MOSCOW: ‘ Russia’s trade turnover grows 10-fold over two years – Putin ‘

#AceFinanceReport – MOSCOW:May.21: Iraq will contribute to creating preferential terms for Russian companies operating in in its territory, visiting Iraqi Prime Minister Haider al-Abadi said at a meeting with Russian President Vladimir Putin on Thursday.

Russian President Vladimir Putin © Alexey Nikolsky/Russian presidential press service/TASS

Russia’s trade turnover with Iraq grows 10-fold over two years — Putin

"We seek to develop cooperation in all spheres, including investments and the creation preferential terms for Russian companies operating in the country," the Iraqi prime minister said.

Major Russian energy companies are successfully working in Iraq. They include LUKOIL, which is developing the Western Qurna-2 Field in Basra province. The investments amounted to 5.3 billion US dollars. The daily production output had reached 400,000 barrels of oil by the start of 2015 /about 12 % of the total amount of hydrocarbons produced in Iraq/. .

Another Russian oil major – Gazprom Neft – is developing the Badra Oil Field in Wasit Province of Iraq under a $ 2.7 billion-dollar contract. Gazprom Neft is also developing several oil fields in the Kurdish Autonomous Region of Iraq.

Russian companies Technopromexport, Inter RAO UES and Silovye Machiny are studying a possibility of renewing operations in the Iraqi market. These companies have already implemented a number of other major projects such as the restoration of the Hartha thermal power station near Basra; delivery of components for the Dibis thermal power plant in Kirkuk and the mounting of equipment for the Al-Adaim Hydro Power Station in Diyala province.

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Article: HSBC to charge for holding deposits

#AceFinanceNews – May.21: The lender has told other banks about its plan to charge them for deposits in euros, Swiss francs, Danish krone and Swedish krona — all currencies of countries that have negative interest rates, the Financial Times reported Wednesday.

The decision, which underlies industry-wide efforts to protect profit margins, will affect the bank’s clients in Hong Kong, Britain and Germany starting this summer and follows similar moves by Swiss, German and Nordic banks.

It will not affect deposits by individual or corporate customers.

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LATVIA(Riga): ‘ European leaders seek new ways to bolster ties with six post communist nations of Eastern Europe ‘

#AceFinanceReport – Latvia(Riga):May.21: European Union leaders on Thursday will seek new ways to bolster ties with six post-communist nations in Eastern Europe, a year and a half after a previous summit of the Eastern Partnership ended with a fateful standoff over Ukraine.

Just ahead of the two-day summit in Riga, the EU promised grants of 200 million euros ($223 million) over the next 10 years to promote small and medium-sized businesses in Georgia, Moldova and Ukraine.

The EU said the grants were expected to unlock investments of 2 billion euros by companies in the three countries.

The EU’s Eastern Partnership program suffered a major setback at the end of 2013 as Ukraine’s then-president Viktor Yanukovych withdrew from signing an association agreement and opted for closer links with Moscow and President Vladimir Putin.

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