International rating agency Fitch on Tuesday confirmed the investment ratings of Moscow took place against the backdrop of the resignation of Mayor Yuri Luzhkov - long-term ratings in foreign and local currency «BBB», and short-term foreign currency rating to «F3», the forecast on long-term ratings of global scale - "positive". This is stated in the report of the agency. Also, Fitch affirmed the long-term rating of Moscow on national scale «AAA (rus)» from "stable" outlook.
According to Fitch, a change of mayor of Moscow will have no material impact on fiscal and debt policies of the city in the short and medium term. Fitch expects that "Moscow will continue to demonstrate strong fiscal performance against the backdrop of economic recovery."
The ratings of Moscow, said in a statement Fitch, reflects the strong economy of the city, good performance of the operating margin, the flexibility of capital expenditure and high rates of secured debt. The ratings also take into account the growing line of duty, and temporary worsening budgetary performance in 2009 due to lower tax revenue due to slower growth of national economy.
Showing posts with label Russia. Show all posts
Showing posts with label Russia. Show all posts
9/25/10
Company Shades Of Cyprus asks the court to re-review the claim to the Savings Bank of 3 billion rubles
Cyprus company Shades Of Cyprus Ltd. - Minority shareholders of Voskresensk Mineral Fertilizers (VMF) - re-apply to the Supreme Arbitration Court (IAC) of the Russian Federation on the supervisory review of cases concerning the refusal to recover from the Savings Bank of 3 billion rubles. The announcement was made Friday, the Russian news agency the legal and judicial information (RAPS), the representative of the court, RIA Novosti reported.
In August, you give up Shades of Cyprus in the transfer of the presidium of the trial of this case. The Moscow Arbitration Court on Feb. 15, 2010 refused to collect the claim Shades Of Cyprus Ltd. 3.089 billion rubles in the bank guarantee OAO Sberbank offers URALCHEM "to repurchase shares of VMC. That decision upheld the courts of appeal and cassation.
The representative of the Shades of Cyprus, said the Moscow Arbitration that Uralchem, which owns 71.72% stake in VMC, in July 2008, an offer to minority shareholders to purchase common shares at an estimated cost VMC 20.29 rubles apiece. However, the Federal Financial Markets Service ordered to eliminate the violations in this offer, due to which Uralchem 5 August 2008 put another offer, has been accepted Shades of Cyprus (owns 24.98% stake in VMC) and sent to the registrar an order to translate it owns shares to the account URALCHEM. However, to translate the shares at the expense of URALCHEM failed and the company sent them to a notary public. URALCHEM, "held that the plaintiff in a timely manner did not send a statement of acceptance, and denied the Cypriot company in the requirement to meet the offer. Then Shades of Cyprus addressed to the Savings Bank acts as a guarantor under the offer, which also denied the plaintiff. According to representatives of URALCHEM and Savings Bank, a bank guarantee was provided only in July offer.
The representative of the Shades of Cyprus said that the offer is valid only on 5 August, as the July offer was issued in violation of the law. Time of execution of the offer expired on October 22, 2008. Shades of Cyprus was able to meet deadlines on the acceptance and transfer of shares, but the payment of URALCHEM not wait, said the plaintiff. As a witness the court questioned the notary, who confirmed that aired a statement proposing the sale of "HC Uralchem belonging to the minority shareholders of shares in the amount of VMU 152,252,000 shares at a price of 20.29 rubles per each. A notary has brought a corresponding application and cover letter in Uralchem, but they were not accepted by the company.
In August, you give up Shades of Cyprus in the transfer of the presidium of the trial of this case. The Moscow Arbitration Court on Feb. 15, 2010 refused to collect the claim Shades Of Cyprus Ltd. 3.089 billion rubles in the bank guarantee OAO Sberbank offers URALCHEM "to repurchase shares of VMC. That decision upheld the courts of appeal and cassation.
The representative of the Shades of Cyprus, said the Moscow Arbitration that Uralchem, which owns 71.72% stake in VMC, in July 2008, an offer to minority shareholders to purchase common shares at an estimated cost VMC 20.29 rubles apiece. However, the Federal Financial Markets Service ordered to eliminate the violations in this offer, due to which Uralchem 5 August 2008 put another offer, has been accepted Shades of Cyprus (owns 24.98% stake in VMC) and sent to the registrar an order to translate it owns shares to the account URALCHEM. However, to translate the shares at the expense of URALCHEM failed and the company sent them to a notary public. URALCHEM, "held that the plaintiff in a timely manner did not send a statement of acceptance, and denied the Cypriot company in the requirement to meet the offer. Then Shades of Cyprus addressed to the Savings Bank acts as a guarantor under the offer, which also denied the plaintiff. According to representatives of URALCHEM and Savings Bank, a bank guarantee was provided only in July offer.
The representative of the Shades of Cyprus said that the offer is valid only on 5 August, as the July offer was issued in violation of the law. Time of execution of the offer expired on October 22, 2008. Shades of Cyprus was able to meet deadlines on the acceptance and transfer of shares, but the payment of URALCHEM not wait, said the plaintiff. As a witness the court questioned the notary, who confirmed that aired a statement proposing the sale of "HC Uralchem belonging to the minority shareholders of shares in the amount of VMU 152,252,000 shares at a price of 20.29 rubles per each. A notary has brought a corresponding application and cover letter in Uralchem, but they were not accepted by the company.
9/16/10
U.S. Treasury: Russia in July increased its investments in US Treasuries at 6.1%
Russia, in July increased its investments in U.S. government bonds (US Treasuries) at 6.08% - up to 130.9 billion dollars from 123.4 billion at end-June, according to the Ministry of Finance of the United States.
Since the end of November 2009 to late April 2010, the volume belonging to Russia of U.S. debt fell to 113.1 billion dollars from 151.4 billion in May, the Russian Federation has increased investment in US Treasuries to 126.8 billion dollars, and in June fell back .
On an annualized basis (the end of July 2009 to the end of July of 2010) the volume of Russian-owned US Treasuries fell on the balance sheet date at 7.36%.
As of July 2010 the main holders of US Treasuries serve mainland China (846.7 billion U.S. dollars), Japan (821.0 billion) and Britain (374300000000). All of them have built up their investments in U.S. Treasuries in July compared with June - on 0,36%, 2,17% and 3.34% respectively.
US Treasuries - the main instrument for financing U.S. government debt. Their value in the auctions held depends on the level of profitability, which in turn is determined by forecasts of investors concerning the further development of economy of the United States and the world at large.
Instability in the global economy, as a rule leads to an increase in the value of government bonds the U.S., whereas in the absence of crisis investors prefer to invest in riskier assets with higher returns.
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Since the end of November 2009 to late April 2010, the volume belonging to Russia of U.S. debt fell to 113.1 billion dollars from 151.4 billion in May, the Russian Federation has increased investment in US Treasuries to 126.8 billion dollars, and in June fell back .
On an annualized basis (the end of July 2009 to the end of July of 2010) the volume of Russian-owned US Treasuries fell on the balance sheet date at 7.36%.
As of July 2010 the main holders of US Treasuries serve mainland China (846.7 billion U.S. dollars), Japan (821.0 billion) and Britain (374300000000). All of them have built up their investments in U.S. Treasuries in July compared with June - on 0,36%, 2,17% and 3.34% respectively.
US Treasuries - the main instrument for financing U.S. government debt. Their value in the auctions held depends on the level of profitability, which in turn is determined by forecasts of investors concerning the further development of economy of the United States and the world at large.
Instability in the global economy, as a rule leads to an increase in the value of government bonds the U.S., whereas in the absence of crisis investors prefer to invest in riskier assets with higher returns.
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Fitch upgraded its outlook on Moscow and St. Petersburg to "positive" from "stable"
International rating agency Fitch on Thursday improved its outlook on Moscow and St. Petersburg to the "positive" from "stable" and affirmed the long-term ratings of cities in national and foreign currencies at level «BBB», the agency said in a statement.
This action reflects the recent revision of forecasts of long-term issuer default rating of Russia to "positive" from "stable" against the backdrop of recovery of the domestic economy, as well as confirmation of long-term IDR of Russia in foreign and national currencies at the level «BBB».
In addition, according to a release, increase forecast reflects expectations of analysts Fitch, which both Moscow and St. Petersburg will continue to demonstrate strong operating results amid economic development.
Also confirmed by short-term foreign currency ratings of Moscow and St. Petersburg - at the level «F3» and long-term ratings of cities on a national scale - «AAA (rus)» from "stable" outlook.
The outlook revision on the ratings of the Russian Federation to "positive» Fitch explain analysts' expectations that the decrease in inflation, the transition to a policy of more flexible exchange rate, a significant repayment of private external debt, the stabilization of the banking sector and increased foreign exchange reserves will reduce the financial vulnerability of Russia.
This action reflects the recent revision of forecasts of long-term issuer default rating of Russia to "positive" from "stable" against the backdrop of recovery of the domestic economy, as well as confirmation of long-term IDR of Russia in foreign and national currencies at the level «BBB».
In addition, according to a release, increase forecast reflects expectations of analysts Fitch, which both Moscow and St. Petersburg will continue to demonstrate strong operating results amid economic development.
Also confirmed by short-term foreign currency ratings of Moscow and St. Petersburg - at the level «F3» and long-term ratings of cities on a national scale - «AAA (rus)» from "stable" outlook.
The outlook revision on the ratings of the Russian Federation to "positive» Fitch explain analysts' expectations that the decrease in inflation, the transition to a policy of more flexible exchange rate, a significant repayment of private external debt, the stabilization of the banking sector and increased foreign exchange reserves will reduce the financial vulnerability of Russia.
9/14/10
Russia, as never before, is close to joining the World Trade Organization
Washington and Moscow have until Sept. 30 to complete the harmonization of the remaining unresolved bilateral issues on Russia's accession to the WTO. According to the Under Secretary for Political Affairs William Burns, now Russia, as never before, is close to joining this organization. He noted that the U.S. will support Russia in the multilateral negotiations in Geneva, but added that as Russia is close to joining the organization, it is important to avoid protectionist measures.
Recall that the World Trade Organization is an international corporation created in 1995 to liberalize international trade and regulation of trade and political relations between member states. WTO replaced the General Agreement on Tariffs and Trade, concluded in 1947. Russia is trying to join the organization since 1995. During the negotiations, it is not just differences arose with the partner countries. The hardest thing was to agree with the U.S.. The main differences concerned the financial markets, supply of agricultural products in Russia and the protection of intellectual property rights. In November 2006, Russia and the U.S. signed a protocol on Russia's accession to the WTO. The only country which until recently opposed our entry into this organization, was Georgia. However, this country is not included in the working group on Russia's accession to the organization and can not unilaterally block Russia's accession to the WTO.
In June of this year, Russia and the United States at a summit in Washington set a goal to complete the work on outstanding bilateral issues until September 30. "We hope that this work (WTO), and we talked about this today and agreed to be completed by the end of September this year - had said after the talks, President Dmitry Medvedev. - I am pleased that we have set a time frame so as not to lose the positive foundation that we have gained in dealing with President Obama and does not dissolve the talk of the WTO endless discussions about the fate of a chicken and trimmings pigs. "I agree with the vision of President Medvedev of Russia as a new innovation, modernize the economy, and there are no serious obstacles to Russia's WTO accession", - said, in turn, the American president Barack Obama. He said after the talks that Moscow and Washington agreed to remove barriers to imports into Russia of U.S. products, particularly chicken. "We have agreed that they will overcome the barriers that stood in the way of imports into Russia of American products, particularly poultry meat, - Obama said. - This is the billions of dollars of revenue for the U.S. economy, and this important question. "
As stated in an interview to a Russian news agency Deputy Secretary of State for Political Affairs William Burns, now Russia is very close to the entry into the WTO. "Russia has made good progress in this direction, Obama declared Russia's help in achieving this goal as one of its highest priorities in relations with Russia", - said U.S. Undersecretary of State. He stated that "the U.S. will support Russia in the multilateral negotiations in Geneva on its accession to the WTO. To the question, lest the process of Russia joining the WTO, the Russian government plans to raise import duties on foreign cars, Burns said, "joining the WTO, Russia will have to follow standards that are mandatory for other members of the Organization." "And of course, yet (as far as how close to Russia joining the WTO) it is important to refrain from protectionist measures", - said the diplomat.
The experts expressed mixed views on this farewell senior official. According to the deputy director of the Institute of CIS Vladimir Zharikhin, the Americans use protectionist measures, Japan is using harsh measures against the imported goods, but this does not prevent them from being in the WTO. "Most Americans concerned about the customs duties on imported aircraft, - said" NO "expert. - Flights - this is one of the few types of goods, which America still is not on the territory of China. If we remove those fees, the revival of our aviation industry will end. The very conditions of entry into this organization involve lengthy and difficult negotiations, so Mr. Zharikhin sees nothing surprising in the statement of a diplomat. Because once joined, and then life play by those rules. "So there is nothing personal, just pure trade", - says the analyst.
Senior Fellow, Institute for Trade Policy Alexei Portansky believes that the statement by Mr. Burns has a certain basis. "Just remember the recent statement by Vladimir Putin about the fact that we are still not WTO members, so we can still raise taxes on cars, - said" NO "Mr. Portansky. - Formally, this is so. But there is a tradition: the countries that joined the WTO, trying to stay within those rules, which have been agreed upon during negotiations. We have already gone beyond those boundaries, we have increased during the crisis of duty. Now we want to raise them. It should be noted that protectionism to anything good usually does not lead. In addition, our country has slowed the process of bringing legislation into line with the requirements of the organization. "New requirements we do not impose, but we sometimes do not fulfill their promises, - said Alexei Portansky. - For example, the adoption of important laws relating to the protection of intellectual property, we pulled two years. That is, the ball is on our side. Of course, soft partners does not happen, because they want to get the maximum. But in this case we were not so fast, as is required for the negotiations.
Recall that the World Trade Organization is an international corporation created in 1995 to liberalize international trade and regulation of trade and political relations between member states. WTO replaced the General Agreement on Tariffs and Trade, concluded in 1947. Russia is trying to join the organization since 1995. During the negotiations, it is not just differences arose with the partner countries. The hardest thing was to agree with the U.S.. The main differences concerned the financial markets, supply of agricultural products in Russia and the protection of intellectual property rights. In November 2006, Russia and the U.S. signed a protocol on Russia's accession to the WTO. The only country which until recently opposed our entry into this organization, was Georgia. However, this country is not included in the working group on Russia's accession to the organization and can not unilaterally block Russia's accession to the WTO.
In June of this year, Russia and the United States at a summit in Washington set a goal to complete the work on outstanding bilateral issues until September 30. "We hope that this work (WTO), and we talked about this today and agreed to be completed by the end of September this year - had said after the talks, President Dmitry Medvedev. - I am pleased that we have set a time frame so as not to lose the positive foundation that we have gained in dealing with President Obama and does not dissolve the talk of the WTO endless discussions about the fate of a chicken and trimmings pigs. "I agree with the vision of President Medvedev of Russia as a new innovation, modernize the economy, and there are no serious obstacles to Russia's WTO accession", - said, in turn, the American president Barack Obama. He said after the talks that Moscow and Washington agreed to remove barriers to imports into Russia of U.S. products, particularly chicken. "We have agreed that they will overcome the barriers that stood in the way of imports into Russia of American products, particularly poultry meat, - Obama said. - This is the billions of dollars of revenue for the U.S. economy, and this important question. "
As stated in an interview to a Russian news agency Deputy Secretary of State for Political Affairs William Burns, now Russia is very close to the entry into the WTO. "Russia has made good progress in this direction, Obama declared Russia's help in achieving this goal as one of its highest priorities in relations with Russia", - said U.S. Undersecretary of State. He stated that "the U.S. will support Russia in the multilateral negotiations in Geneva on its accession to the WTO. To the question, lest the process of Russia joining the WTO, the Russian government plans to raise import duties on foreign cars, Burns said, "joining the WTO, Russia will have to follow standards that are mandatory for other members of the Organization." "And of course, yet (as far as how close to Russia joining the WTO) it is important to refrain from protectionist measures", - said the diplomat.
The experts expressed mixed views on this farewell senior official. According to the deputy director of the Institute of CIS Vladimir Zharikhin, the Americans use protectionist measures, Japan is using harsh measures against the imported goods, but this does not prevent them from being in the WTO. "Most Americans concerned about the customs duties on imported aircraft, - said" NO "expert. - Flights - this is one of the few types of goods, which America still is not on the territory of China. If we remove those fees, the revival of our aviation industry will end. The very conditions of entry into this organization involve lengthy and difficult negotiations, so Mr. Zharikhin sees nothing surprising in the statement of a diplomat. Because once joined, and then life play by those rules. "So there is nothing personal, just pure trade", - says the analyst.
Senior Fellow, Institute for Trade Policy Alexei Portansky believes that the statement by Mr. Burns has a certain basis. "Just remember the recent statement by Vladimir Putin about the fact that we are still not WTO members, so we can still raise taxes on cars, - said" NO "Mr. Portansky. - Formally, this is so. But there is a tradition: the countries that joined the WTO, trying to stay within those rules, which have been agreed upon during negotiations. We have already gone beyond those boundaries, we have increased during the crisis of duty. Now we want to raise them. It should be noted that protectionism to anything good usually does not lead. In addition, our country has slowed the process of bringing legislation into line with the requirements of the organization. "New requirements we do not impose, but we sometimes do not fulfill their promises, - said Alexei Portansky. - For example, the adoption of important laws relating to the protection of intellectual property, we pulled two years. That is, the ball is on our side. Of course, soft partners does not happen, because they want to get the maximum. But in this case we were not so fast, as is required for the negotiations.
With Italian bankers ready to send up to $ 1 billion to build Olympic venues Sochi 2014
With Italian bankers invited to send up to $ 1 billion to build Olympic venues Sochi 2014, said in an interview published on Wednesday, the newspaper "Kommersant" supervisory board chairman and one of the major shareholders of the bank Intesa Sanpaolo Giovanni Badzoli.
"We have made the administration of President Medvedev simple sentence. There are a number of small, medium and large Italian companies that have declared their willingness to be built in Sochi, the infrastructure needed for the Olympics in 2014 ... enough participation of Italian firms in the 40-50% of the total work at the site, and we are ready to finance its construction on all 100% ", - said Badzoli edition.
At work in Sochi claimed more than 100 Italian companies, added the source of the newspaper.
"We have made the administration of President Medvedev simple sentence. There are a number of small, medium and large Italian companies that have declared their willingness to be built in Sochi, the infrastructure needed for the Olympics in 2014 ... enough participation of Italian firms in the 40-50% of the total work at the site, and we are ready to finance its construction on all 100% ", - said Badzoli edition.
At work in Sochi claimed more than 100 Italian companies, added the source of the newspaper.
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