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2014-04-25 20:05:00

USA VS RUSSIA: STAY CLEAR

USA VS RUSSIA: STAY CLEAR

Citigroup said its chief executive Mike Corbat had withdrawn from an investment summit hosted by Russian President Vladimir Putin as other US chiefs look to avoid the conference.

People familiar with the matter said Lloyd Blankfein, chief executive of Goldman Sachs, and other CEOs were likely to delegate to more junior colleagues at the high-profile investment forum in St Petersburg on May 22 as political tensions grow between the US and Russia.

Some US bankers may decide definitively at the last minute depending on the political environment, the people said. Citigroup said in a statement on Thursday that Mr Corbat would not be able to attend the conference but "will have several representatives at the forum".

Mr Corbat and Mr Blankfein are listed as confirmed participants along with others including James Gorman, chief executive of Morgan Stanley, and Indra Nooyi, chief executive of PepsiCo.

Companies are liaising to try to work out how to avoid offending either the Russian or US governments, according to people familiar with the matter.

The moves come as secretary of state John Kerry on Thursday launched a scathing attack on Russia's activities in eastern Ukraine, accusing it of "gross intimidation".

Political tensions between Russia and the west have reverberated in the financial markets and have strained international banking relationships.

Sumitomo Mitsui Banking Corporation and Bank of Tokyo-Mitsubishi UFJ, two of Japan's largest banks, have stepped back from Russia in recent weeks, bankers and executives told the Financial Times this month.

Russian banks have responded. VTB Capital, the state-controlled Russian bank, cancelled its New York investment conference scheduled for earlier this month and, separately, has also cut staff in the US.

The major international oil companies are also well represented, including by Ben van Beurden, chief executive of Royal Dutch Shell, Bob Dudley, chief executive of BP and Christophe de Margerie, chairman of Total.

Last year's St Petersburg international economic forum received delegates from 81 countries and resulted in contracts worth about $294bn being signed, according to the conference website. More than 1,000 journalists are said to have attended.

Charlie Scharf, chief executive of Visa, who is also listed as a confirmed participant at St Petersburg, said on Thursday that the payment processor had noticed a significant decline in cross-border volumes in Russia and Ukraine, with sanctions likely to further affect volumes.

"We are caught between the politics of the US and the politics of Russia," he said as Visa reported first-quarter earnings.

ft.com

 

 

Tags: US, RUSSIA, SHELL, BP, TOTAL

Chronicle:

USA VS RUSSIA: STAY CLEAR
November, 20, 09:05:00

INDIA'S GAS WILL UP

REUTERS - India’s natural gas consumption is expected to rise to 70 billion cubic metres (bcm) by 2022 and 100 bcm by 2030, according to a government think tank and the Oxford Institute of Energy Studies, up from 50 bcm now. India burns just 7 percent of what top user the United States consumes in a year with about a quarter of India’s population.

USA VS RUSSIA: STAY CLEAR
November, 20, 09:00:00

NORWAY SELLS OIL & GAS

Norway, which relies on oil and gas for about a fifth of economic output, would be less vulnerable to declining crude prices without its fund investing in the industry, the central bank said Thursday. The divestment would mark the second major step in scrubbing the world’s biggest wealth fund of climate risk, after it sold most of its coal stocks.

USA VS RUSSIA: STAY CLEAR
November, 20, 08:55:00

OIL PRICES UP

WSJ - Light, sweet crude for December delivery rose $1.41, or 2.6%, to $56.55 a barrel on the New York Mercantile Exchange, snapping a three-session losing streak. Brent, the global benchmark, advanced $1.36, or 2.2%, to $62.72 a barrel.

USA VS RUSSIA: STAY CLEAR
November, 20, 08:50:00

U.S. RIGS UP 8 TO 915

U.S. Rig Count is up 327 rigs from last year's count of 588, with oil rigs up 267, gas rigs up 61, and miscellaneous rigs down 1 to 1. Canada Rig Count is up 24 rigs from last year's count of 184, with oil rigs up 9 and gas rigs up 15.

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