#AceFinanceNews – MOSCOW:Dec.27:A new gas facility (GP-1) was commissioned on Dec.22 2014 at the Bovanenkovskoye field.

Taking part in the commissioning ceremony were Alexey Miller, Chairman of the Gazprom Management Committee, Dmitry Kobylkin, Governor of the Yamal-Nenets Autonomous Area, heads of the Company’s structural units, subsidiaries and contracting agencies.

Russian President Vladimir Putin commanded to put on-stream the gas facility.

New gas facility (GP-1) commissioned at Bovanenkovskoye field

Construction of new gas facility GP-1

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Gazprom gradually builds up its production capacities in the Bovanenkovskoye field and develops the Cenomanian-Aptian deposits. The annual design capacity of the new gas facility (GP-1) is 30 billion cubic meters.

As a comparison, it is more than the Company will be producing from the Chayandinskoye field, the largest one in Yakutia.Earlier in 2012, the first gas facility (GP-2, 60 billion cubic meters) was launched at the Bovanenkovskoye field. A total of three gas facilities with 115 billion cubic meters in annual capacity will operate in the Cenomanian-Aptian deposits.

Celebrations held at Bovanenkovskoye field on occasion of bringing onstream new gas facility No. 1

Well cluster No. 52 of gas facility No. 1 at Bovanenkovskoye field

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Innovation technologies and engineering solutions were applied while building the new gas facility. In particular, the single technical infrastructure is used for extracting gas from productive deposits at different depths – Cenomanian (520 to 700 meters) and Aptian-Albian ones (1,200 to 2,000 meters).

It saves construction expenditures and increases field productivity.




#AceFinanceNews – USA:Dec.27: U.S. stocks rose in light volume on Friday following the Christmas holiday, with the Dow and S&P 500 closing at records.

"Today we’re heartened that the Russell 2000 continues to move forward. This may be one of the themes for 2015," said Jim Russell, portfolio manager at Bahl & Gaynor, referring to the index of small-cap companies, which rose to a record, and was lately up 4.4 percent for the year.

"We do see several tailwinds for small caps: a strong dollar, weak overseas economies and the domestic orientation of many," said Russell of the index that is recouping after falling 11 percent and hitting a one-year low in the middle of October after a five-week drop.

Shares of GoPro rose after Wedbush Securities had favourable comments about the wearable-camera maker’s holiday sales.

That was CNBC’s take on the monetary situation:

Well here is mine and l post a cautionary note, so harken to the words:

When all we have is the ability to build debt, from spending more and more, and also have the inability to repay all this debt. The only way is to raise interest rates and the Federal Reserve the not taker and provider no this is coming, in comment just before the holiday season began. The mention of raising interest rates was muted. Of course like all great falls the ‘ rich line their pockets first ‘ then they abandon the sinking ‘ Dollar ‘ last.

The follow on: is ‘ roaring inflation ‘ better known as ‘ hyper-inflation ‘ this great post by David Hodges l posted earlier outlines results of this and what comes next. Though in three easy words l can tell you ALL first comes a crash, followed by chaos and lastly survival. Once we survive all of these three, we can start again when a ‘ brick is worth a brick ‘ and people no longer ‘ want ‘ but ‘ need ‘ will become the ‘ watchwords ‘ of all nations once again.



#AceFinanceNews – Featured Post: Dec.27:I have written a lot about the impending crash of the US dollar from the change in the status of the ‘ petrodollar ‘ to the ‘ rise and rise ‘ BRICS Bank ‘ and Dave Hodges of D.C Clothes said it best with this post.

As we race toward the end of the year, we all need to be asking each other if we have done everything that we can do to prepare for the impending collapse of the Federal Reserve Note, that we call the dollar?

Why would I ask such a ridiculous question? Simple, our economy is on the brink with our $18 trillion dollar deficit, our $240 trillion dollar unfunded liabilities (e.g. Social Security, Medicare), our negative national savings rate, the planned bail-ins of your savings accounts and of course, the mother of all debts, the estimated one quadrillion dollar credit swap derivative debt. With the full implementation of the free trade agreements, America has virtually no other source of revenue (e.g. tariffs) than the $2 trillion dollars of annual tax collection.

The United States could spend every dollar, dime and nickel on these debts and not pay them off by the 50th century!

An economic collapse is inevitable and it will come like a ‘thief in the night’. You will have virtually no warning from the MSM.

The collapse will be more massive than the 1929 crash! There will be no breadlines, no government welfare, no handouts, your pensions will be cut off as will your social security. You may or may not have a job to go to, but even if you do, who will cash your check? After the coming crash, our society will be reduced to trading and bartering on one hand and thievery, murder and cannibalism on the other.

A Changing of the Financial Guard

The nations presently running from our petrodollar are India, China, Iran, Japan, South Africa and Australia have signed their own trade agreements and their currency of choice is no longer the dollar!

We are all familiar with the concept of inflation, which is the intentional by product of the Federal Reserve. But I am not just talking inflation, I am speaking about hyperinflation which is caused by the collapse of the value of the currency resulting in runaway prices. Here are three examples of how quickly a currency collapse can occur when a nation’s money no longer holds it value:

  1. In Weimar Germany, from 1922 – 1923, prices doubled every three days.
  2. In the modern era, in Yugoslavia from 1992-94, witnessed prices doubling every 34 hours.
  3. In Zimbabwe, in the two year period from 2007 – 2008, prices doubled every 25 hours.

History is replete with examples of currency collapses and they typically follow very predictable patterns in which a nation unravels and social chaos, and many times, widespread violence and even genocide becomes part of the national landscape.




#AceFinanceNews- USA:Dec.27:The American Red Cross regularly touts how responsible it is with donors’ money. “We’re very proud of the fact that 91 cents of every dollar that’s donated goes to our services,” Red Cross CEO Gail McGovern said in a speech in Baltimore last year. “That’s world class, obviously.”

McGovern has often repeated that figure, which has also appeared on the charity’s website. “I’m really proud” that overhead expenses are so low, she tolda Cleveland audience in June.

The problem with that number: It isn’t true.

After inquiries by ProPublica and NPR, the Red Cross removed the statement from its website. The Red Cross said the claim was not “as clear as it could have been, and we are clarifying the language.”

The Red Cross declined repeated requests to say the actual percentage of donor dollars going to humanitarian services.

But the charity’s own financial statements show that overhead expenses are significantly more than what McGovern and other Red Cross officials have claimed.

In recent years, the Red Cross’ fundraising expenses alone have been as high as 26 cents of every donated dollar, nearly three times the nine cents in overhead claimed by McGovern. In the past five years, fundraising expenses have averaged 17 cents per donated dollar.

But even that understates matters. Once donated dollars are in Red Cross hands, the charity spends additional money on “management and general” expenses, which includes things like back office accounting. That means the portion of donated dollars going to overhead is even higher.

Just how high is impossible to know because the Red Cross doesn’t break down its spending on overhead and declined ProPublica and NPR’s request to do so.

The difference between the real number and the one the Red Cross has been repeating “would be very stark,” says Daniel Borochoff of the watchdog groupCharityWatch. “They don’t want to be embarrassed.”

Charities are closely scrutinized for how much they spend on overhead rather than programs that serve the public. Studies show that donors prefer to give money to organizations that spend more of their money on services. While there is a debate about the usefulness of overhead spending as a measure of performance, charities regularly celebrate having low figures.

The 17 percent the Red Cross has spent on average for fundraising expenses is below the ceilings set by nonprofit watchdogs. The Better Business Bureau Wise Giving Alliance, for example, says that fundraising expenses should not exceed 35 percent of related contributions.

McGovern, a former Harvard Business School marketing professor, has facedcriticism within the Red Cross for a focus on branding over delivery of services. ProPublica and NPR recently reported that Red Cross officials on the ground after Superstorm Sandy saw disaster relief resources diverted for public relations purposes. The charity has also been facing deficits and layoffs. As a result, McGovern has been pushing to increase the Red Cross’ annual fundraising.

The incorrect 91-cent figure has been used by McGovern in at least four speeches and written statements since last year, and other Red Cross officials have used it repeatedly to potential donors around the country.

After being contacted by ProPublica and NPR, the charity changed the wording on its website to another formulation it frequently uses: that 91 cents of every dollar the charity “spends” goes to humanitarian services.

But that too is misleading to donors…………. more ..



#charity, #donations, #donors, #spends


#AceFinanceNews – SPAIN:Dec.27:Bailed-out Spanish financial giant Bankia misrepresented its accounts ahead of its doomed 2011 stock listing which coincided with suspect buying and selling of its shares, central bank experts claimed recently.

The allegations came in a report submitted to a court investigating the public listing of the group, many of whose customers lost their savings.

The financial evaluation of Bankia included in the brochure for the stock listing "did not present a faithful picture of the company", the Bank of Spain experts wrote.

They said they had discovered "inexplicable purchases" of Bankia shares and "sales immediately after the stock listing that cast doubt on the real interest of certain investors".