Judicial challenges Goldman Sachs increased 30-fold

The U.S. investment bank Goldman Sachs said that the volume of mortgage-backed securities in connection with the sale of which he presented to the court claims is $ 15.8 billion is almost 30 times more than last quarter. The bank itself has increased the amount of potential losses on litigation with a $ 2 billion to $ 2.6 billion

According to a Goldman Sachs notification of the results of its third quarter (Form 10-Q), filed with the Commission on Securities and Exchange Commission (SEC), the total value of mortgage-backed securities, in connection with the sale of which the bank has to respond to legal claims in the third quarter has increased dramatically. If at the end of June to the Goldman Sachs claims were filed in connection with the sale of mortgage-backed securities for a total cost of $ 485 million by the end of September, this amount has increased by more than 30 times - up to $ 15.8 billion Most of this sum - the claim of the Federal Agency for Housing Finance (FHFA), which in early September, said that on the eve of the collapse of the U.S. mortgage market Goldman Sachs sold mortgage-backed securities government mortgage agencies Fannie Mae and Freddie Mac totaling $ 11.1 billion and thus have incomplete information about the quality of these securities. As the deterioration in the U.S. housing market and rising defaults on home mortgages, these securities began to fall in price, and their customers - to incur losses. In addition to Goldman Sachs FHFA accused of selling low-quality mortgages Bank of America ($ 6 billion), Britain's Barclays ($ 5 billion) and 15 other financial institutions. Federal authorities believe that the total amount of "toxic" mortgage-backed securities sold to them by the federal mortgage agencies, is $ 196 billion Sam Goldman Sachs also believes that due to increased claims its legal costs could rise - though not as dramatically: the bank notified the SEC a possible increase in court costs from $ 2 billion to $ 2.6 billion

American observers have noted that the increase in legal costs related to the mortgage crisis still may be very out of place for American banks, which already began to suffer from new - European debt - the crisis (see "N-line" from 18/10/2011).

In late June, Bank of America has agreed to settle the claims of investors who suffered losses from purchases of mortgage bonds before the financial crisis. As part of the settlement of claims BofA paid $ 8.5 billion to investors in those affected investors - large funds BlackRock and PIMCO, insurer MetLife, Federal Reserve Bank of New York and others. Because of the benefits of such a large sum in the second quarter the bank recorded a loss of $ 8.8 billion

Sberbank start with a clean zero

Sberbank intends to enter the market in high-risk lending business projects "from scratch" (startups) to expand its customer base. In order to reduce the risk of default, potential businessmen Savings with franchising companies offer ready-made business decisions. In this project, Sberbank risk a little money, but in Russia survives, at best, only one in four start-up, experts say.

The fact that the Savings Bank will soon begin to lend to start-ups, said yesterday the head of Small Business Management Sberbank Andrey Petrov. The pilot project will start on the bank next week in 20 cities, including Moscow. "For borrowers have age restrictions - at least 25 years of age and no older than 60, and the availability of the amount for a down payment - at least 30% (maximum loan amount - 3.5 million rubles.), - Said Mr. Petrov .- The term of the loan - 3-4 years. " As part of the pilot, which will last until the end of April 2012, Sberbank intends to issue 2-2.5 thousand credits before the end of 2013 - 25 thousand to finance pilot Savings Bank plans to allocate 170 million rubles.

Savings at the same time willing to lend to start-ups are not any, but only from a pre-selected portfolio of business models involving franchise companies (in the program already involves ten partners) in services for people (mini-restaurants, beauty salons, travel agencies, early childhood development centers and , etc.). "Now we offer to budding entrepreneurs business ready 12" turnkey "," - said Mr. Petrov. By the end of the pilot model projects the number will increase to 30.
500 thousand rubles

Loans for start-ups in the banking market is not developed due to excessive risks. "I do not recall any similar projects in any of the other banks - it looks like Sberbank sets a precedent," - says the analyst of "Sovlink" Olga Belenkaya. According to a member of the Board of Raiffeisenbank Oxana Panchenko, project financing "from scratch" is not common in the market because the risks are great and trudnoprognoziruemy. "In the absence of mortgage lending is actually an idea that can shoot, and maybe not" - points to the head unit "mass business," Alfa-Bank, Mikhail Povaliy. According to Olga Belenky, "mortality" of enterprises in the first year of life - 40-50%.

In the Savings Bank did not disclose what percentage of no return expected for the program, however, believe that the ready business solution developed jointly with partner franchisor - the key to successful project implementation in 99% of cases. Drawing on a franchising company, Sberbank receives additional guarantees, and offering a ready-made business solutions that eliminates a large amount of analytical work, so this project can be successful, managing partner agrees to "2K Audit - Business Consultations" Ivan Andrievsky. However, practice shows that even with the optimistic scenario, only one of four start-ups is being successfully implemented, indicates director of banking products FY BCS Alexander Derjaguin.

"Savings Bank has the necessary resources in order to take a chance to do so unreliable, but interesting in terms of availability area perspective," - the analyst IFC "Solid" Elena Yushkova. Even if the Savings Bank will target 2.5 thousand loans to a maximum of 3.5 million rubles. each, a total amount of 8.8 billion rubles. that will not significantly degrade the quality of the 7-trillion loan portfolio of the Savings Bank, agrees Olga Belenkaya.

Investors are wary of investing in Russia

According to Emerging Portfolio Fund Research (EPFR), in the last week in funds investing in Russia, brought $ 2 million, which is 30 times smaller than the result of last week. Thus, a positive correction, which began two weeks ago, turned out to be insignificant. Uncertainty investors have not contributed to the growth of stock indices: this week they have lost almost 2%.

EPFR data shows that investors have reduced the deposit of funds in the Russian stock market. For the week ending November 9, funds, investment policy which is aimed at Russia and CIS countries, attracted almost $ 2 million, which is 30 times smaller than the inflow recorded the previous week ($ 56 million) and became the first in a long time. Excluding the influx of the last two weeks of almost continuous outflow of funds from the Russian market has been observed for four months, during which investors withdrew more than $ 3 billion In the light of last week, we can say that the positive correction was negligible.

However, the result of Russia's noticeably better than the foundations of a number of other BRIC countries. Thus, the foundations of India for a week lost $ 54.1 million, Brazil - $ 121 million stand apart Chinese funds, which are able to attract the last week of more than $ 544 million As a result, the total inflows into funds that invest in developing countries has declined from the previous week and a half times - $ 2 billion versus $ 3.5 billion, confirming the reduction of perceived was optimism among investors in the background of the transformation of the financial crisis in the EU in the political.

It all started with the fact that last week the Greek Prime Minister George Papandreou announced a desire to make a concerted effort with the assistance of the EU and the IMF for a referendum. The move threw investors around the world in shock (see "Kommersant" on November 2). Under pressure from the public, Mr. Papandreou refused to hold a referendum and asked the members of the current government to be ready to resign as part of the formation of a coalition cabinet. Their willingness to resign on Tuesday announced late in the evening, and Italian Prime Minister Silvio Berlusconi. He said that the resignation may take place in late November or early December (see "N-line" from November 9).

In such circumstances, yield a decade of government eurobonds Italy for the first time in the history of treatment has risen above the level of 7% - 7.5% APR. The level of 7% in the current context is crucial. Earlier in achieving such a mark on the profitability of sovereign securities, Greece, Ireland and Portugal, these countries face the question arose of the receipt of international assistance. Only after intervention by the ECB situation on the sovereign debt market began to stabilize. During today's trading profitability Italian market fell to 6.6%.

EPFR recorded a slight influx of funds into the Russian market could not support the domestic stock indexes. Since the beginning of the week the RTS index fell by 1.9% - to 1513.73 points. The MICEX index lost just 1.8%, dropping to around 1474.84 points. At the same time the leading Asian indices fell 3-3.5%, European - to 1.2-2%, the U.S. - at 1-2,3%. However, the potential for further reduction of the Russian stock market is limited, say market participants. "Given that investment flows from the speculative ETF funds are quite high (for the week, they raised $ 17.5 million, which together with the outflow of $ 15.8 million and gave the final result - almost $ 2 million flow .-" b "), You can say that the volatility of the Russian market for some time remain, - analysts "Uralsib" .- However, after 24 weeks, during which investors are actively withdraw funds from the Russian assets, the bulk of the outflow, in our opinion, have remained behind, and the further potential to reduce the local stock market indices are likely limited. "

Investment company Berkshire Hathaway has become the second largest shareholder of IBM

On Monday night the U.S. billionaire investor Warren Buffett, known not only for their wealth, but also a long-standing dislike for technology companies, announced that his company Berkshire Hathaway bought IBM stock for $ 10.7 billion

Warren Buffett has paid $ 10.7 billion for 5.4% of IBM stock, thus becoming the second largest shareholder after the investment firm State Street Global Advisors, which owns 5.5% of IBM. It became known from his interview with The Wall Street Journal.

Berkshire took up the acquisition of shares of IBM in March, and twice received the permission of the Securities and Markets (SEC) did not disclose the acquisition of stakes in IBM, moreover, that such disclosure is mandatory for all large investors.

SEC gives about 60 permits for confidentiality in the quarter, which allows investors to buy shares in a company without fear of significant growth in stock prices.
Where to put money Warren Buffett
In the third quarter of 2011, he invested in American businesses nearly $ 24 billion ..

According to experts, the acquisition of shares of IBM - double the record for the investment company of Warren Buffett. $ 10.7 billion - the largest sum he had ever been paid for a minority stake in a public company. In addition, Mr. Buffett is buying shares of IBM, it seems, says goodbye to its long-standing aversion to technology companies, which are often spoken, and openly. According to him, he knows nothing about technology companies, but because it is almost invariably related to investment insurance and financial services companies and industrial companies. In turn, Jeff Matthews, one of the investors Berkshire Hathaway, wrote a book about Warren Buffett, the billionaire explained dislike for technology companies that Mr. Buffett's views on this issue emerged half a century ago, when many technology companies have not yet been tested by time. According to Mr. Mathews, Warren Buffett's views began to change gradually under the influence of his friendship with Bill Gates, who is a member of the board of directors of Berkshire Hathaway.

The Wall Street Journal quoted Mr. Buffett, who said that interest in IBM had emerged after reviewing the company's annual report. He was amazed at how strong were the company's position in its sector. «IBM complies with all my principles ... these shares, we intend to hold indefinitely," - said Warren Buffett. At the same time, Mr. Buffett said that he was not bothered by the fact that he bought shares of IBM at the time when the securities of the company grew. "The important thing is not that important, the company will do in the future" - quoted investor The Wall Street Journal.

Experts say that with the acquisition of shares of IBM, Mr. Buffett has taken another step towards the stated goal - to make sure that the value of his company grew faster than the S & P 500. Currently, Berkshire Hathaway owns shares in 10 out of 30 companies that make up the index Dow Jones Industrial Average.

IBM shares closed at the Monday auction in New York was down 0.02%. Berkshire Hathaway shares closed down 1.3%.

Android captured half the world

Research firm Gartner reported that in the third quarter of all smartphones sold in the world 52.5% of work-based operating system Android. Smartphones based on Symbian OS showed the biggest drop in market share - from 36.3% in the third quarter of last year to 16.9% this year. In third place is Apple's iOS with a share of 15%.

The statement says Gartner, sales of mobile devices worldwide in the third quarter amounted to 440.5 million - a 5.6% increase over the third quarter of last year. "The Asia-Pacific, Africa and the Middle East offset weaker dynamics in Western Europe", - says principal analyst at Gartner Annette Zimmermann.

Sales of smartphones to end users in the third quarter of 2011 totaled 115 million units, up 42% more than a year ago. True, in the second quarter of this year, smartphone sales declined by 7%. Gartner points out that in the third quarter smartphones accounted for 26% of all mobile phones sold - only 1% more than in the previous quarter. "Good growth in sales of smartphones in China and Russia led to an increase in total sales for the quarter, but in developed markets like Western Europe and the U.S. demand stopped growing: there many people waiting for the release of new smart phones - says principal analyst for Gartner Research, Robert Cozzi .- The slowdown is also recorded in Latin America, Middle East and Africa. "

By the number of mobile devices sold by company-manufacturer in the first place still retains Nokia - share was 23.9%, which, however, significantly lower than the proportion of 28.2% a year ago. In second place - a device from Samsung with a market share of 17.8% (17.2% last year), the third largest share of LG Electronics c 4.8% (6.6% a year ago), Apple - in fourth place, the proportion of 3.9% compared to 3.2% in the third quarter last year. The researchers Gartner reported that in the smartphone segment in the first place in the world came Samsung, beating smart phones Nokia - thanks largely to the immense popularity of smartphone Galaxy.

The most popular operating system for mobile devices in the third quarter with a huge margin was running Android - 52,5%. A year ago, the worldwide share of Android smartphones accounted for only 25.3%. Of Symbian, a year ago was in the lead with a share of 36.3% this year, fell back into second place with a share of 16.9%, the iOS from Apple - in third place with a share of 15% (16.6% last year). «Android benefits from the greater number of proposals in the mass market, reduction of competition in the market and lack of impressive products on other operating systems such as Windows Phone 7 and Research In Motion», - says Ms Cozzi.

Investors pulled to the Caucasus

State-owned company "Resorts of the North Caucasus" (CSC) has managed to attract another investor for the construction of five ski resorts worth more than € 10,8 billion, almost € 735 million in the project is ready to invest company top manager of the investment bank Natixis French Ravi Viswanathan. Among the partners of KCK has already initiated a French state bank Caisse des Depots et Consignations (pledged € 10 billion) and a unit of the Korean Korea Electric Power Corporation (€ 1 billion). Ponders investing in Caucasian resorts and the owner of "Nafta Moskva" Suleiman Kerimov.

Agreement on investment is $ 1 billion (or € 735 million) in construction of hotels and retail space between the JSC "Resorts of the North Caucasus" (CSC) and Suprema Associates businessman and managing partner at Natixis Corporate Solutions (Asia) Ravi Viswanathan was signed yesterday at the International Real Estate Exhibition Investment and MIPIM Asia 2011 in Hong Kong. According to Ravi Viswanathan, project KSK interest him in the first place because the construction of infrastructure at the expense of the state. "Besides, the Russian authorities to guarantee repayment in case of political risk," - said the businessman. Earlier in the interview to "Kommersant" CSC head Ahmed Bilalov said that the Finance Ministry is prepared to compensate investors 70% of your investment in case of force majeure. General Director of CSC Alexey Nevsky said that in Moscow in November to meet Ravi Viswanathan and CSC management, which will be worked out the parameters of cooperation.

CSC was founded in December 2010. 98% of the shares owned by the Russian Federation, another 2% from VEB and Sberbank. CSC manages the construction of ski resorts in the Lago-Naki in Adygea, Elbrus and Bezengi in Kabardino-Balkaria, in Arkhyz in Karachaevo-Cherkessia, North Ossetia Mamison and Matlase in Dagestan. Results in this tourist area is planned to build 803 km of slopes and 104.5 thousand beds for tourists. Investments - 451 440 000 000 rubles. (About $ 14.7 billion, or € 10,83 billion at the exchange rate of the Central Bank as of yesterday).

Ravi Viswanathan to 1992 headed the analytical department of Mitsubishi Finance International in London. In 1993, he founded the London investment bank Credit Agricole Lazard Financial Products, and in 2000 he and his partner created the Nexgen Group, which later was acquired by French bank IXIS-CIB. In October 2006, merged with IXIS and another French bank Natexis (part of a group Banques Populaires), a unified structure called Natixis (the value of assets at December 31, 2010 - $ 613.07 billion).

In September, CSC has managed to find a € 10 billion for the construction of ski resorts: the international economic forum in Sochi, state-owned company has signed an agreement with the French state bank Caisse des Depots et Consignations (CDC). The partners intend to establish a joint venture in which 51% will belong to the CSC, and 49% - the structure of the CDC (see "Kommersant" on 16 September). One of the main conditions for participation in the CDC project, CSC has been brought to the construction site only French developers and general contractors. This agreement follows the signing of Russian President Dmitry Medvedev and French President Nicolas Sarkozy at the summit, "eight" in Deauville memorandum of understanding on cooperation between the two countries in the development of the tourism cluster in the North Caucasus (see "Kommersant" on 26 May). Also at the forum in Sochi, CSC entered into an agreement with a Korean company Korea Wester Power (KWP; subdivision Korea Electric Power Corporation) to invest € 1 billion in building energy infrastructure resorts.

When the original project cost of almost € 11 billion CSC has managed to find a third-party investors of almost € 12 billion, another 60 billion rubles. (Approximately € 1,44 billion) allocated federal budget as a contribution to charter capital CSC. However, in future budget CSC may increase to 783 billion rubles. (€ 18,7 billion) in May, Dmitry Medvedev instructed to expand tourism cluster by creating a new resort on the Caspian and Black Seas, as well as in the Caucasian Mineral Waters (see "Kommersant" on 27 May). Then it became known that the construction of two new hotels in the beach area is willing to invest the owner of "Nafta Moskva" Suleiman Kerimov.

Steve Jobs found a replacement

The guide to Apple there were new applications. On a non-executive post of chairman, who previously held by Steve Jobs, appointed Arthur Levinson. In addition, the board of directors also came close friend and colleague Steve Jobs Executive Officer Robert Iger Walt Disney.

Post non-executive chairman of the board of directors was established in August, when Steve Jobs announced his resignation as CEO of the company because of illness. After almost six weeks after the death of the founder of Apple in the company decided to appoint to the post 61-year old doctor of biochemistry and author of numerous scientific papers of Arthur Levinson. In a statement, CEO Tim Cook said that "Mr. Levinson's vision and ability to lead are of great value for Apple, for its employees and shareholders." Arthur Levinson serves on the board of directors of Apple c 2005. Simultaneously, he was CEO of biotechnology company Genentech and a member of the board of directors of Google. After the May 2009 U.S. Federal Trade Commission began antitrust investigation into the close relationship between Google and Apple, Mr. Levinson left Google.

Along with Arthur Levinson, the Board of Directors of Apple CEO also joined Walt Disney Co. Robert Iger, who with Steve Jobs began work in 2006, when Disney bought the studio owned by Steve Jobs of animated films Pixar. Many analysts have noted that this designation indicates that Apple is thus to strengthen its position in the segment of multimedia.

The EU has promised new life to the rating agencies

The European Commission presented a plan to tighten control over the work of credit rating agencies. EU authorities officially called financial institutions "do not blindly rely" only on credit ratings in investment activities, demanded that the agency more in advance to inform issuers to change the ratings and not to publish reports of change of sovereign ratings at the time of exchange trading in Europe. The EU has not decided on more drastic action against agencies - such as a ban on the ratings of European countries, which the EU is already providing financial assistance. Nevertheless, the rating agencies have reacted rather harshly to plans for European authorities.

The European Commission published a draft directive, which aims to "improve the quality of the assignment of credit ratings." The statement reads, "... despite the measures adopted in 2009-2010, changes in the regulation of rating agencies, recent developments in the context of debt evrokrizisa show that these measures are not enough." As the head of the commission of the EU internal market, Michel Barnier, 'ratings have a direct impact on the markets, the economy and well-being of European citizens. Ratings - it's not just opinion. Previously, these agencies make serious mistakes. I was also surprised at what point some agency announced the decision on sovereign ratings - for example, in those moments when the negotiations were conducted on the allocation of a country, international assistance. We can not allow agencies to increase volatility in the markets. Our main aim is to reduce dependence on ratings, the transformation process of rating in a more transparent process, in addition, the rating agencies accountable for their mistakes. "
"The whole rating system is flawed '
Ban the rating agencies to publish forecasts for EU crisis ...

The proposals European Commission plans to oblige rating agencies to publish a decision on the sovereign ratings after the close of business or at least an hour before the start of trading on stock exchanges in the EU. Issuers will oblige every three years to change the rating agencies that provide services to the rating given by the issuer. The EU also wants to give investors the right to sue credit rating agencies, if investors, relying only on the ratings, have suffered losses. In addition, agencies are going to require to take action to advance awareness of issuers to change their ratings. As stated in the bill, "the agency must inform the issuer during business hours and at least one working day before the publication of the rating."

Recall that the EU authorities did not like the recent credit rating agencies to make decisions on the revision of sovereign ratings concern the euro area. The cup overflowed the July decision of Moody's downgrade of Portugal once in four steps. Even then, Mr. Barnier called for a change of agency. He found it "doubtful that the rating agencies in their assessments take into account countries' efforts to improve its tax system, budgetary restriction and structural reforms."

However, according to published European Commission's proposals, authorities have decided not to take extreme measures in respect of agencies. Has been repeatedly reported that the EU may ban ratings of those EU countries that already receive financial assistance. In yesterday's statement by the European Commission states that "the possibility of suspending the process of the sovereign credit rating is a complex issue, which, in our opinion, requires further consideration."

Although the Commission's proposal, which still must consider the European Parliament and the Council of Europe, were slightly softer than expected, the rating agencies have reacted rather sharply to the new initiatives the EU authorities. As reported by "b" in the agency Moody's, «European Commission's proposals are inconsistent with the objectives to stabilize credit markets and strengthen investor confidence. Instead, these proposals could disrupt access to credit and to increase market instability in Europe. These measures are designed to validate One interpretation of the concept of credit risk and the new structure of the industry, this could have a detrimental effect on the quality and independence of opinion when drawing up ratings. "agency Standard & Poor's stated:" We support the growth of competition in the market and reduce over-reliance on ratings. However, the addition of new rules who are not keeping pace with other regulatory regimes, will harm the rating process - the globally accepted principle of assessing creditworthiness. At the global level, this may lead to the fact that investors will receive lower quality and not as an independent process of rating debt in Europe. This can lead to the fact that European companies may appear difficult to finance in the international bond market, which is necessary for maintaining the growth and retention of jobs at a time when bank lending is much more difficult. We hope to engage in dialogue with the authorities and market participants on this important issue ".

VTB and Sberbank are fighting for the right financing of GAS

A group of Oleg Deripaska's GAZ problems involving loan VTB at 38 billion rubles. Against this objection the current largest creditor groups - Sberbank, which would itself give it new funding. Other market participants to explain the struggle for a reliable borrower banks, which maintains a stable state, the current crisis. And the state that the resources for lending to the Savings Bank anymore.

How the "Y", the board of directors of Gaz November 14 failed to approve a loan with VTB 38 billion rubles. One member of the Board "abstain from voting," told "Kommersant" source familiar with the situation, and the charter of the decision on major transactions must be unanimous. Source of the bankers said, "Kommersant" that a deal has blocked Representative Savings Ratsin Oscar. Now the group will approve a loan at a special meeting of shareholders - it is scheduled for December 9. In the GAZ Group and VTB declined to comment. Contact Oscar Ratsinym yesterday failed.

GAZ need a loan VTB to refinance debt to a syndicate of 22 banks led by Sberbank. Group received a syndicated loan of 39.3 billion rubles. in March 2010 for five years with deferred payments of principal for two years at 4% per annum plus refinancing. The guarantee was 16.2% of GAZ shares and property. Almost half of the sum was secured state guarantees for 20 billion rubles. The loan imposed on a group of several important limitations, in particular, the investment program was not to exceed 1 billion rubles. a year.

But in 2012, GAZ plans to launch several new projects and investment program should reach 10 billion rubles. In 2013 - 6-7 billion rubles. To remove the restrictions, GAZ decided to refinance the syndicated loan. In addition, payments of principal on the new loan deferred for another two years and the interest rate on it is lower than the syndicated. The fact that VTB has decided to grant the loan was announced on November 4, loan agreements between the parties and the refinancing is scheduled for December.

"However, he hoped Savings refinance a syndicated loan," - said the source "b" familiar with the situation. The bank was negotiating with the GAZ Group, adds another source, but "they moved slowly, and it was ahead of VTB." GAZ Group has consistently pays interest, and Sberbank expected to continue to be its key bank, adds the source "b". But now, Sberbank "just stop" process until December 9: Meeting of Shareholders in any event it approves, adds another source. While the Savings Bank are pledged 16.2% stake in gas, it will not be able to influence the decision of the meeting: the charter of it made by a simple majority. 61.05% of shares owned by Gaz "Russian Machines", the remaining 22.8% distributed among the minority shareholders.

According to the source "b", three weeks leading up to the shareholders' meeting, the Savings Bank expects to hold talks with VTB and gas and to persuade the group to refinance debt with your own credit. But the source of "b" to doubt the success of the Savings Bank, because "time is missed, and reached an agreement with VTB at the highest level."

"The situation when the two state banks compete for a single borrower, is not typical, but in the case of the GAZ Group - is understandable, it is very reliable borrower, supported by the state and has a lobbying resource Oleg Deripaska," - said Mikhail Pak of "Aton". "The desire to preserve the borrower's Sberbank is quite clear: he is pursuing an aggressive policy in terms of corporate lending and reluctantly gives customers of other banks, and the liquidity situation he is better than VTB" - agrees deputy president of Nordea Bank, Mikhail Polyakov. Besides, he adds, as shown by the last crisis, GAS "may rely on state support in the form of loans or state guarantees the target, when suddenly turns into a difficult situation, which further helps to perpetuate the status of interest for him borrower is ready to compete for the biggest banks."

Car Dealer in Los Angeles

In Los Angeles International Auto Show opens. This year, the public will present 23 world premieres, 28 North American debuts and nine new concept cars.

This year's auto show celebrates 104th anniversary. According to the organizers, this time directed at the auto show a demonstration of advances in "green" technologies.

Los Angeles has traditionally been a proving ground to demonstrate the latest achievements of representatives of the American automotive industry. In general, the exposure will be presented about 40 avtobrendov. As in the past year, auto show does not take part in the French Peugeot, Renault and Citroen, Czech Skoda, as well as Opel.

Shell refused to Iraqi Kurdistan

Shell has decided to discontinue the production of oil in Iraqi Kurdistan, fearing to remain without a license in Iraq. Caution due to the recent scandal with Exxon Mobil, has concluded a contract in Iraqi Kurdistan.

Royal Dutch Shell refused to participate in oil projects in Iraqi Kurdistan, reported citing people familiar with the newspaper Financial Times.

The company has suspended talks with local authorities to maintain a presence in southern Iraq. Especially since what is at stake in gas field contract worth $ 17 billion approved last Thursday by Iraqi authorities.

The reason for not very long-term deals - the position of the central Iraqi authorities. Because of the differences between the regional government of Iraqi Kurdistan, which enjoys broad autonomy, and the central government in Baghdad, Iraq, oil companies are investing in the fields of Kurdistan, denied the opportunity to participate in oil projects in the south. In such a situation was the American Exxon Mobil. Last week the company signed a contract to explore for oil in Iraqi Kurdistan, which caused criticism from the central Iraqi government threatened to deprive her of her license. It is assumed that interest in the oil fields in Iraqi Kurdistan exhibits Chevron, but unlike its competitors, the company has no contracts in southern Iraq.

Meanwhile, Genel Energy, owned by the former head of investment company Vallares BP, Tony Hayward and financier Nathaniel Rothschild is preparing to double the production in Iraqi Kurdistan from the current 100 thousand barrels per day and build a pipeline that will start the export of raw materials through Turkey. However, one of Kurdistan Genel Energy is not going to be limited. Tony Hayward said on the conference ended in Erbil on oil and gas deposits on the purchase of new company is willing to spend almost $ 400 million and will look to transactions outside of Iraqi Kurdistan, such as Libya and Egypt. On the balance of Genel Energy, planning to spend November 22 listing in London, is about $ 2 billion in cash.

Universal e-card went for a second term

One of the most ambitious federal projects, announced by President Dmitry Medvedev, back in 2009, effectively thwarted. During the six weeks remaining before the start of the project to ensure that all citizens universal electronic cards, which allow to minimize the full-time communication with the government, the project has been delayed for a year. The authorities point to the lack of interagency cooperation, and market participants - the lack of financial involvement in the project by the authorities.

Yesterday the State Duma adopted amendments to the law "On organization of public and municipal services," suggesting that the issue of universal electronic cards on citizens' applications will not begin in 2012 and 2013. Taking a one-year deferment, the government actually stated that you were not ready for the timely launch of one of the most ambitious federal projects, the need for the implementation of which President Dmitry Medvedev said at the end of 2009 (more on the history of the project - see reference on page 10).

Universal electronic maps should enable citizens anywhere in the country remotely interact with the state (to receive and pay for public services, make payments to the budget and receive due from the budget, while possessing full functionality of a credit card). It was assumed that all these services to take advantage of people will be able to ATMs, terminals, and even personal computers, thus minimizing the time spent on communication with the state.

The first clear signal that the project fails, sounded in early November, when the government of Moscow - a pilot project in the region - reported that late to start implementation of its mass at least three months (see "Kommersant" on November 3). The main problem - the full-scale launch of a universal e-card system is not ready for e-government, without which the provision of remote services to the population, indicates the source of "Y", close to the government. It became clear last summer when the launch date of interagency cooperation (SMEV), which oversees the Ministry of Communications, it was decided to defer to the federal level from 1 July to 1 October, and at the regional and municipal levels - and at June 1, 2012. At first it was assumed that universal electronic cards will be launched, in spite of this, part-time functionality. However, it later turned out that the degree of incompleteness is that the universal card will be no different from conventional banking. "Without a transition to interagency cooperation card will only payment instrument," - said yesterday the Deputy Minister of Communications Ilya Massukh. While connected to SMEV only 38 regions of 83 subjects of the federation, said the press service of the Ministry of Communications.

Survey organizations authorized to implement a Universal Smart Card in the regions, showed that many are in the beginning. According to a representative of the organization in the Kemerovo region Konstantin Grishin, in the first quarter of 2012 only scheduled to begin issuing cards in two pilot cities. "They need to organize centers for receipt of applications for cards, Universal Smart Card infrastructure reception and information processing centers, - he said .- After starting the pilot the necessary infrastructure will be built throughout the region." However, the regional government of guilt in that he does not see. The main reason for the delayed construction of infrastructure, Mr. Grishin called too late to develop uniform rules for payment and service system Universal Smart Card. The rules were agreed Economic Development on September 29. From the comments in this department refused.

However, as indicated by the source "b" close to the government, not all the fault of the federal government. "In some regions, for example, authorized the organization is not even created, some for the project have not been able to find financing," - said the source "b". Recall, in the summer it was reported that funds from the federal budget (10 billion to 30 billion rubles.) For the project will be highlighted Universal Smart Card (see "Kommersant" on July 8). In the financial and economic feasibility of the total cost to the Universal Smart Card in 2016 are estimated at 101.3 billion rubles., Formerly Minister of Economic Development Elvira Elvira has assessed the project at 135-170 billion rubles.

According to experts, the federal government refusal to fund the project could be one of the reasons for failure of the timing of its launch. "Typically, such a complex infrastructure projects funded by the state - indicates director of the bank audit FBK Alexei Terekhov .- Refusal to allocate the federal budget moved the project into commercial plane that had a negative impact on the attitude towards him from the regions and departments." "Run the project in time for the previously declared, and it was not possible, - the director of Crowe Horwath estimates RBS Maxim Tishchenko .- For the full launch of the project will take at least three years."

In addition, the emergence of competitive projects (formerly "Rostelecom" announced the creation of its own universal card with a number of major banks including VTB-24, Alpha Bank and Bank of Moscow .- "b") that do not require major investments by the regions, as well could make them relevant to the Universal Smart Card cooler, continues Mr. Terekhov. "That date will be postponed, it was clear immediately, the plan was too ambitious Universal Smart Card for the stated periods - specifies the first vice-president of VTB 24 Dmitry Rudenko .- Developing alternative card project with Rostelecom, we relied on realism and ease of execution."

Interestingly, in the JSC "Universal E-Card", which is the operator of the project at the federal level, negatively perceived transfer date of issuance of cards. "We are now fully prepared for this project and see no reason for the postponement of its launch - said" Y "company president Nikolai Ulyanov .- Postponement of the introduction of Universal Smart Card for more than six months, an extremely negative impact on the project and its image components ".

UBS announced a restructuring

The largest (by assets) bank UBS AG of Switzerland has long been anticipated, presented a plan to restructure its investment division. It will be cut in half and shifted to service the super-rich clients.

Submitted by UBS CEO Sergio Ermotti plan to reform the largest bank in Switzerland, actually puts an end to undertaken in the last five years trying to turn a financial institution in the investment banking world level. Moreover, these plans are now in a bank are treated as a serious mistake. "We're going back to the mid-1990s - said Mr. Ermotti, speaking in New York for the presentation of new plans for the bank .- The boom in investbankinge observed the last ten years, was an anomaly." According to the director UBS, in the present circumstances, when the regulation became more stringent, "there is no way to maintain the current business model."

Under the new plan within five years investbankovskoe UBS unit will be reduced by half. The unit will be laid off two thousand people, and the very division will be converted so as to provide more services and more products to offer super-rich clients.

On the bank's intentions to reform its investbankovskogo division has long been known. Division, which over the past four years, only a year and make a profit and which accounts for more than half of the bank's capital, brought only 26% of the total income of the bank to pay taxes. After September the bank reported a loss of $ 2.3 billion for the operations of one of its traders in London and then CEO Oswald Grübel was forced to resign, the new leadership headed by Mr. Ermotti decided to accelerate plans to reform.

As seen from the new plans, the bank would like to see him investpodrazdelenie offer their products and services to customers of its management unit by private finance. This unit before the financial crisis was the largest in the world, but his position had been undermined by the actions of the U.S. tax authorities who accused him in that it helped clients evade U.S. taxes.

Experts note that a similar scheme collaboration investpodrazdeleniya branch and private banking already applies in his work another Swiss bank - Credit Suisse.

The amount of missing money from MF Global has doubled

On the client accounts of U.S. brokerage firm MF Global, the bankrupt a month ago, has lost some $ 1.2 billion - almost twice as much as previously thought. On Monday, said commissioner on the Elimination of MF Global, James Giddens.

Until now it was believed that the company has disappeared without a trace of just over $ 600 million customer accounts. Deficiency found American Commission on Securities and Exchange Commission and the Commodity Futures Trading Futures during investigations into the company's bankruptcy. However, according to new data, the missing funds are not 11% and 22% of all customer funds at the disposal of MF Global. At the time of bankruptcy the company was put on hold $ 5.45 billion in customer accounts.
Where MF Global has found accounts of their clients
The FBI officially started checking the company's operations in the European bond market ...

How to involve regulators, MF Global could not share clients' funds and own funds, in flagrant violation of the rules of finance companies. According to Bloomberg, a few days before the bankruptcy MF Global brought hundreds of millions of dollars in futures accounts of its customers. While against the company was not made formal charges.

James Giddens also pointed out that, after some customers paid their money, he has the means brokerage firm for $ 1.6 billion payment of funds will continue until December, but this is not enough for you to return the money to all customers MF Global, said he said.

MF Global filed for protection from creditors under Art. 11 USC bankruptcy on October 31. At this point, the company's debt stood at $ 39.7 billion in total assets of $ 41 billion in a few days before the company reported a record quarterly loss and that the risks associated with sovereign bonds of European countries (such as Spain, Italy, Portugal, Belgium and Ireland), estimated at $ 6.3 billion

A hearing on the application of MF Global will be held in a U.S. court of bankruptcy in New York on Tuesday, November 22.

Fraud with shares worth "Ingosstrakh" $ 1.5 million

In the Russian market is the largest paid indemnity in case of theft of the securities. Registrar "Irkol", who was register of shareholders "Orenburgneft" and admitted the theft of shares on forged documents, insured his liability "Ingosstrakh", who paid the receptionist $ 1.5 million

The fact that "Ingosstrakh" has paid $ 1.5 million as reimbursement for professional liability insurance registrar - a securities market, said yesterday he insurer. This is the largest insurance compensation in the history of this type of insurance in Russia. "The loss came from the registrar due to unlawful acts of third parties to write-off of shares on forged documents from the account of the shareholder in the register of securities holders," - said in a statement of "Ingosstrakh". They also stated that the earlier court decision issuer to compensate losses caused to shareholders subsequently filed with the registrar to recover.

The name of the registrar, who "Ingosstrakh" claims, the company did not disclose. However, according to "b", we are talking about the registrar "Irkol", which concluded with "Ingosstrakh" contract of liability insurance. In the basis of decisions of the Supreme Arbitration Court is the determination of Moscow Arbitration Court at the suit of "Irkol" to "Ingosstrakh" on the appointment of the case for trial on December 14. The definition states that it comes with a collection of "Ingosstrakh" $ 3 million (82.6 million rubles.) Indemnity under the policy on December 23, 2009. Details of the claim in determining not, but it says that "Ingosstrakh" "with the request does not agree in part" because "the insured event has occurred under the previous insurance policy, limit the payment of which is limited to $ 1.5 million." General Director of the registrar "Irkol" Vladislav Moskalchuk confirmed "Kommersant" that "Ingosstrakh" paid registrar $ 1.5 million in "Ingosstrakh" yesterday declined to comment.

Third party in the company "Orenburgneft." "This case deals with fraud in shares of this company," - said the source "b", which is close to one side of the proceedings. In the basis of decisions of the Supreme Arbitration Court is ruling the Federal Arbitration Court of the Ural region, which considered the appeal "Orenburgneft" on lower courts decision. According to their solutions, the company was to pay his former shareholder of 140.6 million rubles. In such an amount estimated damage from the theft of shares on behalf of a forged in December 2004. "Apparently," Irkol "agreed to receive half of the claim. This means that either the registrar refuses the claim, or at the upcoming hearing will be confirmed an amicable agreement," - said the source "b", close to one of the parties. Mr. Moskalchuk told "Kommersant" that the parties are now negotiating process.

Photo: Oleg Harseev, Kommersant

Theft of stock with forged documents - a fairly common practice in Russia. One of the most high-profile cases recently, is stealing from the register of 0.6% shares of "Silvinit" worth 1.3 billion rubles. Belonging to the director general of the International Potash Company, Anatoly Lomakin. He filed a lawsuit against the Registrar "Computershare" and successor "Silvinit" Company "Uralkali." Third person in the stands as "Ingosstrakh" insured risks "Computershare." The case is now considered by arbitration Perm. Previously, the courts also dealt with cases of theft of shares of "Gazprom", Sberbank, "Sibneft" and other companies.

According to the law "On Joint Stock Companies" responsible for the theft of shares of the issuer, joint and several liability is also provided for the registrar. The latter are often hedge these risks. However, registrants receive the indemnity can not always. "The cases when the insurer pays the registrar of the indemnity after the theft of shares quite a bit" - says CEO Registrar ROST Oleg Zhiznenko. He explains that the reason is just that under the law of "first loss the shareholder pays the issuer itself, and then later he goes to the registrar." "We are talking about contractual liability, for which reimbursement may be obtained without a problem only if the insurance is mandatory. In this case, insurance is not compulsory, and insurers will use this opportunity" - sums up Mr. Zhiznenko.

Thomas Cook is rapidly losing weight

By 16:30 Moscow time the shares of the second largest tour operator Thomas Cook Group Europe collapsed by 67%. Prior to this, the company announced that due to deteriorating conditions in some markets have to negotiate with creditor banks to amend covenants on loans borrowed earlier. Prior to the completion of these negotiations to publish annual reports Thomas Cook did not intend to.

At 16:30 Moscow time Thomas Cook shares on the London Stock Exchange (LSE) worth 13.4 pence per share (minus 67%; capitalization was £ 118 million). According to Bloomberg, the maximum fall was 77%: Operator share fell from 31.76 to 9.35 pence, but then a little branch.
Who the weak link in the assets of Thomas Cook
The company intends to close about 200 of their offices ...

This happened after the official announcement Thomas Cook: operator announced that it has entered into negotiations with creditor banks to change the covenants on loans borrowed earlier due to deteriorating conditions in the fourth quarter in some markets. In addition, Thomas Cook announced that he will postpone the publication of annual results until the completion of negotiations with the banks.

In Russia, Thomas Cook is a partner of "Intourist": the fall of 2010, the parties agreed on the parameters of the establishment on an equal footing joint venture (JV). According to the agreement in a joint venture where the "Intourist" makes its tour operating and retail assets, Thomas Cook is investing $ 45 million, including $ 35 million - own shares. However, at the close of the transaction, July 12, 2011, quotes Thomas Cook collapsed by 28%, and devalue the package "Intourist". Then in the Russian holding company, though hedged its risks were "unpleasantly surprised and concerned" distrust of investors in the securities of a partner.

Lloyds fell by £ 1 billion

In one day, the capitalization of the British Lloyds Banking Group fell more than £ 1 billion Investors are concerned the disease CEO of the bank and the reluctance of his close friend, go to the bank to work.

Lloyds Banking Group, in which controlling interest is owned by the UK government, said Nathan Bostock, who, as planned, was to lead the unit inter-bank transactions at the beginning of next year, withdrew from the post without explanation. The contract was signed with him in July of this year, but as a result he changed his mind and decided to stay at RBS. After that Lloyds Banking Group shares fell 6.75%.

His nomination to head the unit offered to personally CEO of Lloyds Banking Group, Antonio Horta Osorio,. (At one time they worked together in the British bank Abbey, owned by the Spanish Santander.) However, in mid-November, Antonio Horta Osorio, temporarily withdrew, citing "extreme fatigue, overload at work."

When it became aware of the decision to stay in Nathan Bostock RBS, investors concluded that Antonio Horta Osorio, unlikely to return to company management. As explained by an unnamed investor, is quoted by The Times, Nathan Bostock has "worked with Antonio in the Abbey. He came to Lloyds, to work with him. But now he thinks that Antonio will not be in the bank next year. " Ambiguity with managerial personnel caused serious problems facing the bank, according to investors.

Investors demanded that Lloyds Banking Group to provide more information about the health of the CEO. However, the bank has only strengthened their doubts - Chairman of the Board of Directors Uinfrid Bishop promised that David Roberts, an independent member of the Board of Directors, will serve as Antonio Horta Osorio, and take his position, if Antonio Horta Osorio, will not return by the end of the year. According to The Times, he is recovering and has approved the appointment of David Roberts as his successor.

Gold benefited from Asian demand

Against the background of instability in financial markets, global demand for gold set a new record - for the third quarter it was more than $ 57 billion investment demand for gold, as it happens in times of acute crisis, exceeds industry, with the main buyer of gold in both cases by China.

Late last week, World Gold Council (WGC) released a study on the global production and consumption of gold in the third quarter of 2011. Demand for gold has increased over the same period the previous year by 6%, to 1053.9 m - the maximum value from the second quarter of 2010. In terms of money (due to the increase in the price of precious metals) demand volume reached a record - $ 57.7 billion, which is almost one and a half times higher than the rate a year ago. From the beginning, the demand for gold reached $ 146.5 billion, up 29% over the same period in 2010.

Demand for gold from the jewelry industry grew during the quarter by 10%, to 465.6 m. In this case the first time in the history of the largest consumer of gold jewelry industry has become China, surpassing the former leader - India. For the quarter, Chinese jewelers purchased 131 tons of gold, which is almost 13% higher than last year (116 tons). With index 125.3 m second place belongs to India.

However, investment demand for gold has exceeded demand for the jewelry industry and has reached 468.1 tons increase over the previous year was 33%. For all the time observing the investment demand was higher only in the first quarter of 2009, when the monetary stimulus (612 m) and in the second quarter of 2010 (575 m), when the first debt crisis deepened in Europe.

In previous cases, the demand rises were provided with purchase of units ETFs (ETF), now provided the largest increase in buyers of gold coins and bullion. This market segment has grown since the beginning of 2008 nearly quadrupled, reaching 390 m. According to Director of Investments "TKB BNP Paribas Investment Partners" Vladimir Tsuprova, Chinese and Indian investors because of the strict regulation of limited opportunities to purchase shares of ETF-fund , so the only way to invest in gold for them - to acquire it in the form of bullion or coins. Chinese and Indian investors buy bullion, coins and medallions mainly as a means of protection against inflation and the allocation of savings, says partner UFG Wealth Management Oksana Kuchura. At the end of September in annualized inflation rate in China was 6.1%, in India - 9.4%.

Due to continued demand for gold from Asian private investors, its price will continue to rise, according to market participants. "Because of the low liquidity of bullion buying a large horizon, while in the ETF investors go for a short period of time" - says Mr. Tsuprov. As the portfolio manager "Alliance ROSNO Asset Management" Timur Salikov, high consumption of gold Asia will be one of the main drivers of demand. It is estimated WGC, this year, investment demand for gold in China will exceed 250 tons, 500 tons still need to demand from jewelry manufacturers. As stated in an interview with Bloomberg Managing Director of the Asian division WGC Albert Chan, an increase in demand for gold in China in 2012, again more than 10%. "China should not be a significant obstacle to the next year the demand for gold reached 800 tons in the macroeconomic situation continued," - he added. In such circumstances, market participants are waiting for further price increases. Morgan Stanley analysts do not exclude the growth of gold prices in 2012 to $ 2200 per ounce. Since the beginning of 2011 the price of gold increased by 21% and on Friday was $ 1718 per ounce. In the August prices reached historic highs - $ 1920 per ounce.

Thomas Cook cuts a weak link

The company intends to Thomas Cook to close 200 of its offices in the UK and reduce the fleet to six aircraft. This was a company must formally announce on Thursday, when an annual report will present results of a thorough revision of the British operations - the weak link in the assets of the tour operator.

As reported by the newspaper The Sunday Times, the second largest in Europe, the tour operator Thomas Cook will close about 200 branches operating in the UK. The British company will announce it when the general will report results for the year and the British operations in particular. These operations are the weakest in the portfolio of Thomas Cook, which generate more revenue Scandinavia and Germany and the UK market which sells 22.5 million package tours annually. This year, after merging with the Co-operative Travel company has already warned of the possibility of closing 75 branches of the British. But now, this figure increases to 200, and then the tour operator will remain in the UK around 1,000 branches. In connection with the closings will be either reduced or transferred to other offices around 1,000 employees.

This year was generally the worst in company history. From the beginning, the company has already taken three warnings about profits, and in early August, the company abruptly left the CEO Manny Fontenla-Novoa. All these circumstances have not helped to strengthen investors' confidence, and since the beginning of the shares of Thomas Cook fell by almost 80%. In such deplorable results of the company blamed the troubled situation in such popular tourist destinations such as Egypt, as well as slowing down the British economy.

As analysts had expected, in part accounts for the year, the company announced significant reductions, including the fleet. Thus, the 41 aircraft scheduled tour operator to cut 6. This news has caused outrage unions who threatened to strike. It may also be announced on the revision of the brand portfolio Thomas Cook. Can be sold to the Indian operations of foreign exchange, the share of air traffic control service of the United Kingdom, several hotels, as well as a number of assets which will enable the company to opt out of cheap tours, not yielding a significant return.

"Aeroflot" took off in profits

"Aeroflot" in the first half net profit increased more than 20-fold, to $ 376.8 million This was mainly due to sale of several airline subsidiaries, including "Nordavia". This deal also helped the "Aeroflot" to reduce by 11% of net debt.

Net profit of "Aeroflot" for January-June, in accordance with International Financial Reporting Standards (IFRS) amounted to $ 376.8 million, which at 21.5 times greater than in the first half of 2010 ($ 17.5 million). Proceeds of "Aeroflot" has increased by 26.4% to $ 2.3 billion, while earnings from operations rose 21.3% to $ 1.9 billion, EBITDA was $ 330.9 million (an increase of 20.5%). Operating expenses increased by 26.2% to $ 2.1 billion of "Aeroflot" explained the rise in prices for jet fuel, as well as an increase in the volume of work performed.

One of the main reasons for the sharp growth in profit of the carrier - for sale in the first half of 2011, 100% shares of OJSC "IC" Moscow "," 31% of JSC "Airport Refuelling," 50% of JSC "Date is" and 100% of CJSC "Nordavia." Regional airlines in June, bought the structure of GMK "Norilsk Nickel" for $ 235 million, of which $ 228 million in debt had "Nordavia" (see "Kommersant-Online" from June 14).

Financial performance of "Aeroflot" was higher than analysts' expectations. Cyril Tachennikov of UBS notes that "Aeroflot" was nearly triple the revenue from the operation of JSC "Terminal" (it controls the terminal D at the Sheremetyevo airport), as well as to compensate for rising fuel costs by raising prices. Agrees with him and Andrei Rozhkov of IFC "Metropol". He pointed out that the profitability of "Aeroflot" per passenger on an annualized basis grew by 6% to $ 0.09 per passenger-kilometer. The greatest increase in this index have provided transportation in Russia and CIS (the yield increased by 19.7%), and the Middle East and Africa (up 9.7%). As a result, according to analysts, despite higher prices for jet fuel and other costs (including personnel expenses increased from $ 308 million to $ 420.8 million), "Aeroflot" has managed to keep a high level of profitability on EBITDA (it was 14% vs. 15% in the first half of 2010).

Cyril Tachennikov adds that the deconsolidation of subsidiaries sold primarily "Nordavia" helped "Aeroflot" is also substantially reduce the level of debt (net debt group compared with the end of 2010 decreased by 11% to $ 1.31 billion). The analyst expects to further reduce the debt burden of "Aeroflot" has approximately $ 900 million due to the planned end of the year deconsolidation of the "Terminal" by combining the terminal Sheremetyevo ("Aeroflot" in exchange for 53% of "Terminal" will receive 9% stake in the airport).

Investors also welcomed the statements of "Aeroflot". The company's shares on MICEX by the middle of the day went up by almost 3% while the index of less than 2.5%.

Stock markets are investing in metal

The world's largest exchange by volume of futures contracts on the London Metal Exchange metals (LME) may be purchased by a consortium of the London Stock Exchange (LSE) and the Singapore Stock Exchange (SGX). The deal could be worth $ 1.6 billion

The consolidation of global exchanges enters a new phase. After a series of mergers and acquisitions between stock exchanges (NASDAQ-OMX, NYSE-Euronext, LSE-Borsa Italiana, etc.), operators of stock exchanges have decided to start its expansion in the area, trading in commodities. According to sources, Reuters and The Wall Street Journal, the fourth largest stock exchange and the LSE is one of the largest exchanges Asia - Singapore - are in talks about filing a joint application for the world's largest exchange for trading non-ferrous metals and steel - the London Metal Exchange.

Traded on the LME futures contracts for the supply of aluminum, cobalt, copper, zinc, molybdenum and steel. In addition, LME provides technical assistance to the London Stock Exchange in precious metals, which is the world's largest exchange for trading contracts for gold, silver and other precious metals. The annual turnover of contracts on the LME was $ 11.6 trillion.

Earlier this week, LME, which this year because of volatility in the stock market registers record turnover of contracts on non-ferrous metals, reported that its interest in buying at least nine companies. Officially, the applicants were not called, but the market is circulating about that, apart from the LSE and SGX are American IntercontinentalExchange and the Chicago raw materials exchange, futures exchange Eurex, owned by Deutsche Borse and the Swiss Exchange, as well as Hong Kong Raw Materials Exchange. However, according to Western media, the most active are the LSE and SGX, which, according to analysts, due to the fact that recently they have tried to expand its influence through M & A, but these attempts were unsuccessful. In February, LSE has made an offer to buy the Toronto Stock Exchange for $ 3.1 billion, but shareholders did not approve the latest deal. In October last year, SGX has applied to buy the Australian Stock Exchange for $ 8.3 billion, but in April the Australian government blocked the deal.

"Polymetal" merges in London

As predicted by "Y", "Polymetal" left Russia. The company launched on the reverse takeover transaction, enabling it to get a full listing in London. However, investors did not appreciate this initiative - the campaign "Polymetal" and abroad, and on Russian exchanges fall synchronously with papers of other steelmakers and twice as fast decline of the index.

"Polymetal" has begun to change in the Russian offshore registration ("Y" spoke about the possibility of implementing such a scheme yet October 29, 2010). Today, the Cyprus PMTL Holding has announced an offer to shareholders, "Polymetal" for the purchase of their shares and depository receipts, according to its message . securities of Russian companies will change the shares Polymetal International, which owns 100% PMTL, in the proportion of one to one. As long as the offer approved only 51.1% of shareholders, but the transaction took place, it should accept no less than 85% of the owners of the shares. received a of them agreed in principle to a deal, it is unknown - in the "Polymetal" declined comment.

If the offer is approved by the required number of votes, not willing to return to shareholders will be made a mandatory offer to repurchase their shares in "Polymetal". That is, it could be a redemption of 15% (about $ 1 billion). Part of the sum may be held by Polymetal International public offering of $ 500 million (as it was not specified), which will be used to purchase shares PMTL Russian company. Total free-float in "Polymetal" is 37.5% of capital.

Formally, the change of registration is to obtain a direct listing on the London Stock Exchange (LSE). According to materials that PMTL filed by FAS in October 2010 (available to the "b"), Polymetal International plans IPO worth up to $ 1 billion on the LSE and in the form of depositary receipts - on the stock exchanges in Russia. August 18 to a similar scheme of Russia finally left «Polyus Gold." Nevertheless, investors are the initiative of "Polymetal" is not rated. By 15.00 Moscow time company shares in London fell by 7%, Russia - 5% on the MICEX index decline only by 3.7%. At the same time synchronously parallel falling shares in Russian steel companies (in London and Moscow), while the rival paper, "Polymetal" "Polyus Gold" move against the market, almost without change in price.

Investors are reminded about China

Investor optimism was not enough for the whole week. After four days of growth on Friday, the Russian stock market went down sharply. At the end of the day the Russian indexes fell by 3-3.5%, eliminating most of the achievements of the previous days. This time, alerted investors to the data on the Chinese economy, which was submitted obvious signs of a slowdown. However, the center remains a concern in the euro zone, whose authorities are not ready for drastic measures to reform the economy.

The optimism that prevailed in the Russian market for almost a whole week, on Friday gave way to a massive sell off of shares. Yesterday the RTS index fell by 3.5% (during the day amounted to 4.6% reduction) - to the level of 1341.09 points. The MICEX index lost 2.9% (during the day it fell to 4.7%) and reached 1366.54 points. Looked worse than the market shares of the companies of metallurgical and financial sectors: common stocks of Sberbank fell 5.7%, "Severstal" - 6%, NLMK - 6.2%. As a result, Friday's decline undermined the achievements of previous four days. At the end of the week the RTS index added just 1.7% and the MICEX index rose by 2.8%. As a result, Russian stock indexes were again among the outsiders among stock indicators developed and developing countries. Leading Asian indices rose last week to 4.5%, European - at 4.5-5%.


A new reason for the sale of Russian assets was compiled on the Chinese economy. According to director of asset management department of the Criminal Code "Alfa Capital" Victor Barca last two months, a ground for withdrawal of investors from the risk of an economic slowdown, there were fears the United States and Europe. "Now they added in China, where the third consecutive month continuing decline in industrial production", - said Victor Burk. According to HSBC, Purchasing Managers' Index (PMI) for the manufacturing sector amounted to 49.9 points in September, unchanged compared to August. Thus, the third consecutive month the index was below 50 points separating the industrial production growth from contraction. "In such circumstances, investors have overestimated the growth rate of the global economy, which adversely affects the prices of the commodities market" - said the portfolio manager of the company "Alliance ROSNO Asset Management" Timur Salikov. During yesterday's trading price of North Sea Brent crude on the spot market dropped by 3.7% - to $ 106.7 per barrel, Russia's Urals - 3%, to $ 102.7 per barrel. At the same time in many months on Friday reached a minimum price for non-ferrous metals: nickel fell to $ 17.6 thousand per ton, aluminum - up to $ 2.2 thousand per ton, copper - up to $ 6.9 thousand per tonne.

This has already led to a reduction of investment attractiveness of countries with commodity-dependent economies, including Russia and Brazil. According to Emerging Portfolio Fund Research (EPFR), last week (from 21 to 28 September), investors continued to withdraw funds from the commodity economy: Russia's funds lost $ 443 million, the Brazilian - $ 75 million And Russian funds are losing money the 12th consecutive week, During this time customers withdrew nearly $ 3 billion, "Because of the raw materials sector, cycling and low diversification of the Russian economy remains highly dependent on the macroeconomic situation - said the portfolio manager of the Criminal Code," Capital "Olga Izyumova .- Therefore, in a recession the world economy, any increase in stock market is regarded by investors as an opportunity to get out of Russia. "

Changes in investor sentiment, market participants in the near future do not see why the outflow of funds from the Russian market will continue. According to a senior portfolio manager of the company "Renaissance Asset Management" by Alexander Krapivka in the center of concern is Europe, where everything is smooth in name only - until the adoption of measures to "tighten control over spending" and "save bad debtors." "When it comes to putting these measures into practice, the situation is considerably complicated," - stressed Mr. Krapivka. The main problem is that the measures that might actually help solve the problem of debt, yet still look acceptable for governments and regulators. "The bad news is that the situation is still severe enough that regulators were ready to propose drastic measures problem-solving, rather than just shifting them to a later date", - said Victor Burk.

Google and Apple are fighting for first place

Chrome browser at the end of the year to become second in popularity only to Internet Explorer, and Apple products ahead of the device based on traffic Andorid. Such data are published Net Applications.

Late last week, analyst firm Net Applications, which deals with the measurement of the Internet market, has published two new studies on the situation on the market in September this year.

According to the company Net Applications, Chrome - Browser production Google - increasing its market share by the end of the year will be the second most popular browser, shifting into third place Firefox. The leader is still Internet Explorer, which owns 54.39% of the market. However, this figure is a record low for Internet Explorer. Firefox and Chrome share at end-September amounted to 22.48% and 16.2% respectively. With more closely followed by Safari (5,02%) and Opera (1,67%). Similar estimates are published and other research companies - according to the Irish StarCounter, since the beginning of this year's market share Chrome rose by 8% (estimates based on the number of users). Net Applications predicted that by March 2012 Chrome will be able to take a fifth of the browser market by number of users.

In addition, Net Applications has published data on the balance of power among the operating systems for portable electronic devices. Surprisingly, in September, the leader in terms of traffic was the operating system iOS from Apple, although the proportion of the overall market higher in Android, which is developing Google. (The number of devices on Android for 48% of the world market, and devices based on iOS - only 19%). According to Net Applications, in September had to iOS 54.65% of all traffic from mobile devices, to platform Java ME - 18,52%, while for Android - a little more than 16%. Net Applications Experts explain this by saying that on iOS work not only smartphones, but also other devices such as iPad, iPod Touch. Devices based on Android - is, by contrast, mostly smartphones, as tablet computers with this operating system have not been able to take a fairly significant market share.

Dexia Bank are prepared to share

Franco-Belgian bank Dexia is preparing for the separation and sale. According to the Belgian De Standaard, the decision was taken at the last late Monday night meeting of the Board of Directors. The decision was made after an alarming warnings, which were made in respect of bank rating agencies Fitch and Moody `s.

The Belgian newspaper De Standaard reported on Tuesday citing informed sources on the most probable fate of the Franco-Belgian bank Dexia, which even during the 2008 financial crisis, has received state aid amounting to € 6 billion in the bank now may be the first major financial institution in Europe, collapsed due to the current crisis with the sovereign debt.

It follows from the plan adopted, according to the newspaper, at a meeting of the Board of Directors, which began Monday evening and will last well into the night, to start from Dexia will be displayed all the new loans that the bank provided the French municipal authorities. To manage these credits will create a new French bank. In turn, the number of bank assets, such as asset management unit of Dexia Asset Management, a joint venture with Canada's RBC - RBC Dexia Investor Services - and, finally, the Turkish unit Denizbank, must be sold before the end of the year. It is reported that can sell and Dexia Bank Belgium - Belgian branch of the bank. As for the "bad" assets, such as Dexia Credit Local, Italian and Spanish unit Crediop Sabadell, then they will be combined into a "bad bank", which is reported to the source of De Standaard, receive government guarantees on the part of Belgium and France.

Just how serious the situation at the bank, which, as of June, had the Greek bond market is € 3,8 billion, and the risk of potential losses on these securities amounted to approximately € 4,8 billion, reported last week, ratings agency Fitch. On Monday its intention to review the bank's rating downward announced and agency Moody `s.

Indirectly, the information leading Belgian newspapers published in Dutch, Belgian Minister of Finance has confirmed Didier Reinders. On Monday, he discussed the issue with his counterpart, the Bank of France, Francois Baruanom. As the agency AFP, Mr Reinders on Tuesday confirmed its intention to help the bank in case of need.

Moody `s rating has initiated a review of the euro area

Italy's credit rating lowered at once on three levels - agency Moody `s has applied such sanctions for the first time since 1993, reducing the country's sovereign rating to Aa2 from A2 c negative outlook. "All the smaller European countries rated below Aaa able to maintain their ratings at the current level," warns Moody's.

Such a sharp downgrade of Italy agency Moody `s says" a significant increase in long-term risks in raising funds for countries with high debt, such as Italy. These risks are the result of a long and noncyclic declining confidence in all Eurozone fiscal space and the ongoing debt crisis of the sovereign. " In addition, the agency notes the growing risks to the economic development of Italy, naming as reasons for the deterioration of the macroeconomic situation. In this case, according to Moody `s, the Italian government to a significant time to achieve the goals of fiscal policy. Reducing Italy's rating to A2, the agency put her on par with Malta and one notch below Estonia (rated A1). To the surprise of many observers, the Italian authorities' reaction to the actions of Moody `s been very quiet. Italian Prime Minister Silvio Berlusconi said that "the agency's decision was expected", and stressed that "the Italian government is doing everything possible to achieve the budget goals."
 

Moody `s also stated that in the near future ratings of other eurozone countries, whose financial situation is not ideal, can be reduced. "In the strongest euro zone sovereign borrowers, the rest are likely to be vulnerable to the negative pressure on the ratings - the agency said in a statement .- We expect that the smaller countries with ratings of Aaa (Austria, Finland, France, Germany, Luxembourg, the Netherlands .- "b") will maintain their current ratings. "Responding to statements by the agency followed in the foreign exchange market: the euro against the dollar has declined from $ 1.335 to $ 1.330, while against the yen - to ¥ 102,5 to ¥ 101,2 .

Published rankings of financial oases

Financial secrecy continues to flourish, established as a research group Tax Justice Network. In her new ranking of leading tax havens in Switzerland, for her to follow slightly behind the Cayman Islands, Luxembourg, Hong Kong and the USA.

British research group Tax Justice Network (TJN) published its rating of tax havens. Switzerland became the leader of the rating, despite the fact that this country has recently signed an agreement with the OECD on information disclosure. According to TJN, this agreement is "ineffective." The active participation of Switzerland "in the management and use of funds ... and offshore companies, remains a major obstacle to the fight against tax evasion and illegal financial flows." Recall that one of the largest Swiss banks - UBS - was forced to pay the U.S. government $ 780 million after the Justice Department accused the bank of helping its American clients with tax evasion.

The top five biggest tax havens include Switzerland, but the Cayman Islands, Luxembourg, Hong Kong and the United States itself. In the first part of the list of many large European countries - Germany (9th place), UK (13th), Belgium (15th), Austria (17th), Cyprus (20th).

In his blog, the group plans to publish detailed reports on each of the countries included in the top ten. The organization itself calls its report "major investigation" into this field for all times. The rankings take into account the TJN 15 indicators such as the degree of secrecy, the effectiveness of tax legislation and the degree of transparency. "The secrecy is alive and well," says TJN, despite the fact that the G20 summit in 2009 declared that "the era of banking secrecy has passed."

Tax Justice Network - an independent organization established in 2003 at the initiative of the British Parliament. It brings together academics, economists, financial experts, journalists, lawyers and other professionals who study the "secret world of offshore finance," as stated on the website itself TJN.

Industry leaves the energy

In July-September 2011 the first major increase in electricity production in Russia has provided its own generation industries. This may mean that large consumers from high energy prices are moving towards self-sufficiency. Although the state acknowledged the existence of such a risk at the beginning of the year, this problem has not yet appeared.

The threat of withdrawal of large consumers of electricity services from a single national grid (UNEG), it seems, begins to put into practice. According to the "System Operator", power industry (blokstantsii), intended mainly for power production capacity in the last three months have dramatically increased the production of electricity.

Back in June of this year, production growth at relatively blokstantsiyah June 2010 was 2.9%, which was comparable to the overall increase in output in the integrated power system (2.1%). But then the growth rate of industrial enterprises in power generation began well ahead of all-Russian level. In July, showed an increase blokstantsii about last year's figures by 6.3% (on a uniform grid as a whole - 2.6%). In August and September of power generation in industrial power was 9% higher than in 2010, while production in the power system has grown rather slowly - 0.9% in August and 4.6% in September. Currently, the share of generation industries of Russia's production is already approaching 6%.

These figures are particularly significant in light of the fact that consumption growth in the Russian economy has recently slowed down. In September, the Russian electricity demand relative to last year's performance grew by only 0.7% in August - by 0.4%. In the first half of 2011, consumption has demonstrated a much better dynamics, rising in comparison with 2010 by 1.5%.


At the same time until the summer of 2011 production at the power dynamics of industrial enterprises remained roughly the same level as that in whole Russia. As a result, for the first nine months of production growth in blokstantsiyah comparable to the rate of growth in output of thermal power plants belonging to the energy companies - 4.2% vs 3.1%, respectively. Note that it is the thermal power generation companies and the industry has provided during this period the main increase production. Nuclear power stations to maintain the level of last year (an increase of only 0.7%) and hydroelectric power stations, depending on water availability, reduced production by 3.1%. In the 2010 Indicators of industrial enterprises stations, however, lagged behind the nationwide: last year blokstantsii increased production by 2.2%, while total generation EEC rose by 4.6%.

On the possible transition of industry to self-talk is particularly active at the beginning of this year because of soaring energy prices. Already in February, Vladimir Putin at a government meeting raised the question of what the final price of electricity rose by more than the planned 15%. Then, using manual control of the government cut income energy company, which is somewhat lowered prices. In March, the high prices of electricity, because of which the construction of its own generation for the industry becomes more profitable to work in the UNEG, indignant and President Dmitry Medvedev. Ministry of Energy is also studying the problem of transition of industrial enterprises to their sources of energy (see "Kommersant" on 26 July), but no solutions.

But, according to senior analyst FK "Opening" Sergei Beida, while talking about a sustainable upward trend in domestic production of electricity at power industrial plants early. He notes that the thermal generation of energy companies also increases the production of compensating and stable indicators of nuclear decline of hydropower. In addition, Mr. Beyden adds that now directly visible price signals in the transition to his own generation is not: the wholesale electricity market prices are close to last year. Nevertheless, one of the main factors contributing to the final price of electricity is increasingly recognized as not the wholesale market situation and high rates of network companies.

"Renaissance" has sold profit

Investment bank "Renaissance Capital" in the first half was $ 32 million net loss. Negative financial result of the investment bank demonstrates a third consecutive reporting period, but this time the "Renaissance" has left a negative solely because of the taxes that were paid in connection with the sale of 6.7% of shares in RTS.

Investment bank "Renaissance Capital" has opened separate indices for the first half on international financial reporting standards. Its net loss was $ 32 million this way the bank has demonstrated a negative financial result of the third reporting period in a row - in the first half of 2010, its net loss was $ 6.8 million, at the end of 2010 - $ 33.7 million from the Russian investment bank is currently only data currently available, "VTB Capital", in the first half pre-tax profit, he received 15.1 billion rubles.

"Renaissance Capital" - established in 1995 investbankovskaya group. In September 2008 a group of ONEXIM Mikhail Prokhorov bought 50% minus half the shares of the investment bank "Renaissance Capital". The rest of the investment bank owned "Renaissance teams" controlled by managers.


Despite the resulting loss, "Renaissance Capital" demonstrated an increase in operating income, compared to the same period last year - by 56% to $ 211 million, the main contribution has given control of Equities - $ 122 million, income from business M & A (mergers absorption) and advisory business were $ 42 million, however, have grown up and operating costs - in the first half of 2011 they amounted to $ 210.6 million from these personnel costs were $ 122.6 million, in the first half, when financial markets showed signs of recovery , number of employees increased by 8%, from 906 to 968 people. The remaining costs were associated with an increase in business investment bank, in particular, continued expansion into other emerging markets. "In the beginning, the proportion of Russian businesses have accounted for 80% in the first six months it dropped to 73% and the percentage of African rose to 20%, - the chairman of the board," Renaissance Capital "Alexander Pertsovsky .- This is in line with our targets Ideally, we strive to Russia accounted for about 70% of revenues. "

According to Mr. Pertsovskaya, the results of the investment could be much better, but a negative contribution to them has made taxation, including a deal to sell the "Renaissance Capital" of shares of RTS (10%). Tax rates in the "Renaissance Capital" does not disclose the investment bank pretax profit was $ 226 thousand

"Overall I am pleased that we continued to invest in business development, although the loss itself does not please me, myself, - said Alexander Pertsovsky .- Our results for the year will depend primarily on how markets behave, we now have in terms of year-end 39 mergers and acquisitions, and 30 transactions in the market to raise capital, but given the current situation, they may be delayed. " The fact that capital markets are virtually frozen in September, see "Kommersant" on October 3. Investment bank plans to respond to worsening instability in the financial markets, optimization of costs, in particular, Mr Pertsovskaya, optimizes staff. Recently became aware of the plans of the "Renaissance" to cut about 10% of staff reduction took place in almost all parts of the group with the exception of the retail bank.

Experts believe it unlikely loss reduction, "Renaissance Capital" of the year. "I do not think we will see significant improvement, although significant losses, I do not expect most of the market position of" Renaissance "hedged, long positions are not so many - says Moody's analyst Vladlen Kuznetsov .- Losses" Renaissance Capital "are linked to the cost of expansion, given the current situation, the expected revenue growth offsetting hardly worth it. "