` 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

` South Korea Commences boosting its `Air Defences ‘ with purchase of a $1.3 Billion Refuelling Tanker ‘

#AceFinanceNews – SEOUL – March 31 – South Korea on Monday kicked off the process to buy four in-flight refuelling tanker aircraft, Reuters said.

The deal is seen to be worth around $1.31 billion, with plane-makers Boeing and Airbus expected to compete, according to sources.

The purchase will be part of Seoul’s attempts to bolster its air defence in the face of rising tension over the maritime interests of Japan and China, as well as against North Korea.

#AFN2014

#airbus, #boeing, #china, #japan, #north-korea, #seoul, #south-korea

` Russia and China in Negotiations for Possible Delivery of a `Air Defence Missile System’s S-400 Triumf ‘ to China ‘

#AceFinanceNews – MOSCOW – March 31 Russia and China are negotiating possible delivery of air defence missile systems S-400 Triumf to China, but it is early to say about deadlines for launching delivery and its amount, Director of the Federal Service for Military-Technical Cooperation Alexander Fomin told ITAR-TASS on Monday.

“Consultations still continue, I would say so. Dialogue is on,” he noted.

Fomin gave comments on several publications in the Russian media that named 2016 as a possible year to start delivery of air defence missile systems S-400 Triumf to China.

Publications also noted that the two countries were negotiating supply from two to four S-400 divisions to China.

#AFN2014

#china, #moscow, #russia, #s-400-triumf

` 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

` China Seals the Deal for Purchase of 100 of Russia’s ` Sukhoi Superjet ‘ Worth 3.5 billion US Dollars ‘

#AceFinanceNews – BEIJING – March 25 – China’s private O-bay Aircraft Company, based in the Henan province, intends to buy 100 Russia Sukhoi Superjet-100 (SSJ-100) planes from Sukhoi company to the total worth of 3.5 billion US dollars, the Beijing-based China Daily reported, noting that the corresponding agreement had been signed on Saturday.

The report says that the Russian company will provide assistance to the Chinese side in setting up an assembly plant in Zhengzhou (administrative centre of Henan). Several other Chinese companies have also displayed an interest in this project.

The newspaper reports that Russia’s Sukhoi company is well known in China thanks to its military planes. The Sukhoi civilian assembly line is to be put into operation in 2016 and reach full capacity in 2018.

The project is yet to be approved by the Chinese State Council, according to China Daily.

It notes that the Russian plane will become direct competitor to the regional ARJ-21 plane that is being created by China’s aircraft building corporation.

Chinese Finance News

#AFN2014

#beijing, #china, #china-daily, #chinas

` South Korea boosts its Air Defences with 40 `Radar Avoiding F-35 fighter Jets ‘ plus their Support Systems ‘

#AceFinanceNews – SOUTH KOREA – 24 March – South Korea expects to pay around 7.34 trillion won (US$6.79 billion) for 40 Lockheed Martin F-35 fighter jets, Reuters said, citing its sources.

The budget to buy the radar-evading F-35s plus support systems was reportedly announced to a committee overseeing military purchases on Monday.

As Seoul boosts its air defences amid simmering tensions in the region, it also confirmed plans to buy four Northrop Grumman Global Hawk unmanned aircraft to monitor neighbouring North Korea.

The deals come as ties between Japan, China and South Korea have chilled over the past year.

#AFN2014

#china, #japan, #reuters, #seoul, #south-korea

` China's Yuan may become the World's `Third Reserve Currency ' says Managing Director and Chief Economist of Sberbank CIB '

#AceFinanceNews – BEIJING – March 23 – China’s yuan (renminbi) may become a third reserve currency in the world in the future, Managing Director and Chief Economist of investment company Sberbank CIB Yevgeny Gavrilenkov said at the 15th governmental Chinese economic development forum in the Chinese capital on Sunday.

“This forecast can be made on figures of domestic economic growth. Probably the country will keep high GDP growth rate and the GDP volume will increase to around 14-16 trillion U.S. dollars for a brief period of time, the indicators comparable to the European Union and the United States.

Meanwhile, Chinese securities are more attractable for the countries that have a surplus in economy, particularly the Middle East states, and China will obviously follow the path of securing the country’s assets,” the expert noted.

On January 23, 2012, Sberbank and Troika Dialog announced the closure of the deal for Sberbank’s acquisition of 100% of Troika Dialog’s equity capital.

As a result of the subsequent integration, the Corporate & Investment Business was created, which has been operating under the Sberbank CIB brand since October 8, 2012.

Sberbank CIB’s key areas of business are corporate financing, securities and derivatives trading, structured products, private equity investments, mergers and acquisition consulting, debt and equity capital procurement, as well as market research.

Ace Related News
1. March 1 – 12.15 GMT – Extract – #AceFinanceNews says that `Chinese Yuan can become dominant world reserve currency according to the latest surveyhttp://wp.me/pzTwj-2sn

#AFN2014

#beijing, #china, #chinese, #chinese-yuan, #european-union, #middle-east, #sberbank, #united-states

BRICS Economic Forum : ` Economic Insecurity Accelerates the Establishment of a `BRICS Development Bank ‘ – Closer ‘

#AceFinanceNews – A high level of mutual understanding among the experts of the five countries on key problems became the distinguishing feature of the 6th Academic Forum of BRICS (Brazil, Russia, India, China, and South Africa), which ended on Wednesday, Vyacheslav Nikonov, leader of the Russian delegation at the forum, Chairman of the State Duma Committee on Education, and Chairman of the Board of the Russian National Commmittee for BRICS Studies, told Itar-Tass.

“There is an unspoken understanding, there is no need to reiterate the problems that gave rise to arguments at previous meetings when the elaboration of documents proceeded with difficulty,” he pointed out.
Nikonov said,

“Matters concerning economic security in a broad sense were of particular importance” to the Russian experts. “This refers to problems connected with a de-dollarization of the economies and mutual settlements, the task of an accelerated establishment of a BRICS Development Bank which could implement projects regardless of the attitude of the financial institutions of the West, the formation of a BRICS Stabilization Fund, the use of national currencies in mutual and multilateral settlements, and matters that have a bearing on the de-dollarization of gold-and-currency reserves,” the Russian delegation leader explained.

#AFN2014

#brazil, #brics-development-bank, #china, #india, #russia, #south-africa-brics

Taiwanese Students protesting ` Trade Deal ‘ with `China ` storm the Legislative Chamber ‘

#AceFinanceNews – About 200 Taiwanese students have stormed the legislative chamber late Tuesday to protest a trade deal with China, which gives the country too much economic influence over its neighbour, Reuters reports.

They were met with police resistance inside, but stood their ground.

The trade deal was initially reviewed by Taiwan’s Nationalist Party without addressing opposition concerns about the country’s economy.

Since the end of the Chinese civil war in 1949, Taiwan’s nationalist government has escaped Chinese Communists to hold dominion over its own land.

China, however, has never formally turned back on its attitude of treating Taiwan as a renegade province, and tactics like military force for restoring ownership have not officially been ruled out.

The two have held their first direct talks in February, widely seen as a progressive step towards diplomacy that goes beyond mere trade relations.

#AFN2014

#china, #reuters, #taiwan, #taiwanese