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2015-07-13 19:30:00

US DEBT: THE GREATEST

US DEBT: THE GREATEST

Russian President Vladimir Putin warned of dangers to the global economy from U.S. borrowing while saying Greece isn't solely to blame for its debt crisis.

"It's a serious problem not just for the United States but for the whole world economy," Putin told reporters Friday in the Russian city of Ufa in response to a question on the prospects of the biggest developing nations. "Debt exceeds gross domestic product there."

Putin said he's concerned about Greece and hopes its crisis will be resolved soon, reiterating that Prime Minister Alexis Tsipras hasn't asked him for financial aid. Even so, he said Russia has the resources to help its partners.

Putin is battling his own economic woes after sanctions over Ukraine and a drop in oil prices triggered Russia's first recession in six years. This isn't the first time the Russian leader has attacked U.S. economic policy: he's previously derided the "dollar monopoly" that allows the U.S. to act like a "parasite" on the global economy.

The ruble is the second-worst performer against the dollar in the past year among more than 150 global currencies tracked by Bloomberg, with a 40 percent dive. Russia's central bank resumed purchases of foreign-currency assets in May, planning purchases of $100 million to $200 million a day to replenish reserves.

The U.S. ratio of government debt to GDP will fall to 104 percent in 2018 from 105 percent in 2014, the International Monetary Fund predicts.

'Big' Numbers

Russia drained its foreign-currency stockpiles as fighting raged in Ukraine and global energy prices plunged. That hasn't left the government in a position where it can't assist its allies, according to Putin. Russian reserves were $359.6 billion as of July 3.

"Russia, of course, is able to offer help to its partners regardless of today's difficulties with the economy," he said after a meeting of the Shanghai Cooperation Organization. "We're helping some countries."

Putin said Russia and Greece, both of which are majority Orthodox Christian, have a special relationship. Being a euro member, the government in Athens is unable to take measures such as devaluation to help revive its economy, according to Putin.

"Greece is a European Union country and within its obligations is conducting rather difficult negotiations with its partners," he said. "Mr. Tsipras hasn't approached us regarding aid. And that's generally understandable because the numbers are big and we know what's at stake."

bloomberg.com

More:

US DEFICIT UP $41.9 BLN

US GDP DOWN

U.S. WILL LOSE $500 BLN

U.S. GDP DOWN 

U.S. GEOPOLITICAL TURMOIL



 

 

Tags: US, DEBT, RUSSIA, OIL, PRICES

Chronicle:

US DEBT: THE GREATEST
2018, August, 17, 11:30:00

U.S. INDUSTRIAL PRODUCTION UP 0.1%

U.S. FRB - Industrial production edged up 0.1 percent in July after rising at an average pace of 0.5 percent over the previous five months. Manufacturing production increased 0.3 percent, the output of utilities moved down 0.5 percent, and, after posting five consecutive months of growth, the index for mining declined 0.3 percent. At 108.0 percent of its 2012 average, total industrial production was 4.2 percent higher in July than it was a year earlier. Capacity utilization for the industrial sector was unchanged in July at 78.1 percent, a rate that is 1.7 percentage points below its long-run (1972–2017) average.

US DEBT: THE GREATEST
2018, August, 17, 11:25:00

NORWAY'S PETROLEUM PRODUCTION: 1.911 MBD

NPD - Preliminary production figures for July 2018 show an average daily production of 1 911 000 barrels of oil, NGL and condensate, which is an increase of 64 000 barrels per day compared to June.

US DEBT: THE GREATEST
2018, August, 17, 11:20:00

GAZPROM NEFT NET PROFIT UP TO 49.6%

GAZPROM NEFT - For the first six months of 2018 Gazprom Neft achieved revenue** growth of 24.4% year-on-year, at one trillion, 137.7 billion rubles (RUB1,137,700,000,000). The Company achieved a 49.8% year-on-year increase in adjusted EBITDA, to RUB368.2 billion. This performance reflected positive market conditions for oil and oil products, production growth at the Company’s new projects, and effective management initiatives. Net profit attributable to Gazprom Neft PJSC shareholders grew 49.6% year on year, to RUB166.4 billion. Growth in the Company’s operating cash flow, as well as the completion of key infrastructure investments at new upstream projects, delivered positive free cash flow of RUB47.5 billion for 1H 2018.

US DEBT: THE GREATEST
2018, August, 15, 11:10:00

OIL PRICE: NEAR $72

REUTERS - Front-month Brent crude oil futures LCOc1 were at $72.34 per barrel at 0648 GMT, down by 12 cents, or 0.2 percent, from their last close. U.S. West Texas Intermediate (WTI) crude futures CLc1 were down 23 cents, or 0.3 percent, at $66.81 per barrel.

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