Baltic and Black Seas, respectively.
According to the CIA World Factbook, at the beginning of 2008, Russia possesses the largest proven reserves of natural gas in the world - about 44.7 trillion cubic meters. Iran and Qatar were the second and third place (26.8 and 25.6 trillion cubic meters, respectively). Going to the fourth position of Saudi Arabia has only 7 trillion cubic meters.
In October 2008 the leaders of the gas industry of Russia, Iran and Qatar announced the creation of so-called "gas troika", which is scheduled to discuss issues related to the global gas market. Each side has rejected the assumption that the "troika" could be established to govern the world price for this type of fuel.
Earlier, representatives of Gazprom, which produces about 90 percent of Russian gas, said that over the next five years, mining monopoly could be reduced by 10 percent. The reasons cited reduced demand for gas in the world due to global economic crisis.

Chapter UPC Bastrykin was twice richer Prosecutor General Chaika.

2009-04-21T11:40:00.000-07:00

Russian Prosecutor General's Office has published details of income and property of its employees, writes in the April 21 issue of the newspaper Kommersant.
As can be seen from the document, on-site office, the most extensive employee of the Prosecutor General was the head of the UPC, Alexander Bastrykin, earned in 2008, 5.2 million rubles. The property Bastrykina there are two apartments (216 and 60 square meters), as well as leased cottage. At the same time, the spouse Bastrykina, in addition to the common property of the husband is the proprietress of apartment in the Czech area and 42 square meters of car Toyota Corolla. "
Second income for the year 2008 became a deputy prosecutor general, Yuri Chaika, Alexander Zvyagintsev, specializing in the international area. Last year, he earned nearly 4 million rubles, which owns a house, apartment, garage and cottage rents. The main source of income Zvyagintseva have noticed in the General Prosecutor's Office, is writing.
Revenues of the General Prosecutor Chaika, meanwhile, have been modest, said publication. Thus, the gull has earned over the past year, slightly more than two million rubles, while real estate, according to his declaration, the Prosecutor General did not have. Both vehicles specified in the declaration of Seagulls - GAZ-13 Chayka and SUV GAZ-69 - were presented to him, and now, according to the newspaper, not on the go. However, the prosecutor general's wife - Elena Chaika - earned three times more than the husband - more than 7.5 million rubles. She also owns a flat area of 204 square meters land (4.3 thousand square meters), as well as non-residential area of 175 square meters.
Most of the properties proved at the Deputy Prosecutor General Sabir Kehlerova. With earnings of about 2,3 million rubles Kehlerov owns two houses (in the Moscow region - 200 square meters, and in Dagestan - 212 square meters), rented a summer cottage, the land area of 1.5 thousand square meters, as well as an apartment.
Commenting on the publication of information about income, the representative of the Prosecutor General Marina Gridneva stressed that such a move demonstrates the transparency of agency and desire to put an end to corruption. Nevertheless, the Russian State Duma deputy and journalist Alexander Hinshteyn questioned the truthfulness of the acquired funds by officials. Hinshteyn, in particular, questioned the "transparency" of the proceeds of Chapter UPC Bastrykina received them, according to the media, from lectures and writing books on jurisprudence. Most of the lectures was given in Bastrykinym led by his ex-wife of the North-West branch of the Russian Legal Academy of the Ministry of Justice, in connection with "the legality of imposing a receipt of fees necessary to check", says Hinshteyn.
Earlier, in April of their income for the year 2008 reported to the President of Russia Dmitry Medvedev, Prime Minister Vladimir Putin, the federal government and members of the presidential administration, as well as members of the Administration of St. Petersburg, led by Mayor Valentina Matvienko.

Russia will exclude Cyprus from the list offshore.

2009-04-21T10:34:00.000-07:00

Cyprus will soon be deleted from the list of offshore Ministry of Finance. This writes the newspaper Vedomosti, citing the statement by Vice-Premier and Finance Minister Alexei Kudrin. In doing so, Cyprus has undertaken to disclose information about companies of interest to the Russian tax.
Ministry of Finance of Russia and Cyprus signed a protocol that provides for changes to the agreement on avoidance of double taxation between the two countries. Now regulators in Russia and Cyprus will be able to exchange confidential information, including the owners of registered companies in Cyprus. This company may be denied in the provision of tax benefits, if that is the main purpose of registration of companies in Cyprus. However, for the entry into force would require a separate law.
Now the agreement of Russia and Cyprus on the Avoidance of Double Taxation with respect to taxes on income and capital ", which was signed by the two governments in 1998, allowing Russian companies registered in Cyprus, to optimize taxes, said the newspaper" Kommersant ". The document also provides information exchange with Russia, but the wording in the document allows the denial of information in the event that a request for it contradicts the laws of Cyprus. As a result, in January 2008 the state got into the black list of Russian Ministry of Finance.
Now in Cyprus for the optimization of taxation in Russia, many registered companies, non-residents who are shareholders of Russian companies. For example, such structures have oil and gas company Itera, Nornikelya "," Rostelecom ", the rail operator Globaltrans" KamAZ, power TGK-4, Investment Company "Troika Dialog" and many others. In addition, through its offices in the Cyprus stock market are "Renaissance Capital", BKS, "Opening" and many other Russian brokers. According to the data, which leads "Kommersant", about 90 percent of transactions on the stock exchange RTS runs through Offshore.
Offshore financial centers are traditionally considered to be attracting foreign capital through the provision of special incentives to foreign companies that agree to register in the offshore.

Medvedev introduced the replacement of Russia's Energy Charter.

2009-04-21T09:30:00.000-07:00

President of Russia Dmitry Medvedev during his visit to Finland, introduced a draft international instrument, designed to partially or completely replaced by the Energy Charter. This writes the newspaper Kommersant. "In particular, the document proposed to the European Union jointly control the transit of energy resources, modernization of gas transportation systems, and develop international energy balances, based on supply and demand of energy for a long period.
According to Assistant to the President Arkady Dvorkovich, a draft international instrument consists of three sections. The first refers to the principles of international energy cooperation, in the second - on the transit of energy resources, and resolving potential conflicts, while the third contains a list of energy resources, including oil, gas, nuclear fuel, coal and electricity.
According to the Kommersant, Russia proposed the replacement of the Energy Charter is directed against the Brussels Declaration of Ukraine and the European Union, sought to restrict the access of Gazprom to the Ukrainian transit.
The reason for the development of a new instrument was that the Energy Charter does not take into account the interests of Russia. The Energy Charter and other documents do not resolve some issues of energy security, and we have not ratified these documents and do not consider themselves bound by these decisions, "- said Medvedev during a meeting with Finnish President Tarja Halonen.
The Energy Charter has been developed in the early 1990's. It includes free access to Russian resources in Europe and monopolistic pipelines on a pro rata basis, as is done in the European Union. However, the Europe that has remained closed for the Russian energy investment.
In March 2009, Ukrainian Prime Minister Yulia Tymoshenko signed in Brussels together with the European Union declaration on the modernization of the transmission system. This document provides the access of European companies to the Ukrainian underground storage facilities and pipes. The Declaration was drafted and adopted without the participation of the Russian side.

Obama asked to cut the budget to U.S. $ 100 million.

2009-04-21T08:26:00.000-07:00

In his first meeting with cabinet ministers, U.S. President Barack Obama demanded that the Government within three months to cut the federal budget at $ 100 million, AFP reported 20 April.
This measure is designed to at least slightly reduce the budget deficit, which amounted in 2009 fiscal year ending September 30, at least 1.7 trillion dollars. The journalist's question, not whether the U.S. president that amount "a drop in the ocean," Obama responded a joke. "One hundred million here, a hundred million there - look, even in Washington to meet a substantial amount," - he said.
Previously, the administration took the unprecedented Obama infusions of money to revive the American economy in crisis. According to Obama, "it was done correctly, but the government should do everything possible to use this money as effectively as possible, so you need to cut the budget.
Remember, in February, was approved by the so-called "Obama plan", under which the State will provide for the salvation of the national economy 838 billion dollars. At the beginning of the financial crisis, the administration of President George W. Bush adopted a program of assistance to the banking sector, which includes the purchase of bad assets worth over 700 billion. The total amount of state aid to American businesses, given the tax cuts should amount to nearly three trillion dollars.

The number of unemployed in Russia more than 7 million people.

2009-04-21T07:24:00.000-07:00

SyuzhetyRost unemployment Rossii15.04.2009Tempy growth of unemployment in Russia for a week not izmenilisKommentariiLegche not stalo15.04.2009Kompanii worldwide continue to reduce the total number of states without the work of the people of Russia in the first quarter of this year amounted to 7107 million. This is stated in the official media of Federal State Statistics Service (Rosstat). The unemployment rate in the first quarter of 2009 reached 9.5 percent.
According to Rosstat, at the end of February, the total unemployment in the country stood at 6.4 million. However, as previously predicted MHSD, the overall unemployment rate was up about seven million people only to the end of the year.
For information MHSD, the number of officially registered unemployed on April 8, to 2.234 billion people. However, as predicted ministry official unemployment rate was up to the end of the year 2,2-2,8 million.
April 14, reported that the number of "hidden" unemployment, that is being forced to leave or working part time, was 1.24 million. Overall since the crisis in October 2008 of the reductions reported more than 32 thousand organizations.

"Nord Stream" seek funding for the construction in credit markets.

2009-04-21T06:22:00.000-07:00

The company Nord Stream AG, managing the construction of gas pipeline "Northern stream" on the bottom of the Baltic Sea, will start searching for funding in credit markets. This transmits "Interfax" referring to the statement findirektora Company Paul Corcoran. According to him, Nord Stream will bring 3.5 billion euros over the next few months.
At the same time, Assistant to the President of Russia Arkady Dvorkovich said in Helsinki that Finland can give consent for the construction of Nord Stream to the end of 2009, reports RIA Novosti. Recall that the construction work could begin only after the consent of the five countries in the territorial waters of which will be the route threads. In addition to Finland and Russia is also required approval by Sweden, Denmark and Germany.
Previously, it was reported that Nord Stream AG to calculate the environmental risks of pipeline construction. According to estimates by ecologists involved, the risk to the environment is a "moderate." Expertise has been referred to the appropriate agencies in five countries in early March. If a country does not give approval for construction before the end of the year, laying a gas pipeline may be delayed.
In January 2009, chairman of the committee of shareholders Nord Stream AG, the former German Chancellor Gerhard Schroeder said that the first thread Nord Stream gas pipeline will come into operation in October 2011. The second stage of the project will be operational in 2012. The cost of the pipeline is estimated at 7.4 billion euros.
In parallel with the Nord Stream ( "Nord Stream"), "Gazprom" plans to lay another pipeline - South Stream ( "South Stream"), which runs under the Black Sea. After the project, Gazprom will be able to directly export gas to Europe and the EU will receive the fuel at lower prices.

The difference between male and female unemployment in the United States reached a record.

2009-04-20T17:22:00.000-07:00

The gap between male and female unemployment in the United States reached a record level since 1948, when the Ministry of Labor started to keep statistics. This writes the newspaper The Financial Times. The unemployment rate for men since the beginning of a recession in December 2007 reached 8.8 percent, and among women - 7 per cent. First, these figures hardly differed and is about five percent each.
Since the beginning of a recession in the U.S. economy has lost 5.1 million jobs. Of these, 80 percent were men. This means that soon the majority of employed Americans would be women. According to the FT, if this trend continues, most American families have to live off women, who traditionally earn an average of 20 per cent less than men. It threatens a decline in living standards in the country.
The emergence of this imbalance was due to the fact that the job cuts began in the sectors that are traditionally employed men. In particular, we are talking about building, where 9 out of 10 workers - men, and industry, where men are 7 out of 10 employees. Women, in turn, are generally in health and education. In these sectors, where the reduction was minimal, 75 per cent - are women.
In early April 2009 the U.S. Department of Labor announced that in March this year, the unemployment rate in the country reached 8.5 percent. A month earlier the rate was 8.1 percent. Within a month of work lost 694 thousand people, and the total number of unemployed amounted to 13.2 million.

Georgia has decided to build a gas.

2009-04-20T16:18:00.000-07:00

The Georgian government decided to build gas storage, the Internet edition Day.Az. It is anticipated that gas will be erected in the town of Ninotsminda, where gas is extracted.
The volume of the future of storage will be 400 million cubic meters of gas. It was expected that this amount be enough to provide Georgia with gas within two to three months.
Design work on the future of gas storage facilities shall, according to preliminary data, completed in the next nine months. Another two years will require the construction of the facility.
Investor draft has not yet been determined, but will co-finance the work of the U.S. "Millennium Challenge Fund." Previously reported that the fund has already allocated 18 million dollars on a feasibility study the project and its environmental impact assessment.
Now Georgia is provided by gas in the first place through imports of fuel from Azerbaijan. In addition, some gas is supplied to the country from Russia.

Tax levies in the budget of Russia fell by 7 per cent.

2009-04-20T14:32:00.000-07:00

Tax revenues to the Russian budget in January-March 2009 decreased by seven percent over the same period last year. This is stated in the official press release issued at the site of the Federal Tax Service (NRF), Russia.
For comparison, the first two months of 2009, tax revenue declined by 13.5 percent compared to January-February 2008.
Total in the first quarter of this year the federal budget was 735 billion rubles. The bulk of tax revenue, 45 percent, was the collection of VAT. Share NDPI (The mineral extraction tax) amounted to 23 per cent of total fees, and UST, and the profit tax - 15 and 13 percent respectively.
Proceeds of VAT to the budget of the Russian Federation in January-March 2009 amounted to 329 billion rubles, an increase of 3.5 times compared with the first quarter of last year. Charges NDPI amounted to 169 billion rubles, which decreased by 2,2 times in comparison with January-March 2008 due to falling oil prices. Proceeds from the tax on profits reached 95 billion rubles, down to 1.8 times in comparison with the first quarter of last year.
Earlier in the Ministry of Finance stated that in 2009 the collection of taxes to the federal budget in a crisis can significantly drop. In particular, it was assumed that revenues from income taxes to decrease by 30 percent.

Russia no fine be imposed on Belarus for the shortage of gas.

2009-04-20T13:28:00.000-07:00

SyuzhetyTseny on the gas to the CIS in 2009 godu27.03.2009Belorussiya agreed price for Russian gazRossiya will not be fined for shortage of gas to Belarus in 2009. The statement was made by the Ambassador of Russia to Belarus Alexander Surikov, Interfax reports. According to Surikov, Belarus can nedobrat on the basis of 2009, five billion cubic meters of gas. The reason for this was the warm winter, as well as reduced production at the Belarusian enterprises.
According to the contract concluded between Beltransgaz and Gazprom, Belarus must be redeemed in 2009, 21.6 billion cubic meters of gas. In 2008 this figure amounted to 21.1 billion cubic meters, which is 2.3 billion less than the planned figure.
At the end of March 2009 it was reported that Belarus had agreed on price for Russian gas. Earlier, Russian media reported that the average price for gas for Belarus could reach 148 dollars per thousand cubic meters. However, Gazprom announced that an agreement to pay for Russian gas at a fixed average price does not exist.
Earlier, Gazprom had promised to waive the penalties for arrears of gas to Ukraine. This was in early March 2009 chairman of the board of Gazprom Alexei Miller. According to the prisoner in the January 2009 contract, "Naftogaz" to be imported this year, 40 billion cubic meters of gas. Later, the Ukrainian company has asked to reduce gas supplies to 33 billion cubic meters.
Ukraine reduced gas imports from Russia because of the sharp decline in GDP and reduction in industrial production due to the effects of global crisis. For these same reasons have been reduced fuel supplies to Europe. In connection with the reduction in the volume of gas deliveries, as well as reducing fuel costs, the profit of Gazprom fell significantly. By some estimates, in 2009, Gazprom lost at least 200 billion rubles of revenue.

Oil prices again fell below 50 dollars a barrel.

2009-04-20T10:36:00.000-07:00

Prices for U.S. WTI oil brand again fell below 50 dollars a barrel. In the system of electronic trading on the Nymex crude oil supply in May to 11:10 Moscow time cheaper by 81 cents to 49.52 dollars per barrel. At the same time, European Brent with delivery in June traded in the region of 52.55 dollars - a 80 cents lower than Friday, April 17.
According to the agency AFP, investors began to sell contracts for crude oil, responding to an increase in stocks in the United States against a background of low demand for hydrocarbons in a crisis.
Recall that oil prices are fluctuating around a mark of 50 dollars a barrel for several weeks. This is significantly higher than at the beginning of the year, when oil was estimated slightly higher than 40 dollars a barrel.
In 2008, oil prices reached a record 147 dollars a barrel. This occurred against the backdrop of increased consumption on the part of many countries in the world, and because of the increasing number of speculators in the market, which used the oil contracts as a way to diversify investment portfolios. In addition, the dollar in mid-2008 has fallen against major world currencies.
The financial crisis in the world led to the consumption of oil has fallen. After it began to decline and oil prices. Organization of the countries - exporters of oil, OPEC has reduced the quota for the extraction of hydrocarbons, but oil prices have recovered only partially.

President of Fannie Mae will save the U.S. economy.

2009-04-18T07:22:00.000-07:00

President of the largest U.S. mortgage agency Fannie Mae, Herbert Allison (Herbert Allison) was the candidate of the White House for the office responsible for the disbursement of funds as part of a plan to rescue the U.S. economy (Trouble Asset Relief Program - TARP). This was on Friday reported Associated Press.
If the nomination is approved Ellison U.S. Senate, he will be formally appointed Deputy Minister of Finance of the U.S. Timothy Gaytnera for financial stability.
In Fannie Mae information on the appointment of Ellison and his resignation as president of the company declined comment. According to The Wall Street Journal, a likely candidate for the post of Ellison, if he eventually leaves the agency, will be Michael J. Williams (Michael J. Williams), has extensive experience in the company in senior positions.
According to the AP, as responsible for anti-crisis program of the U.S. will succeed Allison Neil Kashkar (Neel Kashkari), approved to the post during the administration of George W. Bush. Previously reported on the appointment of Neil Barofski (Neil Barofsky) for the post of auditor of funds under the program of TARP. Whether the same post, did not specify.
Recall plan to adopt anti-crisis measures for improving the economic situation in the United States, provides 787 billion dollars to overcome the effects of the financial crisis.
Fannie Mae, along with other major U.S. agency mortgage - Freddie Mac - to act as guarantors for the mortgage commitments amounting to 5.3 trillion dollars, which corresponds to approximately half of all U.S. mortgage market. Only since the beginning of 2008 due to the mortgage crisis, loss of agencies exceeded $ 14 billion.

The IMF agreed to a budget deficit in Ukraine.

2009-04-18T06:20:00.000-07:00

SyuzhetyAntikrizisnye loans MVF14.04.2009Bosniya asked the IMF to Ukraine krediteDefitsit budget could reach four per cent of GDP. This conclusion came the International Monetary Fund mission to Ukraine, said in an official press release of the fund. Earlier, the IMF said that given Ukraine a loan only if it can adopt strengthened.
Recall that Ukraine has agreed with the IMF on a loan of 16.5 billion dollars as early as 2008. At the same time the Government was able to get the first tranche of four and a half billion dollars. The second tranche of the IMF should have been allocated in February, but did not do so because of the adoption of the budget deficit.
After that, the IMF mission in Ukraine left the country for consultations with the leadership. She returned to Ukraine in early April. Prior to this, the IMF called on Ukraine to approve several bills aimed at improving fiscal discipline, but this was not done.
Nevertheless, the IMF mission said that Ukraine would recommend the second tranche of the loan to 2.8 billion dollars. In addition, Ukrainian media reported that the IMF mission will be to request guidance on the allocation of the Government of Yulia Tymoshenko further assistance.
In turn, Yulia Tymoshenko said that the IMF could combine the second and third tranches of credit. She also notes that part of the fund will go to cover the deficit budget.
Ukraine IMF loan needed during the economic crisis, which revenue has decreased significantly. At the same time, Ukraine has had to spend additional funds in support of the affected companies and the recapitalization of banks. This resulted in a deficit budget.
Because of the crisis, many developing countries asked for IMF loans. In particular, the International Fund has provided funds, Iceland, Hungary, Latvia, and a number of other countries in the world.

Debts of wages in Russia grew by 8 per cent per month.

2009-04-17T18:34:00.000-07:00

Back wages of Russian organizations in March rose by 8.3 per cent to 8755 billion rubles. This was reported in the press release Rosstat. Last month, an increase of debts on wages was 16.1 percent. A total volume of debt amounted to about two per cent of the total payroll.
The main reason for delays is the lack of organizations of their own resources: it accounted for 94.5 percent of total debt (an increase of 9.5 percent, or 718 million rubles). Debts arising from the delayed payments from the budgets of all levels, increased by 9.5 per cent, amounting to 486 million rubles.
Debt has risen in 47 states and declined in 32 subjects. The largest amount of arrears due to lack of own funds are in the Khabarovsk and Krasnoyarsk Krai, and the Moscow region.
Among the branches of one of the worst performance demonstrates agriculture, where workers must be around 5 per cent of all relying monthly payments. In education, health and social services, the figure is 0.1 percent.
Simultaneously with the growth of a delay in salary in Russia is increasing and the number of unemployed. According to the MHSD, the number of unemployed in the country was at 8 April 2234 million people. During the latest reporting week, it rose by 1.6 percent.

African countries have set up a customs union.

2009-04-17T17:32:00.000-07:00

KommentariiProschay, dollar13.04.2009Pravitelstvo Zimbabwe has suspended the use of valyutyStrany, members of the Common Market for Eastern and Southern Africa (Common Market for Eastern and Southern Africa, COMESA), agreed to establish a unified customs union in June 2009 . Reported agency AFP.
According to the Secretary General of COMESA Sindizo Ngvenya (Sindiso Ngwenya), Union will help to increase trade volume of State - participants in the organization. As noted Ngvenya, the last time this figure has increased from 3.1 billion to 9.2 billion dollars, but still represents less than ten percent of potential volume.
The announcement of the establishment of a customs union will be made during the summit of the organization, which will be held June 7-8 in Harare, the capital of Zimbabwe. The initial meeting was held in May 2008, but postponed twice due to the economic crisis in Zimbabwe. Help the Zimbabwean economy will also be discussed at the summit.
Common Market for Eastern and Southern Africa was formed in 1994. The organization brings together 19 countries with a total population of more than 400 million people. Participants in COMESA are Burundi, Comoros and Seychelles, Djibouti, Democratic Republic of Congo, Eritrea, Egypt, Libya, Kenya, Madagascar, Malawi, Mauritius, Ethiopia, Rwanda, Sudan, Uganda, Swaziland, Zambia and Zimbabwe.

Eurozone trade deficit narrowed to five times per month.

2009-04-17T16:26:00.000-07:00

Eurozone trade deficit in February 2009 dropped to five times - from 10,9 to 2 billion euro, reports AFP referring to data by Eurostat. In February 2008, this figure was recorded at level of 1,7 billion euro.
Exports of the euro, taking into account seasonal factors in February rose by 0.5 percent in January, and imports, by contrast, fell by 0.8 percent in January down to 8.3 percent by December. The drop in imports to a greater extent due to lower prices for hydrocarbons, a moderate increase in exports, which in January fell to 11.9 per cent, economists believe the interim.
Overall, in February the country eurozone exports of goods and services to 103.3 billion euros, while imported 107.2 billion euros.
Â It is also worth noting that the EU trade deficit fell in February to 10.6 billion euros to 27.2 billion euros in January.

IMF mission called the volume of the second tranche of the loan Ukraine.

2009-04-17T15:24:00.000-07:00

SyuzhetyAntikrizisnye loans MVF14.04.2009Bosniya asked the IMF for krediteMissiya International Monetary Fund in Ukraine will recommend that the Board of Directors of the IMF to approve the allocation of the Government of Yulia Tymoshenko to 2.8 billion dollars as the second tranche of the loan in 16, 5 billion dollars. This is the agency "RBC-Ukraine", referring to the statement of the IMF mission Dzheylu Pazarbazioglu (Ceyla Pazarbasioglu).
In turn, Yulia Tymoshenko said that half of the second tranche will cover the budget deficit. Previously, it was reported that the IMF mission will recommend to his superiors to increase the total credit line for Ukraine.
Recall that the IMF and Ukraine agree on loan to 16.5 billion dollars as early as 2008. The second tranche of the IMF loan was listed in February 2009, but did not do so due to the fact that officials were not able to suit the budget of Ukraine to IMF deficit.
In February, the IMF mission left the Ukraine for consultations with the leadership. As a result of these consultations, the IMF demanded that the Ukraine a number of bills aimed at improving fiscal discipline. Despite the fact that they have not yet been adopted, the IMF mission returned to Kiev on April 8.
According to recent data, the IMF mission will stay in Ukraine even one or two days, then leave for new consultations with the leadership. It was after them and will be decided on the allocation of the next tranche of loan Ukraine. Earlier, Yulia Tymoshenko stated that he considered it appropriate to connect the second and third tranches.
Ukraine asked the IMF loans because of the sharp deterioration of the economy against the backdrop of global financial crisis. Because it has ceased to act in the budget a significant portion of income, but the Government needed additional funds to combat unemployment, losses of banks and other consequences of the crisis.
According to the Deputy Speaker of the Verkhovna Rada Mykola Tomenko, a loan from the IMF has been received for 15 years under four per cent annually.

Pakistan receives two billion dollars to support the economy.

2009-04-17T14:20:00.000-07:00

U.S. and Japan will provide financial assistance to Pakistan in the overall size of two billion dollars to fight extremism and support the economy. This writes the newspaper The Wall Street Journal. According to Taro Aso, Prime Minister of Japan, which agreed to provide Pakistan a billion dollars, the funds required to Pakistan in the first place for the implementation of economic reforms.
The decision on granting of loans was made at the Conference of Donor Countries Pakistan (Pakistan Donors Conference), held in Tokyo on 17 April 2009. The Government of Pakistan will be Japanese and American loans in several tranches over the next two years. As the newspaper explained, the President of Pakistan Asif Ali Zardari (Asif Ali Zardari), counted on the financial assistance in the amount of six billion dollars.
Later it became known that the outcome of the conference by participating countries pledged to give Pakistan means a total of five billion dollars. In particular, Saudi Arabia declared its readiness to transfer the country's $ 700 million, the EU - 640 million dollars, and Iran - over 300 million dollars. That was reported by Bloomberg.
Note that Pakistan receives regular financial support not only from the major countries of the world, but also from international financial institutions. Thus, at the end of 2008 the country had received 3.6 billion dollars from 7.6 billion International Monetary Fund. In addition, in 2008, Japan provided 480 million dollars to Pakistan and the U.S. promised the country each year to allocate 1.5 billion dollars over five years.
Borrowings are required to Pakistan in particular, to improve certain financial indicators, fell with the global financial and economic crisis. Pakistani authorities, as required by the IMF, it is necessary to reduce the balance of payments deficit with the current seven to four per cent of GDP.