Or...Enter your Email


Useful Sites



[Most Recent Quotes from www.kitco.com]

[Most Recent Quotes from www.kitco.com]




Russia’s Economic And Financial Meltdown Continues Apace

Edward Hugh (December 16th, 2008) Writes:
By Edward Hugh: Barcelonabr /br /Russia's foreign-exchange reserves have been now been declining very rapidly since mid August, and as the money goes so does the faith that the large stock of reserves the country built up during the boom times would be sufficient to see them through any downturn in energy prices. As the money leaves, so it seems does the decade of economic growth and stability which they symbolised. Indeed so rapid has been the decline that Russia's international reserves, which are the third-biggest after those of China and Japan, have now fallen $161 billion, or 27% percent, since 8 August last, and decreased by $17.9 billion to $437 billion in the week to 5 December. Investors have now pulled $211 billion out of the country since August, according to estimates by BNP Paribas.br /br /br /pa href="http://1.bp.blogspot.com/_ngczZkrw340/SUbQptNe4tI/AAAAAAAALyE/K0xlBOy3AlA/s1600-h/russia+GDP.png"img id="BLOGGER_PHOTO_ID_5280137028067844818" style="DISPLAY: block; MARGIN: 0px auto 10px; WIDTH: 320px; CURSOR: ...
Tags for this Post:
Aeroflot, Alexei Kudrin, Andrei Klepach;, Baltic states, Bank, bank mortgages;, Banking, Bnp Paribas, br /br /Moody's Investors Service;, Capital Economics Ltd.;, Car Production, central bank, China, credit ratings agency, crude oil, Deutsche Bank, Economics, Edward Hugh, energy, energy exporter, Energy Prices, Evgeny Gavrilenkov;, evident oil price impact;, Federal Customs Service;, Federal Statistics Service, finance ministry, Ford Motor, former Soviet Union, Frank Gill;, Hungary, Igor Shuvalov, International Bank for Reconstruction and Development, International Monetary Fund, Japan, Julian Rimmer, Latvia, London, lower oil prices, MDM Bank, Moody's Investors Service, Moscow, Moscow Times, National Wellbeing Fund;, Natural Gas, Neil Shearing;, non-energy;, non-oil exports, non-oil external current account deficit;, non-oil external current account;, Oil, Oil And Gas, Oil Prices, Oleg Vyugin;, ratings agency, Real Estate Prices, Reserve Fund, retail, Romania, RTS, RUB, Russia, Russian Government, Soviet Union, Sperbank;, St. Petersburg, St. Petersburg factory;, Standard;, state-run development bank, Steel pipe production;, The Moscow Times, Transaero;, Troika Dialog, Ukraine, United States, Urals, UralSib Financial Corp., USD, Vnesheconombank, VTB Bank Europe, VTB Group

Repsol, Lukoil and Sacyr Vallhermosa Also Try Their Hand At Happy Families

Edward Hugh (November 23rd, 2008) Writes:
by Edward Hugh: Barcelonabr /br /blockquote“Happy families are all alike; every unhappy family is unhappy in its own way”br /Tolstoy/blockquotebr /Well this strongis/strong an interesting little fable of modern family life, even if all the families involved may not be ones which many of my readers would normally wish to belong to.br /br /As is now reasonably well know Russian private oil company Lukoil is currently making a bid for the shares in Spanish energy company Repsol which are owned by the deeply indebted Spanish property company Sacyr Vallhermosa.br /br /Shares in what is Spain's fifth biggest builder, and which currently occupies the somewhat ignominious position of being Spain's worst-performing stock this year, jumped the most in two years last Thursday (20 November) on reports they were about to sell their 20 percent stake in Repsol YPF to the Russian oil company OAO Lukoil. Sacyr, which said last week it ...
Tags for this Post:
Acciona SA;, ACS;, Aigues;, Angel Romero;, Argentina, Bancaja;, Bank, bank asset acquisitions;, bank assets, bank bailout, bank funding, Bank of Spain, bank support;, Barcelona, Brazil, British Airports Authority;, British Airways, Bulgaria, Calyon, Catalan savings bank;, Catalonia, central bank, Colonial (10.086 billion euros) Realia;, communications system;, construction giant, Corriere della Sera;, Criteria Caixacorp;, Criteria fall;, December and January;, Depression, dollar bank-bailout;, Economics, Edward Hugh, EFE;, Eiffage;, El Economista;, end-September;, Endesa SA;, Enel SpA;, energy, ERG SpA;, EUR, euro bank loan;, Europe, European Central Bank, European Union, Expansion, external buyer;, Federal Communications Commission, Fenosa;, Fernandez Ordoñez;, fiscal and monetary policy tools;, Gatwick airport;, Gbp, Germany, Glasgow, Goldman Sachs, Hsbc, HTML, Iberia, IBEX 35, Igor Shuvalov, International Monetary Fund, Italy, Italy's Enel SpA;, Itinere;, Jose Luis Rodriguez Zapatero, Jose Luis Zapatero;, Jose Manuel Entrecanales;, La Caixa, London, London's Gatwick airport;, Lukoil, Madrid, Mediobanca;, Metrovacesa;, Michel Camdessus;, Miguel Angel Fernandez Ordonez;, Miguel Sebastian;, Moscow, much banks, Natixis;, New York, Nicolas Villen;, OAO Lukoil, Oil, oil majors means;, Peru, ppstrongAnd As Spain's Government;, present oil reserves;, property developer, property group;, Real Estate, Real Urbis;, Renta SA;, Repinves;, Repsol YPF;, Respol;, Reuters, Reyal Urbis;, Romania, RUB, Russia, Sacyr Vallhermosa;, Scotland, Sergey Ignatief;, South America, Spain, Spain Incorporated, Spain's Economy Ministry;, Spain's Fund for Acquiring Financial Assets;, Spanish government, Spanish Senate;, St. Petersburg, Stanstead airport;, State Credit Institute;, Tremon;, U.K. Competition Commission;, United Kingdom, United States, unlisted savings bank;, Urals, Urbis;, USD, VEOLIA, vladimir putin

Russia’s Economic And Financial Meltdown Continues Apace

Edward Hugh (November 19th, 2008) Writes:
Russia's foreign-exchange reserves have been declining rapidly since mid August, and with the money which is flowing out may go almost a decade of economic stability which they brought. Russia's international reserves, which are the third-biggest after China's and Japan's, have now fallen $161 billion, or 27% percent, since 8 August, and decreased by $17.9 billion to $437 billion in the week to 5 December. Investors have pulled $211 billion out of the country since August, according to BNP Paribas.br /br /br /But just how difficult this is proving to be was illustrated only this morning as Russia’s central bank devalued the ruble for the second time in a only a week, and the ruble fell as much as 1.3 percent (to a four-year low of 37.5015 per euro) following the decision by Bank Rossii to widen the trading band against the basket of dollars and euros used by the ...
Tags for this Post:
/br /Moody's Investors Service;, /br /The World Bank;, Aeroflot, Alexei Kudrin, Andrei Klepach;, Baltic states, Bank, bank mortgages;, Banking, Bnp Paribas, Capital Economics Ltd.;, central bank, China, credit ratings agency, crude oil, Deutsche Bank, Economic And Financial Meltdown Continues Apace Russia;, Economics, energy, energy exporter, Evgeny Gavrilenkov;, Federal Customs Service;, Federal Statistics Service, finance ministry, former Soviet Union, Frank Gill;, Gross Domestic Product, Igor Shuvalov, International Bank for Reconstruction and Development, Japan, Julian Rimmer, London, lower oil prices, MDM Bank, Moody's Investors Service, Moscow, Moscow Times, National Wellbeing Fund;, Natural Gas, Neil Shearing;, Oil, Oil And Gas, Oil Prices, Oleg Vyugin;, Real Estate Market, Real Estate Prices, Reserve Fund, retail, RTS, RUB, Russia, Russia, Russian Government, Sberbank, South Dakota, Soviet Union, Sperbank;, Standard;, state-owned bank, state-run development bank, The Moscow Times, The VTB Bank EuropeServices;, Transaero;, Troika Dialog, United States, Urals, UralSib Financial Corp., USD, Vnesheconombank, VTB Group, VTB's;

Watch For Profit Plays As Russia Gets Desperate

Andrew Snyder (November 13th, 2008) Writes:

Plunging crude oil prices and currency weakness are creating a crisis in Russia that makes the US look like a boomtown. Financial turmoil is mounting pressure on the Kremlin, says Andrew Snyder. And the resulting desperation could lead to some interesting profit plays.

This from Today’s Financial News:

If you think the situation is bleak here in the United States, you would wet your pants if you took an in-depth look at Russia’s economy.

Its stock market seems to be closed more than it is open. Its currency is plunging. And its government is running out of options and money to fix the situation. Russia makes America look like we are sitting atop a booming economy.

Putin’s downturn could lead to some easy profit potential. But more on that in a minute.

For nearly all of the last decade, Russia’s economy has been based on the country’s ability to sell its natural resources to Europe

...

Moscow’s Bourses Closed Again On Monday

Edward Hugh (October 27th, 2008) Writes:
Well, this is hardly news anymore, but Moscow's stock markets were closed again this morning. The news will obviously be in future when they are open. Russia's Micex Stock Exchange and RTS suspended trading this morning because their "technical indexes'' a measure of aggregate stock prices, fell more than 10 percent on opening. Russian global depositary receipts plunged in London trading following the decision, led by steelmakers. The FTSE Russia IOB Index, a measure of Russian depositary receipts trading in London, sank 11 percent to 312.83 at 9:36 a.m. in London, the lowest in almost five years. OAO Severstal, Russia's biggest steelmaker, fell 23 percent to $2.50. Evraz Group SA, the second-largest steelmaker, dropped 15 percent to $10.60, or 92 percent below its May 16 high.The Ruble SlidesThe ruble fell to an 18-month low against the dollar this morning even while ...

As S&P Cut The Credit Rating, Russia’s Crisis Wends On Down Its Long Winding Road

Edward Hugh (October 22nd, 2008) Writes:
Russia's long-term sovereign credit rating outlook was lowered yesterday (Thursday) - to negative - by Standard & Poor's Ratings Services due to their assessment that the cost of the government's "bank rescue operation'' may increase. S&P cut their outlook from stable, a move which reflects the increased probability of a downgrade at some point in the future. Russia has committed as much as 15 percent of gross domestic product in budgetary and reserve funds to maintain banking liquidity, according to calculations made by the rating agency. At the same time S&P affirmed Russia's BBB+ long-term foreign currency and the A- long-term local currency ratings and the short-term ratings of A-2.``We expect Russian corporate and financial sector default rates to increase asdebtors' access to official funds will vary,'' S&P said in the statement.``Other uncertainties remain regarding what the economic policy response will ...
Tags for this Post:
Agency for Housing Mortgage Lending, Alexei Kudrin, Arkady Dvorkovich, Bank, bank board, bank loans, Bank of Moscow, bank rescue operation, cement producers, central bank, Crude, Cut The Credit Rating, Denis Gaevski, Dmitry Medvedev, Economics, finance ministry, Georgia, Gross Domestic Product, Igor Sechin, industry group, Its Long Winding Road, largestest bank, Micex Stock Exchange, MICEXCBI, Mirax Group, Moscow, Moscow's Micex Stock Exchange, New York, OAO Rosneft, OAO Sperbank, Oil, Organization Of Petroleum Exporting Countries, property developer, retail, RUB, Russia, Russia, Russia's government, Russian Government, Soyuzcement, spare oil production capacity, Standard Poors, state development bank, state-run mortgage agency, stock exchange Web site, Urals, USD, Vladimir Dmitriev, vladimir putin, Vnesheconombank, VTB Group

Russian Manufacturing Industry Contracts In August

Edward Hugh (September 1st, 2008) Writes:
Russian manufacturing contracted in August for the first time in almost four years as businesses won fewer new orders and companies cut jobs. VTB Bank Europe's Purchasing Managers' Index fell to 49.4 from 50.4 in July, the fifth consecutive monthly decline and the first contraction since November 2004. A figure above 50 indicates growth. Dmitri Fedotkin, an economist at VTB Bank Europe Research, said in his statement that the major factor underpinning the weakening in activity had been a decrease in new orders, which fell for the first time in almost 10 years. According to the lastest data from Rostat, industrial output rose by an annual 3.2 percent in July (following a y-o-y of only 0.9% in June), a much slower pace than would be generally expected given that economic growth had been running at around a 7.5% annual rate....

Rosneft, Gunvor, and “Corporate Secrets”

Robert Amsterdam (August 20th, 2008) Writes:
The news of this court ruling allowing Rosneft and Gunvor to remain opaque about their commercial relations is a prime example of Russia's state capture. It's no wonder that so many speculate that Gunvor is the biggest siloviki piggy bank. A Russian court left a veil of secrecy over oil trader Gunvor on Wednesday, rejecting a private shareholder's lawsuit demanding state oil company Rosneft disclose dealings with the firm. Moscow Arbitration Court Judge Alexei Manenkov ruled disclosure of the information to shareholders was not required under Russian corporate law. Rosneft had said its dealings with Gunvor were a commercial secret. Gunvor handles a third of Russian oil exports and has repeatedly won rights to export a large share of Rosneft's Urals blend crude in regular tenders by the state owned company, Russia's largest producer of crude. The company's co-owner, Gennady Timchenko, has rejected speculations he enjoyed special ties with former president ...

Where Now for CEE and Baltic Currencies?

Claus Vistesen (August 6th, 2008) Writes:

By Claus Vistesen: Copenhagen

Ever since the illusive credit turmoil began sentiment in the market place has been fickle and essentially, like the assets of which it consists, volatile. We started off with an adamant focus on downside risks to growth which then turned into a focus and fear of inflation. Now, as the cyclical data has turned for the worse in Europe and many places in Asia the focus seems to be reverting to growth. Now, I won't go into the whole decoupling v recoupling discussion at this point since I think that this dichotomy is a false one. It never was about de-coupling à la traditionelle but moreso about two interrelated points. The first would be the extent to which the world already has decoupled from the US in the sense that a key group of emerging economies are now set to ascend in economic prowess.

...

Where Now for CEE and Baltic Currencies?

Manuel Alvarez-Rivera (August 5th, 2008) Writes:

By Claus Vistesen Copenhagen

Ever since the illusive credit turmoil began sentiment in the market place has been fickle and essentially, like the assets of which it consists, volatile. We started off with an adamant focus on downside risks to growth which then turned into a focus and fear of inflation. Now, as the cyclical data has turned for the worse in Europe and many places in Asia the focus seems to be reverting to growth. Now, I won't go into the whole decoupling v recoupling discussion at this point since I think that this dichotomy is a false one. It never was about de-coupling à la traditionelle but moreso about two interrelated points. The first would be the extent to which the world already has decoupled from the US in the sense that a key group of emerging

...

Newsletter

First Name:

Email:


More Options

No recommendations, either expressed or implied, are being made to buy, sell, hold or short any of the mentioned stocks. No legal, tax or accounting advice is expressed or implied. Always contact your attorney, CPA, or tax advisor before acting on any legal or tax issues. StraightStocks.com is not responsible for the content, products, or services of any of the advertisers on this site. StraightStocks.com receives compensation from advertisers on this blog. Services and products referred to herein are trademarks, registered trademarks, servicemarks, and/or registered servicemarks of their respective trademark or servicemark owners.