` Ford Motor with Russia’s Soller’s Joint Venture will Suspend Production for a week laying off 700 Employees ‘

#AceFinanceNews – MOSCOW – April 09 – Ford Sollers car making plant, a joint venture of Ford Motor Company and Sollers, has suspended production for a week from April 7 to 15

Ford car making joint venture situated in the city of Vsevolozhsk in north-western Russia’s Leningrad Region will pass to production in one working shift and will lay off about 700 employees (the Ford joint venture has 2,267 employees now), additional days of idleness are introduced with further transition to the work in one shift.

The labour state inspection has made a warning to the general director of the joint venture that it was impermissible to violate labour legislation in staff dismissal.

#AFN2014

#ans2014, #ford-motor-companyfmc, #leningrad, #moscow, #russias, #sollers

` Ukraine Will Pay $268 US-Dollars then Repay their Debt and Does Not Accept Russia’s Decision to Raise Price ‘

#AceFinanceNews – KIEV – April 05 – Ukraine is ready to buy Russian natural gas at a price of 268 U.S. dollars per 1,000 cubic metres, parliament-appointed Prime Minister Arseny Yatsenyuk said on Saturday, April 5.

He said Ukraine “does not accept” Russia’s decision to raise the price of gas from April 1 and regards it as “political pressure”.

“Political pressure will not pass. We do not accept the price of 500 U.S. dollars. Ukraine is ready to continue buying natural gas at the price that was in effect since the beginning of the year – 268 U.S. dollars. This is an acceptable and balanced price,” Yatsenyuk said.

He reiterated Kiev’s readiness to “make all payments for the previous gas supplies” and was waiting for Russia’s reply.

Gazprom CEO Alexei Miller said on Saturday that “the debt situation cannot continue endlessly. We cannot supply gas for free. The debt must be paid. And current deliveries must be paid in full, too. ”
He stressed that the debt was growing by the month and now only 20 percent of payments were collected, compared to about 50 percent just recently.

As a result, “Ukraine’s debt to Russia will grow by 5.6 billion U.S. dollars by the end of the year.
This is a huge amount of money. This is a very tangible negative result for Gazprom,” he said, adding that this money was already included in the company’s investment plans and budget.

#AFN2014

#ans2014, #arseniy-yatsenyuk, #ceo-alexei-miller, #gazprom, #kiev, #russia, #russias, #russian, #ukraine, #ukraines

Russians Energy Minster says ` Domestic Gas Prices in `Europe ' Could Rise by 50 Percent if it Cut's Supplies from Russia '

#AceFinanceNews – EUROPE – April 04 – (RT) – “Moving away from pipeline transportation of natural gas, construction of terminals and deliveries of liquefied natural gas will lead to an increase in gas prices in Europe from the current $380 per 1,000 cubic metres to at least $550,” Novak said in an interview to the Russia 24 TV Channel.

“And the question arises: are the economies of European countries ready to supply and consume gas at such a price?” the Minister asked.

The US has insisted that Europe needs to urgently cut its dependence on Russian gas, with the US Secretary of State John Kerry saying Moscow should no’t use energy exports as a political weapon.

“It really boils down to this: no nation should use energy to stymie a people’s aspirations,” Kerry said in Brussels on Thursday, the same day Russia’s Gazprom increased the price to Ukraine another $100 per 1,000 cubic metres.

On Wednesday the US and EU reaffirmed their plan to move away from Russian gas, stressing that developments in Ukraine “have brought energy security concerns to the fore” .

Meanwhile, Russian energy companies have started to feel the pulse in markets outside Europe, mostly focusing on Asia.

Gazprom talked to Kuwait and Egypt about increasing LNG supplies and hopes to sign a long-term supply deal with China next month.

Also, the president of Russia’s oil major Rosneft has toured Japan, South Korea, Vietnam and India.

RT – INS – IT

#AFN2014

#ans2014, #asia, #china, #egypt, #eu, #europe, #european, #gazprom, #india, #japan, #john-kerry, #kuwait, #moscow, #rosneft, #russia-24-tv-channel, #russias, #russian, #south-korea, #ukraine, #vietnam

` Top Russian Officials push to Remove the `Petrodollar ' in Favour of other `BRICS' or Alternative Currencies '

#AceFinanceNews – Worldwide News – April 04 – (INS) – The existence of “petrodollars” is one of the pillars of America’s economic might because it creates a significant external demand for American currency, allowing the US to accumulate enormous debts without defaulting.

If a Japanese buyer want to buy a barrel of Saudi oil, he has to pay in dollars even if no American oil company ever touches the said barrel. Dollar has held a dominant position in global trading for such a long time that even Gazprom’s natural gas contracts for Europe are priced and paid for in US dollars.

Until recently, a significant part of EU-China trade had been priced in dollars.

Lately, China has led the BRICS efforts to dislodge the dollar from its position as the main global currency, but the “sanctions war” between Washington and Moscow gave an impetus to the long-awaited scheme to launch the petroruble and switch all Russian energy exports away from the US currency .

The main supporters of this plan are Sergey Glaziev, the economic aide of the Russian President and Igor Sechin, the CEO of Rosneft, the biggest Russian oil company and a close ally of Vladimir Putin. Both have been very vocal in their quest to replace the dollar with the Russian ruble.


Now, several top Russian officials are pushing the plan forward.

First, it was the Minister of Economy, Alexei Ulyukaev who told Russia 24 news channel that the Russian energy companies must should ditch the dollar. “ They must be braver in signing contracts in rubles and the currencies of partner-countries, ” he said.

Reuters reports, that Russia is close to entering a goods-for-oil swap transaction with Iran that will give Rosneft around 500,000 barrels of Iranian oil per day to sell in the global market. The White House and the russophobes in the Senate are livid and are trying to block the transaction because it opens up some very serious and nasty scenarios for the petrodollar. If Sechin decides to sell this Iranian oil for rubles, through a Russian exchange, such move will boost the chances of the “petroruble” and will hurt the petrodollar.

VOR – Russian and Serbian News – INS

#AFN2014

#ans2014, #american, #brics, #china, #eu-china, #gazprom, #petrodollars, #petroruble, #rosneft, #russian, #saudi, #us

` China's Developers are Verging on the brink of Bankruptcy as they borrowed Heavily at High Interest Rates '

#AceFinanceNews – CHINA – April 03 – Many of China’s Estate Developers are verging on the Brink of bankruptcy, as many borrowed heavily at high interest rates. The fact that borrowing at the time was plentiful the risk was a lot greater and now they many estates remain empty.

Though interest payments remain high and still require servicing.

Government Official Analysis has shown that the following indicators apply to this situation.

  1. Some of the second and third tier cities housing prices under pressure, as still remaining empty.
  2. Analysts expect more regional small developers will go bankrupt, as the city dwellers are reticent given the present worldwide situation.

The fact that prices still remain high will lead to the decline in building projects as more banks that are risk avert, tighten criteria of their lending.

The real outcome in the long run will be that over priced estates, will remain vacant. Whilst cash-strapped developers still have to either go bankrupt or are forced into liquidation by the banks.

Ace News Services 2014
IKD/ANS/2014
http://acenewsservices.com/

#ans2014, #banks, #building, #china, #chinas, #city, #developers, #dwellers, #high-interest-rates, #ikdans2014, #projects

` Naftogaz Ukrainy's Debt to ` Gazprom ' has Risen to an Estimated $2.2 Billion with Due Account in March '

#AceFinanceNews – MOSCOW – April 03 – Ukrainian domestic joint stock company Naftogaz Ukrainy’s debt to Russian gas giant Gazprom is estimated at more than $2.2 billion with due account of March gas supplies, Gazprom said in a statement upon results of a meeting between CEO of Russian and Ukrainian energy companies Alexei Miller and Andrei Kobolev in the Russian capital on Thursday.

Also the price of gas for Ukraine is set at $485 per 1,000 cubic meters as of April 2014, Gazprom CEO Alexei Miller said.

Russian Finance and Oil News

#AFN2014

#ans2014, #ceo-alexei-miller, #gazprom, #moscow, #naftogaz-ukrainy, #russian, #ukraine, #ukrainian

` Bosco Russia’s Leisure and Sportswear Outfitter’s Closing All 6 Stores Operating in the Ukraine and Crimea ‘

#AceFinanceNews – MOSCOW – April 01 – Sochi Olympic kit and leisure sportswear outfitters, Russia’s BOSCO stores are withdrawing from the markets of Ukraine and Crimea, representatives told (Tass) on Tuesday.

A store executive based in Crimean Yalta could not say what had prompted the decision to close the store now located in Russia since Crimea’s accession to the Russian Federation.

All six stores operating in Ukraine and in Crimea will be closed.

There are two boutiques in Kiev, others in the cities of Kharkov and Donetsk in Ukraine’s mostly Russian-speaking east , and in the Black Sea city of Odessa in Ukraine’s south.

#AFN2014

#ans2014, #black-sea, #bosco, #crimea, #crimean, #donetsk, #kharkov, #kiev, #moscow, #odessa, #russias, #russian, #russian-federation, #sochi, #ukraine, #ukraines, #yalta

FCA : ` Martin Wheatley ' Admits that the `Regulator 's ' Handling of the ` Investigation ' could have been Handled Better '

#AceFinanceNews – BRITAIN – March 31 – The leader of the Financial Conduct Authority, Martin Wheatley, has admitted that the regulator could have handled the leak of a major insurance sector investigation better (IBTimes)

At the City Week 2014 conference, Wheatley said “whenever markets move like they did on Friday there is always scrutiny.”

“This was clearly not the FCA’s finest hour but it does serve as a timely reminder to all parties involved of the care and thought that is needed when handling significant amounts of information we hold as part of going about our business.”

On 28 March, the FCA leaked some of the details about an inquiry into whether 30 million customers of pensions and other products were “exploited” or mis-sold products.

The leak to the Daily Telegraph, days before the release of a detailed business plan for the coming year, saw £4bn (€4.8bn, $6.7bn) wiped off insurance stocks.

The FCA refused to confirm the report to the rest of the press for hours after the leak but as insurance stocks plunged as a result, Legal & General urged the watchdog to officially confirm and release details.

#AFN2014

#ans2014, #britain, #fca, #financial-conduct-authority, #martin-wheatley

` German Finance Ministry ` European Central Bank ‘ to raise ` Interest Rates ‘ citing an internal Document ‘

#AceFinanceNews – ECB – March 30 – Experts at the German finance ministry expect the European Central Bank to raise key interest rates soon due to the economy picking up, a German news weekly said on Sunday, citing an internal document –

With the Eurozone debt crisis increasingly fading and an improving economy, “an active contribution to the overcoming of the low interest policy is to be expected” from the ECB, Spiegel quoted the ministry document as saying.

That will lead to Germany having to pay more for its loans in a year’s time than it currently does, according to the experts at Finance Minister Wolfgang Schaeuble’s ministry.

The ECB has held its key interest rates at an all-time low of 0.25 percent since November and analysts do not expect a cut by the Frankfurt-based bank at its meeting this week.

#AFN2014

#aceworldnews, #ans2014, #ecb, #european-central-bank, #eurozone, #frankfurt, #german, #wolfgang-schauble

` Turkey sacks Member of its ` Defence Ministry ‘ and makes Reference to Procurement of a Defence Contract ‘

#AceFinanceNews – TURKEY – March 28 – Turkey has sacked Murad Bayar, Defence Ministry under-secretary for the state-run defence industries, Reuters said.

The ministry did not give a reason for the decision, but Bayar had been influential in Turkey’s negotiations with China over the procurement of a missile defence system.

NATO allies voiced concern when Ankara said in September, it had chosen China’s FD-2000 missile defence system over rival offers from the Franco/Italian Eurosam SAMP/T and US-listed Raytheon Company.

#AFN2014

#ans2014, #ankara, #china, #franco, #italian, #nato, #reuters, #turkey, #us