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.
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.
Bank of Japan may once again pumped money into the economy
Bank of Japan closer to a resumption of pumping money into the economy, allowing the bank reserves placed on its accounts, increased to a level comparable to the levels achieved in the midst of the practice seven years ago.
Although the central bank is unlikely to revert to full-scale quantitative easing, which is affected liquidity and is not a key interest rate, it can keep the markets afloat, by offering them more money than they can absorb the commercial banks.
But analysts say the increase in reserves will not help support the economy, since the excess money will simply fall in bank accounts in cases of weak corporate demand for loans. "While the company did not begin to borrow more money does not penetrate the sector - said Hirokata Kusaba of the Mizuho Research Institute. - The Bank of Japan should provide long-term loans market or buy riskier assets, although he may not be ready for it. "
Bank of Japan did not withdraw from the market of money pumped back as a result of currency intervention last week. Thus, deposits in the accounts of commercial banks at the central bank rose to 17.1 trillion yen (202.7 billion U.S. dollars).
On Tuesday, this volume increased to 19.4 trillion, up 20% higher than in early September. He is expected to exceed 20 trillion yen by the end of the month, reaching levels of 2003, when the central bank pumping money into the market to achieve the necessary liquidity through quantitative easing.
Itself the Bank of Japan says its current policy of quantitative easing is not, since its purpose is to interest rates, and no amount of liquidity.
However, he did not object to maintain the markets with money, hoping it would further reduce the cost of borrowing and weaken the yen. "Balancing the provision itself does not mean too much. But if it leads to lower cost of credit, it can be useful for the economy "- said a source familiar with the opinion of the Bank of Japan.
The Bank believes that it can keep the overnight interest rate at around 0.1% per annum without removing too much money from the market. If it becomes difficult to keep rates from falling below 0.1%, Bank of Japan may lower it to zero or to add to his statement a single line, allowing the temporary drop in rates below the benchmark, say analysts.
Although the central bank is unlikely to revert to full-scale quantitative easing, which is affected liquidity and is not a key interest rate, it can keep the markets afloat, by offering them more money than they can absorb the commercial banks.
But analysts say the increase in reserves will not help support the economy, since the excess money will simply fall in bank accounts in cases of weak corporate demand for loans. "While the company did not begin to borrow more money does not penetrate the sector - said Hirokata Kusaba of the Mizuho Research Institute. - The Bank of Japan should provide long-term loans market or buy riskier assets, although he may not be ready for it. "
Bank of Japan did not withdraw from the market of money pumped back as a result of currency intervention last week. Thus, deposits in the accounts of commercial banks at the central bank rose to 17.1 trillion yen (202.7 billion U.S. dollars).
On Tuesday, this volume increased to 19.4 trillion, up 20% higher than in early September. He is expected to exceed 20 trillion yen by the end of the month, reaching levels of 2003, when the central bank pumping money into the market to achieve the necessary liquidity through quantitative easing.
Itself the Bank of Japan says its current policy of quantitative easing is not, since its purpose is to interest rates, and no amount of liquidity.
However, he did not object to maintain the markets with money, hoping it would further reduce the cost of borrowing and weaken the yen. "Balancing the provision itself does not mean too much. But if it leads to lower cost of credit, it can be useful for the economy "- said a source familiar with the opinion of the Bank of Japan.
The Bank believes that it can keep the overnight interest rate at around 0.1% per annum without removing too much money from the market. If it becomes difficult to keep rates from falling below 0.1%, Bank of Japan may lower it to zero or to add to his statement a single line, allowing the temporary drop in rates below the benchmark, say analysts.
The congress of the USA prepares the bill of sanctions against exporters of China for a manipulation a yuan exchange rate
The U.S. Congress is preparing a bill to impose sanctions over the course of China's currency manipulation. On this, as Vedomosti said Thursday the chairman of the lower house of Sander Levin. According to him, responsible for exchange rate policy in Beijing will be exporting Chinese goods.
The adoption of the document - a necessary measure, but it will be approved if the country does not find a compromise solution, "Levin said: to convince China to make significant adjustments monetary policy failed. Voting on the bill in Congress on Friday.
President Barack Obama and President Wen Jiabao Thursday held talks on trade, but their outcomes not yet known. On the eve of the Obama administration is defiantly pulled away from the initiative of parliamentarians. Using the law to put pressure on China in exchange rate policy issues - "unwise and short-sighted decision," said in a statement the U.S. State Department. At the same time, Deputy Secretary of State Robert Hormats has criticized China for its "excessive" export support. Reliance on debt-ridden American consumers - the wrong strategy, he said: "There are established rules of world trade, and we try to convince China."
U.S. and China are negotiating on RMB exchange rate over two years, then the glow of the debate intensifies, it weakens. In June, the PRC government to soften its stance and promised that the course will become more flexible. Since then the yuan has appreciated against the dollar by 2%. But U.S. officials are counting on more. Yuan is undervalued by 25-40%, giving Chinese exporters an unfair advantage over their competitors and stimulates the unemployment in the U.S., according to a memorandum of Congress. According to the U.S. Ministry of Trade, China's trade surplus with the U.S. in the first half of this year amounted to 119 billion dollars (in 2009 - 227 billion).
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The adoption of the document - a necessary measure, but it will be approved if the country does not find a compromise solution, "Levin said: to convince China to make significant adjustments monetary policy failed. Voting on the bill in Congress on Friday.
President Barack Obama and President Wen Jiabao Thursday held talks on trade, but their outcomes not yet known. On the eve of the Obama administration is defiantly pulled away from the initiative of parliamentarians. Using the law to put pressure on China in exchange rate policy issues - "unwise and short-sighted decision," said in a statement the U.S. State Department. At the same time, Deputy Secretary of State Robert Hormats has criticized China for its "excessive" export support. Reliance on debt-ridden American consumers - the wrong strategy, he said: "There are established rules of world trade, and we try to convince China."
U.S. and China are negotiating on RMB exchange rate over two years, then the glow of the debate intensifies, it weakens. In June, the PRC government to soften its stance and promised that the course will become more flexible. Since then the yuan has appreciated against the dollar by 2%. But U.S. officials are counting on more. Yuan is undervalued by 25-40%, giving Chinese exporters an unfair advantage over their competitors and stimulates the unemployment in the U.S., according to a memorandum of Congress. According to the U.S. Ministry of Trade, China's trade surplus with the U.S. in the first half of this year amounted to 119 billion dollars (in 2009 - 227 billion).
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Western Union and DHL expand cooperation in Europe
Company Western Union, one of world leaders in sphere of global payment services, and DHL Express, the world leader in the field of express delivery, declared intention to expand cooperation and to offer enterprise customers DHL of service of international money transfers Western Union between juridical persons. Service will be accessible in 5 thousand own and partner departments DHL in Europe. Also money transfers Western Union in service centers DHL Express in Europe can perform and physical persons. About it the parties have reported in the joint press release.
Today money transfer service Western Union is accessible in departments DHL in the countries of Latin America and Caribbean basin. «Cooperation in Europe will allow Western Union to increase the network and to offer services of a new category of clients while DHL Express will expand the list of the services offered in departments of the company», — it is marked in the message.
Services of international money transfers between juridical persons are given by company Custom House acquired Western Union in 2009.
According to research firm IDC, the volume of the market of transfers between juridical persons all over the world this year will grow on 55 % and will constitute 3,4 трлн US dollars.
Today money transfer service Western Union is accessible in departments DHL in the countries of Latin America and Caribbean basin. «Cooperation in Europe will allow Western Union to increase the network and to offer services of a new category of clients while DHL Express will expand the list of the services offered in departments of the company», — it is marked in the message.
Services of international money transfers between juridical persons are given by company Custom House acquired Western Union in 2009.
According to research firm IDC, the volume of the market of transfers between juridical persons all over the world this year will grow on 55 % and will constitute 3,4 трлн US dollars.
Vatican has explained investigation concerning the bankers "misunderstanding"
The investigation begun by the Italian authorities concerning top-managers of Bank of Vatican, including its head Ettore Gotti Tedeski (Ettore Gotti Tedeschi), is caused by "misunderstanding". So have commented on a situation in official Vatican, The Financial Times newspaper writes.
There consider that "misunderstanding" is connected with "disputable" transfers into 23 million euro which should arrive in German JP Morgan Frankfurt and Italian Banca del Fucino. The Italian police which has suspected Bank of Vatican of attempt to perform illegal operation, has arrested on September, 21st the specified means.
The consequence suspects that the bank has broken the law on provision of a transparency of the banking activity, accepted in Italy in 2007. Investigation is led also concerning the director of bank Paolo Chipriani (Paolo Cipriani). Both Tedeski, and Chipriani of charge in money-laundering reject.
Earlier in Vatican have underlined that completely trust Tedeski which have got under a consequence and entirely cooperate with police of Italy and other countries. In newspaper Avvenire, official organ of association of the Italian bishops, named led investigation «offensive and inexplicable».
There consider that "misunderstanding" is connected with "disputable" transfers into 23 million euro which should arrive in German JP Morgan Frankfurt and Italian Banca del Fucino. The Italian police which has suspected Bank of Vatican of attempt to perform illegal operation, has arrested on September, 21st the specified means.
The consequence suspects that the bank has broken the law on provision of a transparency of the banking activity, accepted in Italy in 2007. Investigation is led also concerning the director of bank Paolo Chipriani (Paolo Cipriani). Both Tedeski, and Chipriani of charge in money-laundering reject.
Earlier in Vatican have underlined that completely trust Tedeski which have got under a consequence and entirely cooperate with police of Italy and other countries. In newspaper Avvenire, official organ of association of the Italian bishops, named led investigation «offensive and inexplicable».
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