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RUSSIA, CHINA BLAME WOES ON CAPITALISM – SPEECHES CRITICIZE INAPPROPRIATE POLICIES, FOCUS ON DOLLAR’S ROLE; YET PUTIN SENDS OBAMA CONCILIATORY SIGNAL

Posted by Gilmour Poincaree on January 29, 2009

JANUARY 29, 2009

by Marc Champion in Davos, Switzerland; Andrew Batson in Beijing and Greg White in Moscow

PUBLISHED BY ‘THE WALL STREET JOURNAL’ (USA)

The premiers of Russia and China slammed the U.S. economic system in speeches Wednesday, holding it responsible for the global economic crisis.

Both focused on the role of the U.S. dollar, with China’s Premier Wen Jiabao calling for better regulation of major reserve currencies and Russia’s Prime Minister Vladimir Putin calling over-reliance on the dollar “dangerous.”

Speaking on the opening day of the World Economic Forum in Davos, Switzerland, they both urged more international cooperation to escape the downturn. They also talked up the abilities of their own economies to ride out the recession. Mr. Wen said he was “confident” China would hit its 8% growth target for this year even though that was “a tall order.” (See the full text)

The Russian and Chinese leaders also called for cooperation with U.S. President Barack Obama, but it was a chilly reception for the new administration that reflected growing anger in economies that are now getting hit hard by a financial crisis that began with subprime mortgages sold in the U.S.

Mr. Putin was characteristically blunt. He called for the development of multiple, regional reserve currencies in addition to the dollar. “Excessive dependence on a single reserve currency is dangerous for the global economy,” Mr. Putin said. (See the full text)

The Russian leader mocked U.S. businessmen who he said had boasted at last year’s Davos meeting of the U.S. economy’s fundamental strength and “cloudless” prospects. “Today, investment banks, the pride of Wall Street, have virtually ceased to exist,” he said.

Earlier, Mr. Wen called for an expansion of regulatory “coverage of the international financial system, with particular emphasis on strengthening the supervision on major reserve currencies.”

While Mr. Wen never named the U.S., his critique of its failings was as sweeping as Mr. Putin’s. The financial crisis, he said, was “attributable to inappropriate macroeconomic policies of some economies and their unsustainable model of development characterized by prolonged low savings and high consumption; excessive expansion of financial institutions in blind pursuit of profit” – and other excesses.

“The entire economic growth system, where one regional center prints money without respite and consumes material wealth, while another regional centre manufactures inexpensive goods … has suffered a major setback,” Mr. Putin said.

Mr. Wen’s comments came just days after U.S. Treasury Secretary Timothy Geithner accused China of manipulating its currency for economic gain. The Chinese premier gently, but firmly warned that if Washington and Beijing chose confrontation, both would be losers.

But the different tones of the two speeches, and the fact that Mr. Wen didn’t call for replacing the dollar’s role as the world’s reserve currency but regulating it, reflect crucial differences in the important emerging economies.

A spokeswoman for the U.S. Treasury Department declined to comment on the remarks in the speeches. The White House did not respond to requests for comment.

Many of the attendees at Davos took the remarks from Mr. Putin and Mr. Wen in stride. “The sad thing is is that we might have scoffed at this a while ago. But we really dragged the world down” economically, Alan Blinder, former vice chairman of the U.S. Federal Reserve, said in an interview after the speeches.

The rapid collapse of oil and commodities prices has hit Russia hard on top of the ripples of the financial crisis. The government now forecasts the economy will shrink for the first time in a decade this year, after growing 6% last year.

“In a very real sense Russia has been kicked to the margins, while China has become pivotal to any resolution of the financial crisis,” says Bob Lo, Director of the Russia and China programs at the Center for European Reform in London.

Mr. Putin’s government has spent $200 billion of hard currency reserves to defend the Russian currency, the ruble. It has spent as much again in a bailout package that amounts to 15% of gross domestic product, one of the largest responses to the financial crisis in the world. Unlike China, Russia’s economy is too dependent on commodities exports and too small to play a significant role in any global recovery, says Mr. Lo.

Russia also has negligible trade with the U.S., while Chinese exports are heavily dependent on U.S. consumers and Beijing holds $2 trillion in U.S. debt, prompting a much more cautious approach towards Washington and the dollar in Beijing.

The net effect of falling oil prices and the downturn, however, has been to make Russia more vulnerable and the Kremlin weaker, analysts say. Russian officials have begun to send out more conciliatory signals to the new U.S. administration.

“We wish the new team success,” Mr Putin said Wednesday, calling on it to cooperate.

China, too, is suffering from the downturn. Many independent economists, including economists at the International Monetary Fund, question whether Beijing will be able to meet its 8% growth target this year.

Developed nations are increasingly calling for China to do more to stimulate its own economy. On Wednesday, Mr. Wen gave a detailed account of the four trillion yuan ($585 billion) investment program China announced in November. “As a big responsible country” China was actively boosting domestic, and particularly consumer demand, said Mr. Wen.

The headline sum in the program would likely be equivalent to around 3% of gross domestic product in 2009 and 2010. But even government officials aren’t promising that much of a boost to the economy. Zhang Ping, the head of the National Development and Reform Commission, in November estimated it would add about one percentage point to GDP growth this year and next.

That may have seemed like a lot at the time, but expectations for global and Chinese growth have rapidly deteriorated since then. Mr. Wen said growth slowed to 6.8% in the fourth quarter from the same period a year earlier. That’s a little more than half the 13% gain in 2007, at the height of the boom. Some economists believe China could grow by as little as 5% this year, too little to provide jobs for the graduates flooding into the labor market from Chinese universities and schools each year and a further drag on the global economy.

Less noticed in Mr. Geithner’s repetition of Mr. Obama’s campaign-trail assertion that China “manipulates” its currency last week was his argument that the long U.S.-Chinese dispute over currency didn’t matter as much as getting China to do more to boost its economic growth.

“Given the crisis the immediate focus needs to be on the broader issue of stabilizing domestic demand in China and the U.S.,” Mr. Geithner said in his written response to questions during his Senate confirmation process. “A further slowdown in China would lead to a substantial fall in world growth (and demand for U.S. exports) and delay recovery from the crisis.”

Printed in The Wall Street Journal, page A6

CLICK HERE FOR THE ORIGINAL ARTICLE

PUBLISHED BY ‘THE WALL STREET JOURNAL’ (USA)

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Posted in BANKING SYSTEM - USA, BANKING SYSTEMS, BARACK HUSSEIN OBAMA -(DEC. 2008/JAN. 2009), CENTRAL BANKS, CHINA, COMMERCE, CURRENCIES, DOLLAR (USA), ECONOMY, ECONOMY - USA, FINANCIAL CRISIS - USA - 2008/2009, FINANCIAL CRISIS 2008/2009, FINANCIAL MARKETS, FOREIGN POLICIES, FOREIGN POLICIES - USA, HOUSING CRISIS - USA, INDUSTRIAL PRODUCTION, INDUSTRIAL PRODUCTION - USA, INDUSTRIES, INDUSTRIES - USA, INTERNATIONAL, INTERNATIONAL RELATIONS, PUBLIC SECTOR AND STATE OWNED ENTERPRISES, RECESSION, REGULATIONS AND BUSINESS TRANSPARENCY, RESTRUCTURING OF PRIVATE COMPANIES, RESTRUCTURING OF THE PUBLIC SECTOR, RUSSIA, THE FLOW OF INVESTMENTS, THE PRESIDENCY - USA, USA | Leave a Comment »

THOUSANDS WATCH SIEGE OF LENINGRAD RE-ENACTMENT (Russia)

Posted by Gilmour Poincaree on January 26, 2009

9:21AM Monday Jan 26, 2009

Associated Press

PUBLISHED BY ‘THE NEW ZEALAND HERALD’

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PUBLISHED BY ‘THE NEW ZEALAND HERALD’

Posted in ECONOMIC CONJUNCTURE, ECONOMY, FINANCIAL CRISIS 2008/2009, HISTORY, INTERNATIONAL, RECESSION, RUSSIA, WARS AND ARMED CONFLICTS | Leave a Comment »

WORLD EXPECTS UKRAINE’S DEFAULT

Posted by Gilmour Poincaree on January 22, 2009

21.01.2009

Pravda.Ru

PUBLISHED BY ‘PRAVDA’ (Russia)

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PUBLISHED BY ‘PRAVDA’ (Russia)

Posted in COMMERCE, COMMODITIES MARKET, ECONOMIC CONJUNCTURE, ECONOMY, ENERGY INDUSTRIES, FINANCIAL CRISIS 2008/2009, INDUSTRIAL PRODUCTION, INTERNATIONAL, NATURAL GAS, PUBLIC SECTOR AND STATE OWNED ENTERPRISES, RECESSION, REGULATIONS AND BUSINESS TRANSPARENCY, RUSSIA, THE FLOW OF INVESTMENTS, UKRAINE | Leave a Comment »

RUSSIAN GAS TO REACH EUROPE IN 36 HOURS AT MOST: UKRAINE

Posted by Gilmour Poincaree on January 20, 2009

20 Jan 2009, 1602 hrs IST

Agence France-Presse

PUBLISHED BY ‘THE TIMES OF INDIA’

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PUBLISHED BY ‘THE TIMES OF INDIA’

Posted in COMMERCE, COMMODITIES MARKET, CORRUPTION, CRIMINAL ACTIVITIES, ECONOMIC CONJUNCTURE, ECONOMY, ENERGY, ENERGY INDUSTRIES, FINANCIAL CRISIS 2008/2009, FOREIGN POLICIES, INDUSTRIAL PRODUCTION, INDUSTRIES, INTERNATIONAL, INTERNATIONAL RELATIONS, NATURAL GAS, PUBLIC SECTOR AND STATE OWNED ENTERPRISES, RECESSION, REGULATIONS AND BUSINESS TRANSPARENCY, RUSSIA, THE FLOW OF INVESTMENTS, UKRAINE | Leave a Comment »

ANALYSIS: IN RUSSIA-UKRAINE GAS WAR, PUTIN GROWS STRONGER AND KIEV FACES STARKLY HIGHER PRICES

Posted by Gilmour Poincaree on January 20, 2009

12:54 PM EST, January 19, 2009

by Douglas Birch – Associated Press Writer

PUBLISHED BY ‘NEWSDAY’ (USA)

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PUBLISHED BY ‘NEWSDAY’ (USA)

Posted in COMMERCE, COMMODITIES MARKET, ECONOMIC CONJUNCTURE, ECONOMY, ENERGY INDUSTRIES, FINANCIAL CRISIS 2008/2009, FINANCIAL MARKETS, INTERNATIONAL, NATURAL GAS, PUBLIC SECTOR AND STATE OWNED ENTERPRISES, REGULATIONS AND BUSINESS TRANSPARENCY, RUSSIA, STAGFLATION, THE EUROPEAN UNION, THE FLOW OF INVESTMENTS, UKRAINE | Leave a Comment »

GAZPROM, ENI WILL BE PART OF NATURAL GAS CONSORTIUM – DISPUTE WITH UKRAINE THAT CUT OFF GAS TO EUROPE HAS COST GAZPROM $1.1 BILLION

Posted by Gilmour Poincaree on January 18, 2009

3:33 p.m. EST Jan. 16, 2009

by Polya Lesova – MarketWatch

PUBLISHED BY ‘MARKET WATCH – The Wall Street Journal Digital Network’ (USA)

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PUBLISHED BY ‘MARKET WATCH – The Wall Street Journal Digital Network’ (USA)

Posted in BANKING SYSTEMS, COMMERCE, COMMODITIES MARKET, ECONOMIC CONJUNCTURE, ECONOMY, ENERGY, ENERGY INDUSTRIES, FINANCIAL CRISIS 2008/2009, FINANCIAL MARKETS, FINANCIAL SERVICES INDUSTRIES, FOREIGN POLICIES, INDUSTRIAL PRODUCTION, INDUSTRIES, INTERNATIONAL, INTERNATIONAL RELATIONS, ITALY, NATURAL GAS, RECESSION, RESTRUCTURING OF PRIVATE COMPANIES, RUSSIA, STOCK MARKETS, THE FLOW OF INVESTMENTS | Leave a Comment »

REPORTS: RUSSIAN OLIGARCH SEEKS BRITISH NEWSPAPER

Posted by Gilmour Poincaree on January 15, 2009

Jan. 15, 2009, 4:50AM

Associated Press

PUBLISHED BY ‘THE HOUSTON CHRONICLE’ (USA)

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PUBLISHED BY ‘THE HOUSTON CHRONICLE’ (USA)

Posted in COMMUNICATION INDUSTRIES, ECONOMIC CONJUNCTURE, ECONOMY, FINANCIAL CRISIS 2008/2009, FINANCIAL MARKETS, FINANCIAL SERVICES INDUSTRIES, INDUSTRIAL PRODUCTION, INDUSTRIES, INTERNATIONAL, RECESSION, RESTRUCTURING OF PRIVATE COMPANIES, RUSSIA, THE FLOW OF INVESTMENTS, THE MEDIA (US AND FOREIGN), UNITED KINGDOM | Leave a Comment »

BRUXELAS AMEAÇA KIEV E MOSCOU COM AÇÕES JUDICIAIS PELA CRISE DO GÁS (Belgium/Russia)

Posted by Gilmour Poincaree on January 14, 2009

14/01/2009 07:48

France Press

PUBLISHED BY ‘CORREIO BRAZILIENSE’

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PUBLISHED BY ‘CORREIO BRAZILIENSE’

Posted in BELGIUM, COMMERCE, COMMODITIES MARKET, ECONOMIC CONJUNCTURE, ECONOMY, ENERGY, ENERGY INDUSTRIES, FINANCIAL CRISIS 2008/2009, FOREIGN POLICIES, INDUSTRIAL PRODUCTION, INDUSTRIES, INTERNATIONAL, INTERNATIONAL RELATIONS, JUDICIARY SYSTEMS, NATURAL GAS, RECESSION, REGULATIONS AND BUSINESS TRANSPARENCY, RUSSIA, THE FLOW OF INVESTMENTS | Leave a Comment »

PUTIN: UKRAINE HAS A FETISH ABOUT ITS GAS TRANSMISSION SYSTEM (Russia)

Posted by Gilmour Poincaree on January 13, 2009

January 12, 2009 – 11:34 PM

Source: agencies

PUBLISHED BY ‘THE PRAVDA’ (Russia)

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PUBLISHED BY ‘THE PRAVDA’ (Russia)

Posted in COMMERCE, COMMODITIES MARKET, CORRUPTION, CRIMINAL ACTIVITIES, ECONOMIC CONJUNCTURE, ECONOMY, ENERGY, ENERGY INDUSTRIES, FINANCIAL CRISIS 2008/2009, FOREIGN POLICIES, INDUSTRIAL PRODUCTION, INDUSTRIES, INTERNATIONAL, INTERNATIONAL RELATIONS, NATURAL GAS, PUBLIC SECTOR AND STATE OWNED ENTERPRISES, RECESSION, REGULATIONS AND BUSINESS TRANSPARENCY, RUSSIA, SMUGGLING, UKRAINE | 1 Comment »

DEAR MR. MEDVEDEV

Posted by Gilmour Poincaree on January 13, 2009

01/12/09

by Fred Hubner

PUBLISHED BY ‘FROM SCRATCH NEWSWIRE’ (USA)

Dear Mr. Medvedev


I hope you’re in good health, and my feelings are extensive to your entire family ME, THE GAS THIEF, including your pets, in case you do have them.


I know you’re a very reasonable man and, in a general way, extremely engaged in the defense and advancement of your country. I’m sure you must’ve heard of me and my inate penchant for stealing Russian gas. I know that this a very bad habit of mine, but you must understand: that’s how I manage to survive and thrive in this cruel and globalized capitalist economy. I have 6 kids, a wife, an Ukrainian concubine and two very demanding Russian lovers … I love the Russians … I really do … and most specially their natural gas, it smells like heaven in paradise. But I can’t help it … stealing Russian gas is all I’ve managed to learn in my entire life. I should’ve taken my grandma’s advices and embrace car thievery as my profession … but all those wires got me really confused. I tried computer hacking for awhile, but using an ax and a hammer ain’t exactly what’s needed to do it. So that’s it, now you know me. I’m not a bad guy and I’m pretty sure I could tell you some sordid jokes you’ve never heard of. Unfortunately, we don’t chose our destinies … we might be capable of changing it if we need too, but we can’t chose them. Our destinies are part of the original package. Of course I can pretty much figure that, being you a Marxist of some sort, all this talk is utter nonsense. Nevertheless, that’s how I perceive it. So, closing this short missive, I beg you … I implore … please, stop measuring the volume of gas pumped thru Ukraine. That’s pointless, I’m the thief … not them. Yeah, well, yeah I’m surely associated with some creepy Ukrainian public servants … but I’m the one stealing it … the creepy Ukrainians just arrange things a bit … they certainly have nothing to do with my criminal intents.


So, certain of your kind understanding, I bid you goodbye and a good night of sleep.

PUBLISHED BY ‘FROM SCRATCH NEWSWIRE’ (USA)

Posted in COMMERCE, COMMODITIES MARKET, CORRUPTION, CRIMINAL ACTIVITIES, ECONOMIC CONJUNCTURE, ECONOMY, ENERGY INDUSTRIES, FINANCIAL CRISIS 2008/2009, FOREIGN POLICIES, INDUSTRIAL PRODUCTION, INDUSTRIES, INTERNATIONAL, INTERNATIONAL RELATIONS, NATURAL GAS, PUBLIC SECTOR AND STATE OWNED ENTERPRISES, RECESSION, REGULATIONS AND BUSINESS TRANSPARENCY, RESTRUCTURING OF PRIVATE COMPANIES, RUSSIA, THE FLOW OF INVESTMENTS, THE WORK MARKET, UKRAINE, UNEMPLOYMENT, USA HUMOR | Leave a Comment »

UKRAINE ‘AGREES GAS-TRACKING DEAL’

Posted by Gilmour Poincaree on January 12, 2009

Monday, 12 January 2009

Associated Press

PUBLISHED BY ‘THE INDEPENDENT’ (UK)

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PUBLISHED BY ‘THE INDEPENDENT’ (UK

Posted in COMMERCE, COMMODITIES MARKET, ECONOMIC CONJUNCTURE, ECONOMY, ENERGY, ENERGY INDUSTRIES, FINANCIAL CRISIS 2008/2009, FOREIGN POLICIES, INDUSTRIAL PRODUCTION, INDUSTRIES, INTERNATIONAL, INTERNATIONAL RELATIONS, NATURAL GAS, PUBLIC SECTOR AND STATE OWNED ENTERPRISES, RECESSION, RUSSIA, THE EUROPEAN UNION, THE FLOW OF INVESTMENTS, UKRAINE | Leave a Comment »

BP, AAR SHAKE HANDS TO RESTRUCTURE, BOOST VALUE OF RUSSIAN JV – BP ANNOUNCED TODAY THAT THE DEAL AGREED IN PRINCIPLE LAST SEPTEMBER TO REVISE THE SHAREHOLDER AGREEMENT WITH ITS RUSSIAN PARTNERS IN TNK-BP HAS NOW BEEN FINALIZED, PAVING THE WAY FOR THE NEXT PHASE IN THE DEVELOPMENT OF RUSSIA’S THIRD LARGEST OIL AND GAS COMPANY AND, IN RECENT YEARS, ONE OF ITS MOST SUCCESSFUL

Posted by Gilmour Poincaree on January 11, 2009

Friday, January 09, 2009

BP plc

PUBLISHED BY ‘RIGZONE’

CLICK HERE FOR THE ORIGINAL ARTICLE

PUBLISHED BY ‘RIGZONE’

Posted in COMMERCE, COMMODITIES MARKET, ECONOMIC CONJUNCTURE, ECONOMY, ENERGY, ENERGY INDUSTRIES, FINANCIAL CRISIS 2008/2009, FINANCIAL MARKETS, INDUSTRIAL PRODUCTION, INDUSTRIES, INTERNATIONAL, PETROL, PUBLIC SECTOR AND STATE OWNED ENTERPRISES, RECESSION, REFINERIES - PETROL/BIOFUELS, REGULATIONS AND BUSINESS TRANSPARENCY, RUSSIA, THE FLOW OF INVESTMENTS | Leave a Comment »

RUSSIA, EU SIGN DEAL ON GAS TRANSIT VIA UKRAINE – NOVO-OGARYOVO, RUSSIA: RUSSIAN AND EUROPEAN UNION OFFICIALS CLEARED THE WAY FOR RESTARTING RUSSIAN NATURAL GAS SUPPLIES TO A FREEZING EUROPE WITH A DEAL SATURDAY ON THE DEPLOYMENT OF EU OBSERVERS TO MONITOR THE FLOW ACROSS UKRAINE

Posted by Gilmour Poincaree on January 11, 2009

Sunday, 11 Jan, 2009 – 02:43 AM PST

Agence France-Presse

PUBLISHED BY ‘DAWN’ (Pakistan)

CLICK HERE FOR THE ORIGINAL ARTICLE

PUBLISHED BY ‘DAWN’ (Pakistan)

Posted in COMMERCE, COMMODITIES MARKET, ECONOMIC CONJUNCTURE, ECONOMY, ENERGY, ENERGY INDUSTRIES, EUROPE, FINANCIAL CRISIS 2008/2009, FINANCIAL MARKETS, FOREIGN POLICIES, INDUSTRIAL PRODUCTION, INDUSTRIES, INFLATION, INTERNATIONAL, INTERNATIONAL RELATIONS, NATURAL GAS, PUBLIC SECTOR AND STATE OWNED ENTERPRISES, REGULATIONS AND BUSINESS TRANSPARENCY, RUSSIA, THE EUROPEAN UNION, THE FLOW OF INVESTMENTS, UKRAINE | Leave a Comment »

E.U. ANNOUNCES BREAKTHROUGH IN GAS DISPUTE

Posted by Gilmour Poincaree on January 9, 2009

Friday, 09 Jan, 2009 – 05:43 AM PST

Agence France-Presse

PUBLISHED BY ‘DAWN’ (Pakistan)

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PUBLISHED BY ‘DAWN’ (Pakistan)

Posted in COMMERCE, COMMODITIES MARKET, ECONOMIC CONJUNCTURE, ECONOMY, ENERGY, ENERGY INDUSTRIES, EUROPE, FINANCIAL CRISIS 2008/2009, FOREIGN POLICIES, INDUSTRIAL PRODUCTION, INDUSTRIES, INTERNATIONAL, INTERNATIONAL RELATIONS, NATURAL GAS, PUBLIC SECTOR AND STATE OWNED ENTERPRISES, RECESSION, REGULATIONS AND BUSINESS TRANSPARENCY, RUSSIA, THE EUROPEAN UNION, UKRAINE | Leave a Comment »

GAZPROM: ESTÁ SE TORNANDO INÚTIL ENVIAR GÁS PARA EUROPA (Russia)

Posted by Gilmour Poincaree on January 7, 2009

[ 06/01/2009 ]

Cruzeiro On Line

PUBLISHED BY ‘JORNAL CRUZEIRO DO SUL’ (Brazil)

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PUBLISHED BY ‘JORNAL CRUZEIRO DO SUL’ (Brazil)

Posted in COMMERCE, COMMODITIES MARKET, CORRUPTION, CRIMINAL ACTIVITIES, ECONOMIC CONJUNCTURE, ECONOMY, ENERGY, ENERGY INDUSTRIES, EUROPE, FINANCIAL CRISIS 2008/2009, FOREIGN POLICIES, FRAUD, INDUSTRIAL PRODUCTION, INDUSTRIES, INTERNATIONAL, INTERNATIONAL RELATIONS, JUDICIARY SYSTEMS, NATURAL GAS, PUBLIC SECTOR AND STATE OWNED ENTERPRISES, RECESSION, REGULATIONS AND BUSINESS TRANSPARENCY, RUSSIA, STOCK MARKETS, UKRAINE | Leave a Comment »

THE CHANGING ECONOMIC EPICENTRE OF THE WORLD – ON THE DEMISE OF SOVIET UNION 18 YEARS AGO, US PRESIDENT GEORGE H.W. BUSH ANNOUNCED THE EMERGENCE OF A NEW WORLD ORDER. HE SAID: ‘A HUNDRED GENERATIONS HAVE SEARCHED FOR THIS ELUSIVE PATH TO PEACE, WHILE A THOUSAND WARS RAGED ACROSS THE SPAN OF HUMAN ENDEAVOUR’

Posted by Gilmour Poincaree on January 7, 2009

Saturday, 03 Jan, 2009 – 01:34 PM

by Shahid R. Siddiqi

PUBLISHED BY ‘DAWN’ (Pakistan)

CLICK HERE FOR THE ORIGINAL ARTICLE

PUBLISHED BY ‘DAWN’ (Pakistan)

Posted in BANKING SYSTEM - USA, BANKRUPTCIES - USA, CRIMINAL ACTIVITIES, ECONOMIC CONJUNCTURE, ECONOMY, ECONOMY - USA, FINANCIAL CRISIS - USA - 2008/2009, FINANCIAL CRISIS 2008/2009, FINANCIAL MARKETS, FOREIGN POLICIES, FOREIGN POLICIES - USA, HATE MONGERING AND BIGOTRY, HOUSING CRISIS - USA, HUMAN RIGHTS, INDUSTRIAL PRODUCTION, INDUSTRIAL PRODUCTION - USA, INDUSTRIES, INDUSTRIES - USA, INTERNATIONAL RELATIONS, MILITARY CONTRACTS, RECESSION, RUSSIA, THE ARMS INDUSTRY, THE FLOW OF INVESTMENTS, THE ISRAELI-PALESTINIAN STRUGGLE, THE LAST DAYS OF GEORGE WALKER BUSH - 2008/Jan. 2009, THE OCCUPATION WAR IN IRAQ, THE UNITED NATIONS, USA, WAR IN AFGHANISTAN, WARS AND ARMED CONFLICTS, WEAPONS | Leave a Comment »

RUSSIA SHUTS OFF GAS SUPPLY TO UKRAINE – ASSURES NO DISRUPTIONS TO EUROPEAN STATES

Posted by Gilmour Poincaree on January 2, 2009

Friday, January 2, 2009

Reuters

PUBLISHED BY ‘THE MANILA BULLETIN’ (Philippines)

CLICK HERE FOR THE ORIGINAL ARTICLE

PUBLISHED BY ‘THE MANILA BULLETIN’ (Philippines)

Posted in COMMERCE, COMMODITIES MARKET, ECONOMIC CONJUNCTURE, ECONOMY, ENERGY INDUSTRIES, EUROPE, FINANCIAL CRISIS 2008/2009, FOREIGN DEBTS, FOREIGN POLICIES, INDUSTRIAL PRODUCTION, INDUSTRIES, INTERNATIONAL, INTERNATIONAL RELATIONS, NATURAL GAS, PUBLIC SECTOR AND STATE OWNED ENTERPRISES, RECESSION, REGULATIONS AND BUSINESS TRANSPARENCY, RUSSIA, THE EUROPEAN UNION, THE FLOW OF INVESTMENTS, UKRAINE | Leave a Comment »

COMPANHIA RUSSA CORTA TOTALMENTE FORNECIMENTO DE GÁS À UCRÂNIA – KIEV AMEAÇOU CONFISCAR O COMBUSTÍVEL RUSSO QUE PASSA POR SEU TERRITÓRIO (Russia)

Posted by Gilmour Poincaree on January 1, 2009

01/01/2009 – 07h24min

Zero Hora

PUBLISHED BY ‘A NOTÍCIA’ (Brazil)

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PUBLISHED BY ‘A NOTÍCIA’ (Brazil)

Posted in COMMERCE, COMMODITIES MARKET, ECONOMIC CONJUNCTURE, ECONOMY, ENERGY, ENERGY INDUSTRIES, FINANCIAL CRISIS 2008/2009, FOREIGN POLICIES, INDUSTRIAL PRODUCTION, INDUSTRIES, INTERNATIONAL, INTERNATIONAL RELATIONS, NATURAL GAS, PUBLIC SECTOR AND STATE OWNED ENTERPRISES, RECESSION, REGULATIONS AND BUSINESS TRANSPARENCY, RUSSIA, UKRAINE | Leave a Comment »

ROLLS-ROYCE WINS NORD STREAM CONTRACT – ROLLS-ROYCE, THE BRITISH MAKER OF ENGINES, SAID TUESDAY IT HAD WON A CONTRACT FROM RUSSIAN GAS GIANT GAZPROM TO SUPPLY PUMPING EQUIPMENT FOR THE NORD STREAM PIPELINE LINKING RUSSIA WITH WESTERN EUROPE

Posted by Gilmour Poincaree on January 1, 2009

Thursday, January 01, 2009 04:11

Agence France-Presse

PUBLISHED BY ‘THE HURRIYET DAILY NEWS’ (Turkey)

CLICK HERE FOR THE ORIGINAL ARTICLE

PUBLISHED BY ‘THE HURRIYET DAILY NEWS’ (Turkey)

Posted in AUTOMOTIVE INDUSTRY, BANKING SYSTEMS, COMMERCE, COMMODITIES MARKET, ECONOMIC CONJUNCTURE, ECONOMY, ENERGY INDUSTRIES, FINANCIAL CRISIS 2008/2009, FINANCIAL MARKETS, FOREIGN POLICIES, INDUSTRIAL PRODUCTION, INDUSTRIES, INTERNATIONAL, INTERNATIONAL RELATIONS, PUBLIC SECTOR AND STATE OWNED ENTERPRISES, RECESSION, REGULATIONS AND BUSINESS TRANSPARENCY, RUSSIA, THE FLOW OF INVESTMENTS, UNITED KINGDOM | Leave a Comment »

‘RUSSIAN’ HACKERS TARGET U.S., EUROPE FOR PROFIT AND POLITICS

Posted by Gilmour Poincaree on December 26, 2008

December 26, 2008

by Alex Rodriguez – Tribune Correspondent

PUBLISHED BY ‘CHICAGO TRIBUNE’ (USA)

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PUBLISHED BY ‘CHICAGO TRIBUNE’ (USA)

Posted in BANKING SYSTEM - USA, BANKING SYSTEMS, CHINA, CRIMINAL ACTIVITIES, CYBER CRIMES, DIGITAL INDUSTRIES, ECONOMIC CONJUNCTURE, ECONOMY, ECONOMY - USA, ESTONIA, EUROPE, FINANCIAL CRISIS - USA - 2008/2009, FINANCIAL CRISIS 2008/2009, FOREIGN POLICIES, GEORGIA, INDUSTRIES, INTERNATIONAL, INTERNATIONAL RELATIONS, RECESSION, REGULATIONS AND BUSINESS TRANSPARENCY, RUSSIA, SWEDEN, THE LAST DAYS OF GEORGE WALKER BUSH - 2008/Jan. 2009, USA | Leave a Comment »

UKRAINE FACES GAS CUTOFF OVER DEBT OWED TO RUSSIA

Posted by Gilmour Poincaree on December 25, 2008

December 24, 2008

The Associated Press

PUBLISHED BY ‘THE INTERNATIONAL HERALD TRIBUNE’ (USA)

CLICK HERE FOR THE ORIGINAL ARTICLE

PUBLISHED BY ‘THE INTERNATIONAL HERALD TRIBUNE’ (USA)

Posted in COMMERCE, COMMODITIES MARKET, ECONOMIC CONJUNCTURE, ECONOMY, ENERGY INDUSTRIES, FINANCIAL CRISIS 2008/2009, FOREIGN POLICIES, INDUSTRIAL PRODUCTION, INDUSTRIES, INTERNATIONAL, INTERNATIONAL RELATIONS, NATURAL GAS, RECESSION, REGULATIONS AND BUSINESS TRANSPARENCY, RUSSIA, UKRAINE | Leave a Comment »

SERBIA SIGNS GAS DEAL WITH RUSSIA

Posted by Gilmour Poincaree on December 25, 2008

Thursday, December 25, 2008 – 00:34 Mecca time, 21:34 GMT

Agencies

PUBLISHED BY ‘ALJAZEERA’ (Qatar)

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PUBLISHED BY ‘ALJAZEERA’ (Qatar)

Posted in COMMERCE, COMMODITIES MARKET, ECONOMIC CONJUNCTURE, ECONOMY, ENERGY INDUSTRIES, FINANCIAL CRISIS 2008/2009, FOREIGN POLICIES, INDUSTRIAL PRODUCTION, INDUSTRIES, INTERNATIONAL, INTERNATIONAL RELATIONS, NATURAL GAS, RECESSION, RUSSIA, SERBIA | Leave a Comment »

NATURAL GAS IS DROPPING NOW, BUT PUTIN SAYS ERA OF CHEAP GAS OVER

Posted by Gilmour Poincaree on December 23, 2008

December 23, 2008

by Craig Pittman

PUBLISHED BY ‘THE FUEL STATION’ (USA)

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PUBLISHED BY ‘THE FUEL STATION’ (USA)

Posted in COMMERCE, COMMODITIES MARKET, ECONOMIC CONJUNCTURE, ECONOMY, ENERGY, ENERGY INDUSTRIES, FINANCIAL CRISIS 2008/2009, FOREIGN POLICIES, INTERNATIONAL, INTERNATIONAL RELATIONS, MACROECONOMY, NATURAL GAS, PETROL, RECESSION, REFINERIES - PETROL/BIOFUELS, RUSSIA, THE FLOW OF INVESTMENTS | Leave a Comment »

GAZPROM, ROSATOM INK 6-YEAR COOPERATION DEAL (Russia)

Posted by Gilmour Poincaree on December 17, 2008

16.12.2008, Moscow 16:27:24

RosBussinessConsultingPUBLISHED BY ‘RosBussinessConsulting’

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PUBLISHED BY ‘RosBussinessConsulting’

Posted in CONSTRUCTION INDUSTRIES, ECONOMIC CONJUNCTURE, ECONOMY, ENERGY, ENERGY INDUSTRIES, FINANCIAL CRISIS 2008/2009, INDUSTRIAL PRODUCTION, INDUSTRIES, INTERNATIONAL, NUCLEAR ENERGY, PETROL, RECESSION, RUSSIA | 1 Comment »

FROM RUSSIA WITH LOVE: MURR EXTRACTS PROMISED GIFT OF 10 FIGHTER-BOMBERS – MIG-29S WOULD SUBSTANTIALLY BOOST POWER OF LEBANESE AIR FORCE

Posted by Gilmour Poincaree on December 17, 2008

Wednesday, December 17, 2008

by Nicholas Kimbrell – Daily Star staff

PUBLISHED BY ‘THE DAILY STAR’ (Lebanon)

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PUBLISHED BY ‘THE DAILY STAR’ (Lebanon)

Posted in COMMERCE, COMMODITIES MARKET, ECONOMIC CONJUNCTURE, ECONOMY, FINANCIAL CRISIS 2008/2009, FOREIGN POLICIES, INDUSTRIAL PRODUCTION, INDUSTRIES, INTERNATIONAL, INTERNATIONAL RELATIONS, LEBANON, MILITARY CONTRACTS, RECESSION, RUSSIA, THE ARMS INDUSTRY, THE FLOW OF INVESTMENTS | Leave a Comment »

EURO ZONE Q3 EMPLOYMENT FALLS, FIRST TIME ON RECORD

Posted by Gilmour Poincaree on December 17, 2008

December 16, 2008

Reuters

PUBLISHED BY ‘THE FINANCIAL MIRROR’ (Cyprus)

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PUBLISHED BY ‘THE FINANCIAL MIRROR’ (Cyprus)

Posted in ECONOMIC CONJUNCTURE, ECONOMY, FINANCIAL CRISIS 2008/2009, FRANCE, GERMANY, INDUSTRIAL PRODUCTION, INDUSTRIES, INTERNATIONAL, NATIONAL WORK FORCES, PORTUGAL, RECESSION, RUSSIA, SPAIN, THE EUROPEAN UNION, THE FLOW OF INVESTMENTS, THE WORK MARKET, THE WORKERS, UNITED KINGDOM | Leave a Comment »

DERIPASKA FEELS THE PINCH (Russia)

Posted by Gilmour Poincaree on December 17, 2008

Dec 16, 2008

by John Helmer

PUBLISHED BY ‘THE ASIA TIMES’ (Hong Kong – China)

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PUBLISHED BY ‘THE ASIA TIMES’ (Hong Kong – China)

Posted in AFRICA, ALUMINUM, BANKING SYSTEMS, COMMODITIES MARKET, ECONOMIC CONJUNCTURE, ECONOMY, FINANCIAL CRISIS 2008/2009, FINANCIAL MARKETS, INDUSTRIAL PRODUCTION, INDUSTRIES, INTERNATIONAL, MINING INDUSTRIES, RECESSION, RUSSIA, THE FLOW OF INVESTMENTS | Leave a Comment »

OPEC CHIEFS HERALD MAJOR OUTPUT CUT TO REBUILD PRICES

Posted by Gilmour Poincaree on December 16, 2008

Tuesday, December 16, 2008

by Agence France Presse (AFP)

PUBLISHED BY ‘THE DAILY STAR’ (Lebanon)

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PUBLISHED BY ‘THE DAILY STAR’ (Lebanon)

Posted in COMMERCE, COMMODITIES MARKET, ECONOMIC CONJUNCTURE, ECONOMY, ENERGY INDUSTRIES, FINANCIAL CRISIS 2008/2009, INDUSTRIAL PRODUCTION, INDUSTRIES, INTERNATIONAL, IRAN, LYBIA, OPEC, PETROL, RECESSION, RUSSIA, STOCK MARKETS, THE FLOW OF INVESTMENTS | Leave a Comment »

SLOWDOWN YES, BUT NO RECESSION, SAYS KREMLIN

Posted by Gilmour Poincaree on December 15, 2008

4:00AM Monday Dec 15, 2008

Associated Press

PUBLISHED BY ‘NEW ZEALAND HERALD’

MOSCOW – A top Russian economic official has claimed the country is in a recession. Not so fast, the Kremlin quickly countered.

Deputy Economics Minister Andrei Klepach confirmed what analysts have been saying for some time – that Russia’s oil-fuelled economy has deteriorated much more rapidly than expected.

“A recession has started already,” he told reporters in comments carried on Russian news agencies and confirmed by his office. “And I’m afraid it won’t be over in two quarters.”

Hours later, the Kremlin issued a rebuttal.

“The use of the word ‘recession’ was inappropriate, because there is no recession that we see and nor will there be in the foreseeable future,” said Dmitry Peskov, a spokesman for Prime Minister Vladimir Putin.

“There is no reason to speak about recession. We would rather speak about decline in growth.”

Plummeting oil prices and choked credit markets have reversed Russia’s eight-year economic boom, sending the economy into its worst crisis in a decade. But the Kremlin has been cagey about the situation, prohibiting the use of alarmist language on state-run television and laying the blame for its woes squarely at the feet of the United States, where the subprime mortgage-based bonds that triggered the global financial crisis originated.

But plunging world demand for oil and metals has sent shockwaves through Russia’s economy, triggering mass layoffs and shutdowns in production at big industrial plants and other sectors. Stock markets have shed some 70 per cent of their value since the start of the year, and roughly US$1 trillion ($1.8 trillion) since their May peaks.

Klepach did not provide figures for the current quarter, but said the country had witnessed a dramatic drop in industrial production and the economy as a whole from October onwards.

He said also Russia would miss its economic growth targets for this year.

A common definition of recession is two straight quarters of negative growth.

The Federal Statistics Service said Russia’s economy grew by 6.2 per cent in the third quarter, the slowest rate in three years.

Vladimir Osakovsky, an economist at UnicreditAton in Moscow, said the fourth quarter would see a drastic deterioration of growth.

“It is possible that we might see zero growth or below that,” he said.

Putin, who spoke a few hours after Klepach at a meeting of the Eurasian Economic Committee, delivered a more positive note, noting that the economy would grow at 6 per cent this year, implying an expansion in the fourth quarter.

He did, however, note rising unemployment.

“In October, the number of unemployed in Russia reached 4.6 million,” Putin was quoted as saying by Interfax. “This is an alarming situation. We do not see changes for the better so far.”

Putin also said the Government would do everything in its power to prevent sharp fluctuations in the ruble – an increasingly uphill task amid plunging oil prices and huge capital outflows.

The Government has allowed the ruble to weaken by 5 per cent in the last month against its currency basket, comprising the dollar and the euro.

Economists say the Central Bank should allow the ruble to depreciate sharply.

Since August, Russia has spent more than US$150 billion of its huge foreign currency reserves, much of that in defending the flagging ruble.

Standard & Poor’s downgraded its sovereign ratings last week – the first drop for Russia in a decade.

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Posted in BANKING SYSTEMS, CENTRAL BANKS, COMMERCE, COMMODITIES MARKET, ECONOMIC CONJUNCTURE, ECONOMY, FINANCIAL CRISIS 2008/2009, FINANCIAL MARKETS, INDUSTRIAL PRODUCTION, INDUSTRIES, INTERNATIONAL, PETROL, RECESSION, RUSSIA, THE FLOW OF INVESTMENTS, THE WORK MARKET, THE WORKERS | Leave a Comment »

COLD WAR TAKES GLOSS OFF NICOLAS SARKOZY’S PRESIDENCY

Posted by Gilmour Poincaree on December 13, 2008

December 12, 2008

Charles Bremner in Paris – The Times

PUBLISHED BY ‘THE TIMES’ (UK)

The Germans see him as an excitable clown and he raises hackles in the East, but Nicolas Sarkozy wants to extend SARKOZY, ACCORDING TO MERKELhis reign as Europe’s de facto leader after his last summit in the EU chair, which opened yesterday.

The hyperactive French President is convinced that he has galvanised Europe with deft handling of the credit crunch and other crises during his six-month EU presidency.

The satisfaction in Paris is barely dimmed by the most glaring failure of France’s presidency: Mr Sarkozy’s cold war with Angela Merkel, the German Chancellor.

The subdued Ms Merkel, who loathes Mr Sarkozy’s bravura, has been watching videos of the late Louis de Funès, a manic comic actor and Gallic institution, for clues to understanding the ever-agitated President.

Der Spiegel says that the Chancellor sees Mr Sarkozy as an “unfeasibly vain jack-in-the-box”: “She has nothing to counter him apart from her eternal impassiveness. Her fist may be clenched but she keeps it in her pocket.”

“Super Sarko”, who does not claim modesty among his qualities, is telling colleagues that he has triumphed by steering Europe through the financial crunch – with Gordon Brown’s help – and creating a new political purpose in the moribund Union.

Jean-David Levitte, the veteran diplomat who manages foreign policy from the Élysée Palace, said that Mr Sarkozy had swung the balance of power in Europe by winning over second-rank members such as Greece.

As the Czech Republic prepares to take over the presidency next month, Mr Sarkozy’s team has been setting out his plans for maintaining French direction. Last month Ms Merkel scuppered Mr Sarkozy’s attempt to appoint himself chairman of the eurozone for next year during the EU presidencies of two non-euro states. But France has another 18 months as co-chair of an EU-Mediterranean Union that Mr Sarkozy launched last July.

His next plan, not yet announced, is a new “economic and security space” with Russia, Mr Levitte disclosed. Given anger in the West towards Russia’s occupation of northern Georgia, European leaders will be surprised to learn that Mr Sarkozy aims to offer a new security pact to Russia and hopes to bring in Ukraine and Turkey.

Another item to emerge from Mr Sarkozy’s team this week has been the President’s belief that Mr Brown will swap the pound for the single currency, thereby boosting the power of the eurozone. “Do you think that they enjoy seeing sterling in such a state?” asked a senior Sarkozy adviser.

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PUBLISHED BY ‘THE TIMES’ (UK)

Posted in COMMERCE, ECONOMIC CONJUNCTURE, ECONOMY, ENGLAND, EUROPE, FINANCIAL CRISIS 2008/2009, FINANCIAL MARKETS, FOREIGN POLICIES, FRANCE, GEORGIA, GERMANY, INDUSTRIAL PRODUCTION, INDUSTRIES, INTERNATIONAL, INTERNATIONAL RELATIONS, RECESSION, RUSSIA, THE EUROPEAN UNION, TURKEY, UKRAINE | Leave a Comment »

AIR FRANCE SEEKS PROBE INTO AUSTRIAN AIRLINES SALE

Posted by Gilmour Poincaree on December 12, 2008

Thursday, 12.11.08

Associated Press

PUBLISHED BY ‘THE MIAMI HERALD'(USA)

PARIS – Air France-KLM Group said Thursday it has lodged a complaint with the European Commission, accusing German rival Lufthansa of benefiting unfairly from state aid in its deal to acquire Austrian Airlines.

The French-Dutch carrier dropped out of the running for the Austrian carrier, while Lufthansa agreed last week to buy the Austrian government’s stake in the ailing national airline and offered to buy any outstanding shares.

Air France-KLM said in a statement it “strongly believes that the sale of Austrian Airlines to Lufthansa is not being conducted in the best interest of Austrian Airlines stakeholders and at a fair market price.”

The sale “entails state aid elements that need to be thoroughly investigated by the European Commission,” it said.

Under the agreement, the Austrian government will assume up to euro500 million of the carrier’s debt, which amounted to euro900 million as of last month. Air France-KLM said the deal doesn’t follow the instructions imposed on it during the bidding process.

Lufthansa said it was “convinced that the transaction agreed to last week on the acquisition of Austrian Airlines is in compliance with corresponding statutary requirements.”

Lufthansa also said that the Austrian state holding company had obtained legal opinion showing that the deal conformed to law.

The agreement signed by Lufthansa and officials of the Austrian government’s privatization agency gives the German carrier the state’s 41.56 percent share in Austrian Airlines.

That deal carries a price tag of euro366,000 ($465,000) but foresees additional payments of up to euro162 million depending on whether, and to what degree, Austrian turns profitable again.

Lufthansa has also offered to buy the rest of Austrian Airlines for euro4.44 per publicly held share.

Austria’s government decided in August to sell its share in the country’s flagship carrier. Air France-KLM and S7 of Russia had previously expressed an interest but then dropped out of the bidding.

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PUBLISHED BY ‘THE MIAMI HERALD'(USA)

Posted in AIR TRANSPORT INDUSTRY, AUSTRIA, BANKING SYSTEMS, CENTRAL BANKS, ECONOMIC CONJUNCTURE, ECONOMY, FINANCIAL CRISIS 2008/2009, FINANCIAL MARKETS, FOREIGN POLICIES, FRANCE, GERMANY, INDUSTRIAL PRODUCTION, INDUSTRIES, INTERNATIONAL, INTERNATIONAL RELATIONS, RECESSION, REGULATIONS AND BUSINESS TRANSPARENCY, RUSSIA, STOCK MARKETS, THE EUROPEAN UNION, THE FLOW OF INVESTMENTS, TRANSPORT INDUSTRIES | Leave a Comment »

RUSSIA WARNS WEST NOT TO MEDDLE IN EX-SOVIET UNION

Posted by Gilmour Poincaree on December 11, 2008

December 11, 2008

Associated Press

PUBLISHED BY ‘TEHRAN TIMES’ (Iran)

MOSCOW (AP) – Russia’s foreign minister warned the West on Wednesday against meddling in its backyard, saying the U.S. and Sergey LavrovEuropean countries must not advance their interests in the former Soviet Union at Russia’s expense.

Sergey Lavrov told a group of foreign business leaders that Russia has no monopoly on relations with neighboring former Soviet republics, and said Moscow understands that the United States and European Union have legitimate interests in the region.

But, he said, the U.S. and EU must forge relations with former Soviet republics “through legal, understandable and transparent methods,” Lavrov said. “Behind-the-scenes meddling only creates a crisis situation. One must respect the people of these nations and give them the right to choose their own fate.”

Already long-deteriorating ties between Moscow and the West were badly damaged by Russia’s August war with Georgia, a small ex-Soviet republic that has enjoyed strong U.S. backing and is seeking NATO membership.

Lavrov gave no examples of alleged meddling. But the U.S. and Europe have been courting ex-Soviet republics as they vie with Russia for access to Central Asian and Caspian Sea energy resources and seek ties with nations close to sources of concern such as Iran and Afghanistan.

Also, Russian leaders have suggested the U.S. encouraged Georgia to launch an offensive that sparked the five-day war, and say Washington has pressed to bring Ukraine closer to NATO despite significant opposition among its people.

Lavrov stressed Russia’s opposition to U.S. missile defense plans and NATO expansion but indicated that Russia is eager for improved ties with the U.S. He suggested that it would be up to the administration of President-elect Barack Obama to make the first move.

“We are counting on the future administration of Barack Obama to confirm what he is now saying about the need to cooperate with Russia in fighting common threats — international terrorism and weapons proliferation,” Lavrov said.

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PUBLISHED BY ‘TEHRAN TIMES’ (Iran)

Posted in BARACK HUSSEIN OBAMA -(DEC. 2008/JAN. 2009), COMMERCE, COMMODITIES MARKET, COMMONWEALTH OF INDEPENDENT STATES, DEFENCE TREATIES, ECONOMIC CONJUNCTURE, ECONOMY, ENERGY, FINANCIAL CRISIS 2008/2009, FOREIGN POLICIES, FOREIGN POLICIES - USA, GEORGIA, INDUSTRIAL PRODUCTION, INDUSTRIES, INTERNATIONAL, INTERNATIONAL RELATIONS, IRAN, MILITARY CONTRACTS, NATO, RECESSION, REGULATIONS AND BUSINESS TRANSPARENCY, RUSSIA, THE ARMS INDUSTRY, THE EUROPEAN UNION, THE FLOW OF INVESTMENTS, THE LAST DAYS OF GEORGE WALKER BUSH - 2008/Jan. 2009, UKRAINE, USA, WEAPONS | Leave a Comment »

BULGARGAZ WANTS NATURAL GAS PRICES UP BY 21% FROM JANUARY 1, 2009 – Bulgaria’s gas monopoly Bulgargaz wants a 21,31% increase in the natural gas prices in Bulgaria starting January 1, 2009

Posted by Gilmour Poincaree on December 11, 2008

10 December 2008, Wednesday

PUBLISHED BY ‘BULGARIAN BUSINESS – NOVINITE.COM’

The company, which is already part of the Bulgarian Energy Holding, submitted Wednesday its suggestion for the new gas prices to the State Commission for Energy and Water Regulation (DKEVR).

The Bulgargaz proposal provides for a natural gas price of BGN 653,46 for 1 000 cubic meters, with the 20% value-added tax not included, which is an increase by BGN 114,80. The new price would include a transit fee of BGN 19,73.

Bulgargaz justifies its proposal with the more expensive US dollar, whose value increased has increased by 15,39%. In addition, the statement of the monopoly reminds that the DKEVR did not approve its suggestion to increase the natural gas prices by 36% in the fourth quarter of 2008, and voted for a 24% increase instead.

Bulgaria’s DKEVR will decide on the new natural gas prices during its session on December 22 or 23, when it will also become clear how much the central heating costs would increase as the heating prices depend primarily on the natural gas prices.

On December 5, the Bulgarian cabinet decided to allocate BGN 160 M to Bulgargaz as part of a BGN 400 M anti-crisis package for the Bulgarian Energy Holding.

The funds would be used to cover Bulgargaz’s expenses for deferring the natural gas payments owed to it by Bulgarian businesses until the 300% decrease of the global oil prices kicks in, and brings down the natural gas prices of the Russian provider Gazprom.

According to the present scheme, Gazprom’s natural gas prices for Bulgaria are formed on the basis of the oil prices nine months ago. Thus, the present price levels are still based on the peak oil prices from the summer when a barrel of oil reached USD 147 on the world market.

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PUBLISHED BY ‘BULGARIAN BUSINESS – NOVINITE.COM’ (Spain)

Posted in BULGARIA, COMMERCE, COMMODITIES MARKET, DOLLAR (USA), ECONOMIC CONJUNCTURE, ECONOMY, ENERGY, ENERGY INDUSTRIES, FINANCIAL CRISIS 2008/2009, INDUSTRIAL PRODUCTION, INDUSTRIES, INTERNATIONAL, INTERNATIONAL RELATIONS, NATURAL GAS, RECESSION, RUSSIA | Leave a Comment »

SEVEN INVESTORS SUBMIT OFFERS FOR RUNNING KREMIKOVTZI (Bulgaria)

Posted by Gilmour Poincaree on December 11, 2008

11 December 2008, Thursday

PUBLISHED BY ‘BULGARIAN BUSINESS – NOVINITE.COM’

Bulgaria’s Economy Ministry has received seven offers with bids for the purchase or the operation of the troubled Bulgaria's Economy Ministry has received seven offers for Kremikovtzi by Bulgarian and foreign companies - Photo by Yuliana Nikolova - Sofia Photo Agencysteel-maker Kremikovtzi, the Trud Daily reported Thursday.

The paper points out that the most serious bidder is the Ukrainian company Smart Group which offers an emergency plan for saving the factory, and a longer-term recovery program by restructuring and acquisition of new assets. It is expected to present its demands about Bulgarian state guarantees for Kremikovtzi within several days.

The Czech company ML Moran offers to finance Kremikovtzi enabling the plant to buy raw materials, and manufacture and sell its production. The bulk of the revenue, however, would go to the creditor so the main advantage of this plan would be to keep the factory running.

Each of two other foreign companies – the Russian Prominvest, and an unnamed Italian company – are offering to provide raw materials, and working capital for Kremikovtzi in exchange for guarantees by the Bulgarian state.

The former owner of the steel mill Valentin Zahariev, who sold the plant to the Indian tycoon Pramod Mittal in 2005, has offered to run the plant after setting up a new firm for the purpose. In the event of liquidation of the factory, however, he is asking to be allowed to buy out the assets on sale.

The Bulgarian metal wastes trader Econmetal Engineering, whose facilities are located nearby Kremikovtzi, is offering to provide 60.000 tons of raw materials for the steel-maker in exchange for being allowed to realize the manufactured products on the market after that.

A group of bond holders is offering the factory a credit of EUR 345 M in exchange for Bulgarian state securities with a redemption date in 2013.

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PUBLISHED BY ‘BULGARIAN BUSINESS – NOVINITE.COM’

Posted in BULGARIA, COMMODITIES MARKET, ECONOMIC CONJUNCTURE, ECONOMY, FINANCIAL CRISIS 2008/2009, FINANCIAL MARKETS, FOREIGN POLICIES, INDIA, INDUSTRIAL PRODUCTION, INDUSTRIES, INTERNATIONAL, INTERNATIONAL RELATIONS, IRON ORE, ITALY, METALS, METALS INDUSTRY, MINING INDUSTRIES, NATIONAL WORK FORCES, RECESSION, RECYCLING INDUSTRIES, RUSSIA, STEEL, STOCK MARKETS, THE FLOW OF INVESTMENTS, THE WORK MARKET, THE WORKERS, UKRAINE | Leave a Comment »

INDITEX GANÓ 843 MILLONES EN LOS NUEVE PRIMEROS MESES, UN 2% MÁS – Las ventas crecieron un 11% entre febrero y octubre, y alcanzaron los 7.353 millones de euros, un incremento que, a tipo de cambio y perímetro constante, se eleva hasta el 14%

Posted by Gilmour Poincaree on December 11, 2008

11/12/2008 08:07

PUBLISHED BY ‘LA GACETA DE LOS NEGOCIOS’ (Spain)

Madrid. Inditex registró un beneficio neto de 843 millones de euros en los nueve primeros meses de su ejercicio fiscal, lo que supone un incremento del 2% respecto al resultado obtenido en el mismo periodo del año anterior, un 4% más a perímetro constante, informó hoy la compañía a la Comisión Nacional del Mercado de Valores (CNMV).

El grupo textil explicó que sus ventas crecieron un 11% entre febrero y octubre, y alcanzaron los 7.353 millones de euros, un incremento que, a tipo de cambio y perímetro constante, se elevó hasta el 14%.

La compañía precisó que, transcurridas seis semanas desde el inicio del cuarto trimestre del ejercicio 2008, las pautas de crecimiento son “similares a las del tercer trimestre”.

El margen bruto de la compañía avanzó un 12%, con lo que se situó en 4.235 millones de euros, y supuso el 57,6% de las ventas. El beneficio bruto de explotación (Ebitda) subió un 5% y se colocó en los 1.545 millones de euros, mientras que el beneficio neto de explotación (Ebit), por su parte, repuntó un 2%, hasta 1.132 millones de euros.

Crecer sin recurrir al endeudamiento

La compañía que preside Amancio Ortega destacó su “fuerte capacidad de generación de caja”, cuya posición neta se incrementó un 9%, hasta 525 millones de euros, lo que le permitió financiar su crecimiento “sin recurrir al endeudamiento”.

En los nueve primeros meses, el grupo abrió un total de 456 nuevas tiendas, 45 más que en el mismo periodo del año anterior, con una inversión de 806 millones. De esta forma, al cierre de octubre Inditex contaba con 4.147 tiendas en 71 países, 456 más que al inicio del ejercicio.

Apuesta por Asia y Europa del Este

Entre los mercados en los que se produjo un mayor incremento en la presencia comercial destaca Rusia, donde el número de tiendas casi se ha duplicado desde el inicio del ejercicio. Otras aperturas reseñables son la tienda Zara inaugurada en Tokio, con la que el grupo alcanzó los 4.000 puntos de venta, así como las primeras tiendas en Montenegro, donde el grupo ha lanzado simultáneamente las cadenas Zara, Pull and Bear, Bershka, Stradivarius y Oysho.

Por su parte, Uterqüe, cadena especializada en accesorios, alcanzaba un total de 24 tiendas a 31 de octubre, entre ellas las primeras en Portugal.

Asimismo, el grupo creó un total de 7.171 nuevos empleos en los nueve primeros meses, de forma que la plantilla de la compañía estaba integrada por 86.688 personas al cierre de octubre. (ep)

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PUBLISHED BY ‘LA GACETA DE LOS NEGOCIOS’ (Spain)

Posted in ASIA, BANKING SYSTEMS, COMMONWEALTH OF INDEPENDENT STATES, ECONOMIC CONJUNCTURE, ECONOMY, EUROPE, FINANCIAL CRISIS 2008/2009, FINANCIAL MARKETS, GARMENT INDUSTRIES, INDUSTRIAL PRODUCTION, INDUSTRIES, INTERNATIONAL, JAPAN, REGULATIONS AND BUSINESS TRANSPARENCY, RUSSIA, SPAIN, STAGFLATION, STOCK MARKETS, THE FLOW OF INVESTMENTS, THE WORK MARKET | Leave a Comment »

CUBAN TOURISM SURGES AS REST OF CARIBBEAN STALLS – Tourism In Cuba Up Nearly 11 Percent Despite 3 Hurricanes

Posted by Gilmour Poincaree on December 10, 2008

HAVANA, Dec. 8, 2008

The Associated Press

PUBLISHED BY ‘CBS NEWS’ (USA)

(AP) Cuba’s vacation industry has remained as hot as the tropical sun here, even as the world economic crisis sparks cancellations and layoffs elsewhere in the Caribbean.

The communist country says it’s booked solid through December and expects a record 2.34 million visitors this year _ largely because global financial woes have so far been softer on Canada, its top source of visitors.

Luck also played a role: While the island suffered three devastating hurricanes, its key tourist sites were largely spared. And where beachfront resorts did get hit, the tourist-hungry government has made sure to repair hotels _ in some cases even before damaged homes and infrastructure. Tourism is Cuba’s second-largest source of foreign income, behind nickel production.

So while other islands in the region are laying off hotel workers and suspending construction of new property, Cuban resorts are gearing up for a strong season.

“We’ve had a few cancellations, but overall our numbers are still strong,” said David Gregori of WowCuba, a travel agency in Charlottetown, Canada, that specializes in bicycle trips and other Cuba tours. “People still like to get away. They might try to save some money while doing it, but they’re still traveling.”

The number of foreign visitors has swelled nearly 11 percent this year, making up for 4 and 3 percent declines in 2006 and 2007, government figures show.

Officials offer no explanation for those slower years. But tour operators blame the island’s low returning-visitor rates: Some tourists complain of poor service, crumbling infrastructure and lousy food, indicative of a communist system where shortages are common and state employees are unaccustomed to putting customer service first.

Still, the island is often cheaper than its subtropical neighbors, because many foreigners buy all-inclusive packages offering dozens of direct flights from Europe and Canada to airports all over Cuba, as well deep discounts on hotels, food and booze.

Others are enticed by the prospect of seeing one of only five communist countries left on the planet.

“A lot of people who are going for simple fly-and-flop holiday, and there are others who are going for history and culture, dancing, music,” said Julia Hendry, marketing director for Europe and the United Kingdom of the Bahamas-based Caribbean Trade Organization. Cuba has both, she said, “whether it’s swimming and beach or the excitement of Old Havana and Cuban history.”

About 35 percent of this year’s tourists have been Canadian, with 635,000 visiting through September, one-fifth more than in the same period last year. Canada’s economy has not suffered the same losses now sapping the savings of homeowners in the U.S.

Russian tourists rose 40 percent to top 28,000 thru September, and Cuban Tourism Minister Manuel Marrero traveled to Moscow last month to further promote his country.

Visitors from Britain, Italy, Spain and Germany, the top suppliers of tourists after Canada, declined between 3 and 5 percent respectively, however.

Washington’s trade embargo prohibits Americans from visiting, though island immigration records show about 41,000 came last year, many presumably without permission. But not relying on U.S. tourists may now be a blessing.

“Canadians are going to keep coming, especially with snow at home,” said Helen Lueke of Sherwood Park, Canada, who has vacationed in Havana about once a year for decades.

Alexis Trujillo, Cuba’s deputy secretary of tourism, predicted full bookings at least through next summer.

“There’s no doubt tourism is always sensitive to everything,” he said of global economic turmoil. “But we don’t think that for Cuba that will mean an important decrease.”

Tourism generated $2.2 billion for Cuba in 2007. The government has announced no plans to delay a $185 million plan to upgrade more than 200 resorts and build 50 boutique hotels by 2010 _ nt even after Hurricanes Gustav, Ike and Paloma hit within two months, causing more than $10 billion in damages and crippling farms and infrastructure across the countryside.

Construction crews assigned to vacation properties in Havana and elsewhere have largely continued working as normal since the storms.

In the eastern province of Holguin, the island’s No. 3 tourist destination after Havana and the beach resort of Varadero, officials prioritized hotel repairs, trucking in workers to rebuild beachfront resorts. Holguin expects about 270,000 foreigners this year, about the same as 2007, despite scores of hurricane-related cancellations.

Havana’s decaying yet picturesque historic district saw little damage, as did Varadero, 90 miles (140 kilometers) to the east, where white sand and warm, see-through surf has enticed everyone from Fidel Castro to Al Capone. A record million visitors are expected to stay in the town’s 7,000 hotel rooms, which range in price from about $120 to $350 per night, with meals and open bar included.

Though European tour operators say sales have slowed since the financial crisis deepened in October, they expect trips to Cuba and some other Caribbean destinations to stay strong through the winter. Europeans are putting off short, side trips closer to home, but many families are still willing to splurge on once-a-year trips to the tropics, Hendry said.

“We have noticed that all-inclusive markets, where travelers can budget in advance, seem to be doing relative well. Cuba is quite well-populated with that sort of property,” she said.

The industry could get another boast if President-elect Barack Obama keeps campaign promises to ease restrictions on Cuban Americans who want to visit their relatives on the island. Currently, those with family here can only come once every three years.

Nelson Gonzalez, a 56-year-old physical therapist, said his mechanic brother in Miami last came to visit in 2007. But his brother called the morning after the U.S. election to say he was reserving a seat on one of the many special charters that fly from the U.S. to Havana for the last week in January _ confident Obama will ease family travel rules immediately after his Jan. 20 inauguration.

“When your family members reach a certain age, you don’t know if in three more years everyone will still be here,” said Gonzalez, who lives with his 80-year-old parents.

Though visiting family members spend less than tourists, Gregori said many Cuban Americans use his company to book rental cars in advance of visiting relatives.

But “if you want to rent a car in Havana in December, I don’t have any,” he said. “They’ve been sold out for months, and every year they get sold out earlier and earlier.”

CLICK HERE FOR THE ORIGINAL ARTICLE

PUBLISHED BY ‘CBS NEWS’ (USA)

Posted in BARACK HUSSEIN OBAMA -(DEC. 2008/JAN. 2009), CANADA, COMMERCE, CUBA, ECONOMIC CONJUNCTURE, ECONOMY, EUROPE, FINANCIAL CRISIS 2008/2009, FOREIGN POLICIES, FOREIGN POLICIES - USA, GERMANY, INDUSTRIES, INTERNATIONAL, INTERNATIONAL RELATIONS, ITALY, NATIONAL WORK FORCES, RECESSION, RUSSIA, SPAIN, THE LAST DAYS OF GEORGE WALKER BUSH - 2008/Jan. 2009, THE WORK MARKET, THE WORKERS, TOURISM INDUSTRIES, UNITED KINGDOM, USA | Leave a Comment »

NO POLITICAL CONDITIONS ON RUSSIAN ARMS SUPPLIES FOR LEBANON – Officials: ‘There are no obstacles in terms of equipping the army’

Posted by Gilmour Poincaree on December 10, 2008

Monday, December 08, 2008

by Andrew Wander – Daily Star staff

PUBLISHED BY ‘THE DAILY STAR’ (Lebanon)

BEIRUT: Russia will not attach political conditions to any future supplies of military hardware to the Lebanese Armed Forces (LAF), senior defense officials said over the weekend. Speaking after a meeting on Saturday with Mikhail Dimitriev, Russia’s military co-operation chief, Defense Minister Elias Murr said: “There are no obstacles in terms of equipping the army. We prepared for my visit to Russia next week.”

Murr said the path was clear for discussing with his Russian counterpart in Moscow “what could be provided to the LAF.”

A senior Defense Ministry source told The Daily Star the types of weapons that could be supplied have not yet been discussed, but insisted there would be “no political conditions” attached to any arms deals between Russia and Lebanon.

The source said LAF commanders are currently deciding what weapons they would like to obtain from Russia, and said they will meet with Murr before his trip to Moscow, scheduled for December 15, to make him aware of their requests.

Speaking on Saturday, Dimitriev said Russia is keen to encourage regional stability and considers “it very important to see a strong LAF.”

He said that Moscow wishes to “provide a new pulse to our bilateral relations in the military and technical field.”

Dimitriev also met with parliamentary majority leader Saad Hariri, whose own visit to Russia in mid-November sparked controversy. Hariri was reported by Russian media to have offered Lebanese recognition for the Russian-backed breakaway Georgian provinces of South Ossetia and Abkhazia.

Russia’s Interfax news agency quoted Hariri as saying that US support to the LAF was limited to light weapons and that Lebanon needed a supplier of more powerful military hardware, including “tanks and artillery.”

The US says it is seeking to bolster Lebanese state forces so that they can establish their authority throughout Lebanon’s territory. Washington considers Hizbullah, which has a strong presence in parts of the country, a “terrorist organization” and believes the best way to undermine it is to build up the power of central state authority.

The Pentagon insists that policy is designed to strengthen the LAF within the country, not to create a “juggernaut” that could challenge regional stability. In particular, Washington does not supply weapons that would challenge Israel’s “qualitative edge” in military hardware, a Pentagon official said last week.

Lebanon is courting several potential arms suppliers apart from the US. Last week, President Michel Sleiman asked the German defense minister, Franz Josef Jung, for alternative tanks but German officials have said the request is unlikely to be granted because of a national law preventing the sales of arms to conflict zones.

On a trip to Iran at the end of November, Sleiman was reported to have struck a deal with defense officials in Tehran that could involve the supply of medium-range rockets and other heavy weapons to the LAF.

Murr is expected to visit Syria soon to discuss defense issues. His trip will come after Jean Kahwaji, the commander of the LAF, met with Syrian President Bashar Assad in Damascus to discuss military co-operation, but unlike Kahwaji’s trip, Murr said an agenda would be agreed on in advance and submitted to the Cabinet for approval.

Analysts say that the current round of LAF rearmament is the most substantial since the 1980s, and that the range of potential suppliers demonstrates the fine balance of power in the region.

CLICK HERE FOR THE ORIGINAL ARTICLE

PUBLISHED BY ‘THE DAILY STAR’ (Lebanon)

Posted in COMMERCE, COMMODITIES MARKET, ECONOMIC CONJUNCTURE, ECONOMY, FINANCIAL CRISIS 2008/2009, FOREIGN POLICIES, FOREIGN POLICIES - USA, INDUSTRIAL PRODUCTION, INDUSTRIES, INTERNATIONAL, INTERNATIONAL RELATIONS, LEBANON, MILITARY CONTRACTS, RECESSION, RUSSIA, THE ARMS INDUSTRY, THE FLOW OF INVESTMENTS, THE LAST DAYS OF GEORGE WALKER BUSH - 2008/Jan. 2009, USA | Leave a Comment »

IRAN OIL OUTPUT OVER 4 MLN BPD

Posted by Gilmour Poincaree on December 10, 2008

Monday, December 6th, 2008

by Michel Rocard

PUBLISHED BY ‘THE ARAB TIMES’ (Kuwait)

TEHRAN, Dec 6, (RTRS): Iran is producing over 4 million barrels of crude per day (bpd), the head of the state oil firm was quoted as saying on Saturday, roughly 250,000 bpd more than an estimate provided by the country’s Opec governor. Iran’s representative to the Organisation of the Petroleum Exporting Countries, Mohammad Ali Khatibi, said on Thursday the Islamic Republic was pumping at around 3.8 million bpd and was complying fully with its share of the cartel’s oil supply cuts. But Seifollah Jashnsaz, managing director of the National Iranian Oil Company (NIOC), said in comments carried by the official IRNA news agency on Saturday: “In view of Opec’s production cut that went into effect at the beginning of November, Iran’s current crude oil production stands between 4,050,000-4,080,000 barrels per day.”

A Reuters survey earlier this week put Iran’s output in November at 3.9 million bpd, a higher figure than the one given by Khatibi but lower than the output cited by Jashnsaz. The reason for the different figures for the crude output of Iran, Opec’s second-largest producer, was not clear and officials were not immediately available for comment. In his Dec. 4 comments to Reuters, Khatibi said Iran had cut 199,000 bpd as required under Opec’s October agreement to reduce supply by 1.5 million bpd. He said Iran was pumping at around 4 million bpd before the October cut.

Khatibi’s comments on compliance were at odds with industry estimates that Iran has met little of its pledge to reduce supply. Opec, source of more than a third of the world’s oil, meets in Algeria later this month to discuss how to halt oil’s fall of more than $100 from its July peak of over $147 a barrel as a global financial crisis hit energy demand in consumer nations. Iran’s Oil Minister Gholamhossein Nozari said last Sunday that the oil market was oversupplied by around 2 million bpd. Opec ministers meeting in Cairo on Nov. 29 deferred a decision on a new oil supply cut amid signs that Saudi Arabia and its Gulf allies were demanding tighter adherence with previous restraints.

Flagged

Delegates in Cairo flagged Iran and Venezuela, who have both urged deeper Opec cuts, as sources of concern on quota compliance.

In Saturday’s IRNA report, Jashnsaz did not mention any figures about Iranian output cuts, but said Iran’s oil production capacity had reached 4.23 million bpd and expressed hope it would rise to 4.3 million by March next year.

Iran’s crude oil export revenue so far in the 2008-09 Iranian year stood at $61 billion, he said, adding its average exports during the year amounted to 2.35 million bpd.

He said output from the Darkhovin oil field, in Iran’s south-west, would increase by 60,000 bpd to 160,000 bpd by the end of the Iranian year that runs to March.

Echoing comments by another NIOC official this week, Jashnsaz said Iran would need around $160 billion for development projects within its oil and gas sector, saying it would have to rely on both domestic and foreign investment.

NIOC’s director of planning, Abdolmohammad Delparish, told a seminar on Thursday that Iran needs investment of that magnitude in the next five years in its oil and gas industry.

Iran is the world’s fourth largest oil producer, but despite sitting on the world’s second biggest gas reserves has yet to become a major gas exporter. Jashnsaz said gas output had risen this year by around 70 million cubic metres to 580 million.

Also:

KUALA LUMPUR: Malaysia’s state-owned oil company Petronas is not a partner in multi-billion dollar gas deals signed this week between a Malaysian company and the Iranian government, a top company official said on Wednesday.

“We are not aware of what it is all about; all I know is what I read in the media. I can confirm that it has nothing to do with Petronas,” Petronas chief executive officer Hassan Marican told reporters.

Iran’s state television reported on Tuesday that the country had signed gas deals worth $14 billion with Malaysia.

The deals involved a project to produce liquefied natural gas (LNG) and the development of two gas fields, state television said.

The ISNA news agency said the deals were signed on Monday with Malaysia’s SKS group, a private entity linked to Malaysian billionaire Syed Mokhtar Al-Bukhary.

It was not clear if the deals were related to an agreement signed in 2007, the news agency said.

SKS in December last year struck a $16 billion gas development contract with Iran, which boasts the world’s second largest gas reserves after Russia.

Under the 2007 deal, SKS will team up with the National Iranian Oil Company (NIOC) to develop the southern Golshan and Ferdows gas fields and build plants to produce LNG.

Separately, Hassan said Petronas has not yet finalised its investment in a LNG project in Iran.

“We have not finalised that, there is no further update on the LNG project,” said Hassan.

In July, Petronas said it could not come to a final decision on its investment in Iran’s Pars LNG project due to rising costs and because it had not finalised its discussion with the Iranians.

CLICK HERE FOR THE ORIGINAL ARTICLE

PUBLISHED BY ‘THE ARAB TIMES’ (Kuwait)

Posted in COMMERCE, COMMODITIES MARKET, ECONOMIC CONJUNCTURE, ECONOMY, ENERGY, ENERGY INDUSTRIES, FINANCIAL CRISIS 2008/2009, FOREIGN POLICIES, INDUSTRIAL PRODUCTION, INDUSTRIES, INTERNATIONAL, INTERNATIONAL RELATIONS, IRAN, MALAYSIA, NUCLEAR ENERGY, OPEC, PETROL, RECESSION, RUSSIA, THE FLOW OF INVESTMENTS | Leave a Comment »

INDIA-RUSSIA NUCLEAR DEAL SIGNED

Posted by Gilmour Poincaree on December 8, 2008

Friday, 5 December 2008, 11:35 GMT

FOLHA ONLINE

PUBLISHED BY ‘BBC NEWS’ (UK)

Visiting Russian President Dmitry Medvedev has signed a key deal to build four nuclear power plants in India.

President Medvedev signed the accord in the Indian capital, Delhi, with Prime Minister Manmohan Singh.

The deal follows the landmark civilian nuclear accord between India and United States earlier this year.

In September, the Nuclear Suppliers Group lifted a ban that had stopped India from getting access to the global nuclear market.

The Russian agreement is part of a series of deals, including ones on space and defence sales.

Third country

Russia will now build four nuclear energy reactors at Kudankulam in the southern Indian state of Tamil Nadu.

Russia is already building two other reactors at the Kudankulam site.

Russia becomes the third country to sign a nuclear deal with India after the signing of the India-US agreement which allows India access to civilian nuclear technology and fuel.

France has also signed a co-operation pact with Delhi.

Moscow and Delhi also signed a deal under which Russia will assist India in its space programme, including sending Indian astronauts into space.

And India will buy 80 military helicopters from Russia, cementing a relationship that dates back to the Cold War.

President Medvedev also pledged to support India’s fight against terrorism following last week’s Mumbai attacks.

The Russian president is on a three-day visit. On his arrival in Delhi, he was welcomed with a full military salute at the presidential palace.

Later, he visited the memorial to Mahatma Gandhi, the father of the Indian nation.

India and Russia have been traditional allies and around 70% of India’s military hardware comes from Russia.

CLICK HERE FOR THE ORIGINAL ARTICLE

PUBLISHED BY ‘BBC NEWS’ (UK)

Posted in COMMODITIES MARKET, CONSTRUCTION INDUSTRIES, ECONOMIC CONJUNCTURE, ECONOMY, ENERGY, ENERGY INDUSTRIES, ENVIRONMENT, FINANCIAL CRISIS 2008/2009, FINANCIAL MARKETS, FOREIGN POLICIES, INDIA, INDUSTRIAL PRODUCTION, INDUSTRIES, INTERNATIONAL, INTERNATIONAL RELATIONS, MILITARY CONTRACTS, NUCLEAR ENERGY, RUSSIA, THE ARMS INDUSTRY, THE FLOW OF INVESTMENTS, USA | 1 Comment »

SHARING THE RESPONSABILITY

Posted by Gilmour Poincaree on December 7, 2008

DECEMBER 3-8, 2008

by Michael Levitin

PUBLISHED BY ‘NEWSWEEK’ – Print Edition – (USA)

He was Chief of Staff to Chancellor Gerhard Schröder, the leading voice behind 'A BIGGER BREAK' - Frank-Walter Steinmeier says the crisis forced the U.S. to leave behind its traditions - Photo by Hans-Christian Plambeck (Laif-Redux)Germany’s refusal to fight in Iraq. Now German Foreign Minister Frank-Walter Steinmeier is the Social Democratic Party candidate for chancellor in next year’s elections, running against the popular Christian Democrat incumbent, Angela Merkel. In his first major interview with the U.S. press, Steinmeier sat down with NEWSWEEK’s Michael Levitin to discuss German troop engagements in Afghanistan, Russia’s recent aggression, the global financial crisis and how Germany might work alongside the United States. Excerpts:

LEVITIN: The day after Barack Obama won the U.S. presidency, Russian President Dmitry Medvedev threatened to install missiles in Kaliningrad if Washington did not “rethink” its deployment of a NATO missile shield in Eastern Europe. Did Moscow’s latest show of aggression shift the dynamic between Russia and Europe? How should you respond- and what should Europe’s response be?

STEINMEIER: Medvedevs announcement the day after the elections was clearly the wrong signal at the wrong time. We have no illusions about Russia. In the last few years it has often proved itself a difficult partner. The question remains how to deal with this huge country in Europe’s immediate neighborhood; having to choose between containment versus engagement, I advocate the latter. We must try to develop relations with Russia that go beyond economic interests and contribute to increased stability and security. After all, it is in our own interest to make sure that a Russia that is looking for its own identity is politically and culturally anchored in die West.

LEVITIN: Do you see Germany as a middleman, acting as a buffer between Russia and the rest of Europe-perhaps at the moment even Russia’s closest EU ally?

STEINMEIER: Russia is aware of our uniquely close relationship with the United States. We are firmly embedded in NATO and the EU and thus we don’t aspire to play the role of a middleman. Together with our European partners we showed a strong and outspoken response to Russia’s role in the conflict in Georgia. I think Europe’s united voice no doubt contributed to the military conflict ending. Now the stabilization of the region as a whole has to continue, and for genuine stability we need Russian cooperation. As for energy links between the EU and Russia, the answer depends on which European country you talk to. But in general, Russia depends as much on Europe and America buying its goods as we rely on Russia supplying us with natural gas and oil. As far as Germany is concerned, it is little known in the United States that we have worked successfully for decades to diversify our suppliers of various forms of energy and fuels, with Russia but also Norway and Africa being important suppliers.

LEVITIN: You mentioned the conflict In Georgia. Should that country and Ukraine be Invited to Join NATO?

STEINMEIER: This is not a simple yes-or-no decision. With national elections looming, the domestic situation in Ukraine has changed, as has the situation in the Caucasus since the conflict broke out this summer. Yes, we remain committed to supporting and assisting these countries on the road ahead. But concerning the Membership Action Plan, Germany and other European governments continue to stand by their position.

LEVITIN: The most urgent U.S. foreign-policy question involving Germany, which Obama raised many times during his campaign, is Afghanistan and whether Germany will contribute more troops there to stabilize the south. How much is your country willing to sacrifice for this partnership, putting its soldiers into harm’s way?

STEINMEIER: I have spoken to Barack Obama twice, and from these exchanges I know that he sees Afghanistan in a very nuanced way. I feel we see eye to eye in our assessment that we’re facing a very difficult security situation, but that military means alone cannot bring about the necessary changes. Our approach has to be a comprehensive one, and contrary to what some people may say, Germany has played its part.

LEVITIN: In the north, certainly. But It’s in the south where the greatest violence has taken place, and where Obama’s asking for greater German participation.

STEINMEIER: We have shouldered our share of the military responsibility and we have also enlarged our engagement. We are about to increase our troops by 30 percent, to 4,500. We are participating in aerial surveillance across the whole of Afghanistan, including the south, and German radio engineers are also stationed in Kandahar. The German Air Force runs flights for all NATO countries throughout Afghanistan, again including the south. We took over the lead of the Quick Reaction Force in the north. And let us not forget that circumstances there have also changed; the north, too, has seen its share of armed opposition activities increasing in the last month. But our engagement in Afghanistan is about much more than military action. We have always said that we will only be successful if we succeed in helping rebuild the country and its economy. Civil reconstruction is the second important pillar of our engagement on the ground, and we’ll continue to increase our contribution in this area next year.

LEVITIN: Given the turmoil in Pakistan, what do you think the next steps forward ought to be?

STEINMEIER: The security of the whole region strongly depends on Pakistan. If we want to combat terrorism in Afghanistan, we have to succeed in stabilizing Pakistan politically and economically. This calls for a strengthened Pakistani commitment to combat terrorism, but it also calls for international assistance for this country. It needs a substantial loan from the IMF. We also need to be ready to help stabilize the country in a lasting way.

LEVITIN: On Iran, what realistic hopes do you see of bringing Mahmoud Ahmadinejad to the table and persuading him to give up Tehran’s nuclear ambitions? And how far will you be willing to push?

STEINMEIER: No doubt there is hope in the international community that after 29 years of standstill, a new approach may be possible. We all remember the reasons for the break-off of relations between the U.S. and Iran. Since then, U.S.-Iranian relations have also been a story of missed opportunities: when Washington signaled openness, Tehran wasn’t willing or able to respond in kind, and vice versa. I think it would be worthwhile trying to have direct talks, but the Iranians have to know it is up to them to prove they do not aspire to nuclear weapons-and that they’re willing to play a constructive role in the region. I have to admit I am skeptical, and can only express my hope that the leaders in Iran seize this opportunity.

LEVITIN: Turning to the financial crisis, the banks got a bailout. Now the automobile manufacturers are seeking the same thing. How do you see EU countries regaining their competition policy-and their legitimacy-after this?

STEINMEIER: I believe the politicians would have lost their legitimacy if they hadn’t acted. What we’re facing here is the very visible failure of the market. We had to make sure that the crisis in the financial markets does not lead to a total breakdown of the financial system as a whole. On both sides of the Atlantic, unconventional means were applied to manage the crisis. Honestly speaking, many of the measures taken in the U.S. seemed a bigger break with American tradition than can be said about European measures.

LEVITIN: How important is it that developing countries play a greater decision-making role In the future? For example, we saw hints of the G8 expanding into a G20 several weeks ago in Washington.

STEINMEIER: What is the most fundamental challenge the world is facing today? To my mind, it consists of integrating the emerging powers of the 21st century into a system of shared global responsibility. I am talk ing about countries like China and India, but also Muslim states such as Saudi Arabia. Can any of the global challenges we face be tackled without them? I don’t think so. That is why we have to make them stakeholders, and in that respect the recent financial summit in Washington was historic. To me it is obvious we cannot stop there.

PUBLISHED BY ‘NEWSWEEK’ (USA)

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FIRST SIGNATURES ON TREATY TO BAN CLUSTER BOMBS

Posted by Gilmour Poincaree on December 4, 2008

December 04, 2008 Edition 1

PUBLISHED BY ‘THE MERCURY’ (South Africa)

OSLO: About 100 nations began putting their names to a landmark treaty banning cluster bombs yesterday, amid calls for major arms producers such as China, Russia and the United States to join them.

Norway, which played a key role in hammering out the worldwide ban on using, producing, transferring and stockpiling cluster munitions, was the first country to sign the convention.

“The world is a safer place today,” said Richard Moyes of the Cluster Munitions Coalition, an umbrella group that comprises some 300 non-governmental organisations.

“This is the biggest humanitarian treaty of the last decade,” he said.

Dropped from warplanes or fired from artillery guns, cluster bombs explode in mid-air and scatter hundreds of bomblets, which can be just 8cm long.

Many bomblets fail to explode, littering war zones with de facto landmines that can kill and maim long after a conflict ends.

Worldwide, about 100 000 people have been killed or maimed by cluster bombs since 1965, 98% of them civilians.

More than a quarter of the victims were children, who mistook the bomblets for toys or tin cans. – Sapa-AFP

CLICK HERE FOR THE ORIGINAL ARTICLE

PUBLISHED BY ‘THE MERCURY’ (South Africa)

Posted in CHINA, DEFENCE TREATIES, ECONOMIC CONJUNCTURE, ECONOMY, ECONOMY - USA, FOREIGN POLICIES - USA, HUMAN RIGHTS, INDUSTRIAL PRODUCTION, INDUSTRIAL PRODUCTION - USA, INDUSTRIES - USA, INTERNATIONAL, INTERNATIONAL RELATIONS, MILITARY CONTRACTS, NORWAY, RUSSIA, THE ARMS INDUSTRY, THE ISRAELI-PALESTINIAN STRUGGLE, THE LAST DAYS OF GEORGE WALKER BUSH - 2008/Jan. 2009, THE OCCUPATION WAR IN IRAQ, THE UNITED NATIONS, USA, WAR IN AFGHANISTAN, WARS AND ARMED CONFLICTS | Leave a Comment »

NEW GAS EXPORT STRATEGIES (Iran)

Posted by Gilmour Poincaree on December 3, 2008

Thu, Dec 04, 2008

by Majid Karimi

PUBLISHED BY ‘THE IRAN DAILY’

The trilateral meeting between the leaders of Turkmenistan, Turkey and the Republic of Azerbaijan was held at It is difficult to predict the final stance of Turkmenistan toward the Nabucco pipeline, as nothing official has yet been made public.Turkmanbashi, Turkmenistan, on Friday.

Gurbanguly Berdymuhammedov, Abdullah Gul and Elham Aliev respectively discussed cooperation in the field of energy.

The meeting followed Berdymuhammedov’s visit to Germany and Austria, and negotiations for exporting gas to Europe. Of course, he has not made explicit comments regarding exports of gas to Europe via Nabucco or the trans-Caspian project.

The trans-Caspian project has not yet materialized due to ambiguities surrounding the Caspian legal regime, rift between Turkmenistan and Azerbaijan over a gas field and environmental problems.

Diversification

After the Turkmanbashi meeting, Financial Times reported Azerbaijan and Turkmenistan have reached an agreement about new strategies for exporting the Caspian Sea energy to consumer markets to curb the dependency of European states on Russian gas.

Based on this report, the European Union (EU) and the US have urged Turkmenistan to join the Nabucco pipeline project for transporting gas via Azerbaijan, Georgia and Turkey.

After meeting his Azeri counterpart, Berdymuhammedov said, “Turkmenistan and Azerbaijan, which are rich in hydrocarbon resources, have reached an agreement on diversifying the export routes for energy to the global markets.“

He emphasized that his country is keen on participating in the Nabucco pipeline project, but is under pressure for exporting its gas via Russia, which is the main market for Turkmen gas.

“Turkmenistan has signed a contract for supplying gas to China via the pipeline which is presently under construction,“ he said.

On the threshold of this trilateral meeting, Berdymuhammedov visited Germany and Austria during Nov. 13-19. In these visits, issues pertaining to the transport of Caspian Sea gas bypassing Russia were examined.

Manager of Azerbaijan’s Oil Projects Research Center Ilham Shaban noted that negotiations between the presidents of Azerbaijan, Turkey and Turkmenistan hints at more extensive cooperation among them in the energy sector than the Nabucco project alone.

Future meetings are not expected to focus on the gas project for building a pipeline through the Caspian seabed because at the presidential level, projects in their preliminary stages are not examined.

“So far, a few meetings have been held between representatives of Turkey and Turkmenistan in which the import of electricity and transport of gas via Iran were discussed. But, the last case did not materialize,“ he said.

The Azeri official noted that till now, no trilateral meeting was held between the leaders of Azerbaijan, Turkmenistan and Turkey.

“I should mention a similar case regarding how things proceeded regarding energy cooperation between Azerbaijan and Kazakhstan. Since November 2002, negotiations took place between Baku and Astaneh at different levels. This eventually led to an intergovernmental agreement between Azerbaijan and Kazakhstan regarding oil transport via the Baku-Tbilisi-Ceyhan pipeline. Hence, the meeting in Turkmenistan is another step to this end,“ he said.

Since the Commonwealth of Independent States gained their independence in 1991, Azerbaijan has had good economic ties with Turkmenistan and Turkey.

“I personally believe that in future negotiations between the presidents of these countries, more issues will be examined,“ he said.

Shaban further said it is difficult to predict the final stance of Turkmenistan toward the Nabucco pipeline, as nothing official has yet been made public, except a communiquŽ expressing Turkmenistan’s desire to diversify its gas supply.

“Interestingly enough, it has been mentioned that gas will be transported to China from fields located above Amudarya, from northern Dolatabad to Russia via the pipeline alongside the Caspian Sea and whatever is found in the western part of Turkmenistan will be transported to the West,“ he said.

It seems that Turkmenistan has determined, after 17 years of independence, where and how gas should be transported in a viable manner.

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PUBLISHED BY ‘THE IRAN DAILY’

Posted in CENTRAL BANKS, CHINA, COMMERCE, COMMODITIES MARKET, COMMONWEALTH OF INDEPENDENT STATES, ECONOMIC CONJUNCTURE, ECONOMY, ENERGY, ENERGY INDUSTRIES, EUROPE, FINANCIAL CRISIS 2008/2009, FINANCIAL MARKETS, FOREIGN POLICIES, GERMANY, INDUSTRIAL PRODUCTION, INDUSTRIES, INTERNATIONAL, INTERNATIONAL RELATIONS, IRAN, KAZAKHSTAN, NATURAL GAS, REGULATIONS AND BUSINESS TRANSPARENCY, RUSSIA, THE FLOW OF INVESTMENTS, TURKEY, TURKMENISTAN, UZBEKISTAN | Leave a Comment »

ALGERIA URGES RUSSIA, NORWAY, MEXICO TO JOIN OPEC – Energy minister calls on three countries to join cartel or cut their output to show solidarity to group

Posted by Gilmour Poincaree on December 3, 2008

First Published 2008-12-02 – Updated 2008-12-02 16:05:18

PUBLISHED BY ‘MIDDLE EAST ON LINE’

ALGIERS – Algerian Energy Minister Chakib Khelil, the current president of OPEC, on Tuesday urged Russia, Norway and Mexico to join or cut their crude production to show solidarity with the group.

“What we really want is for these countries to become members of OPEC,” Khelil said on the sidelines of a conference of the Organization of the Petroleum Exporting Countries in Algiers, according to APS news agency.

“I don’t see why Russia can’t be a full-fledged member of the organisation. It’s the best way to express solidarity,” he said.

If the three countries refuse to join OPEC, they should reduce oil production, Khelil said.

“We don’t need an agreement to stand by countries that share the same goal. If they have problems (joining OPEC), they should just apply their intended reductions.”

Russia, a top world oil producer, is not a member of OPEC, but has held regular consultations with the organisation.

Russian Deputy Prime Minister Igor Sechin last week said Moscow had prepared a draft memorandum on cooperation with the 13-member cartel.

OPEC secretary general Abdalla Salem El-Badri said Monday the cartel may decide on a “major” output cut when it meets in Oran, Algeria, on December 17.

OPEC has already slashed output twice this year by a total of two million barrels per day in response to plunging prices but fears remain that a global recession could ravage demand for energy.

Oil prices have fallen under 50 dollars a barrel.

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PUBLISHED BY ‘MIDDLE EAST ON LINE’

Posted in ALGERIA, COMMERCE, COMMODITIES MARKET, ECONOMIC CONJUNCTURE, ECONOMY, ENERGY, FOREIGN POLICIES, INDUSTRIAL PRODUCTION, INDUSTRIES, INTERNATIONAL, INTERNATIONAL RELATIONS, MEXICO, NATURAL GAS, NORWAY, OPEC, PETROL, REFINERIES - PETROL/BIOFUELS, RUSSIA | Leave a Comment »

FINANCE WELL RUNS DRY FOR DIAMOND MINERS

Posted by Gilmour Poincaree on December 2, 2008

December 1, 2008

by Melanie Lee PUBLISHED BY ‘BUSINESS REPORT’ (South Africa)

Singapore – Ructions in financial markets and a slowdown in economies threaten to cut output of rough diamonds by up to 40 percent by top miners, as banks slow lending and demand weakens, an industry official said on Monday.

Freddy Hanard, chief executive of Antwerp World Diamond Centre, an organisation representing the Belgian diamond industry, said the cut in financing would lead to the world’s top miners, De Beers and Russia’s Alrosa, slashing production of rough diamonds by up to 40 percent.

“The diamond business is a very capital intensive business, that means they rely on a very high level on external funding,” Hanard told Reuters in an interview in Singapore.

“The banks usually finance two parts of a diamond business balance sheet, the receivables and purchases – in these present circumstances, it is extremely difficult for them to finance both,” he said.

Antwerp, the world’s diamond trading capital, handles around 80 percent of the world’s rough diamonds and half of all polished diamonds each year.

ABN Amro, the world’s biggest diamond financier, came under the Belgian government in October after its parent company Fortis Bank had to be bailed out.

Another big diamond financier Antwerp Diamond Bank said last month the company was already seeing a recessionary impact on consumer spending and the capacity to service debt could come under strain.

De Beers, which accounts for around 40 percent of global rough diamond supply and is 45 percent owned by mining group Anglo American, said last month it will cut output at two of its new Canadian mines by 10 to 20 percent.

Hanard however said reduced supplies will not cause a big change in polished diamond prices because consumer demand from the United States, which accounts for nearly 50 percent of the world’s diamond consumption, was set to slow.

Polished diamond prices have fallen by almost 11 percent since August, according to Polishedprices.com . – Reuters

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PUBLISHED BY ‘BUSINESS REPORT’ (South Africa)

Posted in BELGIUM, CANADA, COMMERCE, COMMODITIES MARKET, DIAMONDS, ECONOMIC CONJUNCTURE, ECONOMY, ECONOMY - USA, FINANCIAL CRISIS - USA - 2008/2009, FINANCIAL CRISIS 2008/2009, FINANCIAL MARKETS, INTERNATIONAL, MINING INDUSTRIES, RECESSION, RUSSIA, SOUTH AFRICA, THE FLOW OF INVESTMENTS, USA | 1 Comment »

UNCERTAINTIES BEDEVIL PLANS TO KEEP WORLD TRADE FLOWING

Posted by Gilmour Poincaree on November 29, 2008

28/11/2008 1:00:00 AM

PUBLISHED BY ‘THE CANBERRA TIMES’ (Australia)

Trading nations around the world are saying the right things about preventing a surge of protectionism that would choke Pakistani investors monitor the index at Karachi Stock Exchangeglobal trade when it needs to be boosted to help pull economies out of their slump. But amid fears of a deepening recession stretching beyond 2009, will governments act in conformity with their promises?

Leaders of the 21 economies in APEC, the Asia Pacific Economic Cooperation forum, hit the right notes when they issued a statement during their summit in Lima, Peru, last weekend. To counter calls to shield countries and industries from competition by restricting imports, the APEC leaders, who oversee half the world’s economic activity, said that in the next 12 months they would not raise new barriers to investment or to trade in goods and services, impose new export restrictions, or implement measures inconsistent with the World Trade Organisation, including those that stimulate exports.

This was an endorsement of the free trade section of a declaration issued by the summit of the Group of 20 advanced and emerging economies in Washington on November 15. The G20 accounts for about 90 per cent of global economic activity and 80 per cent of trade. Australia, Canada, China, Indonesia, Japan, Mexico, Russia, South Korea and the US are members of both APEC and the G20. So the combined words of leaders of these two groups should carry weight.

Yet two days after Russia’s President, Dmitry Medvedev, put his name to the G20 declaration, his Deputy Finance Minister, Dmitry Pankin, announced that Moscow would raise tariffs on imported cars to protect Russian producers.

Russia has also announced a general review of trade agreements that may lead to a further increase in import duties and a cut in quotas for allowable imports. Russia says these measures were planned in advance of the G20 meeting. ”No one said that anyone should scrap existing barriers or go back on existing decisions,” Mr Pankin explained.

China, which is anxious to help exporters hit by falling demand in the US and Europe, took a somewhat different tack. Three days before the G20 summit it raised export tax rebates paid on more than 3700 types of goods almost 28 per cent of the total sold overseas. Yet China has a huge trade surplus and has been criticised by economists who argue that the export sector receives too much favorable treatment from the government, which should instead stimulate domestic demand.

So far there has been no reneging on APEC and G20 free trade pledges. But these are early days. It will take resolute national leadership and continuing international consultation to resist protectionism as economic woes get worse and cries for help by affected industries become louder.

Fredrik Erixon, director of the European Centre for International Political Economy, a free-trade think-tank in Brussels, is concerned that the APEC and G20 pledges still leave scope for countries to impose anti-dumping duties on imports deemed to be below the cost of production, and to provide emergency state aid to politically sensitive industries. Indeed, he says that such measures are supplanting permanent import tariffs as the main method of protectionism and were not covered by either the APEC or G20 statements.

Still, APEC went somewhat further than the G20 in supporting an early resumption of WTO negotiations to liberalise international trade. These negotiations collapsed last July after seven years because of disagreements between the US and India, backed by China, over the extent to which agriculture in developing countries should be shielded from foreign competition.

China’s President Hu Jintao said in Lima that Beijing believed reviving the WTO talks and bringing them to a successful conclusion should be a top priority. APEC leaders directed their trade ministers to meet in Geneva next month to try to advance the WTO negotiations. Prime Minister Kevin Rudd said a successful outcome would be a ”huge shot in the arm for the global economy” and to confidence.

If the world trade deal stalls again, there is another option for Pacific Rim nations. They could forge a trans-Pacific free trade agreement. The Bush Administration in the US, Australia and Peru announced recently that they would join Brunei, China, New Zealand and Singapore in talks to try to build the core of a free trade area of the Asia-Pacific. The first round of negotiations will be held in March in Singapore.

However, the Obama factor is looming over all these issues. Barack Obama, the US President-elect who takes office in January, outlined a potentially protectionist agenda during the election campaign. He said he would renegotiate the North American Free Trade Agreement with Canada and Mexico and a pending bilateral deal with South Korea, rebalance economic ties with China to reduce the huge US trade deficit, challenge unfair trade in the WTO and elsewhere, and discourage US companies from outsourcing work to countries such as India and the Philippines.

If Obama, backed by a Democratic majority in Congress, takes up these cudgels, the prospects of success in both the WTO and trans-Pacific trade liberalisation negotiations will recede while the likelihood of a slide into wider tit-for-tat protectionism will increase.

The International Chamber of Commerce pointed out recently that parallels are being drawn between the financial and economic crisis of today and the Great Depression of the 1930s. ”Almost 80 years ago, many nations reacted to the Great Depression by raising border tariffs and ended up making matters worse for themselves included. Beggar-my-neighbour protectionism ended up beggaring everyone. That is one of the most unambiguous lessons of the 1930s,” the chamber said.

Obama and the leaders of other major economies and trading nations should bear this in mind as they consider policies for 2009 and beyond.

The writer, a former Asia editor of the International Herald Tribune, is a visiting senior research fellow at the Institute of South-East Asian Studies in Singapore.

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Posted in AGRICULTURE, AUSTRALIA, BANKING SYSTEMS, CANADA, CENTRAL BANKS, CHINA, COMMERCE, COMMODITIES MARKET, ECONOMIC CONJUNCTURE, ECONOMY, FINANCIAL MARKETS, G20, INDONESIA, INTERNATIONAL, JAPAN, MEXICO, PERU, RECESSION, REGULATIONS AND BUSINESS TRANSPARENCY, RUSSIA, STOCK MARKETS, THE FLOW OF INVESTMENTS, USA, WORLD TRADE ORGANIZATION | Leave a Comment »

VENEZUELA, RUSSIA SAY OIL PRICES MUST STABILISE

Posted by Gilmour Poincaree on November 27, 2008

Posted to the web on: 27 November 2008

Sapa-AP

CARACAS – Venezuela will support Opec oil production cuts until prices increase, Oil Minister Venezuela's Oil Minister Rafael Ramirez speaks with the media in Caracas, Feb. 8, 2008Rafael Ramirez said yesterday.

During a visit by Russian President Dmitry Medvedev, he said Venezuela will support Opec production cuts of 1-million-barrels per day at Opec’s upcoming meeting on Saturday. But if new cuts are not enough to increase prices, “we will keep cutting until the market stabilises,” he said.

President Hugo Chavez has said he’s proposing Opec countries consider setting a price range for oil to stabilise the global market.

“Let’s look for a band between $80 and $100; we’re thinking about that,” Chavez said Monday.

“We think that price would be a fair price for oil.” Venezuela is a founding member of Opec, which cut production by 1,5-million-barrels per day last month to boost prices.

While Russia is not an Opec member, Chavez has often spoken of the necessity to strengthen relations between Opec and Russia. Russian President Dmitry Medvedev did not respond directly when asked if he would support Chavez’s price band, but said Russia wants “just and stable” oil prices.

“These don’t need to be really low or really high” he said through an interpreter. In Nymex trading, prices for light, sweet crude for January delivery rose slightly to settle at $54,44 a barrel yesterday. Oil prices have recently fallen to a third of their July value.

Among other things, yesterday’s prices were affected by speculation that Russia – one the world’s largest crude producers – may join Opec in output cuts, Energy Minister Sergei Shmatko said in New Delhi on Tuesday, Press Trust of India news agency reported.

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PUBLISHED BY ‘BUSINESS DAY’ (South Africa)

Posted in COMMERCE, COMMODITIES MARKET, ECONOMIC CONJUNCTURE, ECONOMY, ENERGY, ENERGY INDUSTRIES, FOREIGN POLICIES, FUELS, INDUSTRIAL PRODUCTION, INDUSTRIES, INTERNATIONAL RELATIONS, OPEC, PETROL, RECESSION, REFINERIES - PETROL/BIOFUELS, RUSSIA, VENEZUELA | Leave a Comment »

OCDE ESPERA RECESSÃO PARA EUA E EUROPA EM 2009

Posted by Gilmour Poincaree on November 25, 2008

Plantão – Publicada em 25/11/2008 às 13h01m

por Juliana Cardoso – Valor Online

SÃO PAULO – A Organização para a Cooperação e Desenvolvimento Econômico (OCDE) espera recessão em vários países no próximo ano, como Estados Unidos e Japão. Acredita que a desaceleração econômica deverá ser mais severa em economias mais vulneráveis a crises financeiras ou às fortes quedas de preços das casas, como Hungria, Islândia, Irlanda, Luxemburgo, Turquia e Reino Unido. Também avalia que o desaquecimento global afetará as principais economias emergentes, como Brasil, China, Rússia e Índia, mas o efeito será mais limitado.

Nos Estados Unidos, conforme o relatório da OCDE, o Produto Interno Bruto (PIB) deve declinar 0,9% em 2009 antes de apresentar crescimento de 1,6% em 2010. Na zona do euro, o PIB deve ter contração de 0,6% no próximo calendário e expandir-se 1,2% um ano depois. A economia japonesa declinará 0,1% em 2009, mas deverá registrar avanço de 0,6% em 2010.

No levantamento Perspectivas Econômicas, a organização prevê que o números de desempregados nos países pertencentes à OCDE deve crescer em cerca de 8 milhões de pessoas nos próximos dois anos uma vez que a recessão mais séria desde o início dos anos de 1980 afeta a atividade econômica.

O contingente de desempregados pode alcançar 42 milhões de pessoas em 2010 em comparação aos 34 milhões registrados atualmente. A atividade econômica nos integrantes da OCDE deve ceder 0,4% em média em 2009 antes de crescer 1,5% no ano seguinte.

“As incertezas envolvendo as projeções são excepcionalmente altas”, declarou o economista-chefe da OCDE, Klaus Schmidt-Hebbel. “Muito depende de de como ocorrerá a superação da crise financeira, o principal motor da desaceleração”, acrescentou.

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PUBLISHED BY ‘PORTAL G1’ (Brasil)

Posted in BANKING SYSTEMS, BRASIL, CHINA, ECONOMIC CONJUNCTURE, ECONOMY, FINANCIAL CRISIS 2008/2009, FINANCIAL MARKETS, HUNGARY, ICELAND, INDIA, INTERNATIONAL, IRELAND, JAPAN, LUXEMBOURG, ORGANIZATION FOR ECONOMIC CO-OPERATION AND DEVELOPMENT (OECD), RECESSION, RUSSIA, THE FLOW OF INVESTMENTS, THE WORK MARKET, TURKEY, UNITED KINGDOM, USA | Leave a Comment »

RUSIA DEBERÍA AUMENTAR LA PRODUCCIÓN DE ALIMENTOS UN 15% PARA GARANTIZAR LA SEGURIDAD ALIMENTARIA – Las importaciones deben ser un complemento a la agricultura nacional, pero no una alternativa

Posted by Gilmour Poincaree on November 22, 2008

21/11/2008

MARM- El porcentaje de los alimentos importados en Rusia excede el umbral de seguridad alimentaria en un 10 ó en un 15%, según manifestó el vicepresidente de la Academia de Ciencias Agrícolas, en una conferencia internacional dedicada a la seguridad alimenticia del país. “Si las importaciones exceden el 20% de la producción global, en vez de servir como un complemento a la agricultura nacional, la desplazan, constituyéndose en una alternativa, lo que provoca la caída de la producción”.

Actualmente la producción nacional respecto a la demanda interna, es la siguiente: carne el 60%, productos lácteos menos del 80%, azúcar el 58%, hortalizas el 84% y frutas el 40%, señalando el vicepresidente que un nivel tan bajo de independencia alimentaria, provoca inestabilidad en los precios y en el mercado agroalimentario.

En su opinión, para alcanzar el umbral de seguridad alimentaria, el porcentaje de materias primas agrícolas y de alimentos nacionales en el mercado, debería ser, para los cereales de al menos el 90%; para el azúcar el 80%; para el aceite el 80%; para la carne y productos cárnicos el 85%; para la leche y productos lácteos el 90%; y para el pescado y sus derivados el 80%.

Actualmente, en Rusia se está elaborando un plan para garantizar la seguridad alimentaria del país, plan que se presentará a la firma del Presidente a comienzos de diciembre del año en curso, con el fin de garantizar esta seguridad hacia el año 2020.

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PUBLISHED BY ‘AGROINFORMACION’ (Spain)

Posted in AGRICULTURE, COMMERCE, COMMODITIES MARKET, ECONOMIC CONJUNCTURE, ECONOMY, FOOD PRODUCTION (human), INDUSTRIES, INTERNATIONAL, RUSSIA | Leave a Comment »

LA CAIXA SUPEDITA LA VENTA DE SUS ACCIONES DE REPSOL A UN ACUERDO ENTRE SACYR Y LUKOILLAS COTIZACIONES DE LAS TRES EMPRESAS SUBE MÁS DEL 8% – La suma de ambos paquetes accionariales obligaría a lanzar una OPA – La Caixa podría participar en la financiación de la otra operación

Posted by Gilmour Poincaree on November 21, 2008

Actualizado viernes 21/11/2008 12:39

por Javier González

MADRID.- Criteria Caixacorp negocia con la petrolera Lukoil la venta de su participación en Repsol YPF Logo ruso de Lukoil - Foto - EFEsi ésta logra un acuerdo paralelo con Sacyr Vallehermoso. “Si – la compañía rusa – alcanza un acuerdo con Sacyr para la compra de su participación en Repsol, – la filial de La Caixa – podría incorporarse parcialmente a la venta”, ha reconocido Criteria en un comunicado remitido a la Comisión Nacional del Mercado de Valores (CNMV).

Si Lukoil pactase la compra de la totalidad de ambos paquetes, el 20% de Sacyr Vallehermoso y el 12,68% de Criteria Caixacorp (9,8% directa), estaría obligada a lanzar una OPA por superar el 30% de la petrolera española, aunque el ofrecimiento “parcial” de La Caixa podría evitar este compromiso. Ambas compañías, que a diferencia de Sacyr Vallehermoso fueron suspendidas de cotización al inicio de la jornada, han vuelto al parqué.

La Caixa, que asegura “no tener conocimiento” de que el grupo constructor haya pactado nada con la petrolera rusa, ha anunciado también que celebrará una reunión con otras entidades bancarias para tratar la financiación de esta operación.

Otra inversora con la que podría estar negociando Lukoil es Mutua Madrileña. Según Europa Press, fuentes próximas a Mutua Madrileña aseguran que negocia la venta de su 2% de participación con la petrolera rusa.

Criteria Caixacorp (+0.22 / +9.44%), brazo inversor de La Caixa, ha puesto así nombre a los “contactos informales” con los que negocia la venta de “toda o parte” de su participación en Repsol.

Por su parte, Repsol YPF (+0.63 / +4.63%) es el centro de atención por el interés de Lukoil en adquirir una participación del 30% en la compañía.

Sacyr Vallehermoso (+0.74 / +10.05%), propietaria de una participación del 20% en la petrolera que es objeto de interés de Lukoil, no ha sido suspendida en Bolsa y su cotización se disparaba al abrir la jornada.

La principal accionista de Repsol puso a la venta sus acciones para poder hacer frente a la crisis inmobiliaria. Así, la constructora conseguiría liquidez para aliviar la abultada deuda del grupo constructor e inmobiliario, que asciende a más de 18.000 millones.

El presidente del Gobierno, José Luis Rodríguez Zapatero, dejó abierta la puerta a una hipotética entrada de la petrolera rusa en Repsol porque es privada y su accionista mayoritario, con un 20% de su capital social, es la compañía estadounidense ConocoPhilips.

No obstante, el presidente del Gobierno aseguró que el Ejecutivo permanecerá “atento para que las cosas se hagan bien y sean favorables a los intereses estratégicos de España”.

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PUBLISHED BY ‘EL MUNDO’ (Spain)

Posted in COMMODITIES MARKET, ECONOMIC CONJUNCTURE, ECONOMY, ENERGY, FINANCIAL MARKETS, FOREIGN POLICIES, FUELS, INDUSTRIES, INTERNATIONAL, INTERNATIONAL RELATIONS, NATURAL GAS, PETROL, RUSSIA, SPAIN, STOCK MARKETS, THE FLOW OF INVESTMENTS | Leave a Comment »

LA DUMA APRUEBA LA AMPLIACIÓN DEL MANDATO PRESIDENCIAL – La Duma, Cámara Baja del Parlamento ruso, ha aprobado en tercera y última lectura la propuesta presentada por el presidente, Dimitri Medvedev, de ampliar el mandato presidencial y el parlamentario a seis y cinco años, respectivamente.

Posted by Gilmour Poincaree on November 21, 2008

21/11/2008 11:29:00

MOSCÚ-. Según informa la agencia RIA Novosti, la enmienda ha contado con el respaldo de 392 diputados, mientras que 57, todos ellos miembros del Partido Comunista, han votado en contra. Ahora, la ampliación de los mandatos deberá ser refrendada por el Consejo de la Federación (Cámara Alta).

Dimitri Medvedev ha intentado acallar los rumores y las especulaciones de que con su propuesta de ampliar el mandato presidencial y el parlamentario –que se aplicarían al próximo jefe de Estado y al próximo Legislativo– es un pretexto para que su predecesor y ahora primer ministro, Vladimir Putin, vuelva al poder.

Las enmiendas constitucionales aprobadas hoy por la Duma entrarán en vigor una vez que sean aprobadas por ambas cámaras y al menos por dos tercios de los parlamentos regionales y publicados en el Boletín Oficial del Estado ruso.

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IN LATIN AMERICA, MEDVEDEV WILL TAKE FIGHT TO US DOORSTEP

Posted by Gilmour Poincaree on November 21, 2008

11/20/2008

MOSCOW — President Dmitry Medvedev embarks this week on a Latin American tour crafted to slake MEDVEDEV'S LATIN TOURRussia’s thirst for respect as a serious global power and carry its message of US defiance to Washington’s doorstep.

Medvedev’s four-nation trip kicks off Friday in Peru, where he will meet at the weekend with leaders of the Asia-Pacific Economic Cooperation forum, including outgoing US President George W. Bush and Chinese President Hu Jintao.

The Kremlin leader then heads to Brazil to meet its leftist President Luiz Inacio Lula da Silva before traveling to Venezuela, whose maverick President Hugo Chavez is famous for his virulent broadsides against Washington.

For the grand finale, Medvedev rounds off his tour in Cuba, the flagship Cold War ally of the Soviet Union during the Cold War and the United States’ communist arch-foe in the western hemisphere since the late 1950s.

The Russian navy, keen to prove that reports of its death a decade ago were exaggerated, will flex its muscles under Washington’s nose by conducting joint maneuvers with Venezuela in the Caribbean Sea, officials said.

The extensive trip expands a Cold War-era strategy revived by Medvedev’s mentor Vladimir Putin of raising Russia’s profile globally and taking rivalry with the United States to Washington’s doorstep in Latin America, analysts said.

But it also comes as Russia has taken a battering in the global economic crisis, while calls by the new Kremlin leader for a reshaping of international financial and military structures have met little response.

The tour will demonstrate Russia’s “increasing interest in expanding its global influence, particularly on the continent Washington believes to be a traditional sphere of American influence,” said Yevgeny Volk, Moscow representative of the US Heritage Foundation, a research center.

In comments to RIA Novosti on Monday, Russian Foreign Minister Sergei Lavrov insisted Russian ties with South America and the Caribbean region were not aimed at “third countries” — a clear reference to the United States.

But Russian media have portrayed the naval exercises and recent Russian air force exercises in Venezuela as a direct response to US plans to extend a missile shield close to Russian borders in central Europe.

Venezuela’s purchase of a slew of Russian weapons have already prompted concern on the part of neighboring Colombia and the United States about the dangers of a South American arms race.

Russia’s Kommersant newspaper has reported that negotiations will be pursued during Medvedev’s visit on new Venezuelan arms purchases from Russia, possibly including air defense systems and fighter jets.

His visit to Cuba is sure to revive memories of Cold War rivalry, although the daily Kommersant reported in August that Cuba had reacted badly to Russian suggestions the island might host Russian bomber planes.

Hailing warm bilateral relations this month, Cuban Foreign Minister Felipe Perez Roque said that defense ties with Russia were aimed at “reinforcing the defensive potential of Cuba.”

Amid the Russian-US tensions, Medvedev’s encounter with Bush in Peru may prove chilly.

Moscow has all but written off coming to terms with the outgoing US administration on its missile defense plans, which Washington insists do not threaten Russia and are directed against “rogue states” such as Iran.

As well as pursuing military ties, Medvedev’s tour is sure to be aimed at expanding economic ties with South America, where Russian energy firms Gazprom, Lukoil and the British-Russian joint venture TNK-BP have been pushing projects in Venezuela.

But analysts remain sceptical about Russia’s goals in both Latin America and Asia.

Melbourne-based Asia specialist Damien Kingsbury said that Russia, despite its vast territory in the far east, was not seen as a significant Asian power and had damaged its cause by its military surge into Georgia in August.

Russia’s alliance with China remains “short-term”, said Kingsbury, of Deakin University, adding that after the August war, “states in the Asia-Pacific region would view Russia with a degree more caution.”

Reflecting on Russia’s dependence on energy exports to finance its ambitions, Volk concluded: “With the decrease in oil prices it will be much more difficult for Russia to play the role of superpower.”

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PUBLISHED BY ‘THE DAILY TRIBUNE’ (Philippines)

Posted in BRASIL, COMMERCE, COMMODITIES MARKET, CUBA, ECONOMIC CONJUNCTURE, ECONOMY, FOREIGN POLICIES, INDUSTRIES, INTERNATIONAL, INTERNATIONAL RELATIONS, LATIN AMERICA, PERU, RUSSIA, THE ARMS INDUSTRY, VENEZUELA | Leave a Comment »

WORLD BANK CHIEF: BETTER TIES WITH RUSSIA A MUST

Posted by Gilmour Poincaree on November 20, 2008

Nov. 19, 2008, 2:53PM

by George Frey Associated Press Writer © 2008 The Associated Press

BERLIN, — Russia’s ties with the United States and the European Union must be improved to ensure ROBERT ZOELLICKstability, World Bank President Robert Zoellick said Wednesday.

Zoellick said it is widely recognized that weak states export trouble — including economic problems, refugees and even narcotics and crime.

“I hope relations with Russia will be guided by a farsighted vision that can create durable, peaceful, mutually beneficial ties,” Zoellick said at a speech at Berlin’s Humboldt University.

Zoellick said the global economic crisis shows that the world needed “reinvented global frameworks, to weather the storms of economic changes or climate or insecurity.”

“Today’s financial crisis could be an opportunity to develop sounder economic relations that might be a foundation, with Russia’s help, to build cooperation in solving common problems,” he said.

Zoellick added that Russia’s actions domestically would shape the nature of its relationships with its neighbors.

“President (Dmitry) Medvedev has spoken of Russia’s need to build a rule-of-law society and his own task to develop ‘civic and economic freedoms,'” Zoellick said.

He said recent summits of G-20 leaders and the G-20 finance ministers were examples of the kind of action needed to stabilize the world economy, and emphasized the need to include developing countries.

“As the financial crisis has shown, we need more than the Group of Seven to address today’s 21st Century problems,” he said. “Rising economic powers such as China, India, and Russia must be part of the solution.”

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PUBLISHED BY ‘HOUSTON CHRONICLE’ (USA)

Posted in COMMONWEALTH OF INDEPENDENT STATES, ECONOMIC CONJUNCTURE, ECONOMY, FINANCIAL CRISIS 2008/2009, FOREIGN POLICIES, G20, INTERNATIONAL, INTERNATIONAL RELATIONS, RUSSIA, THE FLOW OF INVESTMENTS, WORLD BANK | Leave a Comment »

EX-ACIONISTAS DA YUKOS PEDEM INDENIZAÇÃO DE US$ 50 BILHÕES

Posted by Gilmour Poincaree on November 20, 2008

QUARTA-FEIRA – 19 de novembro de 2008

Mais um processo envolvendo a Yukos, a maior companhia de petróleo russa, pode alterar o rumo de Mikhail Khodorkovskyalguns trilhões de dólares de investimentos em energia. Após a sua privatização, depois do colapso da ex-União Soviética, a Yukos chegou a valer US$ 33 bilhões, mas foi desmantelada por meio de sucessivas fraudes e envolvida em operações de sonegação tributária, prejudicando seus acionistas. Depois de declarada falida, seus ativos foram vendidos para companhias de energia nacionais por valores insignificantes.

Alguns diretores da empresa foram presos, incluindo Mikhail Khodorkovsky, executivo principal, que está cumprindo uma pena de oito anos de prisão na Sibéria. Apesar de alguns poucos processos judiciais questionando as vendas dos ativos, porém, os maiores acionistas da companhia, que a ajudaram a se projetar após a privatização, não puderam recuperar seus prejuízos na Justiça da Rússia.

Agora, a GML – antes conhecida como Grupo Menatep -, um fundo de pensão que representava 40 mil empregados da própria Yukos, recorreu a árbitros internacionais reclamando prejuízos da ordem de US$ 100 bilhões. O grupo tinha 51% das ações da Yukos. Mas a questão pode ir além da discussão econômica. O tribunal privado de arbitragem The Hague começou a analisar um processo que irá determinar se a Rússia aplicou o tratado ECT – Energy Charter Treaty, destinado a reduzir as emissões de gás que geram o efeito estufa, além de estabelecer metas de sustentabilidade e desenvolvimento econômico e segurança dos sistemas de energia. A Rússia e mais quatro países – Austrália, Belarus, Islândia e Noruega (leia a relação dos países signátários abaixo) – assinaram mas não ratificaram o tratado.

Tim Osborne, diretor da GML, disse que a Rússia estava tentando evitar cumprir suas obrigações legais ao apresentar uma proposta que evitava compensar os acionistas de Yukos. “A Rússia estava desesperada para ver o tratado em vigor quando queria receber investimentos estrangeiros mas agora não quer seguir as regras”, insistiu.

Ratificação

A GML alega que, sob as regras do ECT, um investidor tem o direito de discordar de questões que envolvam atos de um governoe recorrer a arbitragem internacional. O tratado prevê que a decisão do árbitro é final. A Rússia insiste que os ex-acionistas da Yukos não têm qualquer direito neste caso, porque o país não ratificou o tratado.

Mesmo assim, vários advogados entendem que a Rússia e os outros países que não ratificaram o ECT poderão ser processados por investidores que se sentirem prejudicados. Na opinião dos especialistas Mikhail Khodorkovskyem investimentos em energia, o tratado foi assinado para dar mais segurança aos investidores no setor na década de 90. Agora, o tratado voltou a ser discutido quando se prevê que serão aplicados mais de US$ 25 trilhões em infra-estrutura de produção de energia antes das 2030, de acordo com estimativas de International Energy Agency.

Para Stephen Jagusch, perito de arbitragem de energia da Allen & Overy, o julgamento do caso Rússia-Yukos é importante e poderá influenciar outros julgamentos, apesar de a reivindicação da GML ser considerada “uma gota no oceano”. O pedido de US$ 50 bilhões poderá atingir US$ 100 bilhões.

A GML alega que o mais valioso ativo da Yukos foi confiscado pelas autoridades russas e vendido à Rosneft, a companhia de óleo controlada pelo estado. Seu fundador, Mikhail Khodorkovsky, hoje preso, também foi processado pela GML.

Prisões políticas?

Hoje baseada em Gibraltar, a GML ainda tem bens imóveis e outros investimentos na Europa Ocidental, e é controlada por Leonid Nevzlin, homem de negócios russo em exílio auto-imposto no Israel. Nevzlin deixou a Rússia depois que a Yukos foi desmantelada e tem várias ações criminais em seu país. Platon Lebedev, outro acionista da GML, também está preso na Rússia. Assim como Khodorkovsky, ele sustenta que os processos têm motivações políticas. A fortuna dele foi calculada pela revista de Forbes em US$ 2 bilhões.

Em janeiro, o oligarca Mikhail Khodorkovsky, ex-presidente da Yukos, chegou a fazer greve de fome na prisão para exigir um tratamento digno a Vasily Alexanyan, ex-diretor da companhia, HIV positivo, preso na mesma prisão. Alexanyan, que também é advogado acusou os promotores de reter medicamentos vitais para forçá-lo a assinar falsas confissões que incriminariam Khodorkovsky e outro sócio da Yukos, Platon Lebedev. As acusações apresentadas em janeiro, envolvendo lavagem de dinheiro, podem manter Lebedev e Khodorkovsky na prisão por mais 15 anos.

A Suprema Corte da Rússia rejeitou em janeiro o argumento de Alexanyan, que pretendia ser transferido da prisão para um hospital de civil. Ele também responde a acusações de lavagem de dinheiro, desfalques e sonegação tributária. Ele acusou os funcionários de prisão de mantê-lo deliberadamente em uma cela úmida e imunda, mesmo sabendo que o sistema imunológico dele é frágil, em represália à sua recusa em assinar as falsas confissões contra seu ex-chefe.

A Rússia ignorou os apelos do Tribunal Europeu de Direitos Humanos para a transferência de Alexanyan para um hospital. Terry Davis, secretário geral do Conselho da Europa, expressou a sua “preocupação” com o estado de saúde do detento, em uma carta para o representante da Rússia.

A prisão de Khodorkovsky foi espetacular, em 2003, quando foi retirado de um jatinho sob a suspeita de que se preparava para deixar o país. Acusado de fraude e sonegação tributária em 2003, ele foi condenado em 2005.

Inicialmente seu processo foi visto como uma “vingança” do presidente Putin contra o oligarca, por ele ter apoiado os candidatos de oposição em eleições parlamentárias.

Membros do ECT

A GML contratou um dos maiores advogados da área de arbitragem de da Europa, Emmanuel Gaillard, do escritório Shearman & Sterling, para conduzir o caso. Mas a batalha judicial será demorada, podendo levar algumas décadas.

O tratado ECT indica a arbitragem como o procedimento “standard” para solucionar disputas entre os investidores estrangeiros e os governos, principalmente quando o Estado é “sócio”. De acordo com a secretaria do ECT, já houve 20 processos similares, contra estados como a Hungria, a Geórgia e a Turquia.

Países signitários do ECT – Energy Charter Treaty:

Albania, Armenia, Australia*, Austria, Azerbaijão, Belarus*, Bélgica, Bósnia e Herzegovina, Bulgária, Croácia, Chipre, República Tcheca, Dinamarca, Estônia, União européia, Finlândia, França, Geórgia, Alemanha, Grécia, Hungria, a Islândia*, Irlanda, Itália, Japão, Kazakhstão, Kirgizstão, Latvia, Liechtenstein, Lituânia, Luxemburgo, Malta, Moldávia, Mongólia, Holanda, a Noruega*, Polônia, Portugal, Romênia, Russia*, Eslováquia, Eslovênia, Espanha, Suécia, Suíça, Tajikistão, Macedônia,Turquia, Turkmenistão, Ucrânia, Reino Unido e Uzbekistão.

*Países que assinaram mas ainda não ratificaram o tratado.

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