"Gazprom" will light up in Europe by RWE

"Gazprom" has agreed with the German concern RWE on global partnerships in the power of Europe. Within three months of promises to create a joint venture, which will force power plants and RWE will build new ones. "Gazprom" also hints that he wants to strengthen the role of RWE and as a partner in the gas market, surpassing German E.ON. But this part of the negotiations so far is just an attempt to pressure on E. ON, which actively seeks to "Gazprom" price reduction.

The head of "Gazprom" Alexey Miller and chairman of RWE Juergen Grossman signed a memorandum of understanding establishing a joint venture for power generation. As explained by the new company will have power capacity of RWE of Germany, Benelux and the UK, as well as to build new power plants. It is not just about the gas, but also about the coal plants. Instead, RWE will receive from "Gazprom", "natural gas at competitive prices."

Source: "b" in "Gazprom" claim that we are talking about "a possible change in a global partner monopoly in Germany." Until now, such was considered a rival RWE, energokontsern E. ON, "but now, for the first time in forty years, the definition of a" strategic partner "is used not only in relation to E. ON, but also to the RWE". "Now, when you open a new window of opportunity in Germany (due to the reduction of nuclear programs it that may create a demand for an additional 18-20 billion cubic meters annually .-" b "), RWE, more than anyone else, is willing to cooperate, "- says the source" b ". Of course, he adds, this does not mean that "the doors are closed for E. ON ', but a change of priorities in Germany is possible, and the" Russian authorities informed of signing the memorandum with RWE ". Press secretary, Dmitry Peskov, premiere and representative of the E. ON Kai Krishnak refused comment on the situation.

"Gazprom" is not the first declares a desire to enter the European market for electricity. But so far the only asset is its monopoly on Kaunas CHP in Lithuania. Agreement with RWE's first real step in the electricity monopoly in Europe. On the eve of the German Spiegel reported that "Gazprom" can become a part owner RWE (rumors of this appeared in 2008), but it refutes monopoly.

RWE - the second largest energokontsern Germany. Revenue in 2010 - € 53,3 млрд, EBITDA - € 10,2 billion, net profit - € 3,3 billion for the supply of electricity in Germany is the first place in the Netherlands and Hungary - the second in Britain - the fourth in Europe as a whole - the third. Generation in 2010 - 225 billion kilowatt hours

Which station RWE can get the joint venture, nor in "Gazprom", no German concern not explain, noting only that the talks will go another three months. Source: "b" are close to "Gazprom", saying that the final list of assets has not been approved, because he has to take into account the overall strategy of "Gazprom" in the energy sector, which the board will consider a monopoly until the end of the year.

Markets identified in the memorandum are the key to RWE, with the concern's intention was to bring to 2012 the share markets outside of Germany in terms of operating up to 50% (energy sector). However, RWE has financial problems. Standard & Poors recently downgraded the credit rating to A-group, indicating the possibility of falling revenues in the next three years (including due to the tightening of emissions of CO2) and high debt, which reduces opportunities for investment (€ 27,5 billion). In the S & P noted that RWE will sell some assets. The basis of the problem of RWE (as well as other energy companies in Europe) are high gas prices (especially Russian), so the possible discounts from the "Gazprom" is extremely important for the group, said Vitaly Kryukov from the group "IFD Kapital,".

But for the "Gazprom", adds the analyst, talks with RWE may be just an element of pressure on E. ON, which also seeks to reduce gas prices. Michael Korchemkin of East European Gas Analysis and sees no real prerequisites for changing the partner of "Gazprom" in Germany, especially as long as E. ON is a major consumer of Russian gas in the country, buying almost twice as much as RWE (of the order of 18-20 billion cubic meters to 8 billion). In addition, E. ON is a partner of "Gazprom" in a number of projects such as the construction of gas pipeline Nord Stream. Source: "b" in "Gazprom" assures that the pressure on E. ON by negotiations with RWE monopoly is not going to, noting that while the memorandum concerns mainly the electricity sector.

Shareholders of Deutsche Boerse and NYSE Euronext approved the creation of the world's largest stock exchange

The shareholders approved the Frankfurt Deutsche Boerse plans to merge their trans-Atlantic exchange with NYSE Euronext. If a positive decision soon vynesut European and American regulators, will be formed by the world's largest stock exchange, which will handle securities of companies with total market capitalization of $ 20 trillion.

The statement said the German exchange, the deal favored the holders of more than 80% stake in Deutsche Boerse at the required 75% of the stipulated conditions of the merger. Thus, consent to the transaction gave the shareholders of both exchanges - the week before the merger the shareholders supported the NYSE Euronext.

Recall that in a transaction worth $ 9.4 billion Deutsche Boerse and NYSE Euronext form the world's largest stock exchange, which will handle securities of companies with total market capitalization of more than $ 20 trillion. Chairman of the Board will be the current head Reto Francioni Deutsche Boerse, the general director - the current head of NYSE Niederauer Duncan. The board of directors will comprise 15 members, 9 of which will be appointed from Frankfurt, the other 6 - of New York.

Experts believe that the active support of the transaction by the shareholders of both exchanges should have a positive impact on the opinions of the U.S. regulatory authorities and the EU - The European Commission must render its decision is August 4.

Credit Suisse hit by tax investigation

The second-largest Swiss bank Credit Suisse said that the U.S. Department of Justice conducts an investigation against him. Authorities suspect that the Swiss bank helped wealthy Americans evade taxes. U.S. tax investigation against another Swiss bank UBS has meant that the bank paid a fine $ 780 million and opened the tax authorities data on 4.5 thousand of its customers.

The statement said Credit Suisse, «As for the investigation of the unit for servicing wealthy American clients. July 14 Credit Suisse has received from the Justice Department be notified of the investigation. Among other things, it was reported that U.S. authorities are conducting a broader investigation into the market. " The Swiss bank announced that it has cooperated fully with investigators and provide all requested information. No further details were disclosed. In February of this year, an employee of Credit Suisse Christos Badzhios already been detained by U.S. authorities on suspicion of distributing schemes "tax optimization". At the same time four other bankers were accused of helping wealthy American clients, tax evaders.

Credit Suisse was the second Swiss bank whose activities attracted the attention of U.S. tax authorities. Recall that in 2009, the largest Swiss bank UBS to end a year-long investigation has agreed to pay fines to U.S. authorities $ 780 million and disclose information about their 4450 North American clients. Consent to give information to their clients the American tax authorities led to the present diplomatic scandal between the U.S. and Switzerland, and the fact that in 2009, customers withdrew from the management of UBS tens of billions of dollars.

AFI Development general director change

General Director of AFI Development Khaldei Alexander, who sold early in the year share in the company, moving away from operational management. On August 1, he will leave his post, but before the end of 2011 will retain a board seat. Instead, AFI Development headed by director general Mark subsidiary Groisman.

Press Service of AFI Development announced that from August 1, Alexander Chaldea, who served as CEO of the company for over 10 years, will replace Mark Groisman, head of one of its subsidiaries - OOO "AFI RUS".

Care of Mr. Chaldea came as no surprise: in January the company announced a repurchase agreement with the manager owned 9.7% stake in shares of AFI Development $ 129 million (see "Kommersant" on January 27). The first phase - 2.96% redemption - was passed in the first quarter of 2011, and July 1 was closed transaction to acquire the remaining shares - 6.74%, said a company representative.
AFI Development back in the ranks
Company diamantaires Israeli Lev Leviev for the first time in the past two years, is launching a new project - the construction in the Ruza district near Moscow Resort & Spa ...

AFI Development was founded in 2001. Development portfolio - 3.8 million square feet. m. In 2010, revenues totaled $ 74.1 million: Sales rose 16% to $ 30.2 million, lease payments - 22%, to $ 43.9 million profit was $ 25.88 million compared to a loss $ 2.66 million a year earlier. Debt burden of the company - $ 406.7 million for capitalization of LSE - $ 916,7 million

The last trade of Alexander Chaldea in AFI Development will buy a 25 percent share of the city and underground parking for 2.7 thousand parking spaces in the flagship shopping mall company - AFImall City. The amount of the transaction, which was announced in March, would be $ 310 million, the company announced today that it has signed an agreement to share the city for $ 180 million deal will be closed once the contract will be all the formal procedures in City Hall, AFI Development is now in talks with banks on the financing, states a press release. Agreement on the purchase of parking will be signed soon, said a representative of the developer.

Earlier, sources, "b" have assumed that this transaction will be carried out with compensation of costs incurred by the developer to underground shopping mall, "Tverskaya Zastava" spring city to stop construction because of the difficult driving conditions, has promised to reimburse all the attachments. Now, however, the company argued that the transaction will be independently from each other, as the size of compensable costs have not yet agreed.

As reported by "Kommersant" on 28 June, the city plans to sell its stake in 350 projects. Total area of ​​all buildings was estimated at 500 thousand square meters. m, and their approximate cost - $ 1.5 billion

HTC Apple loses patent dispute

Apple has won over his rival Taiwan - HTC. HTC was found guilty of violating patents on technology used in smart phones and Tablet PCs.

International Trade Commission ruled that Taiwan's HTC, the second largest Asian producer of smartphones, has violated the ten patents owned by Apple. It is an intellectual property associated with software for e-mail and text messages to portable electronic devices, as well as hardware that is used in the touch screen and motion sensors.

HTC appealed to the commission to consider an appeal against the decision of the American Administrative Court handed down on July 15. Previously, the court found guilty of violating the HTC patents Apple. Now the U.S. may ban import of some phones, HTC, who use the Android operating system from Google, as well as Tablet PCs HTC Flyer.

Because of this defeat, stock quotes, HTC fell by 5% to its lowest level in six months. To increase the stock price, HTC announced its intention to purchase 20 million shares (it is approximately 2.44% of its equity) to 17 September. Approximately half of these shares will be distributed to employees, the other half revoked. In addition, to attract investors, HTC plans this year to pay dividends on its shares.

Note that the International Trade Commission is currently considering a complaint against HTC Apple, also associated with the violation of intellectual property rights. A decision on the complaint will be issued on September 16.

Societe Generale accelerates consolidation

The French group Societe Generale has increased to 82% stake in Rosbank, which is based on June 30 brought together all its Russian "daughter". Shares of the companies of Vladimir Potanin and VTB in Rosbank, therefore, decreased. However, the complete redemption of the French minority interests Rosbank speech does not go.

The largest shareholder of Rosbank French group Societe Generale has increased its share in it with a 74.9% to 82.4%, according to the website of the Russian bank. At the same time the share of minority shareholders - the companies of Vladimir Potanin (Pharango Holdings and ICFI) and VTB, owned by 11.1% - down to 6.3% and 9.3% respectively.

Partially reduced minority interests was up to an additional issue that Rosbank conducted within the framework of accession of the other "daughters» Societe Generale (SG) - Bank Societe Generale Vostok. The additional issue was placed on the amount of 3.076 billion rubles., Or as a result of Rosbank capital increased by 25%. Shares were placed by converting them into ordinary shares of 1.293 trillion BSGV nominal value of 0.01 rubles. This helped to increase the share of Societe Generale in Rosbank and smearing of shares of other shareholders. Occurred in a similar way and the previous increase in the proportion of the French group in Rosbank. At the end of last year Rosbank for "adoption" of two other banks, controlled by Societe Generale (Bank "DeltaCredit" and Rusfinance Bank), increased the capital by 50 billion rubles., Resulting in increased and the proportion of the French group, eroding minority interest.

After all the additional issue of the share of Societe Generale was up about 78%. However, the group has acquired slightly more than 3% of the company ICFI, due to what proportion of the latter was reduced to 1.1%. Intention of further increasing its stake until the voice of SG. Furthermore, the proposal VTB, which has become at the end of last year, the owner of a minority stake in Rosbank, to sell its stake to the French, was rejected. SG said then: given that VTB plans to be a long-term investor Rosbank, the team is ready to advise a state bank with a view to "find solutions".

What will happen to the shares of Rosbank, the remaining structures in the Vladimir Potanin, is not clear. He has previously said about the possibility after the merger of banking assets in Russia SG swap its stake in Rosbank stock Societe Generale. As reported by "Kommersant" deputy general director of "Interros" Larissa Zelkova, after finalizing all the procedures to combine structure Vladimir Potanin will be ready to return to the issue of the share exchange for a stake in Rosbank SG.

In Venezuela, more oil than Saudi Arabia

The Organization of Petroleum Exporting Countries (OPEC) has published its annual report, which shows that in 2010, Venezuela surpassed Saudi Arabia in terms of proven oil reserves.

Venezuela's proven oil reserves in 2010 amounted to 296.5 billion barrels, which is 40.4% higher than the figure in 2009. Proved oil reserves in Saudi Arabia, according to OPEC's annual report, amounted to 264.5 billion barrels. Thus, OPEC reaffirmed made in January this year, Venezuelan authorities statements about the growth of proven oil reserves.

As follows from the document increased the volume of proven oil reserves in Iraq and Iran (24.4%, to 143.1 billion barrels, and 10.3%, to 151.2 billion barrels, respectively). Venezuela, Iran and Iraq are reminiscent in this regard, the experts included in the group of countries opposed the Saudi plan to increase oil production at the June conference of OPEC in Vienna. Production volumes were then kept unchanged.

Experts say that in the long term growth of proven oil reserves in countries that are strongly in favor of continued high oil prices, can greatly enhance their position within OPEC. Nevertheless, many experts remain doubts about the profitability of production of the "new" Venezuelan Oil: The majority of newly discovered reserves are in heavy and very heavy crude oil Orinoco basin, which, according to, for example, The Wall Street Journal, it is very difficult and expensive extract.

News Corp. destroy their own news

During the day, News Corp. Rupert Murdoch fell another $ 1 billion since the beginning of July the corporation's capitalization declined by $ 8.3 billion, which is a consequence of the ongoing scandal surrounding the British division of the corporation.

Even a short list of new issues News Corp., Occurred just last night, looks like an endless and depressing. The unexpected death of one of the most important witnesses, the resignation of the deputy head of the Metropolitan Police because of his contacts with journalists, News of the World, the decision of Prime Minister David Cameron to reduce its African tour on Wednesday and hold an emergency meeting of the House of Commons in connection with the scandal. Finally, today in the parliamentary committee on the media to testify by Rupert Murdoch, his son James and ex-CEO of News of the World Rebecca Brooks. In addition to all law enforcement agencies interested in the corporation of Great Britain and the United States. Against this background, the most innocent look on hacking websites News Corp.

On Monday at his home in a suburb of London, Hertfordshire, was found dead a former journalist for the newspaper News of the World Sean Choir. It was he one of the first openly declared that the wiretapping in the News of the World is a common practice. He also claimed that Andy Coulson, editor of the publication being actively encouraged this method of data collection. In 2010 Coulson was the press secretary of Prime Minister David Cameron and worked them until January of this year. Police say they still do not know the circumstances of the death of Sean Hoare, but nevertheless they do not consider the death of Horus as "suspicious."


Submitting his resignation on Monday, the deputy head of the Metropolitan Police John Yates, experts say, eventually could become the head of Scotland Yard, but this, as it turned out, prevented the two circumstances. Two years ago, it was he who decided to close the police investigation into the tapping of News of the World. In addition, it became known that he once had lunch with representatives of the newspaper, and in a time when the case against News of the World has not yet been closed. Deputy Prime Minister Nicholas Clegg literally demanded the resignation of Yeats: "A senior officer thought it appropriate to accept an invitation to dinner from the leadership of the newspaper, which was under investigation. Now, before the London police is no easy task - restore lost public confidence. " Yeats had no choice but to obey.

Meanwhile, the British Department for investigation of major fraud (SFO) reported that its staff have begun a preliminary investigation against the News of the World in connection with the wiretapping and suspicion of receiving bribes from employees of the Metropolitan Police of the publication in exchange for information. The investigation could take up to 18 months and spread to the other side of the Atlantic, since the Justice Department has already made a request to the SFO in connection with the investigation. In the U.S. Congress have been calls to their investigation, and the FBI considers the fact that in 2001 journalists News of the World could buy the New York police officers to gain access to telephone messages to relatives of people killed in terrorist attacks on September 11.

Do not stay aside from the scandal number 1 and the ubiquitous lately hackers, making a massive attack on the sites of News Corp. The hacker group broke LulzSec site of the newspaper The Sun. Visitors to the site redirected to a link to a fake page of the newspaper where the obituary appeared their eyes Rupert Murdoch reportedly found dead in his garden. The article said that Mr. Murdoch had died "of oral high dose of palladium." On Monday night, problems arose on the site The Times. This attack is suspected hacker group Anonymous.

Meanwhile, the chief, as the name, source of income for News Corp .- news - has now become the main cause of expenses of the corporation. Shares of News Corp. at auction in New York on Monday fell just 4.3%, and the company fell by $ 1 billion, and with the scandal broke - July 4 - at $ 8.3 billion addition to this agency Standard & Poor `s has announced that may reduce the credit rating of the corporation, as recent events have dramatically increased the risks associated with it.

Bloomberg referring to its sources reported that News Corp. considering the appointment to the post of CEO Chase Carey, the current chief operating officer of the corporation. Rupert Murdoch and it should retain the post of chairman of the board of directors of the corporation. Sources of the agency stressed that the final decision will be made today on the results of the hearings in the British Parliament on the committee for the media.

HSBC offshore banking with breaks

The second-largest bank in the world, the British HSBC, took the unprecedented decision to refuse to provide services to its offshore branches of U.S. clients. Take such a step the bank was forced to the background investigations of new U.S. government against foreign banks that helped wealthy American clients evade taxes.

British bank ceases to provide customers with a wealthy American private-banking-office services to its offshore and other foreign entities. As reported by The Wall Street Journal, HSBC, the world's second bank by assets, has already sent its American customers so notified, recommending to close accounts in such offices within 30 days. As stated by the publication of a bank representative, "American wealthy clients we will no longer offer asset management services from our offices outside the United States."

The decision was taken against the backdrop of tightening U.S. tax investigation in respect of foreign banks, which, according to authorities, to help their wealthy American clients withdraw funds from the U.S. taxation. As it became known on Sunday, HSBC has notified its wealthy clients that the U.S. tax authorities offer voluntarily to tell them about their offshore accounts in exchange for a reduced penalty, advising clients to "bring the matter to their attention." Experts believe these actions bankers trend. According to UFG Wealth Management partner Dmitry Klenow, "in today's reality we can confidently say about the trend: the world's leading banks have stopped providing offshore services to U.S. citizens. At the same time existing customers bank stops providing data services, requiring close the accounts or move them to other banks. "

Last week, Swiss bank Credit Suisse said that the U.S. Department of Justice conducts an investigation against him, suspecting that the Swiss bank helped wealthy Americans evade taxes. In April, management of the IRS (IRS) has requested information about HSBC for U.S. citizens who use the Indian unit of HSBC and concealing information about their accounts in India from U.S. authorities.

The current tightening of tax investigations in the United States has become the second largest U.S. tax campaign in recent memory. In 2009, the largest Swiss bank UBS to end a year-long investigation has agreed to pay fines to U.S. authorities $ 780 million and 4450 disclose their American customers. Consent to give information to their clients the American tax authorities led to the present diplomatic scandal between the U.S. and Switzerland, and the fact that in 2009, customers withdrew from the management of UBS tens of billions of dollars.

Analysts point out that European authorities are moving in the same direction as the United States. "Following the acquisition of the database by the German tax office, many Swiss banks, for fear of harassment, limited access to offshore products for the citizens of Germany, - said Mr. Maples .- Switzerland now wants to ensure that maximum squeeze unscrupulous clients, ie those that may be brought charges of tax evasion. "

Imported cars kept the market

In the first half in Russia, sold cars at $ 27.2 billion, Russia's car provided only 12.8% of sales, the rest came from foreign cars. And if the number of cars sold foreign cars produced in Russia, ahead of the sale of imports by 7%, the money used imported machinery brought a third more. In general, the share of imported machines on the market is about 50%. Despite the growth in car production in Russia, it is held by machines cost from 600 thousand to 1 million rubles.

Consulting company PricewaterhouseCoopers (PwC) presented an overview of the Russian market for new passenger cars in the first half. In contrast to the data of the Association of European Businesses (see "Kommersant-Online" from July 8) in the analysis do not take into account sales of light commercial vehicles, which accounts for more than 50 thousand sold in the first half of machines, but the estimated monetary amount of the market.

According to PwC, in the last six months of car sales in Russia increased by 85% - to $ 27.2 billion, while in terms of quantity sold only 57% more cars. Most rapidly growing sales of foreign cars, which are collected in Russia. During the first half they increased by 77% - up to 440 thousand vehicles, sales of Russian brands have increased by 32% - up to 310 thousand in cash terms the sale of foreign cars grew by 104% - to $ 10.2 billion, the Russian vehicles were sold at $ 3, 5 billion, an increase of 52%. In just the last six months in Russia produced 815 thousand automobiles, 67% more than during the same period last year. Projected to PwC, in general, the results of 2011 in Russia could be produced about 1.7 million vehicles. This figure will be "a record in terms of production cars in the history of the Russian automobile industry", noted in the PwC.

Sales of imported cars also show a significant increase - up 82% in cash terms and by 60% in quantity. During the first half was sold imported 410 thousand cars - at $ 13.5 billion total, according optimistic forecast PwC, in 2011, sales of imported cars could rise to 820 thousand cars - 37% more than last year. "Only five months of 2011 Russia imported almost twice as many new cars over the same period last year," - said in a presentation PwC. It almost stopped increasing market share of vehicles produced in Russia, the total sales volume - as in 2010, it remains at 50% in cash terms.

"Growth in sales of imported cars can not prevent even the high customs duties, which are now set at 30%", - said Mikhail Pak from IR "Aton". The fact that growth was driven by strong demand for cars of the most popular segment of the value of 600 thousand to 1 million rubles. That are almost not produced in Russia, including Kia, Mazda and Suzuki, explains the analyst. Indeed, according to the AEB, over the past half-year sales grew by 91 Kia%, Mazda - at 89%, Suzuki - 49%. In addition, the analyst adds, dealers and banks offer attractive loan terms for these brands.

Issues in Europe delayed the foreign exchange market

Today, the euro rate rose to $ 1.429. The growth rate of the euro contributed to the message that the leaders of France and Germany have agreed on a common approach in resolving the debt problems of the Greek. However, statements by the Prime Minister of Luxembourg Jean-Claude Juncker made to them in the afternoon, investors' expectations not met. As a result, the euro once again went into the red zone.

Today the euro against the dollar has returned to levels two weeks ago. By 11.20 GMT the euro value has risen by 0.5%, to $ 1.4294 - its peak from July 8. Euro has strengthened its position in the Russian market. On the MICEX exchange rate of European currencies rose by 10 kopecks. Until 39.8493 rubles. / €. The European currency has strengthened its position the third consecutive day. During this time, the euro rose against the dollar by 1.3%.
 

Appreciation of the euro contributed to a message saying that the recent talks on Wednesday the leaders of France and Germany resulted in agreeing a common approach to resolving the debt problem of the Greek. The position of the two leading economies of the eurozone will be represented at the summit of leaders of the bloc, which takes place on Thursday. The new aid program will complement the Greek rescue plan worth € 110 billion, developed in May of last year. It is expected that it will include a new emergency loans to eurozone governments of Athens and the International Monetary Fund, and possibly other measures. "More significant strengthening of the euro hampered by the fact that the most interesting details of the negotiations behind the scenes. The main issue remains the private sector participation in the salvation of Greece and the effect of such a scheme on the ratings of Athens "- analysts NB" Trust ".

The situation had a positive impact on the value of Greek bonds. During the auctions of government bonds yield fell to a decade of 16.8%, whereas two days ago it exceeded 18.5%. Yield decade of sovereign bonds, Portugal and Ireland declined to 12,2-13,2% per annum, although last week it stood at 13-14,6% per annum.

In the afternoon, optimistic market sentiment began to disperse, as the market began to filter messages from the summit of EU leaders. Luxembourg Prime Minister Jean-Claude Juncker, who did not rule out the possibility of selective default in Greece, stressing that other ways of solving the problem would be more desirable. "I am not authorized to answer yes or no to the question of whether selective default - said Mr Juncker .- Do not rule it out, but we should do everything to avoid it." Immediately after the Minister of the value of European currency began to decline rapidly. As the vice president of financial markets, Nordea Bank, Dmitry Novoselov, the last few days the euro strengthened on expectations only to address the issue of Greece without the procedure of partial default. "The words of Mr Juncker dispelled expectations of optimists, and we saw a tough selling of European currencies," - said the expert. By 14:30 Moscow time the euro fell to 1,415 € / $, which is 0.5% below the close environment. On the MICEX, the euro fell to 39.6249 rubles., 13 kopecks. below the close on July 20.

The interest in Russia falls along with oil

Portfolio managers of the largest investment funds believe in global economic recovery at the expense of the U.S. economy which will grow even without the dollar issue. From emerging markets remains the most attractive Russian, but against the termination of rising oil prices the interest in it gradually decreases.

Another survey of Bank of America Merrill Lynch (BofA) has demonstrated improvement in portfolio managers' expectations about the prospects for global economic recovery. Among the representatives of 265 companies, which manages assets of $ 792 billion, the number of managers who are confident in continuing global recovery over the next 12 months, 19% higher than the number of those who doubted it. In recent months, the mood was far more pessimistic, so, in May, the optimists were only 10% more than pessimists.

The main risks to the global economic recovery portfolio managers see a potential slowing of European economies because of the growing debt crisis. Rating agency Moody `s has lowered the ratings of the sovereign of Portugal and Ireland to" junk "level. Also not ruled out the possibility of partial default, Greece. According to the survey, the number of managers expecting the fall of the euro zone economy, 22% exceeded the number of those who believe in its growth. Disappointment among investors was the highest since April 2009. These figures show that the problem of public debt in the euro area are perceived by investors as the biggest risk of return of their portfolios. According to the survey, the number of respondents who hold this view, a 64% higher than the number of those who does not think so. A month earlier, the excess was only 43% .. In such circumstances, investors prefer to reduce investment in European assets.

However, investors are increasing their investments in other regions, including the United States. Managers are so confident in restoring the American economy, they see no need in the third round of quantitative easing (QE3), the possibility of which said last week Federal Reserve chairman Ben Bernanke. According to the survey, the number of managers who are confident in the fact that QE3 not happen for 40% of those who think differently. The Fed could go on QE3 only if the S & P 500 fall from current levels by 20% sure the majority of the respondents. "Answers to the question about the third round of quantitative easing this month, show that investors do not want politicians began to panic. Many expect the Fed will apply QE3, if the S & P 500 falls below 1,100 points," - said the chief strategist for the stock market BofA Merrill Lynch Global Research, Michael Hartnett.

The most popular among managers are emerging markets. According to the survey, among those who increased the proportion of its portfolio securities of companies in developing countries, was a third more than those who did not. In June, the optimists were only 23% more pessimistic. At the same time the Russian market remains a priority among portfolio managers, although interest in it gradually weakens. According to BofA, the number of managers, to increase investment in Russia, 58% higher than the number of those who did not. A month earlier the figure was 65% higher, and in February - more than 88%. Declining interest in Russian assets is also confirmed by Emerging Portfolio Fund Research. Since the beginning of July funds, investment declaration which focuses on Russia, lost $ 54 million, but since the beginning of the volume of borrowings are still more than $ 3.3 billion, "the Russian market is attractive for foreign investors, while more expensive oil - the director Dmitry Simargl Capital Garden. - Due to the fact that oil prices have stopped growing, cut the flow of liquidity in the Russian market by non-residents. "

Доллар ощутил слабость

Dollar exchange rate once again losing ground relative to most world currencies. The decrease was 0.4-0.6% against previous day's close. Investors increased sales of U.S. dollars, because they fear U.S. technical default, even though the statement of the reached agreements of the executive and legislative authorities in the U.S..

At today's auction on the interbank market, the greenback fell rapidly. By 17:00 Moscow time on the European currency has strengthened against the dollar by 0.5%, to $ 1.4212. At the same time index DXY (dollar relative to the six leading currencies) decreased by 0.6%, having fallen to a mark of 74.87 points. Against the yen the dollar lost 0.4%, dropping to ¥ 78,85, which is only 0.5% above the minimum set of four last week. Lost their positions and the dollar on the Russian market. On MICEX its value again fell below $ 28 rubles. / $. By 17:00 the dollar exchange rate on MICEX was worth 27.9576 rubles., Which is 7 kopecks. below the close on Tuesday.

Investors continue to get rid of the dollar, because they fear U.S. technical default, which may occur on August 3, prior to that date the U.S. government does not agree with Congress to raise the ceiling of the national debt. "As we approach that date, are growing concerns among market participants about the government's ability to withdraw from the situation", - said Head of Trading of ING Bank, Stanislav Yarushevichyus. According to him, investors' concerns are so high that they can not calm down even the U.S. President about the "progress" on the way to break the deadlock. "The market will believe only the actual decisions, and until the action instead of words will share the expectations of default are not going anywhere," - said Mr. Yarushevichyus.

President Barack Obama has endorsed the plan of a bipartisan group of U.S. senators, who can help to accelerate negotiations on the budget deficit and increase the federal debt ceiling. The government argues that the issues will be resolved until August 2, that is, until the time when you need to fulfill debt obligations. "At the moment the market begins to feel the weakening of the state of heightened uncertainty, - said currency analyst at Bank of Tokyo-Mitsubishi UFJ Lee Hardman .- With the expectation of the global economic recovery that supports high-risk currencies."

Nevertheless, market participants believe that, until the U.S. government does not agree with Congress raising the ceiling of public debt, the dollar will remain under selling pressure. "The issue of public debt will lead to a sharp strengthening of the dollar, and until then he will go down" - summed up by Stanislav Yarushevichus.

"Polyus" not persuaded minority the need to merge with Kazakhgold

Only half of the minority shareholders of the company "Polyus Gold" has agreed to its reverse merger with a subsidiary Kazakhgold. Initially the company expected to receive approval of two thirds of the minority "Pole" and even called it one of the essential terms of the deal. But the condition was eventually canceled, and the merger still had begun.

Transaction on the reverse takeover (RTO) «Pole" of Jersey Kazakhgold (65% belongs to the "Pole") approved the minority shareholders who own 10% of the share capital of the Russian company. About this Kazakhgold and "Polyus Gold" reported late on Tuesday. Total minority shareholders hold 21% stake in the "pole". Terms of RTO were announced on June 20. Shareholders 'poles' are invited to exchange their shares for shares based on valuation Kazakhgold capitalization of $ 13.1 billion and $ 210 million, respectively. Thus, an action "Pole" is exchanged for 17,14 GDR, ADR - on 8,57 GDR. But to start the process of exchange, a deal with Kazakhgold first had to approve at least 16% of shareholders 'poles' of the numbers are in free circulation. That is, the owners of two thirds of the free float. This phase should be completed by July 18. But now, companies have decided that the RTO must still take place, and lifted the minimum threshold of approval of the transaction minority shareholders.

The exchange offer was made in the form of an offer, so the minimum threshold for minority shareholders was conditional, explain in Kazakhgold, adding that "now satisfied with the company and 10%." But even 10% - not bad, says Nicholas Sosnowski of "VTB Capital." At least a quarter of free float «Pole", inherited the minority shareholders of MMC "Norilsk Nickel" ("Pole" was created on the basis of its assets through separate companies), the disabled, says the analyst.

After the merger Kazakhgold will be required to make an offer not to have agreed to exchange the shareholders to buy back their securities, since it will become the owner of about 89% of the shares "the Pole" (originally supposed to receive 94.8%). Redemption will be at the weighted average share price over the last six months or the last transaction price - $ 68.6 per share. But Kazakhgold have to buy more shares than anticipated. Total to buy 11% of the company will spend about $ 1.4 billion, analysts estimate, "Uralsib". At the end of the year at the "Pole" was $ 327 million, and nearly absent from duty. When forecasting EBITDA for the current year - $ 1 billion - the company can easily take a $ 2 billion, says Nick Sosnowski. As of 15.00 shares "the Pole" fell by 0.4% while the MICEX index by 1%.

But not for the fact that the "Pole" will have to buy all the papers, says Maxim Matveev from ING. Shares will remain in the quotation lists of Russian stock exchanges, so the holders can stay in the capital, "the Pole." However, after the transaction liquidity of such shares will be low, adds the analyst. With the approval of shareholders as on the exchange of promises to pay to Kazakhgold July 26. Then do the same major shareholders, "the Pole" - Mikhail Prokhorov, Suleiman Kerimov (about 37%) and Jenington (a subsidiary of the "pole", 5.6%).

This is the second attempt to "pole" to RTO with Kazakhgold. The first time the deal was to be held in 2010, all the formalities have been fulfilled. But the merger had to be postponed because of conflict in joint Kazakhgold between the "pole" and the former controlling shareholders of the company - a family Assaubayev. "Polyus" accusing them of illegal withdrawal of funds Kazakhgold and fraud reporting. Assaubayev, for its part, made by the Kazakh authorities prohibit the transaction RTO and the criminal case against top managers 'poles'. The conflict was settled a year later. "Pole" has agreed to sell all the production assets Assaubayev Kazakhgold for $ 560 million, leaving himself only a "shell" through which will now carry out RTO. Assaubayev have permission to merge and have withdrawn the claim in a criminal case.

As a result of RTO will be created Polyus Gold International with a listing in London (the request for listing has already filed). In the short term, the company plans to enter the premium listing and merge with one of the world from its competitors' top ten by market capitalization. "

"Rosnano" extends to the "Russian magnesium"

Tomorrow the Board of Directors of OAO "Rosnano" plans to consider the participation of state companies in a project to build a magnesium plant in the Sverdlovsk region. "Rosnano" may become the owner of up to 66% stake in implementing the project of JSC "Russian Magnesium", spending on it to 2.65 billion rubles. In the future to finance the project can be brought EBV. The participation of such investors will finally realize the ambitious plans to build a plant with a production of magnesium in 10% of the global market.

A source familiar with the agenda of the meeting scheduled for Tuesday Board of Directors "Rosnano", state company directors proposes to approve a deal to buy up to 66% of the company "Russian magnesium" in the amount to 2.65 billion rubles. If the council approves the participation of "Rosnano" in the project, the transaction will be submitted for approval by the shareholders' meeting state-owned company, explained.

According to one of them, in the event of an occurrence of "Rosnano" to the charter capital of the "Russian magnesium" to finance the project will join VEB, the parties conclude an agreement on investment, and the company will be re-registered out of a company. This is to co-owners have pre-emptive right to purchase shares of partners, says a source. In addition, he says, "Rosnano" wants to negotiate with other shareholders the right to join the transaction for the sale of shares of "Russian magnesium" to third parties.

JSC "Russian magnesium" was established in 2004. The company plans to build in the city of Asbest Sverdlovsk region a new plant for magnesium production with an estimated annual capacity of 70 tons of magnesium (the first phase - 22 thousand tons). Start of construction of the plant was postponed several times, the latest planned date - the end of 2011. Co-owners - the Swiss Minmet Financing (50% plus 1 share), the administration of the Sverdlovsk region (25% plus 1 share) and JSC "Uralasbest" (25% minus 2 shares).


One source said that "Rosnano" buy back shares of additional issue, but could not explain how the share will change the existing co-owners. Representatives of "Rosnano", "Russian magnesium", Minmet and "Uralasbest" no comment on the situation. In April, Minister of Industry and Science of the Sverdlovsk region, Alexander Petrov said that "Rosnano" gets a majority of "Russian magnesium" in exchange for the investment of 6 billion rubles., With its shares will reduce all shareholders of the company. Mr. Petrov estimated total required investment in the project at 16 billion rubles. and said that in future it will include the VEB, who will share "Rosnano" controlling interest "Russian magnesium." Representatives of the VEB said that they "this project is known," but declined to discuss details. Source close to the bank, however, said no decision on the financing of the "Russian magnesium" is still pending.

The Ministry of Industry and Science of the Sverdlovsk region "b" said the details of the deal with "Rosnano" will be known after the Ural international exhibition and forum of industry and innovation "Innoprom-2011" which will end July 17. During the event, the Sverdlovsk region delegation to visit "Rosnano" which will discuss the issue of acquisition of the "Russian Magnesium" with Alexander Petrov.

According to the analyst of the management company "TKB BNP Paribas Investment Partners" by Alexander Litvin, when "Russian magnesium" is implementing a project, it "would be a significant player in the market of magnesium," with production in 10% of the world. Oleg St. Peter and Paul from BCS believes that "the plant has good prospects in the light of the defense industry in the country." Currently, the main consumers of magnesium are defense, aircraft industry and automobile companies, with 80% of magnesium in the world are made in China, and almost everything else - in the U.S., Israel, Brazil and Russia. Russian companies in 2010 produced about 30 tons of magnesium, of which more than half - of "Solikamsk magnesium plant." Magnesium consumption in Russia is estimated at 40-45 thousand tons per year. Industry and Trade Ministry forecasts increase of this indicator in 2020 to 75-80 tons.

Bankrupts can sleep easy

The Supreme Arbitration Court changed the rules of bankruptcy - that's how some media took a draft resolution on YOUR individual entrepreneurs. In fact, the document only clarifies existing legal acts. The lender is still not protected from the borrower, who decided to get rid of debts with the help of bankruptcy.

Trying to explain

Debtors use bankruptcy as a means to escape from debt, to recognize the representatives of the banking community. Perhaps this is partly due to the decision and "The bankruptcy proceedings of individual entrepreneurs", adopted on 30 June plenum of the Supreme Arbitration Court (IAC). Now the document is proofreading, and then be signed by the Chairman of EAC and the public. This ruling clarifies the courts of arbitration, how to apply these or other items of the existing bankruptcy law.

"The current bankruptcy law has many gaps, - says Natalya Silk, deputy chief of department on work with troubled assets of VTB 24 .- Explanation of the higher judiciary are not the source of law. Therefore, a sufficient measure to protect the rights of not only creditors but also to other participants the bankruptcy process will be the introduction of appropriate changes in legislation. " In this case, however, Natalie Silk stipulates: According to her, any clarification of the Supreme Arbitration Court of Russia, can eliminate these gaps and ensure uniform application of the law, of course, creditor banks are perceived positively.

According to the EAC in 2010, about five thousand citizens of entrepreneurs were declared bankrupt. But because of the bankruptcy case lasted more than a year, this figure reflects only the number of people added to the total amount held in the bankruptcy proceedings of former entrepreneurs.

"In general, they do not so much as a bankrupt - legal entities, - said Andrei Yegorov, deputy chief of staff YOU .- But in this case their number is steadily increasing and is already more than a quarter of the total number of decisions on bankruptcy (a total of 16 thousand . such decisions in 2010). Unfortunately, the statistics of intentional and fictitious bankruptcies, we do not know. "

"To speak of some statistics is difficult because creditors to identify possible intentional, fraudulent bankruptcy of the debtor are minimal" - confirms Natalia Silk.

According to the official SAC, these issues are primarily the responsibility of the investigating authorities - such a serious accusation against the Court of Arbitration to nominate a citizen can not. "My subjective feeling is that the criminal cases of deliberate or fictitious bankruptcy is much less than would be worth", - Andrey Egorov.

Bankruptcy as a goal

Not surprisingly, some media and experts have clung to this decision point VAS, which recalls the responsibility of the debtor for willful failure. The document states that in cases where the signs will be installed intentional or fraudulent bankruptcy or other circumstances, evidence of misconduct knowingly to the detriment of creditors (for example, the assumption of a known unfulfillable commitments, providing false information to the bank, the concealment or destruction of property, asset stripping and t . etc.), the court will be entitled to specify in the definition of the completion of bankruptcy proceedings for non-use of the debtor exemption from the rules of performance. In fact, and there is nothing new: the responsibility for intentional bankruptcy was still spelled out in the Criminal Code. This article scare lenders like borrowers.

The forum "United Internet conference experts on bankruptcy" Alics user tells his story: "I am an individual entrepreneur. In fact, the activity was discontinued about two years ago, is now filed for bankruptcy. The most important duty - outstanding credit of the Savings Bank, he was taken in 2007 and was about 800 thousand rubles. redeemed only at the third (the first few months of payments were successful, then covered his business with a copper basin, and all). Now security officials of the Savings Bank in defending the interests of the mother organization, not wanting this bankruptcy, threatening the involvement of criminal liability for intentional bankruptcy (Article 196 of the Criminal Code) and indicate that allegedly will be able to present the case to prosecutors so that the loan I took a deliberate, suggesting a subsequent bankruptcy. "

In fact, according to Alics, no intention on his part was not - was a simple financial folly, error of planning tools and, finally, the decline in sales during the crisis. "I note also that during the said two years overdue payments on the loan are: salaries of my wife's monthly police officers are 50% in favor of the bank because it was poruchitelnitsey" - says an unsuccessful businessman. The liquidator under the name "Nick" calming "The bank simply separates you, to prove intentional bankruptcy is very difficult, law enforcement is not interested."

Lawyer Maxim Bugaev of Decker Consulting Group confirms that the rules on intentional bankruptcy not work well even for large companies, to say nothing about individual entrepreneurs. "Identify the signs of an intentional failure is extremely difficult," - said the lawyer. Yes, in addition to law enforcement authorities is not very interesting, and work with small amounts.

In counting on YOU more enthusiasm on the part of law enforcement. "From the police I would expect that they will prosecute the deliberate bankruptcy and to understand the actions of the debtor, not only in cases when an arbitration case received opinion on the signs of a fictitious or deliberate bankruptcy, and in all situations where such signs visible to the naked eye, "- said Andrei Yegorov.

That is, without law enforcement efforts even after the adoption of Resolution YOU law relating to the deliberate bankruptcy, in fact, will not work.

Property to cover debt

"If you touch the more specific questions, the draft decree prohibited the implementation of the bankruptcy process a single dwelling, which belongs to the debtor, - says Natalya Silk from VTB 24 .- We believe that this approach violates the rights of the lender and should be adjusted over time. Shall be provides for the possibility of implementing a single dwelling, belonging to the debtor, if living area significantly exceeds the legal requirements related to housing or the elite. In this case, the funds, the proceeds from the sale of residential premises shall be used to purchase economy-class housing by the debtor to current standards of living space, and the rest - to meet the demands of creditors. "

From the point of view of protecting borrowers from unscrupulous lenders consider particularly significant clarification of the mode of repayment of creditors' claims by the debtor during the bankruptcy process (and subsequent cessation of this process). The interpretation stresses that the satisfaction of creditor claims is possible due to community property.

"With regard to community property ruling clarifies that the trustee should not assume that this property is likely to be in common ownership - he looks, what property the debtor written (bankrupt), and include it in the bankruptcy estate . If the other spouse considers their rights have been violated, he said a lawsuit, "- said the representative of YOU.

Issues of marital property regime - one of the most difficult and complicated in today's Russian Property Act. The only Plenum YOU solve all the problems could not. "The need for legislative change is long overdue, but unfortunately, nobody takes the initiative to develop acceptable legislation. And to do it very seriously, with an analysis of experience of foreign countries, and fairly quickly," - said Andrei Yegorov. In this case the RF out on these issues with the legislative initiative will not - debate on the division of common property are within the competence of courts of general jurisdiction.

European financiers estimated at hundred percent

The newspaper Financial News, a member of the media corporations Dow Jones, has published its annual list of 100 most influential people in European capital markets. In the current ranking on the first position for the first time out regulators, which, according to the compilers of the rating, clearly describes the changes in the last few years, when the greatest impact on the markets have provided investment bankers and top managers of the universal banks.

Italian Mario Draghi, who headed the ECB in October, and now directs the Council on financial stability, has won this year's first place ranking in the FN100, which is the newspaper Financial News since 2005. In addition to Mario Draghi in top-10 also included two other regulators - the chairman of the Basel Committee on Banking Supervision Swede Stefan Ingves (4th place) and Governor of the Bank of England Governor Mervyn King (8th place).

Compiled by ranking poll participants and market experts, who report what they see as the most influential people in European capital markets - in terms of CEOs, investment bankers, regulators, insurers, managers of private equity funds, etc., having the nationality of the European countries or working in the European financial companies or divisions of multinational companies in Europe. Previously, the newspaper was the overall ranking of the 100 people in the same year it was decided to divide all participants by category - CEO, regulators, investment bankers, capital markets, mergers and acquisitions, asset management, hedge funds, pension funds, private equity funds, market infrastructure, and the total list up to 10 people only.

According to the compilers of the rating, the presence in the top ten of three European regulators shows the growing influence of state and supra-national financial institutions - through a policy of defining the basic interest rates (ECB, Bank of England), introducing new capital adequacy rules for banks (Basel Committee), control over work financial markets and the adoption of anti-crisis measures (advice on financial stability).

Although the impact of top managers of universal banks and investment bankers, according to the rating for last year fell in the top ten, they still retained a solid representation.

Deutsche Bank «delegated" back of two executives - CEO Josef Ackermann (2nd place) and Head of Corporate and Anshu Jain investbankingu (7th place last year took a rankings FN100 first line). Investment bank Goldman Sachs are also in the top ten by two people - the vice-chairman of the U.S. bank Englishman Michael Sherwood (third place) and co-director of Goldman Sachs International, whose headquarters are in London, a native of South Africa Richard Gnodde (6th place) . Of the bankers in the top ten is also CEO of Credit Suisse Brady Dougan (5th place) and European investment company CEO P-Solve Mike Faulkner (10th place). Located on the ninth line of the president and deputy director of the transatlantic stock exchange NYSE Euronext Dominique Cerutti, who, according to the compilers of rankings, will play a very important role in European financial markets after the unification of Deutsche Borse and NYSE Euronext.

In the hundred most influential bankers also includes the heads of Britain's HSBC and Barclays Stuart Gulliver, and Bob Diamond, respectively, the French BNP Paribas, Jean-Laurent Bonafe, European executives of American JP Morgan and Morgan Stanley, Daniel Pinto, and Colm Kelleher, respectively. Among the most influential regulators also cited the European Commissioner for Internal Market Michel Barnier and head of the British Department for Supervision of Financial Market, Hector Sants.

Investors pinned sovereign debt

Market sovereign debt of European countries experienced a new shock. Yield of government bonds in Italy has updated the historical maximum, reached at auction July 11 5.46% mark. Investors are getting rid of sovereign debt in Italy, because they fear that the debt crisis in the peripheral countries is growing. The fact that yields on sovereign debt of Spain and Ireland also reached new historical highs, but has become another proof of this.

July 11 at auction in Europe the yield on ten-year government bonds in Italy has set a new historical maximum. In the course of trading, it rose to 5.46%. Rose to a historic high yield and ten-year government securities Ireland - 13.5% per annum. Continuous improvement in profitability continues the second consecutive month, the last two weeks of growth accelerated. Back in January and February was significantly lower rate of return: Italian bonds - 4,5-4,9%, Irish - 8.5-9.5%. Up to a maximum in 1997 - a mark of 5.8% - also has risen ten-year yield of Spanish bonds. The highest yields in the euro area to date is from the Greek government obligations - 17.2% per annum. However, for the Greek market is not a record - in the middle of June, their yield reached 18.7% per annum.

Another round of flight from the sovereign obligations of the peripheral countries was triggered by reports that the President of the European Council has appointed Herman Van Rompuy on the morning of July 11 an emergency meeting concerning the debt crisis in the eurozone, which may discuss the issue of financial distress of Italy, the third of the regional economy. This is with reference to the sources says The New York Times. EU officials deny the information that this issue is on the agenda of the meeting. The representative of Van Rompuy Dirk De Baker told the news agency Reuters, that it would be "coordination, not a crisis meeting." He added that Italy is not included in the agenda, and refused to talk about the subject matter. However, the two official source told Reuters, that the situation in Italy will still be discussed. In their version, the discussion was organized after a sharp sell-Italian assets, which occurred late last week, when the cost of borrowing for the Italian financial market had grown to 5.3% on a 10-year bonds, and the Italian stock market fell by 3.5%. Investors are concerned about high levels of debt in Italy, is 120% of GDP. Concern is the political situation in the country. The positions of Prime Minister Silvio Berlusconi has weakened, any controversy with respect to the economic program of study between him and Finance Minister Giulio Tremonti.

At the auction on July 11 the sale proceeded. By 14.20 the Italian stock market fell another 1.4%.

Banks guarantee distribution

Already in 2012 the wholesale electricity market can be introduced a system of financial guarantees. Buyers of electricity will have to either find a guarantor of generation companies, or to obtain a bank guarantee. It is not excluded that the problematic power sales to pay for a bank guarantee much more than prosperous companies.

On Friday, the Supervisory Board NP "Market Council" (regulated wholesale and retail electricity markets) endorsed the concept of introducing a system of financial guarantees in the wholesale market. As explained by the "Y" head NP Dmitry Ponomarev, "put in place a system ideally would be from January 1, 2012, when the output of new entrants to the wholesale market." Prior to September 1 this year the working group must submit a Draft regulations on fingarantiyah, he added. Financial guarantees to ensure the regularity of payments and reduce the risk of growth of debt purchasers of electricity.

The concept involves two options fingaranty: irrevocable bank guarantee or surety by the generating company that sells electricity on the wholesale market. The last option is intended primarily for Energosbyt affiliated with generators (own sales have almost all the major owners of generation, for example, "Inter RAO UES", "Gazprom", "RusHydro" IES, "Irkutskenergo"). A similar scheme was implemented in the Rostov region, where about 4.2 indebted billion rubles. "Donenergosbyt" and "Energosbyt Rostovenergo" the fall of 2009 could be denied the right to work in the wholesale market. But the company's sales have been saved "Rosenergoatom" (one of the main creditors of those companies), which in early 2010, promised to ensure their regular payments and the gradual repayment of debt.

Bank guarantees, according to the concept of "Market Council" should be on the average amount of electricity purchase of wholesale market. The bank requires a capital of at least $ 5 billion rubles., Rating by international rating agencies, participation in deposit insurance system and the existence of a contract with CFS, providing the payments on the wholesale market. NP offers a "preferential approach," says Dmitry Ponomarev, "If the consumer pays in accordance with the regulations, then it is not necessary to provide fingaranty if he misses a payment, they would require a guarantee." But of the 220 companies that purchase electricity on the wholesale market, in 2011 the arrears was only 40.

Average monthly obligations on the wholesale market in 2012, IBO estimates at 65 billion rubles., A bank guarantee - at 4% per annum. Common charges banks for the year should amount to 2.6 billion rubles .- is about 0.1% in the final price of electricity. It is assumed that the suppliers of last resort (the main regional Energosbyt) payment for a bank guarantee may be included in the regulated margin - sales allowance approved by the FTS and regional energy commissions. According to "Market Council," it's slightly increase the burden on the consumer, for example, bonus "Mosenergosbyt" (owned by "RAO") amounting to 79.52 rubles. 1 megawatt hour in 2011 would grow by 2.16 rubles., the allowance of the Tyumen Energy Retail Company ("Gazprom"), which was set at 58.34 rubles. for 1 MWh, would rise by 2.32 rubles. (4% growth). For large industrial customers, working in the wholesale electricity market, tariff regulation is not provided.

Receivable from buyers in the wholesale market has been growing steadily until the spring of 2010, when she was about 35 billion rubles. Now it stands at 28.6 billion rubles., The majority (over 70%) are in the south of the interconnected systems that is basically the accumulated arrears for several years consumers in the national republics of North Caucasus. At the same time defaults in the retail electricity market is much higher - 132.7 billion rubles. But so far, according to Dmitry Ponomarev, fingaranty system does not apply to retail.

The current version of fingaranty has a higher chance of approval. "The fundamental differences are not available", - says Dmitry Ponomarev. In NP guaranteeing suppliers and retail companies, "b" expressed support for the introduction of a mechanism fingaranty, as it will confirm the financial soundness of participants. In the IES said that the company will arrange any scheme that would lead to wholly pay for electricity.

But the main question will be how the need for fingaranty impact on small retail companies, for which no major cost of the power. Mr. Ponomarev agrees that there could be a risk that small-scale wholesale market participants would be more difficult to negotiate with banks to provide guarantees. The head of the Energy Development Fund Sergey Pikin believes that challenging market participants, delaying payments, it will be difficult to negotiate with the banks from them may require a higher rate or transfer parts of their accounts in these banks. "When taking into account a higher percentage of the fees Energosbyt its influence on the final price of electricity can be greater than believed," Market Council "," - says the expert.

In addition, it is possible that a bank guarantee may delay the introduction of the system. Its launch will extend for two periods, says Mr. Ponomarev, the first step will be to prepare regulatory and technological conditions for starting fingaranty in the wholesale market, the second stage - the negotiation participants with lending institutions. Mr Pikin adds that the long transition period and will need to sign contracts with banks CFR.

Bread & Butter show in Berlin

In Berlin, is an innovative exhibition Bread & Butter, which brings together designers of denim, sportswear, outdoor and casual clothing. Thanks to the collection of brands show is the leader in this field, bringing together apparel manufacturers, marketers, buyers and suppliers of materials.

Exhibition of contemporary progressive wear takes place twice a year - winter and summer. It generates the fashion trends and direction of market movement clothing. At Bread & Butter includes such brands as G-Star raw, Diesel, Fred Perry, Fornarina, Adidas, Puma, Lonsdale, GAS, Mustang, GUESS, Miss Sixty. Stands affect not only their size but also an unusual design.

The event hosts various fashion shows, shows and performances. The main plus of the exhibition is that people from all over the world can learn new ideas, demonstrate their latest developments, and to agree to start cooperation. The event can be seen the future collection of favorite brand and communicate with its founders.

Rating agencies have incurred the wrath of Europe

Reducing the credit rating of Portugal was too much patience European politicians who criticized the rating agencies. Some urged to limit their "oligopoly" and others - to change the system to work.

Sharp criticism of EU representatives was followed the next day after the agency Moody `s sovereign rating lowered Portugal once in four stages, moving from the country's commitment to investing the speculative category, or the category of" junk "bonds. After downgrading Portugal investors worried about the financial prospects of other eurozone countries - July 6, has increased dramatically the yield on government bonds, Ireland, Italy and Spain. Amid growing concerns of market participants German Finance Minister Wolfgang Schäuble at a press conference in Berlin, said he was unclear on what the decision is based agency. Moreover, the German minister called for "the destruction of the oligopoly of rating agencies" and "limit" the influence of conflicting decisions. The representative of the management of the European Commission Economic and Monetary Affairs Amadeu Tardy said that the decision of Moody `s is" doubtful. " "This regrettable episode draws attention to the behavior of rating agencies, their decisions and insight," - said the EU representative.

European Commissioner for Internal Market, Michel Barnier called for a change of agencies. He considers "doubtful that the rating agencies consider in their assessments of countries' efforts to improve its tax system, budgetary restriction and structural reforms." Mr Barnier believes that "it is necessary to ask whether a reasonable ratings given to countries that enjoy international support." The head of the Directorate for Internal Market recalled that recently the rating agencies have made mistakes. "I've said this before - they made big mistakes in the recent past, following the market rather than to diagnose his condition," - says Michel Barnier. As you know, after the acute financial crisis, rating agencies have been criticized by many politicians and financiers for not having lowered the ratings on U.S. mortgage bonds, as the crisis in the mortgage market has already begun. Rating agencies said they have already made changes in their job and did everything to avoid future conflicts of interest. Take appropriate measures and financial regulators.

China takes the "Gazprom" in advance

In the negotiations of "Gazprom" and China's CNPC to supply Russian gas to China, a new controversy: CNPC said that "Gazprom" requests from her pre-payment - $ 25 billion in monopoly argue that this claim was not made - indeed, it is imposed, "Gazprom "most Chinese, to get additional discounts on gas. In a similar way, China has worked with many other suppliers, in particular with "Rosneft", which leads to a pricing dispute.

As the agency "Interfax" referring to a source close to the leadership of CNPC, "Gazprom" needs of China's payment of at least $ 25 billion against future gas supplies. The exact amount is not named, said the spokesman, but supposedly in talks with CNPC representatives of "Gazprom" have made it clear that the advance should be "no less and perhaps even higher than the loan, which were in China," Rosneft "and" Transneft " "(that is $ 25 billion, of which $ 15 billion went to" Rosneft "). It is, "Interfax", "seriously complicate the negotiations" on the background of still unresolved questions about the price of gas - now the difference in the positions of the parties is $ 65-70 per 1 thousand cubic meters. But credit only expensive its price, says a source close to CNPC, because that money will have to take the bank at interest.

In "Gazprom" officially does not comment on the situation. But the source of "b" in the monopoly states that it does not require any advances of China. "If this option was considered and it would be advantageous only to the Chinese side," - adds a companion "b". He explains that China's "no shortage of foreign exchange reserves," is trying to build the same type of scheme procurement of hydrocarbons: the supplier offers a large loan, such as the construction of the pipeline in exchange for discounts on the price of oil or gas. A similar agreement was concluded with "Transneft" and "Rosneft" in 2008. Oil deliveries began in January, and the companies at once there was a conflict with China about the pricing formula for oil. Part of it was solved, but not removed all the odds.


China has indeed been actively funding hydrocarbon suppliers and itself participates in their production, as well as in the construction of pipelines. For example, he has already pledged up to $ 20 billion in Venezuela in exchange for access to the CNPC to develop local oil fields, as well as $ 10 billion in Brazil - at the expense of future supplies of oil from its fields. In late 2009, launched a gas pipeline Turkmenistan-Uzbekistan-Kazakhstan-China, for which in 2010 had pumped 10 billion cubic meters of gas, but last week - backbone gas pipeline Turkmenistan-China border into the interior of China to the east (all of these projects are also funded mainly by the Chinese side). Due to the fact that China has funded the development of a gas field in Turkmenistan, and the construction of the pipeline, the price of supplies of Turkmen gas to China now exceeds $ 160-190 per 1 thousand cubic meters.

But to believe that "Gazprom" does require China to "prepay $ 25 billion," it is difficult - even more so any liquidity problems at no monopoly, said Igor Golubev of Nomos-bank. Valery Nesterov from "Troika Dialog" adding that "talk about in advance - this is exactly the same bargain prices around, just like everything else." The analyst said that to "Gazprom" critically important to ensure equal profitability of exports to China and Europe, "because if European consumers will see that Russian gas goes to China cheaper, once the question arises about the next revision of prices of supply on the main export market - in Europe ". The next round of talks with CNPC, according to sources, "Y", held in a month - and "if it is unsuccessful, it all goes in the fall."

Moody `s Investors Service downgraded the VTB

Following the revision of the ratings of Bank of Moscow after the official announcement of the beginning of its recovery rating agencies have started the action with respect to ratings of the majority shareholder of Russia's largest troubled bank - VTB. While they were affected only by forecasts of ratings. Agency Moody `s changed them from" stable "to" negative. "

Rating agency Moody `s Investors Service downgraded the ratings outlook for a number of bank VTB and VTB other group companies from" stable "to" negative. " Outlook changed with respect to financial strength ratings of VTB Bank (now at D-), long-term ratings for deposits in national and foreign currencies (Baa1), and ratings on priority / subordinate bonds (Baa1 / (P) Baa2). With regard to retail "daughter" VTB - VTB 24 - the forecast for the financial strength rating was "stable", but on its debt rating was "negative" outlook. Similar predictions are installed on the ratings of priority debt VTB Capital SA (Now at Baa1) and subordinated debt ratings of Northwest Regional Center of VTB Bank (Baa2). Such actions of rating agency with respect to predictions on ratings of banks and companies, VTB Group - a consequence of the impending consolidation of the Bank of Moscow, who is having financial problems.

The procedure for financial recovery of the Bank of Moscow, in which VTB 46.48%, was launched on June 30. On this day, the Board of Directors of the Bank of Russia approved the plan for the involvement of Deposit Insurance Agency (DIA) in the prevention of bankruptcy "Bank of Moscow". For these purposes will be allocated 295 billion rubles. support funds - from their DIA (which will give appropriate credit to the Central Bank) will receive the Bank of Moscow. Another 100 billion rubles. in the capital of the Bank of Moscow to build himself VTB. The condition for the transfer of funds from the state is the consolidation of VTB Group to 75% of the shares of the Bank of Moscow, scheduled for completion by the end of July. Now I live in VTB is owned 46.48% stake in Bank of Moscow. After consolidation own 75 per cent stake will be two 100-percent "daughter" VTB - "VTB Pension Administrator" and "VTB Debt Centre".

Moody `s action against Outlooks VTB followed the deterioration of the ratings of Bank of Moscow, with some delay. In late June, Moody `s before making a decision on reorganization of the Bank of Moscow has worsened the financial strength rating of Bank of Moscow from D to D-, deposit ratings - from Ba2 to Ba1. The reason was the high information uncertainty with respect to the Bank of Moscow, in particular, because of failure to timely audited financial statements under IFRS. His ratings have been placed under surveillance with an early decline. Ratings VTB Moody `s then affirmed, explaining that he did not expect to further increase investments in this asset VTB. Nevertheless, the bank's rehabilitation plan did not meet those expectations - from the need to invest in VTB Bank of Moscow has almost as much as the state bank has spent on this controversial trade (103 billion rubles).. Apparently, this was one reason for the revision of ratings of VTB.

However, while a significant negative impact on the VTB reduced forecast on ratings is not rendered. On the contrary, today, the bank reported that drew a record for Russian borrowers in the syndicated loan volume of $ 3.13 billion at LIBOR plus 130 basis points. It is interesting that approximately the same amount in terms of Dollars and VTB need to make in the future in the capital of the Bank of Moscow.

At the same today as ratings of the Bank of Moscow, Moody `s has lowered again. Financial strength rating of Bank downgraded to D-to E +, Long-term subordinated debt in foreign currency - from Ba2 to Ba3. Ratings outlook - "negative". Another reduction rating refers to the fact the official recognition of the problems the bank's asset quality and understanding of large-scale problems. As explained by the agency, "negative" outlook on the bank reflects the risks that the process of readjustment can be interrupted or postponed due to the fact that the state bank VTB will not be able to consolidate needed to get state help finance 75% of the Bank of Moscow. In this case, the financial strength ratings of the former city government bank support may be lowered again.

The order of payment of pensions at the expense of retirement savings

A key component of the pension reform - part funded pensions - will likely not be canceled. State Duma yesterday approved the first reading of the fundamental law, it establishes a procedure for payment of pensions due to pension savings. The document provides for the customers of private pension funds (NPF) to receive a pension for their chosen date.

Yesterday the State Duma adopted on first reading the draft law "On the order of payments financing at the expense of retirement savings." This law must be one of the key in the current pension system, because it establishes a mechanism for the rights of citizens to be formed of pension savings. The bill being discussed in the professional community for over three years, but still concerned ministries and departments, as well as market participants could not reach a compromise.

This year, the need for such legislation arose particularly acutely, because several thousand people have already become eligible for retirement savings, but they could not use it. "These people, there are about 650 thousand in the next year they will have 4 million", - explained the "Y" is one of the authors of the bill, the first deputy chairman of the Committee on Labor and Social Policy, the State Duma Ildar Gabdrakhmanov. These are the insured persons, whose seniority is less than five years and retiring men born between 1953-1966 and 1957-1966 women's birth, because in 2004 they were removed from the storage component and the premiums for them listed. As a result of their accounts was formed only about 8 thousand rubles. That in terms of monthly payments is 35-40 rubles. Under the bill, the insured person will receive their lump sum savings. The mass is due to pension savings component will begin after 2022. For insured persons who continue to wage employment, the bill establishes the possibility to form of accumulation in the public system (RPF) and private (NPF).

And in the RPF, and provides for the establishment of SPF vyplatnogo reserve, which will hit the accumulation of people already retired. As explained by Mr. Gabdrakhmanov, accumulation, trapped in vyplatnoy reserve will be invested only in conservative instruments, in contrast to the savings of citizens who continue to work. Depending on the results of investing the reserve amount paid vyplatnogo funded portion of pension will be adjusted annually (only increase).

The main difference of savings in the private system of government is the ability of citizens who prefer private pension funds, to choose to receive a pension for life or urgency - for at least seven years. In this emergency benefit may be transferred by inheritance upon the death of the insured. For FIU this option is not available.

According to Mr. Gabdrakhmanova, in the second and third readings a bill scheduled for consideration in the fall. "Until then, may ignite another round of fighting between the Ministries for the amendment," - says the source "b" in the government. He notes that in its current form the bill is not satisfied with the Health Ministry, which is fiercely opposed immediate payment of pensions. According to "Kommersant", with the Health Ministry do not agree to the Ministry of Finance and Economy Ministry (the last year and a half ago, has drafted a bill). In June, at a meeting with Prime Minister Vladimir Putin, which was attended by Finance Minister Alexei Kudrin and Economy Ministry Nabiullina, but it was not the head of the Health Ministry Tatyana Golikova, "was a political decision that the bill must be introduced to the Duma, despite the objections of one ministry," , says a source "b". Contact with a representative of the Health Ministry last night failed.

Market participants support the current wording of the bill. "First and foremost it gives people the right to make independent decisions and not act within narrow limits set by bureaucrats" - says the president of the National Association of Pension Funds, Konstantin Ugryumov. But he adds that the bill will mean that in the debate on the future of a funded component will come to an end and he will remain in its current form. "Indeed, the foundation will be fixed, remain only on the ability to configure" - agrees Mr. Gabdrakhmanov. For discussions on the conservation storage component in its current form, has repeatedly called for the Health Ministry.

The trading volume increase

MICEX Stock Exchange opened trading volumes in securities in June. The trading volume increase, but the proportion of individuals steadily declining and has already reached the lowest level since September 2008. Market participants attribute this increase in the amount and activity of foreign robototorgovli customer Russian brokers.

MICEX Stock Exchange has disclosed to the activity of the bidders in June. The total volume of trading amounted to 7.23 trillion rubles., Which is 9.5% higher than in May and 40% higher than last year. Principal amount secured repo, which accounted for more than 74% of the turnover of the exchange. Compared with the previous month, they increased only by 7.5% - to 5.37 trillion rubles. In the auction mode, the volume of transactions amounted to 1.19 trillion rubles., Exceeded only in May at 1.6%. More significantly increased trading volume in the negotiated deals mode (530 billion rubles., An increase of 39%) and volume of IPOs (139 billion rubles., Increase by 2.7 times).

Leadership at the auction to preserve the "Troika" (turnover of 1.33 trillion rubles.) And Sberbank (1.06 trillion rubles).. At the same time the investment company the main share (1.11 trillion rubles., Or 84%) fell on the share deal. Turnover Savings Bank was more balanced: 42% had to deal in stocks and 41% - to deal with corporate bonds. As a result of six months, "Troika Dialog" and the Savings Bank as the lead in the overall standings with exponents 6.23 trillion rubles, respectively. and 5.3 trillion rubles. With a wide margin in third place belongs to "VTB Capital" (3.67 trillion rubles).. In stock trading, "Troika Dialog" took first place in the six months (5.41 trillion rubles).. Second place goes to "Finam" (2.71 trillion rubles.) Slightly ahead of the Savings Bank (2.62 trillion rubles).. In the corporate bond sector leadership keeps Savings Bank (1.72 trillion rubles).. On second place came IR "Ronin" (1.33 trillion rubles).. Closes the top three "VTB Capital" (1.31 trillion rubles)..

These MICEX show further declines, the proportion of individuals in securities trading. In June, they accounted for only 13.4% of the turnover of the exchange. This is the minimum value for the last three years. Performance was less only in the summer and in September 2008, before the financial crisis. According to the director DB "Opening" Eugene Dankevich, "the volume of transactions on the exchange of individuals is growing, but not too fast." According to the expert, "while their share in turnover is reduced, due to two major trends - the continuing growth of sales of robots and the arrival of new foreign participants." Indeed, the share of nonresidents in the total trading volume in June rose to 42.2%. This is the highest on record (six years). The share of foreign brokers - banks and investment companies with foreign capital - is declining. Currently, they account for 6.5% of total stock trading volume, whereas in the beginning of the year, their share exceeded 8.7%. In the current environment, "more and more non-residents use the services of Russian brokers" - concluded Mr. Dankevich.

Trading on the LSE lifted turnover in Russia Прослушать

The depositary receipts of the Savings Bank on Friday became the most popular securities of Russian companies abroad - their trading volume exceeded $ 600 million, with the advent of investors to trade on foreign markets organized by the bidders and the expected overall growth of liquidity of securities of Sberbank. On Friday, the bank's trading volume on the Russian stock exchanges has almost doubled compared with the maximum daily index of the last few months.

On the first day of trading depositary receipts of the Savings Bank on the LSE just a little lost in the volume of securities of "Gazprom" - $ 518 million compared with $ 520 million, but considering the U.S. OTC market, where trading volume of ADR Savings of $ 90 million and exceeded the performance of "Gazprom" ($ 5 5 million), securities of the bank were among the most liquid securities of Russian issuers traded abroad.

The leading position of the Savings Bank depository receipts can be maintained for the future. According to the report of the Savings Bank, more than 33% of the shares owned by nonresidents. Despite the fact that most residents are traded on the Russian market, the bidders expect a small outflow of liquidity on the foreign exchanges. As the analyst, "Renaissance Capital" Hovhannes Hovhannisyan, the demand came from investment companies and banks, working with derivatives that have not been able to offer their products based on local stocks of Sberbank. Currently, the most popular overseas derivative instruments, oriented to the depositary receipts of "Gazprom", OAO LUKOIL and "Rosneft". In addition, ADR Savings already included in the index FTSE Russia IOB, which are the most liquid securities of Russian companies, traded on the LSE. It also promotes the growth of interest of foreign investors.

However, according to the analyst, "VTB Capital," Michael slam, "the short-term liquidity will remain on the main Russian market, and the limit 25% (the share of Sberbank, which allowed him to convert the Federal Financial Markets Service in depositary receipts .-" b ") is unlikely will be selected in the near future. " Lead analyst on the shares of investment companies "Discovery Capital" Vladimir Savvov believes that Sberbank will monitor the situation on the eve of SPO and "if by that time the number of converted shares close to 25%, the bank may limit the conversion." This may be necessary to maintain a reserve placed by the Central Bank shares, the expert said. While the Savings Bank did not intend to impose restrictions on the limit. In addition, in the case of such restrictions may be the bank's shareholders to extend the release of unsponsored GDR, Hovhannes Hovhannisyan said.

According to Mr Savvova, after the privatization of liquidity on the LSE will increase significantly - "because it would be possible ADR to meet the requirements of large foreign investors." In general, market participants expect an increase in trading in all markets, as happened with the securities of "Gazprom" after the removal of trade restrictions abroad. Mr. Hovhannisyan says that there will be additional volumes of market participants, playing on the difference of prices in the local market and abroad (performing arbitrage transactions). At Friday's auction had already demonstrated this effect. In May-June trading volume of the Savings Bank on the Russian stock exchanges fell compared with the beginning of the year. In the past two months, he was limited to $ 300-800 million every day, whereas in February-March stable than $ 1 billion on Friday, with the start of trading on the LSE, on Russian exchanges (MICEX and RTS) total trading volume exceeded $ 1.54 billion At the same time on the end of trading on the MICEX Sberbank ordinary shares increased in price by 4.5%, while the MICEX index added less than 1.9%.