` World Bank to tie ` Aid ‘ to ‘ Ukraine’ and Economic Reforms’

#AceFinanceNews -Allocation of financial aid to Ukraine in the amount of $ 3 billion will depend on the effectuation of structural reforms by the Kiev government, World Bank President Jim Yong Kim said in an interview with Bloomberg.

The report said that Kim, who met with acting Ukrainian Prime Minister Arseniy Yatsenyuk in Washington this week, said it would not be easy for Ukraine to carry out the changes it has pledged.

“Even in the midst of all these political difficulties, they’re going to do things like remove fuel subsidies,” Kim said on Bloomberg TV’s “Market Makers” program.

“We feel that they’re moving forward, so we’re going to be able to move forward we think fairly quickly, if they continue on that path to being committed to those reforms,” he said.

Yatsenyuk is seeking financial aid from Western donors, including $15 billion from the IMF, Bloomberg said.
As he spoke to his hosts in Washington, he promised “real reforms” to stabilize the national economy, currently plagued by a sliding currency and deepening budget deficits.

The IMF has issued persistent calls to the Ukrainian government to reduce the deficit, to allow the currency to fluctuate and to stop paying out gas subsidies that amount to 7.5% of the Ukrainian economy.

NEW YORK, March 14, Itar-Tass

#AFN2014

 

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` China-Russia Trade was $5.9 billion grows by 3.2 Percent year on year’

#AceFinanceNews says that the trade between China and Russia in February of the current year was 5.9 billion dollars, where the growth is 3.2 percent year-on year, Zheng Yuesheng of China’s customs authority said on Saturday.

In February, the export to Russia grew by three percent to 2.4 billion dollars, and the import to China grew by 3.3 percent to 3.5 billion dollars, he said.

China’s foreign trade in February made 251.18 billion dollars – 4.8-percent decline year-on-year.

The export reduced by 18.1 percent to 114.1 billion dollars, and the import grew by 10.1 percent to 137.08 billion dollars.
China’s foreign trade deficit in February was 22.98 billion dollars against the surplus of 14.8 billion dollars in February 2013.

“The deficit in China’s foreign trade in February is due to the celebration of the Chinese New Year – the Spring Festival,” he continued.

“We registered similar situations in February 2012 and in March 2013.”
China’s trade with the EU in February grew by 9.2 percent to 34.5 billion dollars, and with the US – by 7.8 percent to 32.74 billion dollars.

#AFN2014 

March 08, /ITAR-TASS/.

 

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`Ukranian Parliament Authorised Disbursement of $218 Million’

#AceFinanceNews says the `Ukrainian Parliament on Monday, February 24, authorized the disbursement of 1.96 billion hryvnia ($218 million) for early presidential elections to be held on May 25.

 

The decision was passed by 352 votes with the required 226 votes.

 

English: Verkhovna Rada - Parlament of Ukraine...

English: Verkhovna Rada – Parlament of Ukraine Українська: Будинок Верховної Ради України Русский: Здание Верховного Совета Украины (Photo credit: Wikipedia)

 

Yevgeny Geller, chair of the budget committee, said the funding would be secured by redistributing other expenditures.

 

The presidential election campaign will start in Ukraine on February 25, the Central Election Commission said.

 

“The election campaign starts automatically based on the resolution of the Verkhovna Rada [parliament] on the appointment of early elections of the president of Ukraine on May 25. At a meeting on Monday, the Central Election Commission will not make a statement on the start of the election campaign,” the Commission said.

 

According to preliminary estimates, the early presidential elections will cost 1.9 billion hryvnia (over $200 million).

 

On February 22, the parliament adopted a resolution stating that President Viktor Yanukovych had given up his constitutional duties and appointing early presidential elections for May 25, 2014.

 

 

 

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” JP Morgan Denied `Sberbank and VTB’ the right to make `Transactions’ of Customer Payments”

#AceFinanceNews says according to latest reports in MOSCOW, February 06. /ITAR-TASS/. US regulators’ struggle for a clear banking system caught up with the major Russian market players. According to Kommersant daily, JP Morgan denied Sberbank and VTB the right to make transactions of customer payments since the US bank revised approach transparency of operations.

JP Morgan Meanwhile, JP Morgan is not as suspicious about most of other Russian banks — obviously, according to the law of large numbers, the paper says.

According to the paper’s source, the US partner notified the banks of ceasing their operations with customer payments, though continued its own treasury transactions with Sberbank and VTB.

In effect, the paper says, the banks transferred all customer transactions to Bank of America and Bank of New York (Sberbank) and Citi and Bank of America (VTB). VTB is going to take treasury transactions out of JP Morgan, whereas Sberbank plans to continue such partnership.

Actions of JP Morgan, which is one the banks that leads by the number of the US authorities’ complaints, are comprehensible. Last year alone JP Morgan paid financial regulators about $20 billion for various violations on mortgage-backed securities. This year the bank is to pay another fine of $2.6 billion for failure to notify the authorities of suspicious customer transactions. Under such circumstances, the bank’s selective refusal to cooperate raised eyebrows in the market as procedure remained unchanged for a number of other Russian banks holding correspondent accounts in JP Morgan.

It may be the business scale of the Russian leading banks that caused such a coolness in JP Morgan attitude, the paper says.

Along with the maximal number of customer transactions as compared to other Russian banks, Sberbank and VTB carry out a large number of operations in the interests of smaller banks holding correspondent accounts in these banks and unable to open them in US banks.

 

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