#AceFinanceNews – Press Release:Feb.21: Families across the country benefit from essential therapy services that help children settle into their new homes.
One hundred and sixty adoptive families across the country have now benefited from essential therapy services to help their children settle into their new homes, thanks to a brand new government fund. Many […]
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#AceFinanceNews – RUSSIA:Feb.21: The Russian State Duma has ratified the $100 billion BRICS bank that’ll serve as a pool of money for infrastructure projects in Russia, Brazil, India, China and South Africa, and challenge the dominance of the Western-led World Bank and the IMF.
The New Development Bank is expected to start fully functioning by the end of 2015, according to the Russian Finance Ministry.
Russia has agreed to provide $2 billion dollars from the federal budget for the bank over the next seven years.
It will have three-tiers of corporate governance, with a Board of Governors, Board of Directors and a President.
The bank’s board of directors will hold its first meeting in Ufa in Russia in April. Russian Finance Minister Anton Siluanov is likely to become the bank’s first Chairman of the Board of Governors, according to Deputy Finance Minister Sergei Storchak talking on the Russia 24 TV channel.
#AceFinanceNews – BRAZIL:Feb.21: Brazilian prosecutors on Friday filed civil lawsuits against six construction companies.
They are accused of forming a cartel to artificially drive up the price of their contracts with state-controlled oil giant Petrobras, saying they should pay roughly $1.6 billion in penalties.
#AceFinanceNews – NEW YORK:Feb.21: Moody’s Investors Service has today downgraded the government of Russia’s sovereign debt rating to Ba1/Not Prime (NP) from Baa3/Prime-3 (P-3). The rating outlook is negative. This rating action concludes the review for downgrade that commenced on January 16, 2015.
Moody’s downgrade of Russia’s government bond rating to Ba1 is driven by the following factors:
(1) The continuing crisis in Ukraine and the recent oil price and exchange rate shocks will further undermine Russia’s economic strength and medium-term growth prospects, despite the fiscal and monetary policy responses:
(2) The government’s financial strength will diminish materially as a result of fiscal pressures and the continued erosion of Russia’s foreign exchange (FX) reserves in light of ongoing capital outflows and restricted access to international capital markets:
(3) The risk is rising, although still very low, that the international response to the military conflict in Ukraine triggers a decision by the Russian authorities that directly or indirectly undermines timely payments on external debt service.