"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. "

"Rosagroleasing" will receive 3.5 billion rubles. in authorized capital

The Government will make a 3.5 billion rubles. Intended for the payment of subsidies for agricultural recycling program in charter capital of the company "Rosagroleasing." Manufacturers of machinery are concerned that these funds will be spent on conventional lease purchase of equipment, and "recycling program does not take place." They offer "to start recycling immediately" and to increase the size of subsidies when purchasing equipment up to 50% in order to stimulate demand and to complete the program in December.

Today in the distribution of dopdohodov 2011 budget, Prime Minister Vladimir Putin said that 3.5 billion rubles. of them will be used to purchase agricultural equipment through the state company "Rosagroleasing." It's about money, intended for agricultural recycling program, which should start in 2012 - September 23, Deputy Prime Minister Viktor Zubkov said that he was "persuaded" the Finance Ministry to allocate this sum.

As the "Y", the money will be invested in authorized capital "Rosagroleasing" with such a proposal by Minister of Agriculture Elena Skrynnik appealed to the Prime Minister on September 27. But against this rapidly made by manufacturers of agricultural machinery. In his letter to Vladimir Putin (a copy is available in "b") the president of the association "Rosagromash" Konstantin Babkin said that 3.5 billion rubles. should be directed not to the capital, and the company's account with the phrase "to compensate for falling revenues of" Rosagroleasing "."

Source: "b" familiar with the situation, explained that the money made in the charter capital "Rosagroleasing", since the implementation of the program will begin only in 2012 and funded it out of dopdohodov this year. "The Chamber and the Prosecutor General's Office opposed the funding for the program next year from the current money" - says the source.

Options on the disposal of agricultural machinery has not yet been approved, but it was assumed that farmers would be enough to remove old cars from the register to purchase new equipment at a discount of 15%. "Procuring new equipment from manufacturers will be in" Rosagroleasing "at a realistic price. After her purchase, farmers, 15% of the cost will be subsidized, too, through" Rosagroleasing "", - says the director "Rosagromash" Korchevoi Eugene, who helped develop the draft program . "But if the money to get to the charter capital, they can be spent only for the purchase of technology and its further implementation of the leasing scheme, but not for the subsidy," - he believes. Mr Korchevoi estimated at 3.5 billion rubles. you can not buy more than one thousand harvesters, whereas "if the money had been allocated for the subsidy to 15%, the volume of purchases would be about 20 billion rubles., or 7 thousand to 10 thousand units of equipment." "Rosagromash" offer "to begin the program immediately," so as not to delay its start in 2012, and "give farmers a discount of 50% of the cost" technology. "" Rosagroleasing "may spend funds from the capital for any needs that correspond to the charter company - agrees to the head of Concern" Tractor plants "Michael Bolotin .- Therefore, with the introduction of money into capital utilization is unlikely to take place."

Officially, the Ministry of Agriculture does not comment on its proposal to transfer funds to the charter capital "Rosagroleasing." However, a source familiar with the proposed mechanism for subsidizing agency agricultural recycling program, said, "Kommersant" that the contribution to charter capital "Rosagroleasing" means for recycling program due to the Budget Code of the Russian Federation and is the only possible way of carrying out the order of Vladimir Putin. "In the event would" Rosagroleasing "agricultural equipment purchased with his own money, and then would sell its 15% discount and would appeal to the Ministry for compensation, it would be in violation of fiscal discipline, and advances in the 2011 program, which will be implemented in 2012 year, the Budget Code also does not permit "- says the source" b ".

The previous program of support of agricultural machinery in Russia also sold through contributions to charter capital of the company. In 2009, under the scheme "Rosagroleasing" has received 25 billion rubles. from the federal budget for the purchase of agricultural machinery, in 2010 the company was transferred from the budget of another 3 billion rubles. to ensure the sale of equipment purchases residues 2008-2009, a 50% discount.

"Manufacturers of agricultural equipment in need of support, such as subsidized interest rates and favorable leasing schemes: now, many factories have accumulated runoff unsold vehicles, and they hope to stimulate demand", - said Vladimir Bespalov from "VTB Capital." According to estimates by Mikhail Bolotin, only "Rostselmash" accumulated about two thousand units of unsold vehicles.

Euro were caught for the word

Head of the European Central Bank Jean-Claude Trichet today held its last meeting. Before leaving the post of head of the ECB Trichet has left its key interest rate unchanged at 1.5% per annum. In anticipation of the last speech the head of the Central Bank, which is due to the crisis eurozone became a key figure in the hierarchy of the global economy, investors have played in the decline of the euro. Stop the speculative attack on the euro could only promise to provide banks with additional liquidity and long-term purchase of secured bonds to resume.

At today's meeting, the ECB decided to keep the base rate unchanged at 1.5% APR. In early April, the ECB for the first time after almost two years, during which the rate was at a record low - 1%, has increased the base rate refinance 25 pp - up to 1.25% per annum. Already in July the rate was increased to 1.5%.

Currency markets reacted to the decision of the ECB a new wave of selling of European currencies. As a result, the euro, achieved during the first half of the day at $ 1.3396 per euro, down to 16:20 for $ 1.325 per euro, which is 0.7% below the close environment. Weakened its position and the European currency on the Russian market. On the MICEX, the euro sank to 20 kopecks., To 43.14 rubles. / €. According to the analyst Nomos Bank Igor Nuzhdin, investors began selling in anticipation of the press conference of the ECB Jean-Claude Trichet, which will be announced next steps of the regulator.

"Trichet holds the fate of Europe in his hands at the moment, - said the chief economist for the European markets at Barclays Capital in London, Julian Callow .- If Europe goes into recession again, it will be big trouble. Regulators must do everything to prevent it. " Today's meeting - the last conducted by Jean-Claude Trichet, who is leaving the ECB. In this position, it will replace the head of the Central Bank of Italy Mario Draghi.

At a press conference, ECB head Jean-Claude Trichet announced that the regulator will provide banks with additional long-term liquidity, as well as resume the purchase of secured bonds. "We chose to leave rates, taking into account that they are very low and work on price stability," - said Mr Trichet. It is planned that the ECB will hold an auction of loans for a period of 12 months in October and the second for a period of 13 months in December. Funding will be provided at a fixed rate, on the basis of the satisfaction of all claims. In addition, in November, the regulator will begin repayment of secured bonds in the amount of € 40 billion, which is immediately reflected on the euro. By 17:50 the euro back to the previous day's close - $ 1,333 / € and 43.35 rubles. / €.

Along with the ECB meeting held Bank of England, who kept the base interest rate unchanged at 0.5% per annum and unexpectedly increased the amount of the asset repurchase program by 75 billion pounds - up to 275 billion pounds (about $ 440 billion). The decision to expand the buy-back program affected the Swiss franc, which sank to 17:40 to lowest level since July last year for $ 1.53 franc, which is 1.2% below the close environment.

"RAO" like in Ecuador

"RAO" reached an agreement with the Ecuadorian authorities to build another five hydroelectric total capacity of 700 MW. The Company expects that loan funds for the project will provide Russian banks under state guarantees. Such a scheme has been used in the previous contract "RAO" in Ecuador, where the government progarantirovalo credit of $ 180 million investment now could exceed $ 1.5 billion

State "Inter RAO UES" may get a second major contract to supply power equipment to Ecuador. Yesterday the company announced that it has signed an agreement with the government of intent to expand the project to build a cascade of five hydropower plants on the river Guaylyabamba. Estimated cost of construction of power plants with total capacity of up to 700 MW of about $ 1.5 billion

This is the second project, the resulting "RAO" in Ecuador. At the end of 2010, the Company reached an agreement with an Ecuadorian company Hidrotoapi of work on construction of HPP "Toachi-Pilaton" power of 252 MW. The Russian side was to supply and install power and hydromechanical equipment for power plants. The contract price originally estimated at $ 100 million, funds have been received Hidrotoapi as export credit Roseximbank. Agreement on the credit line with a pool of banks - Roseximbank, VEB, GPB, Russian Commercial Bank (Cyprus) - up to 11 years was signed in April this year, its amount increased to $ 123.3 million then the size and term of credit has grown a possible : signed in July, the government resolution was given government guarantees the loan for $ 180 million until 2023.

But during the construction stage at Guaylyabambe "RAO" will work on another circuit. The company not only supply and install equipment, but also will build a hydroelectric dam. However, it intends, as before, the "maximum use of existing mechanisms of the state guarantee support for exports." Partner "RAO" was the State CELEC. Which of the Russian banks will extend credit, the company did not say. Technical and commercial proposal and a list of potential suppliers "RAO" Ecuadorian partners offer until the end of this year.

But the volume of Ecuador's orders can still grow. In Quito, has offered "RAO" an order for three hydropower cascade on Guaylyabambe - "Tortuga" (180 MW), the "Tigre" (160 MW) and "Lyurimaguas" (140 MW) - a total of $ 1 billion, but then the solution construction of the last station has been delayed. Instead, the Russian company took three hydropower smaller - "Manduriaku", "Chontal" and "Chirapi." But in 2012, Ecuador and may decide to build "Lyurimaguas."

Supply and installation of equipment were for "RAO" non-core business, said Catherine Tripoten of BCS, but now the company is positioning itself as a diversified holding company, which deals including engineering. For the "RAO" this pilot project, she adds, but it would be understandable if the company had built for their money HPS, owned stations and sell electricity. Dmitry Terekhov of IR "Grandis Capital" believes that the cost of the construction stage, which is about $ 2 thousand per 1 kW of installed capacity is adequate and appropriate market range. But, said the analyst, the cost of hydroelectric power station (especially in the mountains) is highly dependent on the specific design solutions, construction of dams and equipment, transport access construction sites.

Iranian bank is looking for ways to enter the Russian market

In place of Western banks, which reduce business in Russia and Asian banks are gradually. Talks about entering the Russian market is one of the largest Iranian banks-Tejarat. However, because of the political risks the Iranian side has chosen a rather unusual way of entering the Russian market - through his Belarusian "daughter".

The fact that Belarus "daughter" of Iran's Tejarat - bank "shopping capital" - is negotiating to buy the bank in Russia, "Kommersant" described two sources familiar with the negotiations. "The active phase of negotiations was held in the summer, the bank" shopping capital ", in particular, negotiated a buyout of the banking license of City Mortgage Bank (GiB), the bank's" Orient Express ", but the parties failed to agree on a price," - says the source "b", a close to the bank "Orient Express". Now GiB, 100% of the shares in which the "Orient Express" acquired last summer, is in the process of joining the "Orient Express". "The decision to join was made already after the Russian and Belarusian sides have not agreed on a deal," - said one of the interlocutors "b".

The bank "shopping capital", "b" said yesterday that it was premature to comment on plans to enter the Russian market. However, a source close to the Belarusian bank, has confirmed an interest in Russia. The bank "East Express" reported that currently there are no negotiations about the sale of licenses are not bending. In this case there were not refute the information that such talks had taken place earlier.


GiB - not only Russian bank that was interested in the Iranian side in his Belarus "daughter", said the source "b". "In addition to bending the Iranians have shown more consideration to a number of for sale of Russian banks, they are not big", - told "Kommersant" a source familiar with the negotiations, refusing to name the banks. While the agreement is not reached, he added.

Bank Tejarat - one of the largest Iranian banks. Shareholders are the Iranian government (35.81%), the additional 40% stake in the management of public property Sharia, 19% to legal entities owned by another 5% - management. Bank Tejarat profit for the year ended in March 2010, amounted to 3 trillion Iranian rials ($ 281.7 million), assets - 381.1 trillion Iranian rials ($ 35.8 billion). Belarusian "daughter" - the bank "Trading assets" - Tejarat created in 2008. Its share - 90%, and 10% owned by the Belarusian company "Lada OMS - Holding".

This is not the first attempt Bank Tejarat to enter the Russian market, the previous was made in 2007-2008, but then the Iranians acted directly, and these actions were unsuccessful. "The decision to go to Russia via Belarus may be dictated by the fact that Belarusian partners objectively more knowledge about our market than the Iranians," - says the Deputy Director for Banking Audit FBK Roman Konigsberg.

However, the majority of experts surveyed believe that the explanation-mediated release of Iranian banks in Russia lies in the political arena. Against Tejarat, as well as against several other Iranian banks, the current penalties in the U.S. and the EU. However, in the UN resolution on anti-Iran sanctions, which Russia signed in the past year, Tejarat missed. In this situation, the possibility of release of such a bank on a particular market will be determined by its political regime, experts say. "The political regime of Belarus more loyal to Iran than Russia," - says the source, "Y", familiar with the negotiations. However, political risk is completely out not eliminate through Belarus, warns expert. Apparently, this prevents a compromise on price. "The players in our market, clearly does not want to take cheap reputational risks associated with selling licenses to the bank, against which the sanctions are a few countries," - says another source, "Y", familiar with the negotiations. However, it is worth noting that similar sanctions should not interfere with my work in Russia "daughter" of another Iranian bank-Melli Iran.

Withdrawals from the Russian market fell by six times

According to Emerging Portfolio Fund Research (EPFR), in the last week of the funds that invest in emerging markets, customers withdrew $ 3.32 billion no exception, and funds investing in Russia: they have lost more than $ 73 million, considerably less than a week earlier. However, despite the decline in output from Russia, funds, Russian stock indexes were outsiders in the current week.

EPFR data suggest that investors continue to withdraw funds from emerging markets. For the week ending October 5, funds, investment policy which focuses on emerging markets, lost $ 3.32 billion, a quarter more than the losses incurred the previous week ($ 2.65 billion). As the analyst at Alfa Bank, Angelika Henkel, the funds derived from funds GEM, BRIC, virtually all groups of regional and country funds.

Funds, investment declaration which focuses on Russia and CIS countries, no exception to the general trend, although the pace of withdrawal declined. According to EPFR, for the last week of the funds were withdrawn $ 73 million, which is six times less compared to that recorded for the previous week ($ 443 million). In contrast to the trend of recent weeks, the bulk of redemptions this week fell on the traditional foundations of which brought $ 45 million, or 61% of the total score, while the outflow of funds from ETF-made $ 28 million, analysts say "Uralsib".

Sure withdrawal of the Russian market continues 13th consecutive week. So foreign investors are not continually taken out means never ever recorded. However, there were two periods when foreign investors during the 11 weeks of withdrawal of funds from Russia - they have fallen to the crisis in 2008. The first time it happened in the summer of 2008, when non-residents reacted painfully to the promise of Russian Prime Minister Vladimir Putin to "send a doctor" owner "Mechel" Igor Zyuzin. Negative emotions they have added and the fighting in South Ossetia and Abkhazia. Six weeks later the picture again. Then, after the catastrophic collapse of stock markets investors are taken out of the funds remaining funds.

In this case the intensity of the current output is much higher than the previous two cases: if the summer of 2008, investors withdrew $ 918 million, and in winter outflows slowed to $ 384 million, in the now clients of funds brought more than $ 3 billion, says Director Simargl Capital Dmitry Garden, aggressive withdrawal provoked no less aggressive inflows to mutual funds before. According to EPFR, since September last year and May this year, customers have brought in funds of over $ 5.7 billion, and this year had $ 4.5 billion, "While funds focused on Russia, received funds, funds of other countries in largely lost, so now our funds are catching up with the rest ", - says Mr. Garden.

However, the fact that by the end of the week the situation became calmer, not reflected in the data EPFR. "These EPFR reflect the market situation was observed in the Monday-Wednesday of this week, when the Russian market suffered one of the biggest falls, - said Dmitry Garden .- So even warming, which occurred late last week, failed to influence the outcome" . Despite the decrease in the volume withdrawn funds from foreign investors and a reversal that occurred at the end of the week, the Russian stock market was among the outsiders among both developed and emerging markets. Since the beginning of the week the RTS index fell by 3%, to 1289.93 points, while during the week it fell to 1,200 points - the minimum value since September 2009. The MICEX index lost nearly 2.3%, having fallen to a mark of 1331.22 points. At the same time the leading Asian indices fell 0.6-1%. At the same time within Europe grew 2.5%, American - at 1-3%.

Italy dropped in trust

Rating agency Fitch downgraded the sovereign rating of Italy's foreign and local currency 'AA' from 'A +' with a negative outlook. Rating lowered from Spain "AA +" to "AA-" and with a negative outlook. The decision reflects the evolution of the debt crisis in the eurozone.

Fitch lowered the credit rating of Italy with the 'AA' from 'A +', Short-term issuer default rating downgraded to "F1 +" to "F1". "The downgrade reflects the increasing crisis in the eurozone, which contains a significant financial and economic shocks, the sovereign risk profile weakened in Italy," - experts said Fitch. National debt Italy's third largest economy of the EU, reached the mark of € 1,9 trillion (120% of GDP), exceeding the total debt of Greece, Spain, Portugal and Ireland. Economic growth in the country remains weak last ten years.

Long-term rating downgraded from Spain, "AA +" to "AA-" with negative implications. Fitch analysts noted an increase in risk for the process of fiscal consolidation in Spain because of budget indicators in individual regions.

Recall, October 5, rating agency Moody `s has lowered the credit rating of Italy just three steps - from Aa2 to A2 c negative implications, applying such sanctions for the first time since 1993. Such a sharp downgrade Moody `s explain" 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. " Earlier, September 21 Standard & Poor's downgraded Italy's unexpected from A + to A, giving another boost to the debt crisis in the euro area.