Public external debt of Russia in 2008 amounted to 40,5 billion dollars, said in a press release the Ministry of Finance. Previously, the Ministry of Economic Development estimated the size of external debt the country in 2008 to 39 billion dollars.
According to the Finance Ministry, the external debt of Russia in the past year decreased by 9.8 percent compared with that of the previous year. As of 1 January 2008, external debt mills was 44.9 billion dollars.
During the past year, Russia owed by the countries - parties to the Paris Club has fallen by 0.4 billion dollars to 1.4 billion dollars, the Ministry of Finance. The duty of countries not included in the Paris Club, a decrease of 0.3 billion dollars to 1.9 billion. Debt to international financial institutions decreased by 0.5 billion to 4.5 billion dollars.
In early February 2009 the Ministry of Economic Development announced that the total external and internal state debt of Russia in 2008 increased by 9 percent to 2.62 trillion rubles, or 6.3 percent of GDP. In ruble terms, the external debt rose by 4.1 per cent to 1147 trillion rubles.
Saturday, February 28, 2009
Ukraine will reduce purchases of Russian gas by 20 percent.
Goskompaniya "Naftogaz Ukraine" intends to reduce the purchase of gas from Gazprom in 2009 to 20 percent, writes the newspaper "Vedomosti". Thus, the purchase of gas by Ukraine during the year would be approximately 33 billion cubic meters.
Recall that the contract of Gazprom and Naftogaz "to fuel supplies in 2009 suggest that Ukraine will buy 40 billion cubic meters of gas. In doing so, "Naftogaz" to one quarter may reduce the volume of purchases. It is assumed that the exact amount of reduction in procurement should be determined by July 1.
In the "Gazprom" has already received a letter "Naftogaz", but the Russian company did not give its consent the Ukrainian side.
Terms of the contract "Naftogaz" to "Gazprom" provide that "Naftogaz" to pay 80 per cent claimed for the purchase of gas, even if you do not select them. If Ukraine sorvet payments, then move on to the hundred percent advance in 2020.
In doing so, the fuel consumption in the Ukraine because of the crisis is declining. Normal consumption of gas by Ukraine is about 70 billion cubic meters of gas a year, but because of the crisis, demand for oil could fall by 30 percent, says the publication. In doing so, most of the Ukraine gas imports from Russia.
In January 2009, Naftogaz and Gazprom have agreed on the price of gas, and signed a contract for the supply of up to 2019. In 2009, Ukraine will receive Russian oil from 20 per cent discount from the market price of gas, determined by a special formula. Since 2010, natural gas to Ukraine will be supplied without a discount.
Recall that the contract of Gazprom and Naftogaz "to fuel supplies in 2009 suggest that Ukraine will buy 40 billion cubic meters of gas. In doing so, "Naftogaz" to one quarter may reduce the volume of purchases. It is assumed that the exact amount of reduction in procurement should be determined by July 1.
In the "Gazprom" has already received a letter "Naftogaz", but the Russian company did not give its consent the Ukrainian side.
Terms of the contract "Naftogaz" to "Gazprom" provide that "Naftogaz" to pay 80 per cent claimed for the purchase of gas, even if you do not select them. If Ukraine sorvet payments, then move on to the hundred percent advance in 2020.
In doing so, the fuel consumption in the Ukraine because of the crisis is declining. Normal consumption of gas by Ukraine is about 70 billion cubic meters of gas a year, but because of the crisis, demand for oil could fall by 30 percent, says the publication. In doing so, most of the Ukraine gas imports from Russia.
In January 2009, Naftogaz and Gazprom have agreed on the price of gas, and signed a contract for the supply of up to 2019. In 2009, Ukraine will receive Russian oil from 20 per cent discount from the market price of gas, determined by a special formula. Since 2010, natural gas to Ukraine will be supplied without a discount.
Duma allowed flea and bazaars to work outdoors.
Markets will work on old ground, without moving to the capital building for another five years. As reported by RIA Novosti, stated in a bill adopted in first reading by Parliament.
In particular, the timing of the move of retail markets shifted from 1 January 2010 to 1 January 2015, and agricultural markets - with on 1 January 2012, 1 January 2017. In doing so, the head of the Duma Committee on Economic Policy Yevgeny Fyodorov said that the exact dates of delay will be determined on a second reading of the bill.
In the Committee explained that the legislative support to make the forced postponement of the State Duma, as well as about 80 percent of markets have refused to move to the capital building, citing lack of funds. Fyodorov warned that unless the law, it will begin large-scale closure of markets, which affect both producers and consumers are selling their products.
"In addition, the closure of markets, customer facing rising prices," - said the head of the Duma Committee, stressing that the bill is a crisis nature.
In particular, the timing of the move of retail markets shifted from 1 January 2010 to 1 January 2015, and agricultural markets - with on 1 January 2012, 1 January 2017. In doing so, the head of the Duma Committee on Economic Policy Yevgeny Fyodorov said that the exact dates of delay will be determined on a second reading of the bill.
In the Committee explained that the legislative support to make the forced postponement of the State Duma, as well as about 80 percent of markets have refused to move to the capital building, citing lack of funds. Fyodorov warned that unless the law, it will begin large-scale closure of markets, which affect both producers and consumers are selling their products.
"In addition, the closure of markets, customer facing rising prices," - said the head of the Duma Committee, stressing that the bill is a crisis nature.
U.S. budget deficit will rise to 1.75 trillion dollars.
U.S. budget deficit will increase in 2009 fiscal year to 1.75 trillion dollars, which amount to more than 12 per cent of GDP. This was stated by President Barack Obama, reports AP. Previously, the amount of the deficit planned at 1.2 trillion dollars.
Such a significant increase in the deficit occurs because of the adoption of programs to support the U.S. economy, which amounted to 787 billion dollars. Most of the funds provided in the plan will be spent in 2009 on tax incentives and investments in several sectors of the economy.
In order to slightly reduce the deficit, the U.S. administration decided to reduce expenditure in other government programs, including subsidies for farmers. Nevertheless, as a percentage of the volume deficit of the economy was the biggest since the Second World War.
In the coming years, the deficit will remain at the level of one trillion dollars, and only by 2013, it can be reduced to 533 billion - about 3 percent of GDP. In 2008, the difference between revenue and expenditure budget of the United States was slightly over 450 billion dollars.
American budget costs had significantly increased after the country entered a recession. In early 2008 Congress passed the economic stimulus plan amounting to 168 billion dollars, and after the acute phase of the credit crisis, the program was approved by the TARP, which provides assistance to the financial system for 700 billion dollars. Approximately half of these funds are already spent.
Such a significant increase in the deficit occurs because of the adoption of programs to support the U.S. economy, which amounted to 787 billion dollars. Most of the funds provided in the plan will be spent in 2009 on tax incentives and investments in several sectors of the economy.
In order to slightly reduce the deficit, the U.S. administration decided to reduce expenditure in other government programs, including subsidies for farmers. Nevertheless, as a percentage of the volume deficit of the economy was the biggest since the Second World War.
In the coming years, the deficit will remain at the level of one trillion dollars, and only by 2013, it can be reduced to 533 billion - about 3 percent of GDP. In 2008, the difference between revenue and expenditure budget of the United States was slightly over 450 billion dollars.
American budget costs had significantly increased after the country entered a recession. In early 2008 Congress passed the economic stimulus plan amounting to 168 billion dollars, and after the acute phase of the credit crisis, the program was approved by the TARP, which provides assistance to the financial system for 700 billion dollars. Approximately half of these funds are already spent.
Russia's GDP fell in January to 8.8 percent.
Economy of Russia in January 2009 decreased by 8,8 percent compared with the first month of last year. As reported by Interfax, citing a source in one of the departments of finance and economic blocks, such an assessment has the Ministry of Economic Development of Russia.
Earlier, Russia Ministry of Economic Development announced that the country's GDP declined by 2.4 percent relative to December 2008.
According to the Ministry of Economic Development, in the fourth quarter of last year, GDP growth slowed to 1.1 percent. At the same time on the results of 2008 Russia's economy grew by 5.6 per cent.
February 17, the Ministry of Economic Development announced a revised forecast for GDP growth in Russia this year. Under the new assessment, the country's economy to shrink by 2.2 percent. Previously expected to decrease to 0.2 percent of GDP. The decline of industrial production for the year amount to 7.4 percent.
The reason for the slowing down of economic growth Russia has an impact on its global financial crisis, the decline in oil prices on the world market, as well as the decline in industrial production. According to the Central Bank of Russia, industrial production in Russia in December of last year fell by 10.3 percent year on year. According to preliminary data, the decline in January 2009 was 3.5 percent.
Earlier, Russia Ministry of Economic Development announced that the country's GDP declined by 2.4 percent relative to December 2008.
According to the Ministry of Economic Development, in the fourth quarter of last year, GDP growth slowed to 1.1 percent. At the same time on the results of 2008 Russia's economy grew by 5.6 per cent.
February 17, the Ministry of Economic Development announced a revised forecast for GDP growth in Russia this year. Under the new assessment, the country's economy to shrink by 2.2 percent. Previously expected to decrease to 0.2 percent of GDP. The decline of industrial production for the year amount to 7.4 percent.
The reason for the slowing down of economic growth Russia has an impact on its global financial crisis, the decline in oil prices on the world market, as well as the decline in industrial production. According to the Central Bank of Russia, industrial production in Russia in December of last year fell by 10.3 percent year on year. According to preliminary data, the decline in January 2009 was 3.5 percent.
IMF loan conditions described Ukraine.
KommentariiKletka for tigra25.02.2009Risk defaults in Eastern Europe is rapidly rastetSyuzhetyAntikrizisnye loans MVF25.02.2009Latviya beginning to receive financial assistance from EvropyMezhdunarodny Monetary Fund is ready to give Ukraine a second tranche of its 16.5-billion loan, after receiving assurances cover the current budget deficit, Interfax reports with reference to the representative of IMF in Ukraine Max Alera.
Aler added that sources of financing the budget deficit should not lead to accelerating inflation, as well as its effects reduce to naught all the positive effects of good governance deficit. With the IMF was ready to agree to change the size of the deficit.
The IMF and the Government of Ukraine agreed on a loan amounting to 16.5 billion dollars. The first tranche of $ 4.5 billion received in the Ukraine in November 2008.
However, the fund has put forward the condition that each next tranche will be allocated only if the Ukraine will be tough to observe financial discipline and to implement the recommendations of the Professional Board. Meanwhile, the country's budget deficit began to grow, which organized the representatives of the IMF. Mission Fund, negotiated in the country in late January - early February, and did not give a positive conclusion for the second tranche. With favorable developments, he should have been transferred to Ukraine for 15 February.
The Ukrainian economy has suffered from the global financial crisis stronger than any other in Eastern Europe. Industrial production in January 2009 fell by more than a third compared to the same month of 2008. Outflow of foreign capital led to the collapse hryvnia to the dollar and the euro in more than two times.
The probability of default state of Ukraine is estimated at 40 percent. This is evidenced by the quotations of credit default swaps on the country to demonstrate the level of 4000 basis points. For comparison, Latvia swaps traded at 940 basis points, while Russia - 770.
In these circumstances, the Ukrainian government is vital to external credit. In addition to the IMF, Ukraine is considering the possibility to apply for a loan to Russia and the G7.
Aler added that sources of financing the budget deficit should not lead to accelerating inflation, as well as its effects reduce to naught all the positive effects of good governance deficit. With the IMF was ready to agree to change the size of the deficit.
The IMF and the Government of Ukraine agreed on a loan amounting to 16.5 billion dollars. The first tranche of $ 4.5 billion received in the Ukraine in November 2008.
However, the fund has put forward the condition that each next tranche will be allocated only if the Ukraine will be tough to observe financial discipline and to implement the recommendations of the Professional Board. Meanwhile, the country's budget deficit began to grow, which organized the representatives of the IMF. Mission Fund, negotiated in the country in late January - early February, and did not give a positive conclusion for the second tranche. With favorable developments, he should have been transferred to Ukraine for 15 February.
The Ukrainian economy has suffered from the global financial crisis stronger than any other in Eastern Europe. Industrial production in January 2009 fell by more than a third compared to the same month of 2008. Outflow of foreign capital led to the collapse hryvnia to the dollar and the euro in more than two times.
The probability of default state of Ukraine is estimated at 40 percent. This is evidenced by the quotations of credit default swaps on the country to demonstrate the level of 4000 basis points. For comparison, Latvia swaps traded at 940 basis points, while Russia - 770.
In these circumstances, the Ukrainian government is vital to external credit. In addition to the IMF, Ukraine is considering the possibility to apply for a loan to Russia and the G7.
Stepashin called the rumors of the removal of foreign exchange reserves "Brothers Grimm fairy tales.
Chamber did not reveal irregularities in the management of the Bank of Russia international reserves. The statement was made by agency chairman Sergei Stepashin, said RIA Novosti. "The fact that gold was taken out Russia to America or to England - this is Brothers Grimm fairy tale" - he stressed.
This Stepashin questioned the need for a point to accumulate funds, including the contingency fund. According to him, the money saved the financial system, but were not implemented many of the investment infrastructure projects where the funds could be directed.
Chamber start verifying the effectiveness of the international reserves of the Central Administration for the years 2006-2008 at the end of last year. The results of the auditors should formally report to the State Duma in April. Testing was initiated by the deputies of the Duma.
The international reserves of Bank of Russia consists of assets in foreign currency, monetary gold and special drawing rights and reserve position in International Monetary Fund. In terms of reserves (386 billion dollars on 13 February), Russia ranks third after China and Japan.
Russian international reserves reached a peak in August when they came close to 600 billion dollars. Since then they have fallen by nearly 40 percent due to revaluation of currencies, as well as the need to maintain the ruble in terms of capital outflows abroad.
This Stepashin questioned the need for a point to accumulate funds, including the contingency fund. According to him, the money saved the financial system, but were not implemented many of the investment infrastructure projects where the funds could be directed.
Chamber start verifying the effectiveness of the international reserves of the Central Administration for the years 2006-2008 at the end of last year. The results of the auditors should formally report to the State Duma in April. Testing was initiated by the deputies of the Duma.
The international reserves of Bank of Russia consists of assets in foreign currency, monetary gold and special drawing rights and reserve position in International Monetary Fund. In terms of reserves (386 billion dollars on 13 February), Russia ranks third after China and Japan.
Russian international reserves reached a peak in August when they came close to 600 billion dollars. Since then they have fallen by nearly 40 percent due to revaluation of currencies, as well as the need to maintain the ruble in terms of capital outflows abroad.
Buguruslansky businessman gave Putin the court's inaction.
Citizen-entrepreneur "Buguruslan from the city of Orenburg region of Russia on Feb. 27 filed with the Arbitration Court of Moscow the claim to the Prime Minister Vladimir Putin as an individual. This writes the newspaper Kommersant. The entrepreneur, whose name has not been named, had accused Putin of "p / n. Omission." What does the abbreviation "p / n." Unknown. According to the newspaper, the suit is unlikely to be taken into production.
Meanwhile, Putin during a meeting with the leadership of the party "United Russia" February 27, 2009 promised that the economic "disaster" in Russia does not happen. But he noted that financial and economic crisis has not yet reached its peak and may last for a long time. As a long time, Putin did not specify. Nevertheless, he expressed confidence that the stability of the banking system, all conditions for the resumption of lending to the real sector of the economy, and oil and energy are quite stable.
"In March we will take a very responsible decision this year - to approve a new version of the budget", - Putin added. Parameters of the budget years 2009-2011 are reviewed by the Government on behalf of the Russian prime minister, given in mid-January. The document is reviewed on the basis of forecasting oil prices of 41 dollars per barrel, rather than 95 dollars, as provided for in the current version of the budget, adopted in November 2008.
February 24, 2009 the Minister of Finance of Russia Alexey Kudrin said that the 2009 budget revenues will decrease by 42 percent compared with last year and will be 6.3 trillion rubles. This expenditure should reach 9,3-9,5 trillion rubles. As a result, the budget expects a deficit of eight per cent of GDP.
Meanwhile, Putin during a meeting with the leadership of the party "United Russia" February 27, 2009 promised that the economic "disaster" in Russia does not happen. But he noted that financial and economic crisis has not yet reached its peak and may last for a long time. As a long time, Putin did not specify. Nevertheless, he expressed confidence that the stability of the banking system, all conditions for the resumption of lending to the real sector of the economy, and oil and energy are quite stable.
"In March we will take a very responsible decision this year - to approve a new version of the budget", - Putin added. Parameters of the budget years 2009-2011 are reviewed by the Government on behalf of the Russian prime minister, given in mid-January. The document is reviewed on the basis of forecasting oil prices of 41 dollars per barrel, rather than 95 dollars, as provided for in the current version of the budget, adopted in November 2008.
February 24, 2009 the Minister of Finance of Russia Alexey Kudrin said that the 2009 budget revenues will decrease by 42 percent compared with last year and will be 6.3 trillion rubles. This expenditure should reach 9,3-9,5 trillion rubles. As a result, the budget expects a deficit of eight per cent of GDP.
Fed U.S. economy underwent restoration in the next decade.
KommentariiBeshenye dengi11.02.2009SShA identify three trillion dollars to save ekonomikiPolnoe restoring the U.S. economy after the global credit crisis may take more than two or three years. The statement was made head of the U.S. Federal Reserve, Ben Bernanke, addressing the Congress. Its words transmits AFP.
Bernanke also said that in early 2009 slowdown in U.S. economy has continued, but the country has a chance to emerge from recession by the end of the year. This will happen only if the work plan for rebuilding the economy, Bernanke stressed.
The U.S. economy, according to official figures, is in a recession since December 2007. This recession in the U.S. indicated no mere drop in GDP over two quarters, as in the rest of the world, but the decline for a number of macroeconomic indicators.
During 2008-2009, the U.S. was developed several plans to rescue the economy and the financial sector. Together they suggest the allocation of the budget of trillions of dollars. They will go to tax cuts, investments in infrastructure, as well as the recapitalization of banks and combat the shortage of liquidity.
In late 2008-th and the beginning of 2009, most developed countries in the world, announced the onset of recession. It is believed that the global economy can only recover by year's end. According to the International Monetary Fund, global GDP in 2009 to grow only at 0.5 percent, the lowest since the Second World War. According to official data, the U.S. economy to decline in 2009 to 0,5-1,3 percent. U.S. Unemployment by the end of the year will increase from 7.6 to 8,5-8,8 percent.
Bernanke also said that in early 2009 slowdown in U.S. economy has continued, but the country has a chance to emerge from recession by the end of the year. This will happen only if the work plan for rebuilding the economy, Bernanke stressed.
The U.S. economy, according to official figures, is in a recession since December 2007. This recession in the U.S. indicated no mere drop in GDP over two quarters, as in the rest of the world, but the decline for a number of macroeconomic indicators.
During 2008-2009, the U.S. was developed several plans to rescue the economy and the financial sector. Together they suggest the allocation of the budget of trillions of dollars. They will go to tax cuts, investments in infrastructure, as well as the recapitalization of banks and combat the shortage of liquidity.
In late 2008-th and the beginning of 2009, most developed countries in the world, announced the onset of recession. It is believed that the global economy can only recover by year's end. According to the International Monetary Fund, global GDP in 2009 to grow only at 0.5 percent, the lowest since the Second World War. According to official data, the U.S. economy to decline in 2009 to 0,5-1,3 percent. U.S. Unemployment by the end of the year will increase from 7.6 to 8,5-8,8 percent.
The Russian ministry will reduce the eighth part of the cost.
The Russian ministry will reduce its spending in 2009 by an average of 12.5 percent. The statement was made by Finance Minister Alexey Kudrin, informs RIA Novosti.
According to him, the decrease was not uniform for all ministries and departments. Some of them are more "protected items." For example, reducing the costs of NRF will be 8.5 per cent, while the federal treasury - 9,5 percent.
Because of the global economic crisis, budget revenues in 2009 substantially reduced. According to Kudrin, a decline of about 42 per cent. In this regard, the authorities began to look for opportunities to reduce costs, including through the state machinery. February 17, President Dmitry Medvedev instructed his administration head Sergei Naryshkin to prepare a package of proposals to reduce costs apparatus of administration. Similar recommendations were given to the Federation Council and the regional legislature. Earlier, Russian media reported that the reduction in government spending has already begun. In particular, the Federation Council has reduced spending in 2009 to 30 percent by reducing the vacancy rate and some other measures. The State Duma has reduced its expenditure by 5,7 percent, while planning to bring the level of savings up to 12 percent.
It upravdelami President to reduce the costs of major repairs to the 10-15 per cent, while Minpromtorg intends to cut costs by one fifth due to business trips, canceled dozens of installations and repair costs for projects in the industry.
According to him, the decrease was not uniform for all ministries and departments. Some of them are more "protected items." For example, reducing the costs of NRF will be 8.5 per cent, while the federal treasury - 9,5 percent.
Because of the global economic crisis, budget revenues in 2009 substantially reduced. According to Kudrin, a decline of about 42 per cent. In this regard, the authorities began to look for opportunities to reduce costs, including through the state machinery. February 17, President Dmitry Medvedev instructed his administration head Sergei Naryshkin to prepare a package of proposals to reduce costs apparatus of administration. Similar recommendations were given to the Federation Council and the regional legislature. Earlier, Russian media reported that the reduction in government spending has already begun. In particular, the Federation Council has reduced spending in 2009 to 30 percent by reducing the vacancy rate and some other measures. The State Duma has reduced its expenditure by 5,7 percent, while planning to bring the level of savings up to 12 percent.
It upravdelami President to reduce the costs of major repairs to the 10-15 per cent, while Minpromtorg intends to cut costs by one fifth due to business trips, canceled dozens of installations and repair costs for projects in the industry.
The Russian electricity sector have failed to agree on the development of the industry.
Supervisory Board of a non-profit partnership "The market was unable to endorse the long-term vision of market power in Russia. About Interfax reports with reference to anonymous sources. According to them, the concept was not adopted because of disagreements between producers and consumers of electricity.
Manufacturers believe that the most important return on investment to investors in the construction of new facilities. Consumers are also insisting that at the center should be inexpensive electricity.
According to the sources of "Interfax", are now members of the Council the market to prepare new proposals, but to decide the fate of the program for them is likely to be the Ministry.
In spring 2008, the head of RAO UES of Russia "Anatoly Chubais said that Russia's electricity sector needs 4.3 trillion rubles of investments until 2012. This would introduce new facilities and meet the needs of a growing economy. This Chubais, of course, could not take into account the financial crisis, which worsened in autumn 2008 and has led to a decline in GDP in Russia. In mid-2008, RAO UES of Russia ceased to exist as a result of the reform of Russian power.
In a non-profit partnership "The market is composed of large consumers of electricity, power, and the organization of producers, as well as infrastructure companies and a group of organizations - the independent experts.
Manufacturers believe that the most important return on investment to investors in the construction of new facilities. Consumers are also insisting that at the center should be inexpensive electricity.
According to the sources of "Interfax", are now members of the Council the market to prepare new proposals, but to decide the fate of the program for them is likely to be the Ministry.
In spring 2008, the head of RAO UES of Russia "Anatoly Chubais said that Russia's electricity sector needs 4.3 trillion rubles of investments until 2012. This would introduce new facilities and meet the needs of a growing economy. This Chubais, of course, could not take into account the financial crisis, which worsened in autumn 2008 and has led to a decline in GDP in Russia. In mid-2008, RAO UES of Russia ceased to exist as a result of the reform of Russian power.
In a non-profit partnership "The market is composed of large consumers of electricity, power, and the organization of producers, as well as infrastructure companies and a group of organizations - the independent experts.
Friday, February 27, 2009
The drop in U.S. GDP has exceeded six percent.
The U.S. economy in the fourth quarter of 2008 declined year on year to 6.2 percent, according to a press release, the Bureau of Economic Analysis U.S. Department of Commerce. According to previous assessment, released in late January, the rate of decline was only 3.8 per cent.
Quarterly GDP drop proved the most significant since the beginning of 1982 and the third in size over the entire postwar history. Score was worse than analysts' predictions, awaiting its review to only 5,4 percent, informs Bloomberg. Compared with the same period in 2007, decline was 0.8 percent.
The overall rate of economic growth in the U.S. for 2008 has also been reduced from 1,3 to 1,1 percent, the lowest level since 2001. Positive GDP growth is achieved through an increase in this index in the first half of 2008.
Depression assessment was primarily due to the reduction of stock, which fell by 19 billion dollars in monetary terms. According to previous estimates, the reserves increased by 6 billion dollars.
U.S. GDP is reduced because of the unprecedented over the past decade of economic crisis in the country and around the world. The sharp fall in employment and unavailability of credit has reduced consumer spending and investment. Analysts expect the continuation of decline just as rapidly in the first quarter of 2009.
Quarterly GDP drop proved the most significant since the beginning of 1982 and the third in size over the entire postwar history. Score was worse than analysts' predictions, awaiting its review to only 5,4 percent, informs Bloomberg. Compared with the same period in 2007, decline was 0.8 percent.
The overall rate of economic growth in the U.S. for 2008 has also been reduced from 1,3 to 1,1 percent, the lowest level since 2001. Positive GDP growth is achieved through an increase in this index in the first half of 2008.
Depression assessment was primarily due to the reduction of stock, which fell by 19 billion dollars in monetary terms. According to previous estimates, the reserves increased by 6 billion dollars.
U.S. GDP is reduced because of the unprecedented over the past decade of economic crisis in the country and around the world. The sharp fall in employment and unavailability of credit has reduced consumer spending and investment. Analysts expect the continuation of decline just as rapidly in the first quarter of 2009.
Ministry of Finance of Russia has decided to tighten the tax laws.
Finance Minister Alexei Kudrin, Russia agreed to establish jointly with the Federal Tax Service (NRF), a working group which will be the tightening of tax laws. This Kommersant. "
Need to review the rules of conduct tax audits Kudrin explained that in terms of financial and economic crisis, the Ministry of Finance of the NRF will require greater tax collection. What are the tax rules will be subjected to revision, Kudrin did not specify.
According to the head of the Federal Tax Service Mikhail Mokretsova, expanding the powers of tax services that were "cut" in 2007, will provide enhanced control over the companies. This writes the newspaper "Vedomosti". "Business can very quickly make the transition from netenevogo in the shadow economy", - explained his position the head of the Federal Tax Service, citing the difficulty of obtaining some information from banks.
Banks are required to furnish all information on its operations in Rosfinmonitoring, as well as on-demand - Tax Service.
In 2007, the new edition of the first part of the Tax Code was adopted by the Ministry of Finance, the State Duma and the Russian Union of Industrialists and Entrepreneurs (RSPP). In particular, cross-checks were abolished counteragents taxpayer, limited requirements for documentation when checking desktop, as well as reducing the number of audit firms. It is possible that these rules can now be lifted.
Need to review the rules of conduct tax audits Kudrin explained that in terms of financial and economic crisis, the Ministry of Finance of the NRF will require greater tax collection. What are the tax rules will be subjected to revision, Kudrin did not specify.
According to the head of the Federal Tax Service Mikhail Mokretsova, expanding the powers of tax services that were "cut" in 2007, will provide enhanced control over the companies. This writes the newspaper "Vedomosti". "Business can very quickly make the transition from netenevogo in the shadow economy", - explained his position the head of the Federal Tax Service, citing the difficulty of obtaining some information from banks.
Banks are required to furnish all information on its operations in Rosfinmonitoring, as well as on-demand - Tax Service.
In 2007, the new edition of the first part of the Tax Code was adopted by the Ministry of Finance, the State Duma and the Russian Union of Industrialists and Entrepreneurs (RSPP). In particular, cross-checks were abolished counteragents taxpayer, limited requirements for documentation when checking desktop, as well as reducing the number of audit firms. It is possible that these rules can now be lifted.
Russia agreed on deliveries of nuclear fuel Ukraine.
Ukrainian company Energoatom and the Russian corporation TVEL signed contracts for delivery in 2009 of nuclear fuel for Ukrainian nuclear power plant, reports RIA Novosti. It is anticipated that a portion of fuel will produce TVEL using Ukrainian uranium. Companies will soon sign a long-term contract for the supply of nuclear fuel since 2010.
The current long-term contract "Energoatom with TVEL will expire in 2010. In autumn 2008, TVEL proposed Ukrainian partners to conclude a new contract for the supply of nuclear fuel from 2010 to 2026. At the same price, which suggested that the Russian corporation Energoatom ", according to the media, was significantly lower than those of competitors.
TVEL went on assignment to intercept a contract from the American Westinghouse, which Energoatom previously entered into an agreement. The contract involves the provision of nuclear fuel from three to six power plants of Ukraine in the years 2011-2015. In doing so, the Ukraine stated that cooperation with Westinghouse has been possible because of the reluctance of TVEL lower prices for their products.
In spring 2008, "Energoatom TVEL accused of violating the current contract, saying that Russian companies overestimated the price of their products. TVEL representatives argued that this decision was a response to a contract with Westinghouse, as TVEL provides Energoatom discount. With the Americans as the agreement was signed at market prices.
Energoatom "- the operator of four nuclear power plants in Ukraine. Their total capacity is 13,835 gigawatts. TVEL - a company which unites the largest Russian company, specializing in the production of natural uranium, as well as production and supply of nuclear fuel at nuclear power plants.
TVEL for today is the sole supplier of nuclear fuel for Ukrainian NPPs. Corporation in 1996, was the winner of an international tender for the supply of fuel for Ukrainian power plants, and in 1997 a contract was signed until 2010, inclusive. The volume and delivery terms are agreed upon every year, recalls "Interfax".
The current long-term contract "Energoatom with TVEL will expire in 2010. In autumn 2008, TVEL proposed Ukrainian partners to conclude a new contract for the supply of nuclear fuel from 2010 to 2026. At the same price, which suggested that the Russian corporation Energoatom ", according to the media, was significantly lower than those of competitors.
TVEL went on assignment to intercept a contract from the American Westinghouse, which Energoatom previously entered into an agreement. The contract involves the provision of nuclear fuel from three to six power plants of Ukraine in the years 2011-2015. In doing so, the Ukraine stated that cooperation with Westinghouse has been possible because of the reluctance of TVEL lower prices for their products.
In spring 2008, "Energoatom TVEL accused of violating the current contract, saying that Russian companies overestimated the price of their products. TVEL representatives argued that this decision was a response to a contract with Westinghouse, as TVEL provides Energoatom discount. With the Americans as the agreement was signed at market prices.
Energoatom "- the operator of four nuclear power plants in Ukraine. Their total capacity is 13,835 gigawatts. TVEL - a company which unites the largest Russian company, specializing in the production of natural uranium, as well as production and supply of nuclear fuel at nuclear power plants.
TVEL for today is the sole supplier of nuclear fuel for Ukrainian NPPs. Corporation in 1996, was the winner of an international tender for the supply of fuel for Ukrainian power plants, and in 1997 a contract was signed until 2010, inclusive. The volume and delivery terms are agreed upon every year, recalls "Interfax".
The head of the Central Bank of Iceland will be a foreigner.
Central Bank of Iceland, a country which is considered to be most affected by the financial crisis in western Europe, headed by a Norwegian economist, Svein Harald Oeygard (Svein Harald Oeygard or Oygard). That was reported by AFP, referring to a statement by the Prime Minister of Iceland Johanna Sigurdardottir (Johanna Sigurdardottir).
Svein Harald Oeygard has a master's degree in economics at the University of Oslo. He worked in the Ministry of Finance of Norway in 1990-1994. Since 1995, he moved to the company McKinsey.
Place heads of the Central Bank has proved to be vacant, after the post had to leave David Oddson (David Oddsson), which is considered one of the main perpetrators of such large-scale crisis in Iceland. That is considered the Prime Minister Johanna Sigurdardottir, forced the resignation of the Central Chapter. To this end, had to change local laws: now the Central Bank can lead only to a man with a master's degree in economics. Do Oddsona such an extent no.
By the end of 2008, Iceland was on the verge of bankruptcy because of what had to nationalize all major banks and the government resigned. In addition, the Central Bank raised the base rate to 18 percent. IMF loan to Iceland will allocate 2.1 billion dollars.
Svein Harald Oeygard has a master's degree in economics at the University of Oslo. He worked in the Ministry of Finance of Norway in 1990-1994. Since 1995, he moved to the company McKinsey.
Place heads of the Central Bank has proved to be vacant, after the post had to leave David Oddson (David Oddsson), which is considered one of the main perpetrators of such large-scale crisis in Iceland. That is considered the Prime Minister Johanna Sigurdardottir, forced the resignation of the Central Chapter. To this end, had to change local laws: now the Central Bank can lead only to a man with a master's degree in economics. Do Oddsona such an extent no.
By the end of 2008, Iceland was on the verge of bankruptcy because of what had to nationalize all major banks and the government resigned. In addition, the Central Bank raised the base rate to 18 percent. IMF loan to Iceland will allocate 2.1 billion dollars.
In Thailand, the ASEAN summit opened.
In Thailand, February 27, 2009 started Summit Association of Southeast Asian Nations (ASEAN), reports BBC News. The CIS summit will counter the global financial and economic crisis, as well as reduced demand for exports of 10 countries - members of ASEAN.
Meeting of Foreign Ministers of countries - members of ASEAN was to be held in the middle of December 2008 in Thailand, but was postponed indefinitely because of the tense political situation in the country. In particular, 25 November, the opposition seeking the resignation of Prime Minister Sonchata Vongsavata, was captured by the main international airport in Thailand.
ASEAN was formed in August 1967, in Bangkok, when it was signed "Declaration of ASEAN." The organization carries out political, economic and cultural functions. Members of the Association are ten countries of Southeast Asia: Brunei, Cambodia, Indonesia, Japan, Laos, Malaysia, Myanmar, Singapore, Thailand and the Philippines.
Meeting of Foreign Ministers of countries - members of ASEAN was to be held in the middle of December 2008 in Thailand, but was postponed indefinitely because of the tense political situation in the country. In particular, 25 November, the opposition seeking the resignation of Prime Minister Sonchata Vongsavata, was captured by the main international airport in Thailand.
ASEAN was formed in August 1967, in Bangkok, when it was signed "Declaration of ASEAN." The organization carries out political, economic and cultural functions. Members of the Association are ten countries of Southeast Asia: Brunei, Cambodia, Indonesia, Japan, Laos, Malaysia, Myanmar, Singapore, Thailand and the Philippines.
Bogdanchikov he measured five years to rebuild the oil industry in Russia.
KommentariiDefitsitny tovar11.02.2009Rossiyskaya "neftyanka" trying to dislodge additional lgotyRossiyskoy petroleum industry will require at least three to five years to reach production of August-September 2008. This statement was made president of Rosneft, Sergei Bogdanchikov, reports RIA Novosti.
Bogdanchikov added that in his view, this rate of growth of oil production, which have been marked in recent years, more than expected. According to the president of Rosneft, during which time the volume of crude oil increased from 300 million to 500 million tons per year.
Remember, in mid-February, Deputy Prime Minister Igor Sechin said that the oil industry in the country to maintain stability, and already this year, oil production will increase due to significant investments made earlier. Even before the declaration Sechin, Minister of Energy of Russia Sergei Shmatko warned that the extraction of hydrocarbons in Russia under the existing tax regime to decline by 2013 to eight per cent from current levels to reach 450 million tons a year.
In 2008, oil production fell by 0,7 percent compared with a year earlier. Only last year it was produced 488.1 million tons of oil.
In April 2008, vice-president of Lukoil, Leonid Fedun said that peak oil production in Russia has been made in 2007 and will not be repeated.
Bogdanchikov added that in his view, this rate of growth of oil production, which have been marked in recent years, more than expected. According to the president of Rosneft, during which time the volume of crude oil increased from 300 million to 500 million tons per year.
Remember, in mid-February, Deputy Prime Minister Igor Sechin said that the oil industry in the country to maintain stability, and already this year, oil production will increase due to significant investments made earlier. Even before the declaration Sechin, Minister of Energy of Russia Sergei Shmatko warned that the extraction of hydrocarbons in Russia under the existing tax regime to decline by 2013 to eight per cent from current levels to reach 450 million tons a year.
In 2008, oil production fell by 0,7 percent compared with a year earlier. Only last year it was produced 488.1 million tons of oil.
In April 2008, vice-president of Lukoil, Leonid Fedun said that peak oil production in Russia has been made in 2007 and will not be repeated.
In Moscow, 400 registered unemployed in the day.
SyuzhetyRost unemployment Rossii20.02.2009Chislo "hidden unemployed" in Russia has exceeded one million chelovekKolichestvo officially registered as unemployed in Moscow has recently increased by two thousand people per week, or 400 people a day. The statement was made head of the Department of Labor and Employment, capital Oleg Neterebsky, RIA News.
According to officials, in early 2009, officially registered as unemployed was only 23 thousand, but for a month, it rose to 35 thousand. In doing so, the increase in the number of unemployed affects not only the economic situation, but also an increase in unemployment benefits up to 4.9 thousand rubles. Previously, it was at one and a half thousand rubles less, so many lost their jobs are simply not treated in the employment service.
Neterebsky also reported that employers prefer to dismiss pensioners (21.1 per cent decrease), youth (19.6 per cent), as well as people who will soon reach retirement age.
According to the Ministry of Economic Development, the number of officially registered unemployed in Russia will increase by the end of the year to 2.2 million people, and now amounts to 1,7-1,8 million. The overall number of unemployed to the end of 2009 will be several times larger - about 5.5 million people.
According to officials, in early 2009, officially registered as unemployed was only 23 thousand, but for a month, it rose to 35 thousand. In doing so, the increase in the number of unemployed affects not only the economic situation, but also an increase in unemployment benefits up to 4.9 thousand rubles. Previously, it was at one and a half thousand rubles less, so many lost their jobs are simply not treated in the employment service.
Neterebsky also reported that employers prefer to dismiss pensioners (21.1 per cent decrease), youth (19.6 per cent), as well as people who will soon reach retirement age.
According to the Ministry of Economic Development, the number of officially registered unemployed in Russia will increase by the end of the year to 2.2 million people, and now amounts to 1,7-1,8 million. The overall number of unemployed to the end of 2009 will be several times larger - about 5.5 million people.
Reserves Russia fell by three billion dollars per week.
The volume of international reserves of Russia amounted to 20 February, around 383 billion dollars. That was reported by RIA Novosti with reference to the statement by the Deputy Chairman of Bank of Russia Alexei Ulyukaeva. Thus, from February 13, the reserves fell by 3.6 billion dollars.
In the official press release, the CBR, which came after a statement Ulyukaeva, that the reserves of Russia on 20 February was 381.9 billion dollars. This is 4.7 billion less than February 13, when the reserves of Russia amounted to 386.6 billion dollars.
Another 2 Jan, 2009 the reserves stood at 426 billion dollars. On 11 February the Bank of Russia reported that sold in early 2009 about 40 billion dollars of its international reserves.
In August 2008, the reserves reached 600 billion dollars, but the fall of the Central Bank has begun to spend on maintenance of the ruble and a controlled devaluation of the currency. From September to December last year, the Bank of Russia sold the currency on the 169 billion dollar equivalent.
January 22, the Central Bank has completed the devaluation of the ruble against the dollar and the euro, setting the upper limit of currency corridor at 41 rubles. In the Central promised to restrain the course of Russian currency within the boundaries of the established corridor. On February 26, bivalyutnoy basket value, calculated at the official exchange rate was 40.47 rubles.
In the official press release, the CBR, which came after a statement Ulyukaeva, that the reserves of Russia on 20 February was 381.9 billion dollars. This is 4.7 billion less than February 13, when the reserves of Russia amounted to 386.6 billion dollars.
Another 2 Jan, 2009 the reserves stood at 426 billion dollars. On 11 February the Bank of Russia reported that sold in early 2009 about 40 billion dollars of its international reserves.
In August 2008, the reserves reached 600 billion dollars, but the fall of the Central Bank has begun to spend on maintenance of the ruble and a controlled devaluation of the currency. From September to December last year, the Bank of Russia sold the currency on the 169 billion dollar equivalent.
January 22, the Central Bank has completed the devaluation of the ruble against the dollar and the euro, setting the upper limit of currency corridor at 41 rubles. In the Central promised to restrain the course of Russian currency within the boundaries of the established corridor. On February 26, bivalyutnoy basket value, calculated at the official exchange rate was 40.47 rubles.
Central Bank has promised to prevent inflation from the Reserve Fund for the expenses.
KommentariiGde money Zine? 25.02.2009Dohody federal budget Russia has sokratyatsyaEmissiya to cover the federal budget deficit in 2009 could reach 2.7 trillion rubles. However, it did not affect the inflation rate since the Bank of Russia will reduce this amount to refinance the banks. This is the first vice-chairman told CBR Alexey Ulyukaev, reports RIA Novosti.
According to him, the MOF will be used to cover shortfalls in Reserve Fund, in the currency. They will be sold to the Central Bank, which will release the appropriate amount of rubles. Each month, the Russian economy will be more than 200 billion rubles allocated to cover the shortfall.
 Ulyukaev added that the importance of the Central Bank refinancing for banks not to exaggerate, because its share of the liabilities of credit institutions is not more than 20 per cent.
February 24, Finance Minister Alexei Kudrin said that the revenue budget-2009 will drop by 42 percent compared with last year and will total 6.3 trillion rubles. Meanwhile, the cost should reach 9,3-9,5 trillion. Initially, income is expected to be 10.9 trillion rubles, expenses - 9,2 trillion. Later, because of the impact on the economy of the global economic crisis, the authorities revised the number of parameters, including the price of oil.
For the first fifteen months of 2009 inflation in Russia amounted to three percent. At the end of the year the Ministry of Economic Development expects consumer price inflation level, 13-14 percent Al. In 2008, inflation stood at 13,3 percent.
According to him, the MOF will be used to cover shortfalls in Reserve Fund, in the currency. They will be sold to the Central Bank, which will release the appropriate amount of rubles. Each month, the Russian economy will be more than 200 billion rubles allocated to cover the shortfall.
 Ulyukaev added that the importance of the Central Bank refinancing for banks not to exaggerate, because its share of the liabilities of credit institutions is not more than 20 per cent.
February 24, Finance Minister Alexei Kudrin said that the revenue budget-2009 will drop by 42 percent compared with last year and will total 6.3 trillion rubles. Meanwhile, the cost should reach 9,3-9,5 trillion. Initially, income is expected to be 10.9 trillion rubles, expenses - 9,2 trillion. Later, because of the impact on the economy of the global economic crisis, the authorities revised the number of parameters, including the price of oil.
For the first fifteen months of 2009 inflation in Russia amounted to three percent. At the end of the year the Ministry of Economic Development expects consumer price inflation level, 13-14 percent Al. In 2008, inflation stood at 13,3 percent.
Nabiullina called the conditions of growth of GDP in Russia.
KommentariiSamy cold mesyats20.02.2009Yanvar turned to the economy of the Russian Federation worst month for many godyRost Russia's GDP could be recorded in the booming oil prices to 50 dollars per barrel. This stated the Minister of Economic Development Elvira Nabiullina, RIA News. According to an official from the Ministry, at a price of 41 dollars a barrel the country's economy to shrink by 2.2 percent. Now in the world market of the Russian Urals costs about 41-42 dollars per barrel.
The Minister stressed that GDP growth does not depend solely on oil prices, but also on anti-crisis measures by the Government.
Previously, a number of Russian news agencies reported that, according to Finance Minister Alexei Kudrin, even at the price of 55 dollars per barrel of Russia's GDP will be no advantage. But later it turned out that the Minister had in mind is that when such a price and budget revenues would still be lower than planned in autumn 2008, said Interfax.
In February it became known that during the first month of 2009, GDP declined by 2.4 percent over the same period last year and 8.8 per cent compared with December 2008. This strong drop in GDP is linked to the global economic crisis, falling oil prices and a decline in demand for major export products in Russia, including hydrocarbons and metals.
The Minister stressed that GDP growth does not depend solely on oil prices, but also on anti-crisis measures by the Government.
Previously, a number of Russian news agencies reported that, according to Finance Minister Alexei Kudrin, even at the price of 55 dollars per barrel of Russia's GDP will be no advantage. But later it turned out that the Minister had in mind is that when such a price and budget revenues would still be lower than planned in autumn 2008, said Interfax.
In February it became known that during the first month of 2009, GDP declined by 2.4 percent over the same period last year and 8.8 per cent compared with December 2008. This strong drop in GDP is linked to the global economic crisis, falling oil prices and a decline in demand for major export products in Russia, including hydrocarbons and metals.
Oil has become worth more than 45 dollars a barrel.
According to the results of bidding on 26 February the price of oil increased significantly, breaking the mark of 45 dollars per barrel, reported AFP.
The value of a futures contract for WTI crude oil brands with delivery in April in New York rose by 2.72 dollars (about six per cent), reaching a level of 45.22 dollars per barrel. In London, similar to futures in oil brand Brent grew up in the price of 2.22 dollar and reached 46.51 dollars per barrel.
Recall that on Wednesday, oil prices also rose by six per cent. The reason for growth was made by the U.S. government, which noted the reduction of fuel per week at 3.4 million barrels, as well as growing demand for fuel by consumers. These data were received by market participants as a positive signal that the long decline in oil prices may turn some growth. Positive changes in oil prices raised the quotations of Russian oil companies: for example, shares of Rosneft and Lukoil became the day at 8,91 and 9,09 percent respectively.
At the same time, U.S. stock indices fell slightly on Thursday. Dow Jones dropped 1.22 percent, Nasdaq - for 1,58 percent, and a broad market index S & P 500 fell by 1.58 per cent.
The value of a futures contract for WTI crude oil brands with delivery in April in New York rose by 2.72 dollars (about six per cent), reaching a level of 45.22 dollars per barrel. In London, similar to futures in oil brand Brent grew up in the price of 2.22 dollar and reached 46.51 dollars per barrel.
Recall that on Wednesday, oil prices also rose by six per cent. The reason for growth was made by the U.S. government, which noted the reduction of fuel per week at 3.4 million barrels, as well as growing demand for fuel by consumers. These data were received by market participants as a positive signal that the long decline in oil prices may turn some growth. Positive changes in oil prices raised the quotations of Russian oil companies: for example, shares of Rosneft and Lukoil became the day at 8,91 and 9,09 percent respectively.
At the same time, U.S. stock indices fell slightly on Thursday. Dow Jones dropped 1.22 percent, Nasdaq - for 1,58 percent, and a broad market index S & P 500 fell by 1.58 per cent.
"Naftogaz" has found the money for the settlement with Gazprom.
KommentariiPodarok kuharkam26.02.2009V Gazprom expect a new conflict with Ukraine Company "Naftogaz Ukraine" has been able to gather enough money to pay with Gazprom for gas deliveries in February 2009 . The statement was made by Press Secretary of "Naftogaz" Valentin Zemlyanskiy, reports RIA Novosti. "We need to settle the contract until March 7, we have no problems. We do not see negative developments, the bank, we have confirmation that the necessary amount of dollars is" - he said.
According to Zemlianskaia, Ukraine has difficulties in the domestic gas market, as some of the consumers of fuel in arrears. Nevertheless, this should not affect the solvency of "Naftogaz". February 19, 2009 "Naftogaz Ukraine" has declared that the Ukrainian companies owe for gas 4567 billion hryvnia (575 million dollars).
February 26, 2009 it was reported that Gazprom may again suspend fuel shipments to Ukraine. This will happen on 8 March this year when the March 7 "Naftogaz Ukraine" does not pay for fuel delivered in February. According to Gazprom, the Ukrainian company must pay the then 400 million dollars.
The contract for the supply of gas in the years 2009-2019, which was signed by Gazprom and Naftogaz in January of this year, provides for payment of fuel, no later than 7 of the month following the month of delivery. In total, "Naftogaz" is expected to pay for gas supplies in 2009 some 14.4 billion dollars. The Russian-Ukrainian contract provides for the transition to a system of advance payments for fuel in case the first non-payment.
1 January 2009, Gazprom stopped gas deliveries Ukraine. Reason for is that the parties failed to agree on gas price in 2009 and, therefore, to conclude a contract for the delivery. A week later stopped the transit of Russian fuel to Europe through Ukraine. Deliveries were resumed in late January 2009.
According to Zemlianskaia, Ukraine has difficulties in the domestic gas market, as some of the consumers of fuel in arrears. Nevertheless, this should not affect the solvency of "Naftogaz". February 19, 2009 "Naftogaz Ukraine" has declared that the Ukrainian companies owe for gas 4567 billion hryvnia (575 million dollars).
February 26, 2009 it was reported that Gazprom may again suspend fuel shipments to Ukraine. This will happen on 8 March this year when the March 7 "Naftogaz Ukraine" does not pay for fuel delivered in February. According to Gazprom, the Ukrainian company must pay the then 400 million dollars.
The contract for the supply of gas in the years 2009-2019, which was signed by Gazprom and Naftogaz in January of this year, provides for payment of fuel, no later than 7 of the month following the month of delivery. In total, "Naftogaz" is expected to pay for gas supplies in 2009 some 14.4 billion dollars. The Russian-Ukrainian contract provides for the transition to a system of advance payments for fuel in case the first non-payment.
1 January 2009, Gazprom stopped gas deliveries Ukraine. Reason for is that the parties failed to agree on gas price in 2009 and, therefore, to conclude a contract for the delivery. A week later stopped the transit of Russian fuel to Europe through Ukraine. Deliveries were resumed in late January 2009.
Thursday, February 26, 2009
Because of the increased excise tax on alcohol 75 thousand Britons lose their jobs.
The decision of the British Government to raise excise duty on alcohol could cost the work of 75 thousand people employed in the industry. This writes The Telegraph, referring to the leading figures in the country association of producers of alcoholic beverages.
In addition, higher taxes lead to higher prices for alcohol at 17 percent. Sales volume in this case will fall to 11 per cent and the budget shortfall over the next five years, taxes on 1.6 billion pounds sterling (about 2,3 billion dollars).
The authorities are planning the UK from March to raise the excise duty on alcohol over the next four years. It was expected that the amount of tax to be indexed, depending on the level of inflation plus two per cent.
In late 2008, British doctors report that more than 10 million people in Britain consume alcoholic beverages in quantities Affecting Health. In the fight against alcohol Parliament proposed to prohibit bars and shops selling alcohol to Decrease prices.
In addition, higher taxes lead to higher prices for alcohol at 17 percent. Sales volume in this case will fall to 11 per cent and the budget shortfall over the next five years, taxes on 1.6 billion pounds sterling (about 2,3 billion dollars).
The authorities are planning the UK from March to raise the excise duty on alcohol over the next four years. It was expected that the amount of tax to be indexed, depending on the level of inflation plus two per cent.
In late 2008, British doctors report that more than 10 million people in Britain consume alcoholic beverages in quantities Affecting Health. In the fight against alcohol Parliament proposed to prohibit bars and shops selling alcohol to Decrease prices.
The candidate for the premiere of Latvia has warned the country about a possible bankruptcy.
KommentariiKletka for tigra25.02.2009Risk defaults in Eastern Europe is rapidly rastetPopal under krizis23.02.2009Latviya remained without premeraKandidat in the Prime Minister of Latvia Valdis Dombrovskis said that Latvia is on the verge of bankruptcy " , reported AFP. He said the previous government has not fulfilled the obligations required under the IMF stabilization loan.
Latvia has agreed to loan from the IMF and the EU in the total amount of 7,5 billion euros. Of this amount, in the country's coffers have already been tranche in the amount of 1,6 billion euros. The principal terms of the issuance of credit were reduced public spending and tightening monetary policy.
Dombrovskis said the first task of the new government was a "belt tightening". In particular, he proposed to reduce the cost of state budget to a billion euros by the end of March 2009. "An alternative to reduce costs is to bankrupt the state," - he said. According to him, the Ministry of Finance have enough money for ongoing operations only two months.
Despite the extremely negative macro-economic situation in the country, Dombrovskis stressed that he would continue the policy anchor currency - lats - the euro. Devaluation lats, which the government encourages a number of experts, would help restore the competitiveness of the economy and stimulate exports. However, such a solution is dangerous to the social and political point of view, as would be sharply reduced standard of living in the country.
February 24, the rating agency Standard & Poor's downgraded the first long-term sovereign rating of Latvia to the "garbage" - "BB +". In doing so, S & P left a "negative" outlook on the rating, which means a high probability of further decline.
The economic situation in Latvia is the worst among all EU countries. Because of the global financial crisis, the country's GDP in the fourth quarter fell by more than 10 percent. The worst rates in Europe shows only Ukraine.
Valdis Dombrovskis was nominated for the post of prime minister President Valdis Zatlers on February 26. As a candidate for the post identified several candidates, including the co-owner of Russian Alfa-Bank Pyotr Aven.
Latvia has agreed to loan from the IMF and the EU in the total amount of 7,5 billion euros. Of this amount, in the country's coffers have already been tranche in the amount of 1,6 billion euros. The principal terms of the issuance of credit were reduced public spending and tightening monetary policy.
Dombrovskis said the first task of the new government was a "belt tightening". In particular, he proposed to reduce the cost of state budget to a billion euros by the end of March 2009. "An alternative to reduce costs is to bankrupt the state," - he said. According to him, the Ministry of Finance have enough money for ongoing operations only two months.
Despite the extremely negative macro-economic situation in the country, Dombrovskis stressed that he would continue the policy anchor currency - lats - the euro. Devaluation lats, which the government encourages a number of experts, would help restore the competitiveness of the economy and stimulate exports. However, such a solution is dangerous to the social and political point of view, as would be sharply reduced standard of living in the country.
February 24, the rating agency Standard & Poor's downgraded the first long-term sovereign rating of Latvia to the "garbage" - "BB +". In doing so, S & P left a "negative" outlook on the rating, which means a high probability of further decline.
The economic situation in Latvia is the worst among all EU countries. Because of the global financial crisis, the country's GDP in the fourth quarter fell by more than 10 percent. The worst rates in Europe shows only Ukraine.
Valdis Dombrovskis was nominated for the post of prime minister President Valdis Zatlers on February 26. As a candidate for the post identified several candidates, including the co-owner of Russian Alfa-Bank Pyotr Aven.
Turkey otsudila cheap gas from Iran.
Turkish state transmission company Botas has won a case against the Government of Iran in an international tribunal, said Bloomberg, referring to the representative of the company Naza Konuka (Nazan Konuk). The suit concerned the supply of Iranian gas to Turkey.
Located in the Swiss arbitration ruled that Iran should supply gas to Turkey at a reduced price, but in the event of termination of supply, for technical reasons, to compensate for losses Botas.
Turkey receives from Iran each day from 15 to 18 million cubic meters of gas on the route Tabriz-Ankara. This represents about 20 per cent of the Turkish fuel consumption, much of which falls on deliveries from Russia.
The work of the pipeline stopped several times for different reasons. For example, January 20, Iran stopped the supply of technical reasons. Earlier, in May 2008, gas has ceased to come to Turkey after the sabotage carried out by the Kurdistan Workers' Party militants.
Iran and Turkey during the years 2007-2008 have been negotiating the construction of another gas pipeline, worth some 3.5 billion dollars. However, decisions on the treaty has not yet been reached.
Located in the Swiss arbitration ruled that Iran should supply gas to Turkey at a reduced price, but in the event of termination of supply, for technical reasons, to compensate for losses Botas.
Turkey receives from Iran each day from 15 to 18 million cubic meters of gas on the route Tabriz-Ankara. This represents about 20 per cent of the Turkish fuel consumption, much of which falls on deliveries from Russia.
The work of the pipeline stopped several times for different reasons. For example, January 20, Iran stopped the supply of technical reasons. Earlier, in May 2008, gas has ceased to come to Turkey after the sabotage carried out by the Kurdistan Workers' Party militants.
Iran and Turkey during the years 2007-2008 have been negotiating the construction of another gas pipeline, worth some 3.5 billion dollars. However, decisions on the treaty has not yet been reached.
The base Pentagon budget for 2010 amount to 537 billion dollars.
The base budget of the Ministry of Defense in fiscal year 2010, which will begin on 1 October 2009, will be about 537 billion dollars, reports Reuters referring to a member of the House of Representatives, John Merten (John Murtha ).
Merten, controlling the House of Representatives of defense spending, noted that it is not known whether this amount of funding the wars in Iraq and Afghanistan. According to Pentagon Press Secretary Geoff Morelli (Geoff Morrell) Office of Management and Budget the White House, applied for additional funding for the wars in the Middle East in addition to the basic defense budget. The amount of the application Morelli did not specify, however, estimated the representatives of the Pentagon, it will be about 140 billion dollars.
As expected, on Thursday February 26, Barack Obama will officially present the report on the budget for the 2010 fiscal year in the U.S. Congress. After that, according to Morelli, and apply administrative and budgetary management.
As the agency Associated Press sources in the presidential administration, to reform health care Obama intends to allocate the budget of 634 billion within ten years. Nevertheless, according to the experts, in fact, that amount could exceed one trillion dollars - so much will be required to ensure that within ten years to provide health insurance for each citizen of the United States that, remember it was one of the Obama campaign promises. According to the agency, the number of U.S. residents with no health insurance, estimated at 48 million people.
In addition, the agency found that the budget would increase income tax rates for couples whose annual income exceeds 250 thousand dollars. Plans are also in the $ 400 tax cut for employees and workers and for 800 dollars - for families with low or middle income.
Remember, it is expected that the U.S. budget deficit for 2010 fiscal year was a record 1.3 trillion dollars. By 2013, Obama promised to cut the deficit to 533 billion dollars.
Merten, controlling the House of Representatives of defense spending, noted that it is not known whether this amount of funding the wars in Iraq and Afghanistan. According to Pentagon Press Secretary Geoff Morelli (Geoff Morrell) Office of Management and Budget the White House, applied for additional funding for the wars in the Middle East in addition to the basic defense budget. The amount of the application Morelli did not specify, however, estimated the representatives of the Pentagon, it will be about 140 billion dollars.
As expected, on Thursday February 26, Barack Obama will officially present the report on the budget for the 2010 fiscal year in the U.S. Congress. After that, according to Morelli, and apply administrative and budgetary management.
As the agency Associated Press sources in the presidential administration, to reform health care Obama intends to allocate the budget of 634 billion within ten years. Nevertheless, according to the experts, in fact, that amount could exceed one trillion dollars - so much will be required to ensure that within ten years to provide health insurance for each citizen of the United States that, remember it was one of the Obama campaign promises. According to the agency, the number of U.S. residents with no health insurance, estimated at 48 million people.
In addition, the agency found that the budget would increase income tax rates for couples whose annual income exceeds 250 thousand dollars. Plans are also in the $ 400 tax cut for employees and workers and for 800 dollars - for families with low or middle income.
Remember, it is expected that the U.S. budget deficit for 2010 fiscal year was a record 1.3 trillion dollars. By 2013, Obama promised to cut the deficit to 533 billion dollars.
Russia entered the top ten leaders on the planned cuts in salaries.
Among the countries whose companies plan to reduce the salaries of employees or they will not increase over the next 12 months, Russia has taken the 8 th place. This is stated in the ranking, prepared by research company Grant Thornton International (GTI). According to the company, 38 percent of Russian companies do not plan to raise wages, or are preparing for their decline.
In preparing the rating of the researchers interviewed 7200 GTI managers of companies with staff strength of 100 to 499 people. These firms are located in 36 countries in Europe, Asia, Australia and America. Closest neighbors of Russia in the rating were Thailand and China. In these states the intention to reduce the salaries of staff said 39 and 35 percent respectively.
GTI has become a leader in the rating of Taiwan, where 77 percent of companies planning to carry out the reduction of salaries. Second place was taken to Singapore and Hong Kong third. In these countries, save on the salaries of staff going 49 and 44 per cent of companies respectively. The five leaders also includes Italy and Malaysia.
The least of reducing income workers should be wary of companies in Botswana. The country plans to carry out the reduction of wages, only three percent of firms. In Sweden, the intention of saving on the salaries of four per cent of the companies said. In three countries, where less than all firms will reduce the labor remuneration fund, also includes the Netherlands. In this state of their intention to seven per cent of firms said.
In preparing the rating of the researchers interviewed 7200 GTI managers of companies with staff strength of 100 to 499 people. These firms are located in 36 countries in Europe, Asia, Australia and America. Closest neighbors of Russia in the rating were Thailand and China. In these states the intention to reduce the salaries of staff said 39 and 35 percent respectively.
GTI has become a leader in the rating of Taiwan, where 77 percent of companies planning to carry out the reduction of salaries. Second place was taken to Singapore and Hong Kong third. In these countries, save on the salaries of staff going 49 and 44 per cent of companies respectively. The five leaders also includes Italy and Malaysia.
The least of reducing income workers should be wary of companies in Botswana. The country plans to carry out the reduction of wages, only three percent of firms. In Sweden, the intention of saving on the salaries of four per cent of the companies said. In three countries, where less than all firms will reduce the labor remuneration fund, also includes the Netherlands. In this state of their intention to seven per cent of firms said.
Kazakhstan Kyrgyzstan left without electricity.
Kazakhstan seceded from the united energy system of Central Asia, RIA Novosti reported with reference to the national power network operator Kazakhstan KEGOC. According to reports from Bishkek, because of this decision northern Kyrgyzstan, including the capital, remained without electricity.
According to the press service of the Ministry of Industry, Energy and Fuel Resources of Kyrgyzstan because of the people of Kyrgyzstan energokrizisa remained without electricity on average 8-10 hours a day. Electricity several regions and Bishkek from the two existing lines of 500 kilowatts is only one whose bandwidth is unable to absorb the load in the evening peak hours. Therefore, from 18 to 22 hours local time, the republic restricts electricity customers.
The decision of Kazakhstan to withdraw from the Central Asian energy system caused by an imbalance of production and consumption of electricity in the region. In particular, the Tajik energy system consumes power at 84 million kilovattchasov more planned.
According to the representatives of KEGOC, transit of electricity on the route "North-South Kazakhstan" in parallel with the unified energy system of Central Asia, the maximum load. This led to a sharp increase in the facts of accidental actuation of Automation - up to 20-30 times per day. Since the beginning of the year four emergency gap transit disconnect customers in the south.
According to the press service of the Ministry of Industry, Energy and Fuel Resources of Kyrgyzstan because of the people of Kyrgyzstan energokrizisa remained without electricity on average 8-10 hours a day. Electricity several regions and Bishkek from the two existing lines of 500 kilowatts is only one whose bandwidth is unable to absorb the load in the evening peak hours. Therefore, from 18 to 22 hours local time, the republic restricts electricity customers.
The decision of Kazakhstan to withdraw from the Central Asian energy system caused by an imbalance of production and consumption of electricity in the region. In particular, the Tajik energy system consumes power at 84 million kilovattchasov more planned.
According to the representatives of KEGOC, transit of electricity on the route "North-South Kazakhstan" in parallel with the unified energy system of Central Asia, the maximum load. This led to a sharp increase in the facts of accidental actuation of Automation - up to 20-30 times per day. Since the beginning of the year four emergency gap transit disconnect customers in the south.
The government refused to extradite CFR 100 billion rubles.
The Government of Russia refused to goskompanii "Russian Railways" (RZD), the additional 100 billion rubles to increase investprogrammy and renewal of infrastructure, writes the newspaper "Vedomosti". Thus, investprogramma RZhD for 2009 amount to 252 billion rubles.
Investprogramma RZhD, which is calculated on the basis of the forecast freight originally was 434 billion rubles. However, the document projected 6-percent decline in rail freight, due to recession in the industry. However, in January 2009 the volume of traffic on the Russian railways declined by 33 percent, although in February, according to preliminary data, Russian Railways was able to correct the situation a bit.
According to the monopoly, in the first half of 2009 Cargo will decrease 30-33 percent. This will cost the budget RZhD of 140 billion rubles.
Also, the federal budget for the Railways in 2009 will be further allocated 50 billion rubles. This money will be spent on compensation to reduce the growth rate for shipping, which will grow at 8 percent, not 14 as previously planned.
Russian Railways is Russia's largest non-public company and manages the railways in Russia. Gosmonopoliya performs both passenger and freight transport. It was expected that due to the reduction in traffic volumes caused by the effects of the global financial crisis, the company's revenues in 2009 will drop by 70 billion rubles.
Investprogramma RZhD, which is calculated on the basis of the forecast freight originally was 434 billion rubles. However, the document projected 6-percent decline in rail freight, due to recession in the industry. However, in January 2009 the volume of traffic on the Russian railways declined by 33 percent, although in February, according to preliminary data, Russian Railways was able to correct the situation a bit.
According to the monopoly, in the first half of 2009 Cargo will decrease 30-33 percent. This will cost the budget RZhD of 140 billion rubles.
Also, the federal budget for the Railways in 2009 will be further allocated 50 billion rubles. This money will be spent on compensation to reduce the growth rate for shipping, which will grow at 8 percent, not 14 as previously planned.
Russian Railways is Russia's largest non-public company and manages the railways in Russia. Gosmonopoliya performs both passenger and freight transport. It was expected that due to the reduction in traffic volumes caused by the effects of the global financial crisis, the company's revenues in 2009 will drop by 70 billion rubles.
In March, Gazprom may again stop the supply of gas Ukraine.
"Gazprom" on March 8 may again stop fuel supplies to Ukraine. Gas valve perekroyut if Naftogaz of Ukraine to the March 7, did not pay for delivered in February 2009, raw material, writes the newspaper Kommersant. At the Board of Directors Deputy Chairman of Russia's near monopoly of "Gazprom" Andrey Kruglov said that by this time Ukraine has to pay 400 million dollars.
Recall that 1 January 2009, Gazprom stopped gas supplies to Ukraine due to the fact that the parties have not signed a contract for 2009. A week later, was terminated in the EU transit through the territory of Ukraine. Resume delivery to Europe Russia succeeded only after the signing of January 19 a new agreement between Gazprom and Naftogaz on gas supply in the years 2009-2019. In 2009, Ukraine will receive Russian oil from 20 per cent discount from the market price of gas, determined by a special formula. Since 2010, natural gas to Ukraine will be supplied without a discount.
The contract stipulates that Ukraine will pay Gazprom seventh day of the month following the month of delivery. If Ukraine sorvet payments, then move on to the hundred percent advance in 2020. Total "Naftogaz" to transfer to Gazprom about 14,4 billion dollars in 2009.
Earlier in February, "Naftogaz" has already warned that in calculations with "Gazprom" may be difficult because of the "catastrophic" growth of the Ukrainian energy debt to Naftogaz. " Ukrainian energy utility in the total owed by Naftogaz "more than 550 million dollars and the amount of debt continues to grow. As early as December 2008 "Naftogaz" has threatened 87 Ukrainian energy companies to disconnect gas debts.
It should be noted that Naftogaz calculated with Gazprom for January delivery fuel. In the "Gazprom" have confirmed receipt of funds from Naftogaz. It is assumed that "Naftogaz" paid "to Gazprom about $ 200 million.
On 25 February it became known that "Naftogaz" intends to reduce the purchase of gas from Gazprom in 2009 to 20 per cent. Thus, the purchase of gas by Ukraine during the year would be approximately 33 billion cubic meters. Previously, it was expected that Ukraine will buy 40 billion cubic meters of gas. In the "Gazprom" has already received a letter "Naftogaz", but the Russian company did not give its consent the Ukrainian side. Normal consumption of gas by Ukraine is about 70 billion cubic meters of gas a year.
So far, unclear whether Naftogaz "to find yourself with all the necessary sum to pay off the debt. Take goskredit "Naftogaz" may not be able to, because the economic situation in Ukraine is extremely heavy. Before the international agency Standard & Poor's (S & P) downgraded Ukraine's sovereign rating to a level that at seven levels below investment grade and is the lowest among European countries.
Recall that 1 January 2009, Gazprom stopped gas supplies to Ukraine due to the fact that the parties have not signed a contract for 2009. A week later, was terminated in the EU transit through the territory of Ukraine. Resume delivery to Europe Russia succeeded only after the signing of January 19 a new agreement between Gazprom and Naftogaz on gas supply in the years 2009-2019. In 2009, Ukraine will receive Russian oil from 20 per cent discount from the market price of gas, determined by a special formula. Since 2010, natural gas to Ukraine will be supplied without a discount.
The contract stipulates that Ukraine will pay Gazprom seventh day of the month following the month of delivery. If Ukraine sorvet payments, then move on to the hundred percent advance in 2020. Total "Naftogaz" to transfer to Gazprom about 14,4 billion dollars in 2009.
Earlier in February, "Naftogaz" has already warned that in calculations with "Gazprom" may be difficult because of the "catastrophic" growth of the Ukrainian energy debt to Naftogaz. " Ukrainian energy utility in the total owed by Naftogaz "more than 550 million dollars and the amount of debt continues to grow. As early as December 2008 "Naftogaz" has threatened 87 Ukrainian energy companies to disconnect gas debts.
It should be noted that Naftogaz calculated with Gazprom for January delivery fuel. In the "Gazprom" have confirmed receipt of funds from Naftogaz. It is assumed that "Naftogaz" paid "to Gazprom about $ 200 million.
On 25 February it became known that "Naftogaz" intends to reduce the purchase of gas from Gazprom in 2009 to 20 per cent. Thus, the purchase of gas by Ukraine during the year would be approximately 33 billion cubic meters. Previously, it was expected that Ukraine will buy 40 billion cubic meters of gas. In the "Gazprom" has already received a letter "Naftogaz", but the Russian company did not give its consent the Ukrainian side. Normal consumption of gas by Ukraine is about 70 billion cubic meters of gas a year.
So far, unclear whether Naftogaz "to find yourself with all the necessary sum to pay off the debt. Take goskredit "Naftogaz" may not be able to, because the economic situation in Ukraine is extremely heavy. Before the international agency Standard & Poor's (S & P) downgraded Ukraine's sovereign rating to a level that at seven levels below investment grade and is the lowest among European countries.
Gennady Zyuganov discovered in the world turn towards socialism.
Exit from the global financial economic crisis will lead to a turn towards socialism. The opinion was expressed by the Communist Party leader Gennady Zyuganov, transmits "Interfax".
According to Zyuganov, the current capitalist model is destroyed and can not be restored. In addition, many states have already agreed on the introduction of state regulation of economy, control of the business and financial operations, as well as the nationalization of banks. This, as noted by the leader of the Communist Party, and is the foundation of socialism.
In doing so, Zyuganov stressed that Russia has not yet been able to take adequate measures to combat the crisis. To blame for this economic bloc governments and, above all, Finance Minister Alexei Kudrin. In addition, the Communist Party demands resignation Defense Minister Anatoly Serdyukov and Minister of Education and Science Andrei Fursenko.
It should be noted that in a crisis the capitalist system, an interest in socialism traditionally increases. Thus, at the end of 2008, it was reported that in recent years greatly increased the popularity of the book "Capital" of Karl Marx.
In 2008-2009, many developed countries have become actively involved in the market economy in an attempt to prevent the bankruptcy of major banks and companies. Nevertheless, the major capitalist countries do not exclude that sell their shares to private organizations, when the crisis is passed.
According to Zyuganov, the current capitalist model is destroyed and can not be restored. In addition, many states have already agreed on the introduction of state regulation of economy, control of the business and financial operations, as well as the nationalization of banks. This, as noted by the leader of the Communist Party, and is the foundation of socialism.
In doing so, Zyuganov stressed that Russia has not yet been able to take adequate measures to combat the crisis. To blame for this economic bloc governments and, above all, Finance Minister Alexei Kudrin. In addition, the Communist Party demands resignation Defense Minister Anatoly Serdyukov and Minister of Education and Science Andrei Fursenko.
It should be noted that in a crisis the capitalist system, an interest in socialism traditionally increases. Thus, at the end of 2008, it was reported that in recent years greatly increased the popularity of the book "Capital" of Karl Marx.
In 2008-2009, many developed countries have become actively involved in the market economy in an attempt to prevent the bankruptcy of major banks and companies. Nevertheless, the major capitalist countries do not exclude that sell their shares to private organizations, when the crisis is passed.
The decline in the British economy was a record since 1980.
British GDP in the fourth quarter of 2008 decreased by 1,5 percent compared with the previous quarter, said in a press release the Office for National Statistics, UK (ONS). The decline rate is a record since 1980. Compared with the fourth quarter of 2007, the British economy in the last three months of 2008 decreased by 1,9 percent.
Official figures have coincided with the forecast of the National Institute of Economic and Social Research Institute of Great Britain (NIESR), published in mid-January 2009.
In the first quarter of 2008 the UK economy grew by 0.4 percent in the second quarter remained unchanged in the third - fell by 0.7 per cent. Thus, the year the country's GDP declined by 1.8 percent. According to the ONS, the UK economy is in recession for the first time since 1991.
The main cause of decline in GDP of Great Britain has become a global financial and economic crisis. Because of its economies of many countries around the world have already entered a technical recession, defined as the decline in GDP over two quarters in succession. In particular, the technical recession occurred in the USA, Sweden, Germany, Italy, Spain and Japan.
Official figures have coincided with the forecast of the National Institute of Economic and Social Research Institute of Great Britain (NIESR), published in mid-January 2009.
In the first quarter of 2008 the UK economy grew by 0.4 percent in the second quarter remained unchanged in the third - fell by 0.7 per cent. Thus, the year the country's GDP declined by 1.8 percent. According to the ONS, the UK economy is in recession for the first time since 1991.
The main cause of decline in GDP of Great Britain has become a global financial and economic crisis. Because of its economies of many countries around the world have already entered a technical recession, defined as the decline in GDP over two quarters in succession. In particular, the technical recession occurred in the USA, Sweden, Germany, Italy, Spain and Japan.
Foreign investment in Russia declined by 14 percent.
The volume of foreign investments in economy of Russia in 2008 decreased by 14,2 percent compared with a year earlier, said the report Rosstat. In total, the Russian economy was 103,8 billion dollars. The volume of direct investment amounted to 27,027 billion dollars, a portfolio - 1415 billion dollars. The remaining funds were for loans.
Worst cut of portfolio investment. The decline of this indicator was 66.3 percent compared to 2007. The volume of loans fell by 15.3 per cent, while foreign direct investment - at 2.8 percent. The accumulated foreign capital in Russia's economy has reached 264.6 billion dollars. This figure increased by 19.9 percent over the previous year.
The largest amount of foreign investment received in the manufacturing production, wholesale and retail trade and transactions involving immovable property. In these areas it was 33.9, 23.9 and 15.4 billion dollars respectively. Most funds in these sectors of the economy invested Germany, Great Britain and Cyprus.
The highest amount of accumulated investments came to Cyprus, the Netherlands and Luxembourg. These countries accounted for 56,9, 46,3 and 34,4 billion dollars, respectively.
The volume of investments from Russia gained abroad in 2008 amounted to 53,8 billion dollars. At the same time last year were sent abroad 114,3 billion dollars in investments. This figure grew by 53.1 percent compared to 2007.
Worst cut of portfolio investment. The decline of this indicator was 66.3 percent compared to 2007. The volume of loans fell by 15.3 per cent, while foreign direct investment - at 2.8 percent. The accumulated foreign capital in Russia's economy has reached 264.6 billion dollars. This figure increased by 19.9 percent over the previous year.
The largest amount of foreign investment received in the manufacturing production, wholesale and retail trade and transactions involving immovable property. In these areas it was 33.9, 23.9 and 15.4 billion dollars respectively. Most funds in these sectors of the economy invested Germany, Great Britain and Cyprus.
The highest amount of accumulated investments came to Cyprus, the Netherlands and Luxembourg. These countries accounted for 56,9, 46,3 and 34,4 billion dollars, respectively.
The volume of investments from Russia gained abroad in 2008 amounted to 53,8 billion dollars. At the same time last year were sent abroad 114,3 billion dollars in investments. This figure grew by 53.1 percent compared to 2007.
Latvia began to receive financial aid from Europe.
SyuzhetyAntikrizisnye loans MVF17.01.2009Peregovory Ukraine to the Russian Ministry of Finance was forced to leave the IMF delegation KievaKommentariiKletka for tigra25.02.2009Risk defaults in Eastern Europe is rapidly transferred Latvia rastetEvrokomissiya first tranche adjustment loan in the amount of one billion euros. This statement was made by the agency BNS press secretary of the European Commission Ivar Bushmanis (Ivars Busmanis), Interfax reports.
The funds are part of the medium-term financial assistance totaling 3.1 billion euros, of which the Latvian government negotiated with the European Commission in December 2008. In total, the EC will support Latvia in dealing with the crisis of 7,5 billion euros, which will come into the country until 2011.
Latvia has become one of the most affected European countries. Thus, in the fourth quarter of last year, the country's GDP declined by 10.5 per cent, while industrial production fell by 11,3 percent. In the fight against the crisis Latvian government was forced to nationalize the country's largest bank - Parex, and invest heavily in a program of saving the economy. February 20, tendered his resignation, Prime Minister of Latvia Ivars Godmanis.
Over the past few months, the international rating agency Standard & Poor's (S & P), double downgrade of Latvia's sovereign rating. In early November 2008 S & P revised the country's sovereign rating on obligations in foreign and national currency from "BBB" to "BBB-", leaving the forecast on the "negative." February 24, 2009 long-term credit rating of Latvia for the obligations of foreign and local currency has been lowered from "BBB-" to "BB +", a short-term - with the "A-3" to "B".
The funds are part of the medium-term financial assistance totaling 3.1 billion euros, of which the Latvian government negotiated with the European Commission in December 2008. In total, the EC will support Latvia in dealing with the crisis of 7,5 billion euros, which will come into the country until 2011.
Latvia has become one of the most affected European countries. Thus, in the fourth quarter of last year, the country's GDP declined by 10.5 per cent, while industrial production fell by 11,3 percent. In the fight against the crisis Latvian government was forced to nationalize the country's largest bank - Parex, and invest heavily in a program of saving the economy. February 20, tendered his resignation, Prime Minister of Latvia Ivars Godmanis.
Over the past few months, the international rating agency Standard & Poor's (S & P), double downgrade of Latvia's sovereign rating. In early November 2008 S & P revised the country's sovereign rating on obligations in foreign and national currency from "BBB" to "BBB-", leaving the forecast on the "negative." February 24, 2009 long-term credit rating of Latvia for the obligations of foreign and local currency has been lowered from "BBB-" to "BB +", a short-term - with the "A-3" to "B".
Wednesday, February 25, 2009
More than 80 Russian companies were asked to recognize them as system-forming.
In January 2009, 87 Russian companies have applied to include them in the list of backbone enterprises in the country. This statement was made deputy head of Ministry of Economic Development of Russia Oleg Saveliev, reports RIA Novosti.
Applications with a request received by the interagency working group, which monitors the financial status of organizations that are members of the list backbone. All applications will then be discussed at group meetings.
According Savelyeva, it is possible that a number of companies, by contrast, want to withdraw from the list of system, although so far none of the formal request that the working group have been reported.
Remember, the government published a list of backbone enterprises of Russia in December 2008. It was composed of 295 organizations that can expect of state to combat the crisis. On 15 January this year, it was reported that the Russian authorities to select the enterprises to 325 billion rubles. Previously, the companies asked the government 3.5 trillion rubles.
Applications with a request received by the interagency working group, which monitors the financial status of organizations that are members of the list backbone. All applications will then be discussed at group meetings.
According Savelyeva, it is possible that a number of companies, by contrast, want to withdraw from the list of system, although so far none of the formal request that the working group have been reported.
Remember, the government published a list of backbone enterprises of Russia in December 2008. It was composed of 295 organizations that can expect of state to combat the crisis. On 15 January this year, it was reported that the Russian authorities to select the enterprises to 325 billion rubles. Previously, the companies asked the government 3.5 trillion rubles.
The Russians are owed for electricity 100 billion rubles.
Retail consumers of electricity in Russia owed power companies hundred of billions of rubles. This statement was made chairman of the partnership guaranteeing suppliers and power companies "Vasily Kiselev, reports" Interfax ".
According to Kiselyov, Russian debts to exceed the monthly electricity consumption in the country. He also added that the debt of the power companies in the wholesale electricity market has increased compared with the beginning of the year five billion rubles, which reached 22 billion.
Previously, the Ministry reported that in the near future the Government of Russia may be in response to the crisis in two or three times to reduce the plans for the construction and commissioning of new power plants. According to the general scheme of energy facilities in the country until 2020, annual growth in energy consumption projected at 4.2 percent. But last year it amounted to only 1,9 per cent.
Recall from the beginning of this year, Russia increased the tariffs for electricity and gas for the population. Electricity prices increased by 25 percent and natural gas - a five per cent.
According to Kiselyov, Russian debts to exceed the monthly electricity consumption in the country. He also added that the debt of the power companies in the wholesale electricity market has increased compared with the beginning of the year five billion rubles, which reached 22 billion.
Previously, the Ministry reported that in the near future the Government of Russia may be in response to the crisis in two or three times to reduce the plans for the construction and commissioning of new power plants. According to the general scheme of energy facilities in the country until 2020, annual growth in energy consumption projected at 4.2 percent. But last year it amounted to only 1,9 per cent.
Recall from the beginning of this year, Russia increased the tariffs for electricity and gas for the population. Electricity prices increased by 25 percent and natural gas - a five per cent.
"Rosnano" Housing Fund and the Ministry of Finance give 164 billion rubles.
Goskorporatsii "Rosnano" Housing Fund and returned to the federal budget in 2009, 164 billion rubles available funds, which they did not plan to direct the spending in the current year. About Interfax reports with reference to a statement by the Minister of Finance of Russia Alexey Kudrin. It is anticipated that these funds will go to finance the federal budget deficit.
Earlier, Russian media reported that "Rosnano" and returned to the Government Housing Fund 130 and 80 billion rubles, respectively, and about 50 billion would provide goskorporatsiya "Olimpstroy.
Earlier in the Housing Fund and Rosnano "suggests that seized the Ministry of Finance of 80 and 130 billion rubles will be back in 2010. Kudrin stressed that the federal budget would allocate money goskorporatsiyam plan to implement the necessary activities.
Goskorporatsiya is a nonprofit organization, which monitors the actions of the supervisory board and top management appointed by the Government. In Russia there goskorporatsii "Rosnano, Rostehnologii" Deposit Insurance Agency, Olimpstroy and others.
Earlier, Russian media reported that "Rosnano" and returned to the Government Housing Fund 130 and 80 billion rubles, respectively, and about 50 billion would provide goskorporatsiya "Olimpstroy.
Earlier in the Housing Fund and Rosnano "suggests that seized the Ministry of Finance of 80 and 130 billion rubles will be back in 2010. Kudrin stressed that the federal budget would allocate money goskorporatsiyam plan to implement the necessary activities.
Goskorporatsiya is a nonprofit organization, which monitors the actions of the supervisory board and top management appointed by the Government. In Russia there goskorporatsii "Rosnano, Rostehnologii" Deposit Insurance Agency, Olimpstroy and others.
Standard and Poor's downgraded the sovereign rating of Ukraine.
SyuzhetyRossiyskie loans to countries SNG13.02.2009Deputaty Duma agreed to a soft loan KirgiziiKommentariiNa dne17.02.2009Ukraina classify data on GDP and reported on the decline promproizvodstvaMezhdunarodnoe agency Standard & Poor's (S & P) once again downgraded the sovereign rating of Ukraine , reported AFP. Long-term credit rating on liabilities in foreign currency was changed from "B" to "CCC +" and short-term - with a "B" to "C".
In addition, S & P also revised the credit ratings of Ukraine in the national currency, lowering it from "B + / B" to "B-/ C", transmits RIA Novosti. Outlook on the ratings remains negative. This means that in the near future ratings may be revised over the agency.
The reason for the revision of the ratings in the direction of reducing the fears of analysts began to S & P on the stability of the Ukrainian economy and the continued receipt by Ukraine of credit allocated to the International Monetary Fund (IMF). Back in 2008, the Ukrainian side agreed with the IMF on loan at 16.5 billion dollars. The first tranche (4.5 billion) has already been to Ukraine, but the decision on subsequent payments to the IMF has not yet been decided.
Last year, S & P rating reduced twice in Ukraine. In June 2008, long-term sovereign rating on obligations in foreign currency has changed from "BB-" to "B +" and in the national - to "BB" to "BB-". Short-term ratings were lowered. In October, the state's sovereign debt rating on liabilities denominated in foreign currencies were downgraded from "B +" to "B", as in the national currency - to "BB-" to "B +".
Previously, the rating of Ukraine has been revised to agency Fitch Ratings. February 13, the state long-term rating in foreign and local currency has been lowered from "B +" to "B". Fitch also left the outlook for the rating "negative."
In addition, S & P also revised the credit ratings of Ukraine in the national currency, lowering it from "B + / B" to "B-/ C", transmits RIA Novosti. Outlook on the ratings remains negative. This means that in the near future ratings may be revised over the agency.
The reason for the revision of the ratings in the direction of reducing the fears of analysts began to S & P on the stability of the Ukrainian economy and the continued receipt by Ukraine of credit allocated to the International Monetary Fund (IMF). Back in 2008, the Ukrainian side agreed with the IMF on loan at 16.5 billion dollars. The first tranche (4.5 billion) has already been to Ukraine, but the decision on subsequent payments to the IMF has not yet been decided.
Last year, S & P rating reduced twice in Ukraine. In June 2008, long-term sovereign rating on obligations in foreign currency has changed from "BB-" to "B +" and in the national - to "BB" to "BB-". Short-term ratings were lowered. In October, the state's sovereign debt rating on liabilities denominated in foreign currencies were downgraded from "B +" to "B", as in the national currency - to "BB-" to "B +".
Previously, the rating of Ukraine has been revised to agency Fitch Ratings. February 13, the state long-term rating in foreign and local currency has been lowered from "B +" to "B". Fitch also left the outlook for the rating "negative."
Russia's budget revenues will drop by 42 percent.
SyuzhetyIzmeneniya in the budget for 2009-2011 gody25.02.2009Goskorporatsii returned to the quarter-trillion rubleyKommentariiSamy cold mesyats20.02.2009Yanvar was for Economy worst month for many godyDohody Russian budget in 2009 will drop by 42 per cent compared with the budget-2009, adopted in autumn 2008. As the RIA Novosti, the said Finance Minister Alexei Kudrin, Russia. In doing so, federal budget revenues, as compared with the year 2008 will drop to 31.5 percent. Expenditures will increase by 500 billion rubles.
According to Kudrin, the adjusted federal budget revenues in 2009 amount to 6.3 trillion rubles, expenses - 9.3 trillion rubles. According to Reuters, the budget expenditures can make 9.5 trillion rubles.
The budget deficit of Russia in 2009 will be 7.5 percent of GDP. This figure does not take into account the operation on spending from the national welfare. In view of such operations, the budget deficit will reach eight per cent of GDP. According to Kudrin, the government intends to send to support the Russian economy 2.7 trillion rubles, some of which will be taken from the Contingency Fund.
The federal budget of 2009 was passed in November 2008. It was calculated based on the price of oil to 95 dollars per barrel. This budget revenues expected to be 10.9 trillion rubles, expenses - 9.2 trillion rubles. Later, because of the impact on the economy of Russia a global financial crisis, the authorities have revised some of the parameters. In particular, the forecast for the price of oil was reduced to 41 dollars per barrel.
According to Finance Ministry estimates, at 30 dollars per barrel of Russia's budget deficit could grow to 9.5 percent of GDP. According to the Ministry of Economic Development, the nominal GDP of Russia in the current year could reach 40.4 trillion rubles.
February 11, 2009 Assistant to the President of Russia Arkady Dvorkovich said that Russia's budget deficit in 2009 could reach 10 per cent of GDP. Earlier, he argued that the budget deficit will be not less than 6.1 percent of Russian GDP.
The Government is now reviewing the budget of Russia in 2009. According to the new version, promulgated in late January, the budget deficit is expected to be 7-7,6 per cent of GDP. Presumably budget revenues amount to 6.5 trillion rubles, expenses - from 9,4 to 9,6 trillion rubles.
According to Kudrin, the adjusted federal budget revenues in 2009 amount to 6.3 trillion rubles, expenses - 9.3 trillion rubles. According to Reuters, the budget expenditures can make 9.5 trillion rubles.
The budget deficit of Russia in 2009 will be 7.5 percent of GDP. This figure does not take into account the operation on spending from the national welfare. In view of such operations, the budget deficit will reach eight per cent of GDP. According to Kudrin, the government intends to send to support the Russian economy 2.7 trillion rubles, some of which will be taken from the Contingency Fund.
The federal budget of 2009 was passed in November 2008. It was calculated based on the price of oil to 95 dollars per barrel. This budget revenues expected to be 10.9 trillion rubles, expenses - 9.2 trillion rubles. Later, because of the impact on the economy of Russia a global financial crisis, the authorities have revised some of the parameters. In particular, the forecast for the price of oil was reduced to 41 dollars per barrel.
According to Finance Ministry estimates, at 30 dollars per barrel of Russia's budget deficit could grow to 9.5 percent of GDP. According to the Ministry of Economic Development, the nominal GDP of Russia in the current year could reach 40.4 trillion rubles.
February 11, 2009 Assistant to the President of Russia Arkady Dvorkovich said that Russia's budget deficit in 2009 could reach 10 per cent of GDP. Earlier, he argued that the budget deficit will be not less than 6.1 percent of Russian GDP.
The Government is now reviewing the budget of Russia in 2009. According to the new version, promulgated in late January, the budget deficit is expected to be 7-7,6 per cent of GDP. Presumably budget revenues amount to 6.5 trillion rubles, expenses - from 9,4 to 9,6 trillion rubles.
Berlusconi and Sarkozy agreed to build a nuclear power plant in Italy.
French President Nicolas Sarkozy and Italian Prime Minister Silvio Berlusconi signed the February 24 agreement on cooperation in the nuclear industry. Reported AFP. The agreement includes joint research and construction of nuclear power plants.
According to the source of AFP, the French and Italian energy company Enel and EDF have to sign another agreement, which involves construction of four reactors EPR (European reactors with water under pressure) of the third generation.
At the end of last century, many European countries have abandoned the use of atomic energy, as well as feared for environmental safety. One of the reasons for such a step was the Chernobyl accident in 1986.
Berlusconi's government in May 2008 announced that it would begin building nuclear power plants to reduce dependence on imported oil and gas. It was noted that the plant will work in Italy for five years.
In 1987, Italians voted in a referendum for the suspension of the local nuclear power plant. Now all four Italian nuclear power plants do not work.
According to the source of AFP, the French and Italian energy company Enel and EDF have to sign another agreement, which involves construction of four reactors EPR (European reactors with water under pressure) of the third generation.
At the end of last century, many European countries have abandoned the use of atomic energy, as well as feared for environmental safety. One of the reasons for such a step was the Chernobyl accident in 1986.
Berlusconi's government in May 2008 announced that it would begin building nuclear power plants to reduce dependence on imported oil and gas. It was noted that the plant will work in Italy for five years.
In 1987, Italians voted in a referendum for the suspension of the local nuclear power plant. Now all four Italian nuclear power plants do not work.
Goskorporatsii back to the budget of a quarter of a trillion rubles.
SyuzhetyIzmeneniya in the budget for 2009-2011 gody19.02.2009Gosudarstvo spends part of the contingency fund for the redemption of shares of Russian bankovGoskorporatsii "Olimpstroy, Rosnano" Housing Fund and returned to the Government of 260 billion rubles, says newspaper Kommersant. These funds, which constitute about 50 per cent of expenditure on capital formation of the three goskorporatsy in 2008-2009 will be used to finance the federal budget deficit.
Thus, "Olimpstroy" in 2009 did not receive a contribution from the Government of Russia in his capital, which should have been up almost 50 billion rubles. In addition, the MOF plans to withdraw from the Utility Fund budget goskorporatsii another 80 billion rubles, "Rosnano ready to pass the budget of some 130 billion rubles. In order to withdraw funds from these goskorporatsii the government can sell them bonds.
According to the Ministry of Finance, the budget deficit, the new parameters which are based on the projection Minekonomiki price barrel of oil at 41 dollars, should not exceed 8 percent of GDP. According to Kommersant, 260 billion rubles - that's about 7.5 percent budget deficit in 2009.
Earlier, the newspaper Vedomosti, wrote that the Ministry of Finance should be reduced further, about 400 billion rubles of expenditure to get the budget deficit at the projected level. To do this in the calculation of agency was founded in the removal of the income budget of about 245 billion rubles, or about 4 percent of all revenue-2009.
In the event that the 2010 budget of Russia will also have to revise, then again goskorporatsii can not get the money. However, the Housing Fund and Rosnano claims that seized the Ministry of Finance of 80 and 130 billion rubles will be back in 2010.
In Russia in 2003 was created a few large goskorporatsy. This "Rosnano, Rostehnologii" Deposit Insurance Agency, Olimpstroy and others. Goskorporatsiya is a nonprofit organization, which monitors the actions of the supervisory board and top management appointed by the Government.
Thus, "Olimpstroy" in 2009 did not receive a contribution from the Government of Russia in his capital, which should have been up almost 50 billion rubles. In addition, the MOF plans to withdraw from the Utility Fund budget goskorporatsii another 80 billion rubles, "Rosnano ready to pass the budget of some 130 billion rubles. In order to withdraw funds from these goskorporatsii the government can sell them bonds.
According to the Ministry of Finance, the budget deficit, the new parameters which are based on the projection Minekonomiki price barrel of oil at 41 dollars, should not exceed 8 percent of GDP. According to Kommersant, 260 billion rubles - that's about 7.5 percent budget deficit in 2009.
Earlier, the newspaper Vedomosti, wrote that the Ministry of Finance should be reduced further, about 400 billion rubles of expenditure to get the budget deficit at the projected level. To do this in the calculation of agency was founded in the removal of the income budget of about 245 billion rubles, or about 4 percent of all revenue-2009.
In the event that the 2010 budget of Russia will also have to revise, then again goskorporatsii can not get the money. However, the Housing Fund and Rosnano claims that seized the Ministry of Finance of 80 and 130 billion rubles will be back in 2010.
In Russia in 2003 was created a few large goskorporatsy. This "Rosnano, Rostehnologii" Deposit Insurance Agency, Olimpstroy and others. Goskorporatsiya is a nonprofit organization, which monitors the actions of the supervisory board and top management appointed by the Government.
Tymoshenko compared the crises in Russia and Ukraine.
KommentariiSamy cold mesyats20.02.2009Yanvar turned to the economy of the Russian Federation worst month for many godyNa dne17.02.2009Ukraina classify data on GDP and reported on the decline promproizvodstvaPremer Minister Yulia Tymoshenko urged politicians not to speculate on figures the country's economy, noting that the fall promproizvodstva in Russia has proved even more than in Ukraine. Prime sends UNIAN.
According to Tymoshenko, in Russia the fall of industrial production amounted to 19.9 percent, in Ukraine - 16,1 percent, while in Kazakhstan - 10.4 per cent. The Prime Minister did not specify for how long it has statistics, but, according to data of statistical services of Russia and Ukraine, Tymoshenko was referring to the fall promproizvodstva in January compared with December 2008.
However, if the rate of fall promproizvodstva from year to year, while Ukraine will be the leaders. In January 2009, the rate in Ukraine fell by 34.1 percent compared to the same period a year earlier. At the same time, Russia has been falling by 16 per cent.
Reducing the basic macroeconomic indicators in Russia and Ukraine is connected with the global financial crisis, which sharply reduced the demand for basic export commodities of these countries. In addition, significantly decreased and the cost of the goods. On the situation in Ukraine in particular has affected the decline in prices for metals, but in Russia - oil.
The financial crisis has led to a shortage of liquidity in the banking systems of both countries and the authorities were forced to go to the devaluation of national currencies against the dollar and euro.
According to Tymoshenko, in Russia the fall of industrial production amounted to 19.9 percent, in Ukraine - 16,1 percent, while in Kazakhstan - 10.4 per cent. The Prime Minister did not specify for how long it has statistics, but, according to data of statistical services of Russia and Ukraine, Tymoshenko was referring to the fall promproizvodstva in January compared with December 2008.
However, if the rate of fall promproizvodstva from year to year, while Ukraine will be the leaders. In January 2009, the rate in Ukraine fell by 34.1 percent compared to the same period a year earlier. At the same time, Russia has been falling by 16 per cent.
Reducing the basic macroeconomic indicators in Russia and Ukraine is connected with the global financial crisis, which sharply reduced the demand for basic export commodities of these countries. In addition, significantly decreased and the cost of the goods. On the situation in Ukraine in particular has affected the decline in prices for metals, but in Russia - oil.
The financial crisis has led to a shortage of liquidity in the banking systems of both countries and the authorities were forced to go to the devaluation of national currencies against the dollar and euro.
FAS interested in the rapid increase in sugar prices.
Federal Antimonopoly Service (FAS) beginning in January, checking the validity of the price of sugar on the market, writes the newspaper Kommersant on 25 February.
Attention antimonopolschikov attracted by the fact that the wholesale price of sugar in December 2008 rose by 40 percent. In his letter to the chairman of the FAS 'Soyuzrossahara Andrei Bodin explained the price increase twofold increase in rates on ruble loans to producers of sugar. In addition, he pointed out that the cost of sugar, about 30 percent of the imported components, and therefore its price has significantly affected the weakening rate of the ruble.
Moscow authorities have in turn decided to deal with rising prices for sugar, which sends up to April in the retail network 724 tons of sugar from food reserve city. In line with the February 18, signed a Moscow Mayor Yuri Luzhkov. It is assumed that the sugar will sell in stores at prices below the average. According to the retail price in the trading networks should not exceed 25 rubles per kilogram, while the average price for sugar is packed 26,9 rubles. This sugar will be supplied at a price of 22 rubles per kilogram.
At the same time, according to experts, the price of sugar will soon cease to grow at the same pace as the demand for it from the industrial consumers is reduced.
Attention antimonopolschikov attracted by the fact that the wholesale price of sugar in December 2008 rose by 40 percent. In his letter to the chairman of the FAS 'Soyuzrossahara Andrei Bodin explained the price increase twofold increase in rates on ruble loans to producers of sugar. In addition, he pointed out that the cost of sugar, about 30 percent of the imported components, and therefore its price has significantly affected the weakening rate of the ruble.
Moscow authorities have in turn decided to deal with rising prices for sugar, which sends up to April in the retail network 724 tons of sugar from food reserve city. In line with the February 18, signed a Moscow Mayor Yuri Luzhkov. It is assumed that the sugar will sell in stores at prices below the average. According to the retail price in the trading networks should not exceed 25 rubles per kilogram, while the average price for sugar is packed 26,9 rubles. This sugar will be supplied at a price of 22 rubles per kilogram.
At the same time, according to experts, the price of sugar will soon cease to grow at the same pace as the demand for it from the industrial consumers is reduced.
Standard & Poor's downgraded the sovereign rating of Latvia.
International rating agency Standard & Poor's (S & P) downgraded the sovereign rating of Latvia, reported AFP. Long-term credit rating of the country's obligations in foreign and local currency was downgraded to "BBB-" to "BB +". Short-term credit rating dropped from "A-3" to "B".
The reason for reducing the growth rate was the level of external debt, as well as the implementation of the Government of Latvia expensive programs stimulate the economy.
This is not the first lowering of the rating of Latvia over the past few months. In early November 2008 S & P downgraded the country's sovereign rating on obligations in foreign and national currency from "BBB" to "BBB-". This prediction was rated left "negative."
The reason for the decline rate in November, have been increasing risks to the country's banking system, which is faced with the outflow of deposits. In addition, the negative impact on the rating has a high level of external debt, as well as the need for financing the balance of payments.
In the fourth quarter of 2008 the economy of Latvia decreased by 10.5 percent. Previous quarter GDP was 5.2 percent. According to the Government, in 2009 the GDP of Latvia reduced by five percent. In the fourth quarter of 2008 industrial output in the country declined by 11.3 percent and retail sales - at 15.4 percent.
In order to maintain the stability of the financial system, the Latvian government nationalized the country's largest bank - Parex. In addition, an international group of lenders led by the IMF and the European Union, Latvia has provided a loan of 7.5 billion euros.
February 20, 2009, Prime Minister of Latvia Ivars Godmanis resigned. In doing so, President Valdis Zatlers said that Godmanis lost its credibility when the government refused to hold an urgent reform and reduce the number of ministries.
The reason for reducing the growth rate was the level of external debt, as well as the implementation of the Government of Latvia expensive programs stimulate the economy.
This is not the first lowering of the rating of Latvia over the past few months. In early November 2008 S & P downgraded the country's sovereign rating on obligations in foreign and national currency from "BBB" to "BBB-". This prediction was rated left "negative."
The reason for the decline rate in November, have been increasing risks to the country's banking system, which is faced with the outflow of deposits. In addition, the negative impact on the rating has a high level of external debt, as well as the need for financing the balance of payments.
In the fourth quarter of 2008 the economy of Latvia decreased by 10.5 percent. Previous quarter GDP was 5.2 percent. According to the Government, in 2009 the GDP of Latvia reduced by five percent. In the fourth quarter of 2008 industrial output in the country declined by 11.3 percent and retail sales - at 15.4 percent.
In order to maintain the stability of the financial system, the Latvian government nationalized the country's largest bank - Parex. In addition, an international group of lenders led by the IMF and the European Union, Latvia has provided a loan of 7.5 billion euros.
February 20, 2009, Prime Minister of Latvia Ivars Godmanis resigned. In doing so, President Valdis Zatlers said that Godmanis lost its credibility when the government refused to hold an urgent reform and reduce the number of ministries.
Barack Obama first appeared before both Houses of Congress.
U.S. President Barack Obama spoke at a joint sitting of both houses of Congress, reported AFP on 25 February. He began his speech with a promise that after the crisis, the U.S. will become even stronger than before. "
Obama warned that the rescue of the financial system may require even much more money than those that have already been allocated by Congress. At the same time, Obama said that "although the price of these measures is high, the cost of inaction may be even higher, as a result of wrong economic policies recession may be delayed for a decade. Also, Obama assured Americans that their bank deposits are protected.
To stimulate the economy, U.S. President promised to create a special fund loan, which will be allocated funds to buy cars, pay for teaching in high schools, as well as loans to small businesses. Obama compared the flow of loan funds from the blood that supports the U.S. economy, and encouraged to do their utmost to overcome the crisis of credit.
Obama also criticized the previous administration of President George W. Bush is shortsighted. "We have not looked beyond the next payment next quarter and the next elections", - confessed to Obama, adding that the day will come when it is time to take responsibility, come. The U.S. President expressed the need to make the allocation of budgetary resources in the coming years, more efficient and to reduce the budget deficit by half by 2013. To do so, according to Obama, it is necessary to close the ineffective education programs, go directly to support the agricultural enterprises that are not needed, and stop spending money on weapons of the cold war.
Obama also called on Americans more responsibility for education, lamented the fact that the U.S. is one of the leaders in the percentage of drop-out study in universities. He also promised to increase funding for the education system - in the long run, according to Obama, this will enhance the competitiveness of the U.S. economy.
Talking about foreign policy, Obama announced the beginning of a new era in the history of American diplomacy. According to him, the U.S. will not be able to cope with new threats, but other countries will not be able to do without the U.S.. Therefore, Obama said, "can not be ignored at the negotiating table."
Obama warned that the rescue of the financial system may require even much more money than those that have already been allocated by Congress. At the same time, Obama said that "although the price of these measures is high, the cost of inaction may be even higher, as a result of wrong economic policies recession may be delayed for a decade. Also, Obama assured Americans that their bank deposits are protected.
To stimulate the economy, U.S. President promised to create a special fund loan, which will be allocated funds to buy cars, pay for teaching in high schools, as well as loans to small businesses. Obama compared the flow of loan funds from the blood that supports the U.S. economy, and encouraged to do their utmost to overcome the crisis of credit.
Obama also criticized the previous administration of President George W. Bush is shortsighted. "We have not looked beyond the next payment next quarter and the next elections", - confessed to Obama, adding that the day will come when it is time to take responsibility, come. The U.S. President expressed the need to make the allocation of budgetary resources in the coming years, more efficient and to reduce the budget deficit by half by 2013. To do so, according to Obama, it is necessary to close the ineffective education programs, go directly to support the agricultural enterprises that are not needed, and stop spending money on weapons of the cold war.
Obama also called on Americans more responsibility for education, lamented the fact that the U.S. is one of the leaders in the percentage of drop-out study in universities. He also promised to increase funding for the education system - in the long run, according to Obama, this will enhance the competitiveness of the U.S. economy.
Talking about foreign policy, Obama announced the beginning of a new era in the history of American diplomacy. According to him, the U.S. will not be able to cope with new threats, but other countries will not be able to do without the U.S.. Therefore, Obama said, "can not be ignored at the negotiating table."
The IMF suggested that Latvia reduced pension.
The International Monetary Fund (IMF) has proposed to begin the reduction of pensions in Latvia, where unemployment in the country will reach 13 percent. That was reported by a local agency Delfi. In Latvia, the Ministry of Finance believed that the unemployment rate by the end of the year will rise to 12 percent, but the IMF believes that can be passed and the mark of 13 per cent.
If the forecast of the International Monetary Fund's realized, the Government will increase payments for unemployment benefits from 47 to 67 million lats (94 million euros). It is because of such payments to the IMF and proposes to reduce the pension.
The government of Latvia has declared that it was not going to reduce benefits to retirees. According to the Minister of Welfare Iveta Purne, pensions, and so are negligible. These officials will be untouched, if the country is completely out of business.
Recall that one of the main victims of the global financial crisis in Europe was precisely Latvia. The Government was forced to take expensive anti-crisis program and nationalize the bank Parex. Nevertheless, it is not saved the country from a sharp downturn promproizvodstva and GDP. In late 2008, Latvia agreed to provide it with a loan from the IMF for seven and a half billion euros.
February 24, the international agency Standard & Poor's lowered the long-term sovereign rating of Latvia to the level of BB +. The reason for this step, the Agency cited the growth of external debt and a program to get the economy out of crisis.
If the forecast of the International Monetary Fund's realized, the Government will increase payments for unemployment benefits from 47 to 67 million lats (94 million euros). It is because of such payments to the IMF and proposes to reduce the pension.
The government of Latvia has declared that it was not going to reduce benefits to retirees. According to the Minister of Welfare Iveta Purne, pensions, and so are negligible. These officials will be untouched, if the country is completely out of business.
Recall that one of the main victims of the global financial crisis in Europe was precisely Latvia. The Government was forced to take expensive anti-crisis program and nationalize the bank Parex. Nevertheless, it is not saved the country from a sharp downturn promproizvodstva and GDP. In late 2008, Latvia agreed to provide it with a loan from the IMF for seven and a half billion euros.
February 24, the international agency Standard & Poor's lowered the long-term sovereign rating of Latvia to the level of BB +. The reason for this step, the Agency cited the growth of external debt and a program to get the economy out of crisis.
Tuesday, February 24, 2009
Ministry of Economic Development has given its assessment of the budget deficit.
KommentariiSamy cold mesyats20.02.2009Yanvar turned to the economy of the Russian Federation worst month for many of the federal budget deficit godyRealny Russia in 2009 will be less than eight per cent of GDP. This stated the Minister of Economic Development Elvira Nabiullina, RIA News. Nevertheless, given the kvazibyudzhetnyh costs (credits CBR) deficit of just eight per cent of GDP.
Earlier, the government has repeatedly stated that the budget deficit will be exactly equal to eight per cent of GDP. However, in early February, the Assistant President of Russia Arkady Dvorkovich said that this figure could reach 10 percent.
Recall that in the budget for 2009 recorded a budget surplus. However, the financial instrument make up even before the economic crisis in Russia, so in the autumn of 2008, the Ministry of Finance and the Ministry of Economic Development has formed a new budget. According to Nabiullina, this work may be completed as early as this week. Next week, the Ministry of Finance may make an updated budget to the government.
In February, officials have already shared a number of major budget projections. In particular, GDP in Russia in 2009 dropped to 2.2 per cent, while inflation stood at 13-14 per cent.
In 2009, the government also reported that there will be seriously adjusted expenditure budget, even though the country's income has declined significantly. Nevertheless, February 17, President Dmitry Medvedev instructed to prepare proposals to reduce the costs of his administration, calling for cost savings and other authorities.
The budget deficit Russia intends to absorb mostly from funds accumulated in the Reserve Fund and National Prosperity.
Earlier, the government has repeatedly stated that the budget deficit will be exactly equal to eight per cent of GDP. However, in early February, the Assistant President of Russia Arkady Dvorkovich said that this figure could reach 10 percent.
Recall that in the budget for 2009 recorded a budget surplus. However, the financial instrument make up even before the economic crisis in Russia, so in the autumn of 2008, the Ministry of Finance and the Ministry of Economic Development has formed a new budget. According to Nabiullina, this work may be completed as early as this week. Next week, the Ministry of Finance may make an updated budget to the government.
In February, officials have already shared a number of major budget projections. In particular, GDP in Russia in 2009 dropped to 2.2 per cent, while inflation stood at 13-14 per cent.
In 2009, the government also reported that there will be seriously adjusted expenditure budget, even though the country's income has declined significantly. Nevertheless, February 17, President Dmitry Medvedev instructed to prepare proposals to reduce the costs of his administration, calling for cost savings and other authorities.
The budget deficit Russia intends to absorb mostly from funds accumulated in the Reserve Fund and National Prosperity.
Half of Russians have condemned the Government for assistance to CIS countries.
SyuzhetyRossiyskie loans to countries SNG13.02.2009Deputaty Duma agreed to a soft loan KirgiziiKommentariiMaly SEV05.02.2009Rossiya allies will provide loans of up to 12 billion dollarovViva, Castro! 02.02.2009Rossiya issued Cuba a credit of 17 times more Almost half of the promise from Russia (49 percent) believe that the Government during the crisis should spend funds to support its own economy and not to provide assistance to other countries. This is evidenced by the results of a survey conducted by the All-Russian Center for the Study of Public Opinion (VTsIOM) on 14-15 February this year.
In doing so, 47 per cent of respondents felt crisis loans, which the Russian side gives States allies, "irretrievable waste. Slightly fewer, 40 percent of those surveyed, however, stated that these funds - investments that in the future will bring many benefits Russia.
Recall from the end of 2008 the Russian authorities have already issued a stabilization loan to several federal states, including the CIS. For example, Belarus and Kyrgyzstan will get from Russia to two billion dollars, Armenia - 500 million dollars. In addition, from the Russian side has received funds of Cuba.
In early February it became known that the countries of the Eurasian Economic Community formed a joint crisis fund of 10 billion dollars. At the same time 7,5 billion dollars of contribution from the Russian side.
In doing so, 47 per cent of respondents felt crisis loans, which the Russian side gives States allies, "irretrievable waste. Slightly fewer, 40 percent of those surveyed, however, stated that these funds - investments that in the future will bring many benefits Russia.
Recall from the end of 2008 the Russian authorities have already issued a stabilization loan to several federal states, including the CIS. For example, Belarus and Kyrgyzstan will get from Russia to two billion dollars, Armenia - 500 million dollars. In addition, from the Russian side has received funds of Cuba.
In early February it became known that the countries of the Eurasian Economic Community formed a joint crisis fund of 10 billion dollars. At the same time 7,5 billion dollars of contribution from the Russian side.
The probability of default of Russia reached a maximum of 10 years.
Cost of insurance against default (credit default swaps, CDS) for the countries of Eastern Europe has risen sharply in recent days. Insurance in Russia reached 770 basis points, or 770 thousand euros for every 10 million euros of national debt, writes The Financial Times. This indicator is a historic high of the moment when started CDS on sovereign debt, which is about 10 years.
CDS rate for Russia rose by 100 basis points above the level of early 2009. For Poland, swaps are now traded at 420 basis points, the Czech Republic - 340 points, the Czech Republic - 580 points, Latvia - 938 points. CDS for the leaders of Ukraine with a large margin - the cost is around 4000 points. Thus, the probability of default in the country is estimated at 40 percent.
Such high rates of CDS to cause a significant debt of banks and commercial organizations in these countries, foreign, and above all, the Western European financial institutions. The publication asserts that the total payments to Russia's external debt (including government and corporate) in 2009, $ 500 billion. However, according to the Bank of Russia, this value is much smaller - only 141 billion dollars. For comparison, Poland, Hungary, the Czech Republic and Ukraine together, according to the FT, must pay about 120 billion.
Hungary and Ukraine have been forced to refinance debts to seek help from the International Monetary Fund, which provided them with loans of almost $ 30 billion.
Corporate and sovereign defaults in Eastern Europe pose a threat across the European banking system. Against the background of rumors of a possible refusal of companies and the States of the region to pay for the obligations of investors a few days or sells shares of companies the euro. Stock indices of France and Germany fell 19-24 February 6-7 per cent and continues to decline. In most of the volatile financial situation in Eastern Europe may be affected Austria. The volume of loans to banks, the country's Eastern European borrowers, more than 80 percent of Austrian GDP. The overall level of risk for the Eastern European obligations is estimated to eurozone banks in one and a half trillion dollars.
CDS rate for Russia rose by 100 basis points above the level of early 2009. For Poland, swaps are now traded at 420 basis points, the Czech Republic - 340 points, the Czech Republic - 580 points, Latvia - 938 points. CDS for the leaders of Ukraine with a large margin - the cost is around 4000 points. Thus, the probability of default in the country is estimated at 40 percent.
Such high rates of CDS to cause a significant debt of banks and commercial organizations in these countries, foreign, and above all, the Western European financial institutions. The publication asserts that the total payments to Russia's external debt (including government and corporate) in 2009, $ 500 billion. However, according to the Bank of Russia, this value is much smaller - only 141 billion dollars. For comparison, Poland, Hungary, the Czech Republic and Ukraine together, according to the FT, must pay about 120 billion.
Hungary and Ukraine have been forced to refinance debts to seek help from the International Monetary Fund, which provided them with loans of almost $ 30 billion.
Corporate and sovereign defaults in Eastern Europe pose a threat across the European banking system. Against the background of rumors of a possible refusal of companies and the States of the region to pay for the obligations of investors a few days or sells shares of companies the euro. Stock indices of France and Germany fell 19-24 February 6-7 per cent and continues to decline. In most of the volatile financial situation in Eastern Europe may be affected Austria. The volume of loans to banks, the country's Eastern European borrowers, more than 80 percent of Austrian GDP. The overall level of risk for the Eastern European obligations is estimated to eurozone banks in one and a half trillion dollars.
Ukrainian state debt has increased over the year twice.
KommentariiPredvyborny kredit10.02.2009Premer Minister of Ukraine has requested assistance from KremlyaSovokupny public and publicly guaranteed debt of Ukraine for 2008 increased in 2,1 times up to 189 billion hryvnia. If you take it in dollar terms, it increased over 12 months, only 40 per cent - to 24.6 billion dollars, said the publication "Korrespondent.net" referring to the country's Ministry of Finance data.
Earlier in the Ministry of Finance reported that the debt increased by 37.3 per cent in dollar terms. Of the total 18.5 billion dollars of external debt and domestic - a little over six billion. He in 2008 grew faster than the outside is almost doubled.
In the second half of 2008, Ukraine was forced to ask international organizations to grant the loan because of the budget deficit resulting from the global financial crisis.
In particular, Ukraine reached agreement with the International Monetary Fund for a loan of 16.5 billion dollars. The first tranche of the loan was received at the end of 2008 and totaled 33.2 billion hryvnia. In 2009, the Ministry of Finance of Ukraine began to conduct further negotiations for a loan of five billion dollars with Russia.
In addition, as the reasons for the increase in debt MinFin called domestic loan bonds to increase the statutory capital of banks and to replenish the Stabilization Fund. Also influenced by the increase in debt and the devaluation of hryvnia against major world currencies.
Earlier in the Ministry of Finance reported that the debt increased by 37.3 per cent in dollar terms. Of the total 18.5 billion dollars of external debt and domestic - a little over six billion. He in 2008 grew faster than the outside is almost doubled.
In the second half of 2008, Ukraine was forced to ask international organizations to grant the loan because of the budget deficit resulting from the global financial crisis.
In particular, Ukraine reached agreement with the International Monetary Fund for a loan of 16.5 billion dollars. The first tranche of the loan was received at the end of 2008 and totaled 33.2 billion hryvnia. In 2009, the Ministry of Finance of Ukraine began to conduct further negotiations for a loan of five billion dollars with Russia.
In addition, as the reasons for the increase in debt MinFin called domestic loan bonds to increase the statutory capital of banks and to replenish the Stabilization Fund. Also influenced by the increase in debt and the devaluation of hryvnia against major world currencies.
Help make the ROC Ministry of Economic Development.
Ministry of Economic Development of Russia has prepared a bill on the transfer of property to religious organizations, religious, a transfer to all registered denominations in the country of temples and land ownership. In this case, suggest to the MEDT, the church will be able to use the property for commercial purposes, writes the newspaper Kommersant.
According to the edition, currently there are 234 male and 244 female Orthodox monastery, 16 thousands of Orthodox parishes, 4696 Sunday schools, 220 Catholic parishes and more than four thousand mosques and about 70 synagogues. Buildings, land and personal property of religious organizations are mostly in their indefinite free use.
For property in the property of religious organizations is expected to be in contact with Rosimuschestvo application. The new owner will complete the cost of capital and maintenance facilities, as well as to its content. In the ten years referred to the appointment and transfer its assets to third parties is prohibited.
In the church property also will not get the objects included in the UNESCO World Heritage list, for example, the Moscow Kremlin. In addition, the transfer of buildings to new owners, churches will be possible only after they are located in businesses and institutions will have new premises.
In the event that the law will be the ROC's largest non-state landowner. According to the newspaper, the area of church buildings is 5-50 thousand square meters, and land - from 0,3 to 10 hectares. According to experts, who leads the publication, in Moscow alone the average cost per hectare of land reaches 6-7 million dollars.
Preparation of the bill began in MEDT back in 2006. Planned to develop a document completed by the end of 2006. Over the past 15 years, more than a hundred churches had already been transferred to the ownership of the church under government regulations.
According to the edition, currently there are 234 male and 244 female Orthodox monastery, 16 thousands of Orthodox parishes, 4696 Sunday schools, 220 Catholic parishes and more than four thousand mosques and about 70 synagogues. Buildings, land and personal property of religious organizations are mostly in their indefinite free use.
For property in the property of religious organizations is expected to be in contact with Rosimuschestvo application. The new owner will complete the cost of capital and maintenance facilities, as well as to its content. In the ten years referred to the appointment and transfer its assets to third parties is prohibited.
In the church property also will not get the objects included in the UNESCO World Heritage list, for example, the Moscow Kremlin. In addition, the transfer of buildings to new owners, churches will be possible only after they are located in businesses and institutions will have new premises.
In the event that the law will be the ROC's largest non-state landowner. According to the newspaper, the area of church buildings is 5-50 thousand square meters, and land - from 0,3 to 10 hectares. According to experts, who leads the publication, in Moscow alone the average cost per hectare of land reaches 6-7 million dollars.
Preparation of the bill began in MEDT back in 2006. Planned to develop a document completed by the end of 2006. Over the past 15 years, more than a hundred churches had already been transferred to the ownership of the church under government regulations.
The Chinese Government has sent 300 people to go shopping in the EU.
The Minister of Commerce Chen Deming of China (Chen Deming) led spetsdelegatsii of 300 people, left 24 Feb., 2009 in the European Union to spend a few billion yuan to purchase goods and technologies. Reported AFP.
The Commission will visit Spain, Germany, Switzerland and the UK. As expected, the total purchase will be spent over 15 billion yuan (2.2 billion dollars). According to the Ministry of Commerce of China Jian Yao (Yao Jian), in a country marked by high demand for goods from the EU.
The main purpose of the visit, according to Deputy Minister of Commerce Gao Huchena China (Gao Hucheng), is to enhance trade cooperation between the countries in the global financial and economic crisis. In addition, China is ready to open its market to foreign producers.
The composition of spetsdelegatsii was composed of representatives of various sectors of production: the food industry, textile manufacturing, mining and health insurance. Purchases required under the Chinese Government has recently submitted a plan to stimulate the economy, for which the budget was allocated to 4 trillion yuan (584.9 billion dollars).
The EU is the largest trading partner of China, from which a country imports technology and where Chinese goods are exported. In doing so, China is the second largest market for EU products. The volume of bilateral trade between the EU and China grew in 2008 to 19.5 per cent to 425.6 billion dollars. China's Trade Surplus with the EU for the year amounted to 160 billion dollars. The overall balance of trade surplus of China in 2008 amounted to 295.5 billion dollars.
The Commission will visit Spain, Germany, Switzerland and the UK. As expected, the total purchase will be spent over 15 billion yuan (2.2 billion dollars). According to the Ministry of Commerce of China Jian Yao (Yao Jian), in a country marked by high demand for goods from the EU.
The main purpose of the visit, according to Deputy Minister of Commerce Gao Huchena China (Gao Hucheng), is to enhance trade cooperation between the countries in the global financial and economic crisis. In addition, China is ready to open its market to foreign producers.
The composition of spetsdelegatsii was composed of representatives of various sectors of production: the food industry, textile manufacturing, mining and health insurance. Purchases required under the Chinese Government has recently submitted a plan to stimulate the economy, for which the budget was allocated to 4 trillion yuan (584.9 billion dollars).
The EU is the largest trading partner of China, from which a country imports technology and where Chinese goods are exported. In doing so, China is the second largest market for EU products. The volume of bilateral trade between the EU and China grew in 2008 to 19.5 per cent to 425.6 billion dollars. China's Trade Surplus with the EU for the year amounted to 160 billion dollars. The overall balance of trade surplus of China in 2008 amounted to 295.5 billion dollars.
UK tighten entry regulations for migrant workers.
Great Britain plans to tighten the rules of entry for migrants from countries outside the EU. In particular, qualified first level must now be a master's degree, not bachelor's, to get a job in the UK. In addition, they will be guaranteed a minimum salary of 20 thousand pounds a year, reportedly at the site boundary of Great Britain.
According to the newspaper The Guardian, in the case of the introduction of new rules from April the number of foreign migrants' qualifications will fall from 26 thousand to 14 thousand people. British government will also tighten the requirements for migrant workers a second level of qualification: a special government commission will consider that such migrants granted work only in industries where there is a shortage of personnel. If these measures are implemented, the number of labor migrants, the second level of qualification reduced from 80 thousand to 20-40 thousand per year.
All these measures relate only to immigrants from countries outside the European Union, which operates a single space for the labor market. Presented a new Interior Minister of Great Britain Jackie Smith explained that in a recession the immigration laws should be reviewed to ensure that British citizens a priority in getting jobs. In this regard, employers will be obliged to publish vacancy announcements for the second skill level of local employment centers at least two weeks.
The British labor market is estimated at about 30 million jobs. Number of foreign workers and professionals in the UK is 3.8 million, which, as noted by the newspaper The Daily Telegraph, this figure increased by 1.8 million over the past ten years.
In the face of deepening economic crisis and rising unemployment, the British trade unions need to give priority to the right of citizens to obtain employment. In opposition Conservatives also criticized the overly liberal in their view, the order of receipt of foreigners working in Britain, offering to replace quotas on migrant workers' existing system of qualifying points.
According to the newspaper The Guardian, in the case of the introduction of new rules from April the number of foreign migrants' qualifications will fall from 26 thousand to 14 thousand people. British government will also tighten the requirements for migrant workers a second level of qualification: a special government commission will consider that such migrants granted work only in industries where there is a shortage of personnel. If these measures are implemented, the number of labor migrants, the second level of qualification reduced from 80 thousand to 20-40 thousand per year.
All these measures relate only to immigrants from countries outside the European Union, which operates a single space for the labor market. Presented a new Interior Minister of Great Britain Jackie Smith explained that in a recession the immigration laws should be reviewed to ensure that British citizens a priority in getting jobs. In this regard, employers will be obliged to publish vacancy announcements for the second skill level of local employment centers at least two weeks.
The British labor market is estimated at about 30 million jobs. Number of foreign workers and professionals in the UK is 3.8 million, which, as noted by the newspaper The Daily Telegraph, this figure increased by 1.8 million over the past ten years.
In the face of deepening economic crisis and rising unemployment, the British trade unions need to give priority to the right of citizens to obtain employment. In opposition Conservatives also criticized the overly liberal in their view, the order of receipt of foreigners working in Britain, offering to replace quotas on migrant workers' existing system of qualifying points.
China's budget deficit will grow to nine once.
China's budget deficit in 2009 would be 950 billion yuan (139 billion dollars) that will record, reports AFP. The amount of the deficit to nine times higher than that of 2008 and will reach about three percent of GDP.
It is a significant shortfall due to declining income and the Treasury need to increase spending during the economic crisis. Total expenditures for 2009 amount to nearly 7.6 trillion yuan, 22 per cent more than last year. Income is only grow by eight per cent and reached more than 6.6 trillion yuan.
Economic growth in China slowed in 2008 to 9 per cent compared with 13 per cent in 2007. In 2009, the growth rate could drop to 6-7 percent, which will become worse over the past 20 years.
In late 2008, China has the most extensive in the history of the program to stimulate the economy, totaling about 585 billion dollars, which increased the pressure on the budget. However, China has nearly 2 trillion dollars in international reserves, some of which are stored in the public investment fund. Much of the shortfall could be met from these funds.
In 2009 the budget deficits of most leading countries of the world must update their records. Thus, in the U.S. the difference between revenue and expenditure budget could exceed a trillion dollars, or 7.5 percent of GDP.
It is a significant shortfall due to declining income and the Treasury need to increase spending during the economic crisis. Total expenditures for 2009 amount to nearly 7.6 trillion yuan, 22 per cent more than last year. Income is only grow by eight per cent and reached more than 6.6 trillion yuan.
Economic growth in China slowed in 2008 to 9 per cent compared with 13 per cent in 2007. In 2009, the growth rate could drop to 6-7 percent, which will become worse over the past 20 years.
In late 2008, China has the most extensive in the history of the program to stimulate the economy, totaling about 585 billion dollars, which increased the pressure on the budget. However, China has nearly 2 trillion dollars in international reserves, some of which are stored in the public investment fund. Much of the shortfall could be met from these funds.
In 2009 the budget deficits of most leading countries of the world must update their records. Thus, in the U.S. the difference between revenue and expenditure budget could exceed a trillion dollars, or 7.5 percent of GDP.
President of Alfa-Bank does not claim to be prime minister of Latvia.
KommentariiPopal under krizis23.02.2009Latviya remained without premeraPrezident Alfa-Bank Pyotr Aven denied appeared in media reports that he was ready to become prime minister of Latvia, writes on February 24 edition "Newspaper". Information on the readiness of Avena take the post was published on 23 February in the Latvian newspaper "Chas", referred to the chairman of the board of advisers Alfa Bank Alexander Gafina.
In an interview with the correspondent "Newspapers", Aven, is in London, called the "complete delusion" and "newspaper duck" the message that he was supposedly ready to lead the Government of Latvia and to help bring this country out of economic crisis. Aven said that Alexander Gafina not authorized to make statements on his behalf.
Gafin, in turn, told the publication that, in an interview with the newspaper "Chas" merely expressed his personal opinion that does not accord with the president of Alfa Bank.
Latvia remained prime minister on Feb. 20, 2009 when Ivar Godmanis, held the post resigned. Mistrust Godmanis were two coalition parties, as well as President Valdis Zatlers. Godmanis criticized the inability to cope with severe economic crisis facing Latvia.
The Middle East company Dana Gas was 100 billion cubic meters of gas.
The biggest non-state oil and gas company in the Middle East, Dana Gas has announced the opening of gas fields in Egypt, whose reserves are estimated at one hundred billion cubic meters (16 million barrels of oil equivalent). This is stated in the official press release issued at the company's website. For comparison, in Russia, on the basis of 2008 it produced about 665 billion cubic meters of gas.
Gas deposits are located in the Nile Delta at the Azhar-1, one of those who engaged in the development of Dana Gas. According to the company, opening the field to the Azhar-1 was followed shortly after the discovery of gas reserves for another four Egyptian sites - West Manzala-2, El Basant-1, El-Basant-2 and Salma-1.
In early 2007, proved gas reserves in Egypt amounted to 1.89 trillion cubic meters. Over the past 15 years, Government is actively searching for oil and gas, resulting in 2001 in the territory of Egypt, was discovered 18 oil and 16 gas fields.
Dana Gas is the sixth largest gas producer in Egypt. By the end of last year, the daily gas production company in excess of 31 thousand barrels of oil equivalent.
Gas deposits are located in the Nile Delta at the Azhar-1, one of those who engaged in the development of Dana Gas. According to the company, opening the field to the Azhar-1 was followed shortly after the discovery of gas reserves for another four Egyptian sites - West Manzala-2, El Basant-1, El-Basant-2 and Salma-1.
In early 2007, proved gas reserves in Egypt amounted to 1.89 trillion cubic meters. Over the past 15 years, Government is actively searching for oil and gas, resulting in 2001 in the territory of Egypt, was discovered 18 oil and 16 gas fields.
Dana Gas is the sixth largest gas producer in Egypt. By the end of last year, the daily gas production company in excess of 31 thousand barrels of oil equivalent.
Yushchenko invited the Secretariat to reduce the pension.
Secretariat of Ukrainian President Viktor Yushchenko plans to reduce the budget deficit by reducing the pension to certain categories of citizens. The statement was made deputy head of secretariat, Oleksandr Shlapak, UNIAN transfers.
According to Shlapak, in particular, it is necessary to limit the pensions of those who receive a monthly basis more than 20-30 thousand hryvnia (about 2-3 thousand dollars). These include people's deputies of Ukraine, judges and certain other categories. In addition, Shlapak proposed reducing benefits. According to him, the previous elections of People's Deputies were held under the slogan "abolish the privileges, but so far it has not been done.
Shlapak added that the lifting of parliamentary privileges would save about 400 million hryvnia, and the decline of pensions - about 20 million.
According to President Yushchenko, Ukraine's budget deficit in 2009 to draw up a 71 billion hryvnia against the officially projected at 28 billion. Missing for the elimination of the deficit amount, Ukraine plans, in particular, cover of international borrowing. Thus, the IMF singled out Ukraine credit of 16.5 billion dollars, but the republic has received only the first tranche size of 4.5 billion.
According to Shlapak, in particular, it is necessary to limit the pensions of those who receive a monthly basis more than 20-30 thousand hryvnia (about 2-3 thousand dollars). These include people's deputies of Ukraine, judges and certain other categories. In addition, Shlapak proposed reducing benefits. According to him, the previous elections of People's Deputies were held under the slogan "abolish the privileges, but so far it has not been done.
Shlapak added that the lifting of parliamentary privileges would save about 400 million hryvnia, and the decline of pensions - about 20 million.
According to President Yushchenko, Ukraine's budget deficit in 2009 to draw up a 71 billion hryvnia against the officially projected at 28 billion. Missing for the elimination of the deficit amount, Ukraine plans, in particular, cover of international borrowing. Thus, the IMF singled out Ukraine credit of 16.5 billion dollars, but the republic has received only the first tranche size of 4.5 billion.
Because of the crisis were not the work of 325 thousand financiers.
At least 325 thousand of the financial sector remained out of work because of the crisis, starting in August 2007. This is illustrated by the International Labor Organization (ILO), reports AFP.
According to the ILO, some 130 thousand people, ie 40 per cent of the total number of unemployed in the financial sector for all this time, lost their jobs during the period October 2008-th - the middle of February 2009. In doing so, the total number of employees in this segment of the economy, according to ILO estimates, now exceeds 20 million.
The ILO notes that, given the ongoing crisis, banks, insurance companies and investment funds expects a further reduction in staff. While most of the mass dismissals stated, inter alia, in U.S. bank Citigroup. In mid-November last year, Citigroup announced a forthcoming dismissal of 50 thousand.
Previously, the ILO issued a forecast that because of the crisis only in Asia, 23 million people will become unemployed in the current year, and more than 140 million - would be below the poverty line. According to the European Commission in 2009, work will lose 3.5 million Europeans. According to the British Center for Economic and Business Research, before the end of the year without work will remain around 800 thousand people.
According to the ILO, some 130 thousand people, ie 40 per cent of the total number of unemployed in the financial sector for all this time, lost their jobs during the period October 2008-th - the middle of February 2009. In doing so, the total number of employees in this segment of the economy, according to ILO estimates, now exceeds 20 million.
The ILO notes that, given the ongoing crisis, banks, insurance companies and investment funds expects a further reduction in staff. While most of the mass dismissals stated, inter alia, in U.S. bank Citigroup. In mid-November last year, Citigroup announced a forthcoming dismissal of 50 thousand.
Previously, the ILO issued a forecast that because of the crisis only in Asia, 23 million people will become unemployed in the current year, and more than 140 million - would be below the poverty line. According to the European Commission in 2009, work will lose 3.5 million Europeans. According to the British Center for Economic and Business Research, before the end of the year without work will remain around 800 thousand people.
Monday, February 23, 2009
Australia will reduce the quota for admission of immigrants.
Australian Immigration Minister Chris Evans (Chris Evans) said that in 2010 would reduce the number of arrivals of foreign workers. In times of economic crisis, the Government will take measures to protect the Australian labor market, reports The Daily Telegraph.
In 2009, Australia should take about 190 thousands of immigrants, 20 per cent more than in the 2007-2008 fiscal year. This is the highest figure since 1970, when the country entered a little more than 185 thousand foreign workers.
At the same time, the decline in jobs in 2010, the country is expected 7-percent unemployment rate, which significantly reduces the demand for foreign labor. The unions have demanded the government to delete from the list of professions for immigrants, some specialty, qualified professionals who are available in sufficient quantities in the domestic market.
The Minister explained that the final figures on immigration will be announced on May 12.
In recent years Australia has experienced a shortage of skilled workers, so labor immigration program is constantly expanding. The decision to reduce quotas agreed for the first time in eight years.
In 2009, Australia should take about 190 thousands of immigrants, 20 per cent more than in the 2007-2008 fiscal year. This is the highest figure since 1970, when the country entered a little more than 185 thousand foreign workers.
At the same time, the decline in jobs in 2010, the country is expected 7-percent unemployment rate, which significantly reduces the demand for foreign labor. The unions have demanded the government to delete from the list of professions for immigrants, some specialty, qualified professionals who are available in sufficient quantities in the domestic market.
The Minister explained that the final figures on immigration will be announced on May 12.
In recent years Australia has experienced a shortage of skilled workers, so labor immigration program is constantly expanding. The decision to reduce quotas agreed for the first time in eight years.
Invasion of Iraq was 13 billion for the invasion of 1990.
Invasion of Iraq has already received 13.3 billion dollars in compensation for the invasion of 1990 and the occupation of the country. That was reported by AFP, referring to Kuwaiti authorities.
The report states that the amount that is received by Kuwait to the end of 2008. The Government has committed to paying tens of billions of dollars.
It reminds the agency that Iraq should send five per cent of its oil revenues into a special fund established by the UN Security Council to pay compensation for the war years 1990-91. In the Fund received requests for the payment of 368 billion, including about 190 billion from Kuwait (mainly from the government). Requirements, those who have lost loved ones, been injured or suffered financial losses. The amount of payments approved in the amount of more than 52 billion, of which 39 billion owed to Kuwait.
By the end of February the fund, according to the agency paid more than $ 27 billion. The Iraqi authorities are requested to cancel these payments, or reduce them. Kuwait calls for, inter alia, payment of $ 40 billion for environmental damage, 29 billion - for the destruction of the oil industry.
Iraqi troops invaded Kuwait in August 1990 under the pretext that Kuwait was abducted from the Iraqi oil fields, for this special proburivaya deviated wells. In January 1991, a coalition led by the United States since the start of UN sanctions operation to remove Iraqi forces from Kuwait. The war ended in February of that year, a victory for the coalition forces.
The report states that the amount that is received by Kuwait to the end of 2008. The Government has committed to paying tens of billions of dollars.
It reminds the agency that Iraq should send five per cent of its oil revenues into a special fund established by the UN Security Council to pay compensation for the war years 1990-91. In the Fund received requests for the payment of 368 billion, including about 190 billion from Kuwait (mainly from the government). Requirements, those who have lost loved ones, been injured or suffered financial losses. The amount of payments approved in the amount of more than 52 billion, of which 39 billion owed to Kuwait.
By the end of February the fund, according to the agency paid more than $ 27 billion. The Iraqi authorities are requested to cancel these payments, or reduce them. Kuwait calls for, inter alia, payment of $ 40 billion for environmental damage, 29 billion - for the destruction of the oil industry.
Iraqi troops invaded Kuwait in August 1990 under the pretext that Kuwait was abducted from the Iraqi oil fields, for this special proburivaya deviated wells. In January 1991, a coalition led by the United States since the start of UN sanctions operation to remove Iraqi forces from Kuwait. The war ended in February of that year, a victory for the coalition forces.
EBV Kazakhstan has allocated $ 3 billion for the purchase of Russian equipment.
Vnesheconombank will provide up to $ 3 billion Kazakh National Welfare Fund "Samruk-Kazyna", Interfax reports. The loan will be used to ensure the supply of Russian equipment, as well as steel products, chemicals, energy, and to modernize certain of Kazakhstani enterprises.
In particular, funds will be invested in capacity expansion project Ekibastuz GRES-2 in the Pavlodar region, as well as in the production of mineral fertilizers in Kazakhstan. According to the head VEBa Vladimir Dmitriev, with the Russian side, suppliers of equipment for the project Ekibastuz power station will be "Power Machines" and the operator will be "Inter RAO.
Dmitriyev added that an agreement for a loan, and approaches to its implementation were approved by the President of Kazakhstan Nursultan Nazarbayev. Nazarbayev also supported the establishment of trading houses, which will supply equipment for Russian oil and gas industry, energy, agriculture.
Memorandum on VEBa participation in the financing of trade between Kazakhstan and Russia was signed in early February. Credits will be issued by Kazakhstan for a period of 10 years.
Ekibastuz power plant - a joint Kazakh-Russian company, established in 2005, Inter RAO UES "and Kazakhstan" Samruk-Energo ". The power station is 1000 megawatts. Upgrading of the station (the construction of the third power) will cost 68 billion tenge (over 450 million dollars).
In particular, funds will be invested in capacity expansion project Ekibastuz GRES-2 in the Pavlodar region, as well as in the production of mineral fertilizers in Kazakhstan. According to the head VEBa Vladimir Dmitriev, with the Russian side, suppliers of equipment for the project Ekibastuz power station will be "Power Machines" and the operator will be "Inter RAO.
Dmitriyev added that an agreement for a loan, and approaches to its implementation were approved by the President of Kazakhstan Nursultan Nazarbayev. Nazarbayev also supported the establishment of trading houses, which will supply equipment for Russian oil and gas industry, energy, agriculture.
Memorandum on VEBa participation in the financing of trade between Kazakhstan and Russia was signed in early February. Credits will be issued by Kazakhstan for a period of 10 years.
Ekibastuz power plant - a joint Kazakh-Russian company, established in 2005, Inter RAO UES "and Kazakhstan" Samruk-Energo ". The power station is 1000 megawatts. Upgrading of the station (the construction of the third power) will cost 68 billion tenge (over 450 million dollars).
In Armenia, announced a tender for the construction of nuclear power plants.
State Competition Commission of Armenia on 23 February announced a tender for the construction of a new block of the Armenian nuclear power plant. As the "Caucasian Knot" with reference to the Ministry of Energy and Natural Resources (MENR) of Armenia, the deadline for submitting applications for participation in the tender will expire on April 1.
The Ministry also noted that the tender for the acquisition of the rights of plants may attend any individuals and companies, regardless of nationality.
According to Press Secretary MENR Lusine Harutyunyan, the Government has already prepared a bill on strotelstve new block. However, the timing transmission of a document in Parliament has not yet been determined.
 It was expected that the total project cost will be about five billion dollars. According to plans, construction will begin in 2011 and will last 5-7 years. The new unit will be built on the territory of the existing station, it will have a capacity of 1000 MW.
It reminds the "Caucasian Knot, Metsamor (Armenian) plant consists of two blocks, which are put into operation in 1976 and 1980. After the earthquake of 1988 a special decree of the Government of the Soviet Union Station was stopped. 5 November 1995, after 6.5 years of conservation, the second block AAES was re-launched. AAES is currently producing 2000 MW of electricity per year.
The Government of Armenia in 2006, declared that the period of the Armenian nuclear power plant completed in 2016. Armenia signed the Action Plan within the framework of "European Neighborhood", undertook, as soon as possible to close outdated plants.
Its readiness to assist Armenia to replace Medzamor plant to a new already stated the U.S., France and Russia.
The Ministry also noted that the tender for the acquisition of the rights of plants may attend any individuals and companies, regardless of nationality.
According to Press Secretary MENR Lusine Harutyunyan, the Government has already prepared a bill on strotelstve new block. However, the timing transmission of a document in Parliament has not yet been determined.
 It was expected that the total project cost will be about five billion dollars. According to plans, construction will begin in 2011 and will last 5-7 years. The new unit will be built on the territory of the existing station, it will have a capacity of 1000 MW.
It reminds the "Caucasian Knot, Metsamor (Armenian) plant consists of two blocks, which are put into operation in 1976 and 1980. After the earthquake of 1988 a special decree of the Government of the Soviet Union Station was stopped. 5 November 1995, after 6.5 years of conservation, the second block AAES was re-launched. AAES is currently producing 2000 MW of electricity per year.
The Government of Armenia in 2006, declared that the period of the Armenian nuclear power plant completed in 2016. Armenia signed the Action Plan within the framework of "European Neighborhood", undertook, as soon as possible to close outdated plants.
Its readiness to assist Armenia to replace Medzamor plant to a new already stated the U.S., France and Russia.
WTO director approved the slogan "Buy American".
KommentariiPlanov gromade16.01.2009Kongress the U.S. supported the rescue of an old program of the U.S. economy and to take up novoyPlan support for the U.S. economy, including the item "Buy American" (Buy American), not inconsistent with the requirements of the World Trade Organization (WTO ) to the organization. This statement was made general manager of WTO, Pascal Lamy, reports Reuters.
According to Lamy, the presence of state in the U.S. economy article, which refers to the protection of itself a bad thing. However, what is in the process of preparing a plan the U.S. Senate softened the specified paragraph, brought him into line with U.S. obligations as a member of the WTO.
Remember, in early February, the Senate adopted an amendment, mitigating the effect of paragraph "Buy American", as provided in the "Obama plan". According to this article, all the projects the program be implemented with the use of products originating in the U.S. metals and industrial commodities. However, in accordance with the amendment of Senators, the terms of the plan is not contrary to U.S. international trade with Canada and the EU.
Plan aid the American economy, affected by the global financial crisis, will provide the authorities of the country 819 billion dollars to finance anti-crisis measures. It was proposed by U.S. President Barack Obama, and was approved by the House of Representatives of USA 28 January 2009.
Paragraph Buy American countries led to criticism of U.S. trading partners, in particular, the EU, Canada and Japan. They accused the U.S. government in the protection and violation of the principles of free trade.
According to Lamy, the presence of state in the U.S. economy article, which refers to the protection of itself a bad thing. However, what is in the process of preparing a plan the U.S. Senate softened the specified paragraph, brought him into line with U.S. obligations as a member of the WTO.
Remember, in early February, the Senate adopted an amendment, mitigating the effect of paragraph "Buy American", as provided in the "Obama plan". According to this article, all the projects the program be implemented with the use of products originating in the U.S. metals and industrial commodities. However, in accordance with the amendment of Senators, the terms of the plan is not contrary to U.S. international trade with Canada and the EU.
Plan aid the American economy, affected by the global financial crisis, will provide the authorities of the country 819 billion dollars to finance anti-crisis measures. It was proposed by U.S. President Barack Obama, and was approved by the House of Representatives of USA 28 January 2009.
Paragraph Buy American countries led to criticism of U.S. trading partners, in particular, the EU, Canada and Japan. They accused the U.S. government in the protection and violation of the principles of free trade.
Subscribe to:
Posts (Atom)