A new World Bank report says that Russia is likely to bear the brunt of changes to regional climate brought on by global warming.  Gazprom, currently feuding with Rosneft over blocked access to energy infrastructure, may rework its 'tough line' of fining European customers that do not buy the minimum-stated amount of gas each month.  Rosneft has outlined plans for $6 billion worth of offshore investment for the next few years.  The question of Iranian nuclear capability continues to be debated in the press.  '[U.S.] administration officials claim to have won Moscow's agreement to join in sanctions should Iran refuse to make a deal,' says the Washington Post, but the paper is also running this Reuters story: 'the Kremlin said that sanctions against Iran are highly unlikely in the near future.' Naftogaz October gas bill from Russia is to be ...

The following is an exclusive translation from Novye Izvestiya.  Aren't you a lucky reader...

The tail wags the dog

Judging by everything, Russia has refused to sign the Energy Charter because of the «YUKOS case»

IVAN MARKOV, «Novye Izvestiya»

Two weeks ago at a session of the government a decision undeservedly passed over by the attention of the mass information media was adopted about how Russia refuses to ratify the Energy Charter. This is one of the long-suffering international documents in the most recent Russian history. Our country first put its signature under this document our country in the long-ago year of 1994. So what happened, if after 15 years Russia has so harshly abandoned this document?

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Risk aversion returned to markets on Thursday, supporting the U.S. dollar and government bonds, after mixed economic data, while concern about the possible failure of a small U.S. lender sparked caution following the week’s robust gains in stocks.

Oil hovered around $61 a barrel as worry about the strength of global fuel demand was offset by news of strong economic growth in China.

The U.S. dollar initially fell to a six-week low against major currencies after JPMorgan’s reported record investment banking and trading results, providing further evidence of recovery in the financial system, but weak U.S. manufacturing data and concern about the impact of the possible failure of U.S. lender CIT re-introduced a bid for safer-assets.

CIT’s talks about aid with the U.S. Treasury ended Wednesday night, leaving the lender to its own devices, and endangering the future of some of the one million customers of the lender to small businesses. U.S. Treasury debt

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The U.S. news media has convinced many investors that oil consumption is falling because of the global recession. While that may be true, it’s a disservice to millions of investors because production is declining at a pace that’s actually three times faster. And that suggests higher oil and gasoline prices in coming months - perhaps as much as 50% - 70% higher, or more - particularly if a U.S. economic recovery is truly in the offing. To really see what I’m talking about, let’s start with a close look at consumption. I’m asked about this frequently in my global wanderings, most recently at the Las Vegas Money Show last week. For months we’ve been hearing about a drop in global demand. It’s a popular story and one that sounds credible: After all, it seems logical to assume that during economic chaos, consumers and businesses alike will ...

Nuclear energy is top of the agenda for Vladimir Putin's visit to Japan; coinciding with the official visit, Japan Oil, Gas & Metals National Corp. and Russia's Irkutsk Oil Co., have come to an agreement on a two-field joint venture in eastern Siberia.  The Moscow Times suggests caution when it comes to the current high oil prices, suggesting crude reached $57 a barrel on optimism alone: 'Anybody in the oil industry will tell you that the price of oil is too high right now.'  U.S. oil services company Baker Hughes Inc. would beg to differ, saying the rise in oil prices is 'good news for the industry and clearly this means more activities are going to occur as the oil price continues to go up'.  As part of its energy drive, South Korea has made a deal ...

‘Cash is King’ may be an old saying, yet it is not one without some wisdom to support it. When recession strikes, asset prices fall - equities, fixed income, real estate, just about everything you can buy - and the person with cash can certainly take advantage. When you have high oil prices, uncertain stock markets, overpriced real estate and rising interest rates, there is little point in investing in such an environment. Instead, it is safer and more logical to sit on your cash and wait for cheaper markets. The next step is surely an economic crisis and recession, yet nobody wants to admit that it was obvious. Now, what do you do when the reverse of all these knocks at your door? If ‘Cash is King’ in an overvalued stock market with high interest

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Nigeria’s oil-rich Niger Delta has long been plagued by the Movement for the Emancipation of the Niger Delta (MEND), a rebel group whose attacks against oil infrastructure and personnel have slashed Nigerian oil output by a fifth (the country is the world’s eighth-largest oil exporter). Now, Reuters reports that “insecurity in northern Niger, where Tuareg rebels are fighting government forces, is stifling investment in the vast desert nation’s mining industry.” Niger is one of the world’s top uranium producers and has handed out 127 mining exploration permits over the last three years in order to attract more investment. Interest in uranium for nuclear power generation has increased in recent years due to high oil prices and concerns about global warming. In fact, U.S. President Barack Obama’s energy secretary, Steven Chu, has repeatedly stated that nuclear power must play a …

The New Year is barreling toward us like a runaway bus. Today's Must-Read: A href=http://blogs.cfr.org/setser/2008/12/29/the-collapse-of-financial-globalization/#more-4285STRONGThe Collapse of Financial Globalization/STRONG/AbrbrBrad Setzer's writing style is a bit dry, but his charts are eye-popping and he makes his point like a silver bullet to the brain: private capital inflows to the US and private capital outflows from the US have fallen sharply. As in, fallen-off-a-cliff sharply.brimg style=WIDTH: 480px alt= src=http://local.content.compendiumblog.com/uploads/user/7e88b461-578b-47f3-88ec-038e212ad053/aa0ff38d-9bb9-44a5-bba5-8be30d8f6977/end-of-financial-globalization-1.png _height=75 _width=75brSo then, what is propping up U.S. Treasuries and the U.S. Dollar? America's livin' large lifestyle is largely supported by China and Japan (because they want to sell us stuff). The other big lender is Saudi Arabia, which also has an advantageous financial arrangement with the U.S.brbrIf and when China, Japan and Saudi Arabia are no longer able to support the continued growth of US deficit financing, the dollar and the bonds will decrease in value. And that fall could come with ...

HIDDEN VALUE Dear Value Seeker,

We hope you had a happy holiday.

We’re on our way back to our home in Buenos Aires tonight. We’re looking forward to getting back, but not to the nine-hour flight with our nine-month-old son… It’s likely to be grueling.

But at least we’re not in the retail business…

They are likely to be disappointed by the holiday season. According to the Commerce Department, consumer spending fell 0.6% in November, the fifth monthly decline in a row.

The Wall Street Journal reports that 10% to 26% of U.S. retailers are now in danger of filing for Chapter 11 in 2009 or 2010.

That’s up from 4% to 6% of retailers in trouble in the last two years.

It’s no surprise, really.

More Americans are out of work now than at any time since 1982. The number of American’s filing for unemployment for the first time leapt to 586,000

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