#AceFinanceNews – LONDON – October 27 – The British prime minister says his country will refuse to pay a £1.7-billion bill demanded as budget contribution by the European Union (EU), calling the Union’s behaviour “appalling.”
“We are not suddenly going to take out our checkbook and write a check for two billion euros (USD 2.5 billion); it is not happening,” said David Cameron in a news conference on the sidelines of an EU summit over the member states’ climate change policies in Brussels on Friday.
“It is an unacceptable way for this organization to work, to suddenly present a bill like this for such a vast sum of money, with so little time to pay it, and it is an unacceptable way to treat one of the biggest contributors to the European Union,” the British premier added.
Cameron also warned that such “appalling” behavior would certainly affect Britain’s decision whether to remain in the European Union the premier added in a desperate attempt to copy Nigel Farage’s ideas and steal some UKIP votes.
On Thursday, the European Commission demanded a number of European countries including Britain, Italy, Greece, the Netherlands and Malta to provide the organization with extra money by December other than their annual contributions.
“The British economy is growing much faster than the others and the logic is the same as with tax: if someone earns more, they pay more tax,” said European Commission spokesman, Patrizio Fiorilli, on Friday.
The organization said it made the decision after the recalculation of the member states’ national incomes since 1995, adding that Britain’s economy has enjoyed better-than-expected performance in comparison with other European countries.
This is while Germany, the most thriving economy of the region, will get a rebate of £779 million under EU’s revised measurement system of the member states’ economic output which unprecedentedly includes the financial profit of such activities as prostitution and illegal drug trade.
#AceFinanceNews – UKRAINE (Kiev) – October 2 – Ukraine will compensate almost fully for its financial losses on Russian market thanks to growing trade with Europe, acting Ukrainian Minister of Economic Development and Trade Anatoly Maksyuta told reporters on Thursday Tass reported.
“I will open a secret which has not been made public yet. Our analysts have conducted a survey and have found that as for monetary flows we will make up seriously for losses on Russian market thanks to achievements on that in Europe. Almost fully,” he said.
Trade structure that Kiev had with Russia and the structure Kiev currently has with the European Union are different, Maksyuta added.
“I do not say that we started exporting to Europe the things we used to export to Russia,” he said. Maksyuta said that Ukraine used to deliver ultimate products to Russia, but now several companies have increased their export of component parts for car manufacturers in the EU.
#AceFinanceNews – BRUSSELS – September 26 – The European Commission has played down suggestions that it had deliberately stripped the UK’s commission candidate of responsibility for policing the EU’s bank bonus rules.
Officials with Commission President designate, Jean-Claude Juncker, said that the decision to put bank bonus rules in the hands of the bloc’s justice commissioner had been taken before Jonathan Hill, a British Conservative, had been nominated for the post of financial services chief.
“This was a decision that was made when forming the justice portfolio,” Juncker’s spokeswomen Natasha Bernaud told reporters on Friday (26 September).
“This was a decision that was taken and made public on 10th September…so it’s really nothing new,” she added.
Under the proposed division of competences within the EU executive, Hill will be responsible for financial stability, financial services and capital markets. Aside from financial sector regulation, the portfolio will include the completion of the EU’s ambitious banking union legislation.
Meanwhile, oversight of the bank bonus rules will be part of the portfolio of Czech politician Vera Jourova, the proposed justice commissioner, in the context of company law.
The UK is currently embroiled in a court battle with the European Commission over the bank bonus rules, one of three legal challenges to financial services rules that the UK has lodged with the European Court of Justice in the last three years.
The EU’s institutions passed several laws aimed at curbing excessive executive pay in the 2009-2014 term, instigated by outgoing single market commissioner Michel Barnier.
Under the latest capital requirements directive adopted in 2013, bank bonuses are capped at the same level of salary, although banks are permitted to pay bonuses worth up to twice basic salary levels following a shareholder vote.
However, Bernaud stated that the capital requirements rules for banks will form part of Hill’s portfolio.
#AceFinanceNews – ROME – September 23 – The losses of the Italian agricultural sector as a result of Russian counter-sanctions in response to Western punitive measures against Moscow for developments in Ukraine will total €200 million annually, experts from the Coldiretti association uniting representatives of the sector said Tuesday.
“With the ban on imports to the territory of the Russian Federation of a number of food products — vegetables and fruits, cheeses, meat and sausage products, as well as fish, Italy will lose about €200 million a year,” Coldiretti said.
Besides direct losses, the industry will also sustain indirect losses, experts said.
In particular, the association is afraid that products imitating Italian will land on the Russian market, which will harm the reputation of Italian products.
Not to mention the fact that Italian suppliers will be ousted from the Russian market, which is considered one of the most promising and fast growing.
Italian Agriculture Minister Maurizio Martina is pushing for the unblocking of European Union funds due to be allocated to support farmers affected by Russia’s counter-sanctions.
Ways to overcome the crisis and compensate for the losses to European agriculture will be considered at an informal meeting of EU specialized ministers to be held in Milan on September 28-30 as part of Italy’s presidency of the European Union.
Reported by . /ITAR-TASS/.
#AceFinanceNews – BRUSSELS – May 09 – Russian Ambassador to the European Union Vladimir Chizhov said EU governments and energy companies are not happy with the idea of uniform price for Russian gas.
“EU Energy Commissioner [Gunther] Oettinger’s idea to fix a uniform gas price for all EU members does not make EU governments or companies very happy,” Chizhov told Russian reporters.
“Also, it contradicts the entire philosophy of the EU energy policy, about which Mr Oettinger makes constant and pretentious declarations concerning the need of competition on the European market,” the envoy said. “That is, he is opposed to Gazprom’s monopoly yet support the monopoly of the European Commission. That European consumers will find this price advantageous is far from certain.”
Russian Oil and Gas News Sources
Contributions from Tass
#AceBreakingNews – VIENNA – April 11 – EUROPEAN UNION – EU Commissioner for Energy Gunter Oettinger is drafting proposals for how to pay off Ukraine’s debt to the Russian supplier of natural gas, OAO Gazprom, Oettinger said Friday speaking to O1 Austrian Public Radio as he visited Vienna.
He said along with it he personally thought that only a part of the bills Gazprom had issued to Ukraine contained grounded total sums to be paid.
#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
#AceFinanceNews – HUNGARY – March 28 – Hungary has voiced its opinion against the EU imposing a round of economic sanctions on Russia over Ukraine.
According to Prime Minister Viktor Orban has said. “Economic Sanctions are in the third round and it would be fortunate to avoid these because it is not in the interests of either Europe, or much less Hungary,” Orban was quoted as saying by the business daily Vilaggazdasag on Friday.
For a long time now Hungary has relied on Russia to supply around 80 percent of its natural gas requirement’s and to that end, Russia is also Hungary’s largest trading partner outside the European Union.
Ace News Services 2014
#AceFinanceNews – UNITED STATES – March 26 – (Reuters) – The United States and the European Union agreed on Wednesday to work together to prepare possible tougher economic sanctions in response to Russia’s behaviour in Ukraine, including on the energy sector, and to make Europe less dependent on Russian Gas Society.
U.S. President Barack Obama said after a summit with top EU officials that Russian President Vladimir Putin had miscalculated if he thought he could divide the West or count on its indifference over his annexation of Crimea.
Leaders of the Group of Seven major industrial powers decided this week to hold off on sanctions targeting Moscow’s economy unless Putin took further action to destabilize Ukraine or other former Soviet republics.