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2014-08-14 18:20:00

$40 BLN FOR THE BEGGAR

$40 BLN FOR THE BEGGAR

Igor Sechin, the head of Russian oil giant Rosneft, has asked the government to provide Rosneft with 1.5 trillion roubles ($41.6 billion) to help the company weather western sanctions, the Vedomosti newspaper reported on Thursday.

Under the plan, the state would spend money from its National Wealth Fund to buy Rosneft bonds, the paper reported, citing government sources and a letter from Prime Minister Dmitry Medvedev asking officials to analyse the idea.

Vedomosti said that Sechin had called for the aid as a response to western sanctions. The United States has banned credits and loans to Rosneft with a maturity longer than 90 days, and European banks and investors have de facto joined the sanctions, the paper reported.

Rosneft has net debt of $44.5 billion, mainly arising from its $54 billion acquisition of oil company TNK-BP in 2013, the paper noted.

There are insufficient funds in the National Wealth Fund to finance the injection, Vedomosti said, as much of the 3.1 trillion ($86 billion) fund has already been assigned to other projects.

An anonymous official cited by the paper called Sechin's plan "horrible", and another government source told the paper that Medvedev was unlikely to back it.

Rosneft declined to comment to Reuters.

reuters.com

Tags: ROSNEFT, SANCTIONS,

Chronicle:

$40 BLN FOR THE BEGGAR
2018, June, 18, 14:00:00

U.S. IS BETTER

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$40 BLN FOR THE BEGGAR
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U.S. ECONOMY UP

IMF - The near-term outlook for the U.S. economy is one of strong growth and job creation. Unemployment is already near levels not seen since the late 1960s and growth is set to accelerate, aided by a near-term fiscal stimulus, a welcome recovery of private investment, and supportive financial conditions. These positive outturns have supported, and been reinforced by, a favorable external environment with a broad-based pick up in global activity. Next year, the U.S. economy is expected to mark the longest expansion in its recorded history. The balance of evidence suggests that the U.S. economy is beyond full employment.

$40 BLN FOR THE BEGGAR
2018, June, 18, 13:50:00

U.S. INDUSTRIAL PRODUCTION DOWN 0.1%

U.S. FRB - Industrial production edged down 0.1 percent in May after rising 0.9 percent in April. Manufacturing production fell 0.7 percent in May, largely because truck assemblies were disrupted by a major fire at a parts supplier. Excluding motor vehicles and parts, factory output moved down 0.2 percent. The index for mining rose 1.8 percent, its fourth consecutive month of growth; the output of utilities moved up 1.1 percent. At 107.3 percent of its 2012 average, total industrial production was 3.5 percent higher in May than it was a year earlier. Capacity utilization for the industrial sector decreased 0.2 percentage point in May to 77.9 percent, a rate that is 1.9 percentage points below its long-run (1972–2017) average.

$40 BLN FOR THE BEGGAR
2018, June, 18, 13:45:00

SOUTH AFRICA: NO BENEFITS

IMF - South Africa’s potential is significant, yet growth over the past five years has not benefitted from the global recovery. The economy is globally positioned, sophisticated, and diversified, and several sectors—agribusiness, mining, manufacturing, and services—have capacity for expansion. Combined with strong institutions and a young workforce, opportunities are vast. However, several constraints have held growth back. Policy uncertainty and a regulatory environment not conducive to private investment have resulted in GDP growth rates that have not kept up with those of population growth, reducing income per capita, and hurting disproportionately the poor.

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