‘ Agricultural Sector Losses Due to Russian Sanctions Will Reach 200 Million Euro’s ‘

#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/.

#AFN2014

#cheeses, #counter-sanctions, #eu, #european-union, #fish, #fruits, #italy, #milan, #rome, #russia, #russian, #vegetables

` London Listed Oil Group Reliant on Funds from one of Russia’s Largest Banks Drawn into Takeover Controversy’

#AceFinanceNews – BRITAIN – April 26 – Vince Cable the Business Secretary, has been drawn into a row about the controversial takeover of a London-listed oil group that is reliant on funds from one of Russia’s largest banks.

Sky News has seen a letter sent by the Association of British Insurers (ABI) to Mr Cable warning him that the Stanlow refinery, which produces 15% of the UK’s transport fuel, is being used as collateral in a bid for Essar Energy.

Robert Hingley, an ABI director, said in the letter to Mr Cable that Essar Global, the vehicle of the billionaire Ruia brothers who want to buy the company, had failed to provide any indication of its plans for the Stanlow site in north-west England.

By highlighting the Russian provenance of the financing for the offer, the ABI’s intervention will escalate tensions over the cut-price bid by Essar Global for the 22% of Essar Energy shares it does not already own.
The Ruias listed Essar Energy in London by selling shares less than four years ago priced at six times the price they are now offering.

The cut-price offer has sparked fury from big City institutions, including Standard Life Investments, which in February described it as “cynical opportunism” and “a calculated attempt to deprive minority shareholders of the substantial future upside in Essar Energy’s valuation”.

Under stock exchange rules, because the Ruias already control a majority of the shares, they can declare their offer unconditional even if no other shareholders accept their bid.

Doing so would enable them to de-list the company without a vote, which would either force investors to accept just 70 pence -a-share or to remain shareholders in a more highly-indebted and unlisted company where they possess no influence.

The ABI special committee, which represents major City shareholders including Standard Life and Henderson, has urged Essar Global to commit to a de-listing only if a majority of the independent investors accept its offer.

The Financial Conduct Authority is changing its rules relating to de-listings but has irritated the ABI by not applying that rule-change to takeover situations.

Ace Related News:
1. April 26 – Sky News – http://tinyurl.com/l567o5u

#AFN2014

#abi, #britain, #financial-conduct-authority, #russian, #standard-life

` Standard and Poor’s Downgrades Russia’s Sovereign Credit Rating to BBB with Negative Outlook ‘

#AceFinanceNews – LONDON – April 25 – International rating agency S&P has downgraded Russia’s sovereign rating from BBB to BBB- with ‘negative’ outlook.

S&P has explained downgrading of Russia’s sovereign credit rating from BBB to BBB – with capital flight from the country in the first quarter of 2014 and reduced capabilities to attract funding on foreign financial markets due to current Ukrainian political crisis, the agency stated.

“We believe that the complex geopolitical situation between Russia and Ukraine may lead to additional substantial outflow of both foreign and local capital of the Russian economy, undermining the already weak growth prospects,” S&P said.

#AFN2014

#ans2014, #london, #russias, #russian, #sovereign-rating, #standard-and-poors, #ukraine

` Russia’s Aid for `Ukraine ‘ during Post-Soviet Period was Approximately Quarter of Trillion Dollar’s – Quoted ‘

#AceFinanceNews – MOSCOW – April 22 – Russia’s aid for Ukraine during the entire post-Soviet period was worth approximately a quarter of a trillion dollars, the Voice of Russia radio quoted Prime Minister Dmitry Medvedev as saying.

Commenting on the statements of Russian MPs in the State Duma on Tuesday, he said that about $250 billion was a fair figure.

“This is the size of the support that we may have provided to our Ukrainian friends and brothers during the entire post-Soviet period at the expense of all sorts of preferences, including the non-market conditions for gas trade,” Medvedev said.

Tass – RT – VoR

#AFN2014

#gas, #moscow, #russias, #russian, #soviet, #state-duma, #ukrainian

` US Fund Managers Commenced Warning their Investment Shareholders of Risk to Stocks over Sanctions’

#AceFinanceNews – UNITED STATES – April 21 – US fund managers have warned of risks shareholders could face from current or future Western sanctions against Russia, as Washington move to impose more sanctions on Moscow over their dispute on Ukraine.

Since April 4, securities filings have outlined potential problems for funds including the $124.6 million ING Russia Fund, the $841.1 million SSgA Emerging Markets Fund and a number of iShares exchange-traded funds offered by BlackRock Inc.

The filing for the SSgA fund noted that sanctions by the US or the European Union could result in the depreciation of the Russian currency, Reuters reported Friday.

According to the report, US securities regulators contacted fund firms with holdings in Russia last month to make sure they were properly managing risk and disclosing the assets to investors.

US has however promised that if the situation does not get sorted in the Ukraine, they will consider further sanctions on funding and other financial institutions.

#AFN2104

#afn2014, #european-union, #moscow, #russia, #russian, #united-states, #us, #washington

#AceFinanceNews ANKARA April 18 Turkey’s Minister of Energy…

#AceFinanceNews – ANKARA – April 18 – Turkey’s Minister of Energy and Natural Resources Taner Yildiz has said Turkey would like to discuss possible discounts for the Russian gas current price at the upcoming talks scheduled for next week.

“The agreement, we signed with the Russian side, offers to us a right to request revision of gas prices. We shall pass the request to Gazprom’s representatives,” Yildiz said on Friday.

Russia was Turkey’s biggest gas supplier, he said.

#AFN2014

#ans2014, #ankara, #gazprom, #russia, #russian, #turkey

` Russian Companies Withdraw their Business from Ukrainian Advertising Companies Due to Countries Instability ‘

#AceFinanceNews – UKRAINE – April 18 – Several Russian companies are withdrawing their business from Ukrainian TV ads due to the unstable political situation and looming economic crisis, Russian newspaper Izvestiya reported, citing Media First Ukraine director Roman Shihutsko.

Some of the companies that will no longer be investing into Ukrainian ads include Yandex, MTS, Alfa-Bank, and VTB.

#AFN2104

#afn2014, #alfa-bank, #russian, #ukraine, #vtb, #yandex

` Vladimir Putin has Said that Opportunities for the West to Hurt the Russian Economy are Limited ‘

#AceFinanceNews – MOSCOW – April 17 – Opportunities for the West to hurt the Russian economy are limited, President Vladimir Putin said Thursday.

Europe cannot stop buying Russian gas without inflicting pain on itself, and if the US tries to lower oil prices, the dollar will suffer.

If the West tries to damage Russia’s influence in the world energy market, efforts will likely backfire, the Russian President said during his twelfth annual televised question and answer session.

To really influence the world oil market a country would need to increase production and cut prices, which currently only Saudi Arabia could afford, Putin said.

The president added he did not expect Saudi Arabia, which has “very kind relations” with Russia, will choose to cut prices, that could also damage its own economy.

If world oil production increases, the price could go down to about $85 per barrel.

“For us the price fall from $90 to $85 per barrel is not critical,” Putin said, adding that for Saudi Arabia it would be more sensitive.

#AFN2014

#moscow, #russias, #russian, #russian-president-vladimir-putin, #saudi-arabia

` Putin Claims Russian Currency is Starting to Gain Strength Against the US Dollar Due to No Troops in Ukraine ‘

#AceFinanceNews – MOSCOW – April 17 – The Russian currency started to strengthen against the dollar on Thursday after President Vladimir Putin said claims that Russian forces were present in eastern Ukraine were “rubbish.”

The ruble is 35.86 against the dollar, 13 kopecks less than previous closing, Interfax reported.

The euro stood at 49.69 rubles, losing 3.5 kopecks.

The bi-currency price ($0.55 and euro 0.45) decreased by 8.5 kopecks to 42.08 rubles.

#AFN2014

#moscow, #rubles, #russian

` Stepan Kubiv States Reports a Russian Bank was Financing Supporters for Federal System in Ukraine is Unconfirmed ‘

#AceFinanceNews – KIEV – April 16 – Chairman of the National Bank of Ukraine Stepan Kubiv has declared that earlier reports alleging that one of the Russian banks was financing supporters of the establishment of a federal system in Ukraine have not been confirmed, the bank chairman declared before a session of the Ukrainian Rada opened on Wednesday.

‘”The reports have not been confirmed,” local media agencies quoted him as saying.

On Tuesday, Ukraine’s Security Service (SBU) opened a criminal case against an employee of one of the Russian banks. SBU press service claimed that the Russian bank had been financing supporters of the establishment of a federal system in the east of Ukraine.

However, the exact name of the Russian bank, which aroused suspicion in Ukraine, was not disclosed.

#AFN2014

#national-bank-of-ukraine, #russian, #sbu, #ukraine, #ukrainian, #verkhovna-rada