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2014-11-29 20:30:00

PUTIN'S RUSSIAN RULETTE

PUTIN'S RUSSIAN RULETTE

 

Even as Western sanctions over Ukraine bite, crashing oil prices are hitting Russia's economy and government finances.

OPEC announced on Thursday that it will leave production unchanged, despite hopes from some members to cut output to push prices. Instead, oil prices have plunged further, with U.S. crude tumbling below $70 a barrel.

A Russia oil tycoon on Lukoil's board predicted that OPEC's action will drive out unprofitable U.S. shale plays, reducing supply and boosting prices. Indeed, U.S. shale stocks plunged Friday. While U.S. marginal production could be affected down the road, Russia's economy is in trouble.

The Russian ruble has tumbled vs. the U.S. dollar amid growing concerns about the Russian economy. Capital is streaming out of the country while foreign investment is drying up. Russia's central bank spent a substantial sum in a futile attempt to defend the currency.

Russia's GDP is still rising, at least in rubles. But pricey imports and soaring inflation are starting to hit Russian businesses and citizens.

There are concerns about dollar-denominated borrowing by Russian businesses and banks. That in turn, could spur President Vladimir Putin to provide bailouts, especially to state-run enterprises.

investors.com

Tags: RUSSIA, SANCTIONS, OIL, PRICES, OPEC, U.S.,

Chronicle:

PUTIN'S RUSSIAN RULETTE
2018, February, 16, 23:15:00

DEWA INVESTS $22 BLN

AOG - The Dubai Electricity & Water Authority (DEWA) is to invest around $22bn on new energy projects across the next five years, with the renewables sector accounting for an increasing share of electricity generation, according to CEO Saeed Mohammed Al Tayer.

PUTIN'S RUSSIAN RULETTE
2018, February, 16, 23:10:00

TRANSCANADA NET INCOME $3.0 BLN

TRANSCANADA - TransCanada Corporation (TSX:TRP) (NYSE:TRP) (TransCanada or the Company) announced net income attributable to common shares for fourth quarter 2017 of $861 million or $0.98 per share compared to a net loss of $358 million or $0.43 per share for the same period in 2016. For the year ended December 31, 2017, net income attributable to common shares was $3.0 billion or $3.44 per share compared to net income of $124 million or $0.16 per share in 2016.

PUTIN'S RUSSIAN RULETTE
2018, February, 16, 23:05:00

RUSSIAN NUCLEAR FOR CONGO

ROSATOM - February 13, 2018, Moscow. – ROSATOM and the Ministry of Scientific Research and Technological Innovations of the Republic of Congo today signed a Memorandum of Understanding on cooperation in the field of peaceful uses of atomic energy.

PUTIN'S RUSSIAN RULETTE
2018, February, 16, 23:00:00

U.S. INDUSTRIAL PRODUCTION DOWN 0.1%

FRB - Industrial production edged down 0.1 percent in January following four consecutive monthly increases. Manufacturing production was unchanged in January. Mining output fell 1.0 percent, with all of its major component industries recording declines, while the index for utilities moved up 0.6 percent. At 107.2 percent of its 2012 average, total industrial production was 3.7 percent higher in January than it was a year earlier. Capacity utilization for the industrial sector fell 0.2 percentage point in January to 77.5 percent, a rate that is 2.3 percentage points below its long-run (1972–2017) average.

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