#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.
#AceFinanceNews – EUROPEAN UNION – European lawmakers are calling into question the ability of the Troika to effectively deal with the crisis, and many are attacking its methods.
An investigation report due in April will look at the handling of the Greek sovereign debt debacle.
The probe by the European Parliament on how the International Monetary Fund (IMF), the European Central Bank (ECB), and the European Commission (EC) monitored and helped to solve the euro debt crisis, which started in 2008, triggered by the US financial collapse.
“The Troika acts like a governor and visits it’s colonies in the south of Europe and tells them what to do. The measures that they come up with though are not always very effective,” Derk Jan Eppink, an MEP from Belgium who initiated the probe into the Troika, told RT.
The IMF has admitted it made mistakes in the handling of Greece’s first international bailout, but some EU lawmakers want more answers.
Findings are expected to be published in April 2014, a month before the next EU Parliamentary elections.
RT – Finance News and Media Sources
#AceFinanceNews – KIEV, March 21.- Ukrainian government will continue talks the EU on purchases of natural gas in European countries, interim acting prime minister Arseny Yatsenyuk told reporters Friday at Kiev’s Boryspol airport upon return from Brussels where he signed the political chapter of an EU-Ukraine association agreement.
“We continue talks on getting gas from EU member-states,” said Yatsenyuk who believes for some reason that the price of gas from Europe will be $ 150 below the Russian one.
Russian Commerce Sources
#AceGuestNews – BERLIN – German Chancellor Angela Merkel said on Monday that Europe had shown great unity on the Ukraine crisis but it had not been an easy decision to impose sanctions on Russia for a referendum in occupied Crimea and its refusal to talk to the government in Kiev.
“It was a decision that nobody took lightly,” she told a joint news conference with Italian Prime Minister Matteo Renzi.
(Reporting by Stephen Brown and Alexandra Hudson; Editing by Noah Barkin)
“It wasn’t our aim. We wanted talks and a diplomatic solution but the clear violation of international law yesterday with the so-called referendum meant we had to take this step and I am glad that Europe showed such unity,” Merkel said.
#AceFinanceNews China is the only country who will stand to gain if the European Union slams economic sanctions on Russia, Eckhard Cordes, Chairman of the Eastern Committee of the German Economy, said in Berlin on Tuesday.
“In that case, Russia will start turning away from Europe more and more while China will be the only one to benefit from the crisis situation,” Cordes went on to say, adding that Russia was in less favourable position in terms of investments.
The Eastern Committee of the German Economy represents the interests of about 6,200 German companies operating in Russia.
#AceFinanceNews BERLIN – E.ON Concern head Johannes Teyssen urged politicians to take a responsible position due to the crisis in Ukraine.
From 2007 E.ON Concern invested about six billion euro to develop business in Russia.
In an interview with Spiegel on Sunday, Tayssen said, “I don’t want to interfere into foreign political issues. I believe that in the last 10 years our policy in the East can be considered responsible.” “Trust-based relations between both countries and interrelations between our economies allowed over 6,000 German companies to operate in Russia,” the E.ON Concern head said, adding “Russian companies also operate in Germany.” “Cooperation between our countries made the situation on the continent peaceful. While cooperating with Russia we survived the Cold War, the war in Afghanistan,” he said. However, Teyssen said, “Business relations remain good. I believe that politicians should take a responsible position under the current circumstances.” Despite the crisis in Ukraine “I don’t see any threats to prevent the work of E.ON Concern in Russia. The Russian government pledged to guarantee stable framework conditions for private capital and investments and it kept its promise”, he said. Russia can use its energy resources as pressure on Europe, Teyssen said. “I can’t hear rumours on dependence. For more than 40 years Europe and Russia maintained energy partnership. Gas has never been used as a strategic weapon against the West.” Russia continues gas supplies and “it is a reliable gas partner”, Teyssen said. #AFN2014
#AceFinanceNews The Polish government said it will offer 6-year tax breaks for shale gas companies in an effort to fast track investment and exploration.
The announcement comes as energy tension with Russia run high over Ukraine.
The new tax break is aimed at helping Poland attract foreign companies to explore and invest in the country’s shale oil reserves, believed to be the largest in Europe, according to data by the US Energy Information Administration.
The tax break will be “a huge incentive” to get investors interested and on the ground, Prime Minister Donald Tusk said on Tuesday, adding that by 2020 taxes “should not exceed 40 percent of extraction income.”
Between 2020-2029, the new incentives will contribute up to $5 billion in revenue, according to Tusk.
The proposal will be sent to parliament within two weeks, and the prime minister hopes it will pass without any hiccups.
#AceFinanceNews – Moscow – Operator of the South Stream offshore pipeline construction, the South Stream Transport BV company, will sign construction contracts covering offshore pipe laying of Line 1 and supplying pipes for Line 2 before the end of the current month, Gazprom CEO Alexei Miller said on Tuesday, summing up results of the company’s Supervisory Board meeting, which approved signing the above-mentioned documents.
Among other things, the contracts also envisage activities aimed at the development of landfall facilities and construction of offshore crossings necessary for all four lines of the offshore gas pipeline both in Russia and Bulgaria.