Exchange to hedge the foreign exchange market

Joint RTS, MICEX Stock Exchange is taking new steps to insurance against risk of default on the foreign exchange market. Since February, increased capital requirements for market players, as well as the amount of insurance contributions to cover the risks.

On February 22, 2012 National Clearing Centre (NCC), which is a subsidiary of the MICEX, RTS, increases the demands on the participants to cover the risks of his foundation, said the exchange. Now, the minimum amount of capital for the participants, banks will rise from € 5 million to € 10 million (400 million rubles.), And for non-bank credit institutions - with € 0,5 million to € 5 million (200 million rubles.). The amount of the premium for each member of the fund will increase from $ 60 thousand to $ 80 thousand

Provisions for risks are being formed in the amount of $ 14.16 million in payments he provided to bidders in the foreign exchange market, where their counterparties do not fulfill their obligations under the transactions of buying and selling currencies. So far, payments from this fund were not made, since the foreign exchange market, there are other tools to reduce risks - preddeponirovanie funds and margin calls, etc. Insurance against risk is not the only reason for the participation of brokers in the fund. Participants have the opportunity to sell stock for a limited amount secured by the fund, with no collateral covering transactions. After the party fund exceeds this amount, all other transactions conducted by the general rules of trading - with the bail.

As explained, "b" on the MICEX, RTS, the decision to increase capital requirements for currency trading participants and their contributions to the insurance fund a number of reasons. Since January 1, Central Bank increased the minimum size requirements for banks' capital to 90 million rubles. to 180 million rubles. to improve the stability of the banking system and stock exchange operates in line with the same trend. "Common volatility in global financial markets makes increased demands to maintain the same level of security fund, which is an important component of overall risk management system", - said the representative of the exchange. "Foreign exchange market is growing - CEO adds," Zerich Capital Management "Alexander Shcheglov, - so the NCC had to revise its risk-management in this area." In 2010, the total volume of transactions in foreign currency on the MICEX amounted to 79.5 trillion rubles. During 2011 the combined market registered a total volume of the foreign exchange market 210 trillion rubles.

Mr. Shcheglov suggests that NFP measures must relate to the future liberalization of the foreign exchange market: "From this year the opportunity to trade the forex market will be all stock market participants, not just the banks, so in order to filter the market from the market players are insolvent to increase the requirements for participants in the fund. "

According to market participants, new requirements will not reduce the number of fund participants. "The current members will continue their presence in the fund - increase the amount of fees and capital requirements will not be problem for them" - says Mr. Shcheglov. In large banks, trading in the forex market, it is confirmed. Andrew Skobelin, head of foreign exchange transactions in international markets PSB (capital - 57 billion rubles.) Stated: "We can easily increase your insurance premium." On the other hand, medium-sized banks will continue to trade currencies without the participation of the insurance fund. In the Russian national bank (the capital - 321 million rubles). "Kommersant" said the bank is not a member of the fund and cover the risks involved in currency trading on the Stock Exchange on the same basis.

Shale gas is not warm to Europe

Europe has less chance of following the example of the United States reduce its dependence on Russian energy supplies from shale gas. Encountering resistance to environmentalists, the government of individual countries have already begun to deny oil and gas concerns in such projects.

The Bulgarian government on Tuesday revoked a license for geological exploration issued in June 2011, Chevron to search for shale gas production Novi, which, according to various estimates, can contain between 300 billion to 1 trillion cubic meters of gas. One of the main reasons for revocation of the license are environmental protests: last week in Bulgaria have been thousands of demonstrations against the shale gas. According to the demonstrators, used for the extraction technology of hydraulic fracturing contaminate groundwater.

As the Minister of Economy and Energy of Bulgaria Traicho Traikov after a meeting of the government, Chevron was allowed to continue the exploration for oil and gas in north-eastern Bulgaria, but if you use benign methods of drilling. "The idea is that they still have the right to search for oil and gas, but without using the disputed technology, hydraulic fracturing," - said Mr. Traikov, noting that the Bulgarian parliament intends to introduce a complete ban on hydraulic fracturing on land and in the territorial waters of Bulgaria .

Shale gas production by fracturing involves injecting into the reservoir under high pressure water with special granules and chemicals. The water pressure destroys the porous shale, and the pellets do not give the breed close up after pressure reduction. As a result of natural gas in the pores of shales is released and can be pumped to the surface. The disadvantage of technology in shale gas production is the rapid decline in well production, suggesting an active drilling new wells.

Until recently, shale gas constrained by the relatively high cost of drilling. In recent years, reducing the cost of drilling and new fracturing technology have led to widespread shale gas production in the U.S. in 2009, shale gas was there 14% of the total production in 2010, U.S. gas production ahead of Russia. As a result, traders bought liquefied natural gas (LNG) for the American market, began to send him to Europe, bringing down prices. In 2009, Qatari LNG individual lots were sold in Europe at a price three times lower than the gas, "Gazprom" long-term contracts. This forced gas producers significantly change their plans - in particular, "Gazprom", revising the forecasts of its presence in the U.S. market, was forced to move the timing of the Shtokman field.

In the USA during the period of rapid growth of the U.S. shale gas "gas revolution" was accompanied by a mass of intrigue, rumor and speculation. Experts from the producing countries, including Russia, talked about the next "bubble" in the gas market, comparing the shale gas at one time as popular, but zaglohshim project of gas produced from coal seams. U.S. officials have admitted the facts alleged overstatement of production levels, calling to check the figures provided by the mining companies. But the most important factor limiting production are environmental concerns. It was found that the benefits of shale gas, the ability to get it in close proximity to consumers, small towns scattered across the U.S., instead of natural gas pipelines, are accompanied by significant disadvantages. The chemicals injected into the reservoir began to be detected in groundwater and drinking water.

Europe is on the same path: from the euphoria of the expected decline in energy prices and the prospects for energy independence from countries supplying gas, primarily in Russia, to minimize production of the protests against environmental pollution. In early 2011, after some hesitation soil in Blackpool, fracturing technology (and with it, and shale gas) has banned England. In July, France followed suit. Russian specialists from the Institute of Oil and Gas Academy of Sciences suggest that the geology of Western Europe will not allow shale gas to become a serious competitor to supplies from Russia. However, in some European countries still believe otherwise - Poland, for example, intends to start production of shale gas in 2014-2015, Romania and Serbia intend to start exploration work in search field slates.

The American banks are falling profits and quotes

The second representative of the six largest financial corporations in the U.S. bank Citigroup, presented a report on the results of its operations for the fourth quarter of 2011. Revenues and profits declined due to growing instability in financial markets. Investors reacted by selling shares in a bad report Citigroup.

Reporting Citigroup's second quarterly report negative after the end of last week to reduce the profits reported by other Finance Corporation, JP Morgan Chase. At Citigroup profit in the fourth quarter totaled $ 1.16 billion ($ 0.38 per share), which is 11% lower than in the fourth quarter of 2010, and below analysts' forecasts, who were waiting on the bank's profit in the region of $ 0.5 per share . Citigroup's revenue for the quarter also not pleased, to $ 17.2 billion, up 7% less than a year ago. Negative trend has been demonstrated in large part because of a sharp decline in unit sales trading in the market - 37% - and investbankinga - 45%. A similar pattern was observed at JP Morgan Chase. "Fears of our clients on developments in Europe have led to the fact that December was a very difficult - said Citigroup Chief Financial Officer John Hershel .- Europe remains a major threat hanging over the markets today. The clouds continued to thicken. " Weak quarterly figures Citigroup led to the fact that the results of yesterday's trading session, shares of the corporation in the U.S. fell 8.2%.

The analysts point out that the problems experienced in the fourth quarter of those American banks that are active in capital markets. "In such a situation is unpleasant banks - said in a Bloomberg TV broadcast head of investment company Loop Capital Markets James Reynolds .- In this case the banks who hold more traditional model, is doing fine." Indeed, in one day with Citigroup in the fourth quarter reported another representative of the "Big Six" of U.S. banks - Wells Fargo, whose activities are focused on retail banking. Profits of the bank rose by 20% in the first hours of trading led to the growth of quotations on the Wells Fargo 2%.

Today is expected to publish quarterly reports the largest U.S. investment bank Goldman Sachs, and tomorrow - the rest of the "big six» - Bank of America and Morgan Stanley.

Ruspetro erupted in London

How the "Y" in London held its first IPO in the new year a Russian company. Ruspetro successfully carried out the failed December 2011 public offering on the LSE. Over 30% of investors paid about $ 275 million, estimated the company at $ 1 billion, while last year it expected a $ 1.2-1.5 billion

On Wednesday morning the book was closed applications for 30% of independent oil companies Ruspetro, housed on the London Stock Exchange, sources told "Kommersant". The papers were evaluated by investors of approximately $ 275 million is slightly less than expected amount, said one of the interlocutors, "Y", but "the company is satisfied with the results."

Ruspetro tried to hold IPO late last year, but then slipped location: foreign investors showed no interest in the securities because of the high leverage of the company and the mass protests against the results of State Duma elections in Russia (see "Kommersant" on December 23, 2011 years). In general Ruspetro estimated at about $ 1 billion, taking into account the debt, which amounts to about $ 350 million, the source said, "b". The main creditors of the company - Savings and gas "Itera", in which it has acquired the license for three projects in the Khanty-Mansiysk in 2008. The main assets Ruspetro - Field East Inginskoe, Pottynsko-Inginskoe and Polyanovskoe with total reserves of 2.1 billion barrels of oil. In 2011, mining them was 4.5 thousand barrels per day. In December, the sources of "b" says that the company is estimated at $ 1.2-1.5 billion

Means the company needs to develop, explained sides "b" over the next five years it is going to produce 3.5 million tons of oil per year. In addition, Ruspetro also need to pay on their loans. In the IPO shares part of the additional issue. The main owners of the company are former head of the Federal Grid Company Andrew Rappaport and his deputy, Alexander Chistyakov. Among the shareholders of a fund Ruspetro Altera Capital of the former deputy head of the Ministry of Economy and government staff Kirill Androsov and Sberbank.

Payment systems united in the face of the law

The Russian financial markets created a vertically integrated trade association. Payment systems MasterCard, Visa and "Golden Crown" announced the establishment of the National Payments Council, the work in which all participants are invited to e-payments market, from banks to money transfer systems. Members of the Board plan to jointly fight the imperfections of the law "On the national payment system."

Payment systems MasterCard, Visa and "Golden Crown" announced the establishment of associations - the National Payments Council. The main purpose of the association announced the promotion of the Russian electronic payments industry. According to market participants now share such payments from the total settlement is carried out by the citizens of just 7%, given that in countries where the industry has developed - 30-40%.

Establishment of an association, which assumes participation of banks and money transfer systems, as well as all the participants in the payment infrastructure (such as clearing and operational centers), directly related to the creation in Russia of the national payment system and the adoption of the relevant law and regulations. Chairman of the Board of Directors of the payment system "Golden Crown" Nikolai Smirnov called the "participation in improving the regulatory and legislative framework," the first of the ways in which the work will be done of the association.

Market participants have expressed the view that many of the provisions of the law "On the national payment system," which came with the exception of certain provisions in force on 29 September 2011, require further study. Even after the law (second reading) has disappeared requirement does not use overseas infrastructure, which automatically excluded the major players Visa and MasterCard are among the potential participants, the performance of many of the law has proved difficult. Thus, for example, by law, all operators of electronic money to the October 1, 2012 must be by credit institutions or non-bank credit institutions with the right to transfer money without opening bank accounts and other related banking transactions. To do this they must obtain the appropriate license of the Central Bank. In this regard, for example, the system "Yandex" should urgently consider three options: buy a bank, to sell a stake in the bank to obtain a license or NGOs. "For the industry is a very important process of developing regulations and normative documents, which should appear as part of the requirements of 161-FZ" - outlined the immediate tasks of the association of its chief executive Alexei Maslov.

Ruspetro find investors

Ruspetro an IPO in London, which earned 35% of its shares to $ 250 million in oil company would send funds to repay debt and development projects in Western Siberia. In general Ruspetro estimated at $ 676 million is below the expectations of the organizers of the IPO, but the high cost for companies with significant debt and low production.

Yesterday morning the book was closed bids for the shares of the independent oil companies Ruspetro, placed on the LSE. The official report of the start of trading the company has made in the evening. Ruspetro valued at $ 676 million (£ 441 million), or 134 pence per share, excluding debt of about $ 350 million conditional trading of shares of the company will begin today, and the principal - January 24. In placing part shares issued under the additional emission (about 59% of the share capital), in the end free float Ruspetro be "about 40%," the company said. In general, the placement Ruspetro managed to attract $ 250 million (£ 163 million). At the same time underwriters have an option to accommodate 10% of newly issued ordinary shares.

The first attempt IPO Ruspetro taken at the end of 2011, but then her interest in securities, investors have not caused. According to sources, "Y", close to the location, it was associated with a high debt load and mass protests in Russia against the election results to the State Duma. The estimate of the company, taking into account debt (about $ 350 million), prepared by the organizers of the placement, was approximately $ 800 million, the source says, "b", "but in the current situation with the level of debt and the markets a $ 676 million may also be considered successful." The organizers of the placement were Bank of America Corp., Mirabaud Securities LLP and Renaissance Capital Ltd. One of the interlocutors, "b" added that "because of the small number of investors IPO private placement was like." He estimated that 80% of the volume of transaction accounts "for about ten investors."

About $ 180 million, the proceeds from the IPO, Ruspetro refer to repay debt. The main creditors of the company - Sberbank and "Itera" company, in which in 2008 it acquired the license for three fields in the Khanty-Mansi Autonomous Area (East Inginskoe, Pottynsko-Inginskoe and Polyanovskoe) with total reserves of 22 million tons of oil. Ruspetro's investment up to 2015 is estimated at $ 529 million company is planning to build 27-km pipeline, drill a hundred holes. In 2011, production amounted to only Ruspetro 245 thousand tons of oil, but by 2015 is expected to grow to 3.5 million tons. The main shareholder is Ruspetro Limolinas, which, according to the interlocutors, "b" is controlled by the heads of MIPC Andrey Likhachev. Other major holders of securities are former executives of FGC Andrew Rapport and Alexander Chistyakov. Also shares Ruspetro have its management and Savings Bank.

Gazprombank analyst Alexander Nazarov said that investors have given a good price Ruspetro given its debt burden: the company has yet to fully work projects. At a comparable price, the expert, could acquire an asset with a much higher level of production. When investing in a company usually means are invested in growth, but the priority Ruspetro at the moment - this is the payment of loans, the analyst, so it is possible that in the foreseeable future, it will conduct a secondary public offering.

Banks sell only old debts

Last year, banks sold bad loans to collectors in the amount of 78.7 billion rubles .- 30% more than a year earlier. True, the banks sell bad loans to collectors under contracts of assignment only after more than three and a half years to work with the bad debt on their own.

In 2011, banks sold to collectors bad loans worth 78.7 billion rubles. against 60.2 billion rubles. a year earlier, estimated by experts of the collection agency "Sequoia Credit Consolidation." This year, the market sale of bad debts, according to the expectations of collectors to grow by 20%, but work with them will be even harder. The fact is that in the past year significantly increased the average time delay in selling loans. If in 2010 it was 30 months, in 2011 - more than 42 months. On the one hand, selling over old debts, the banks are willing to lower prices, on the other - the older the debt, the harder it is to recover, which affects the efficiency of the collectors.

In the past year, banks reported some disappointment in the effectiveness of external collectors of the work of agency scheme with problem loans, that is, without selling. As a result, most players prefer to strengthen the banking sector's own collection service and to work with borrowers on their own as long as possible. Thus, the decision to sell was made at the time when the bank tried all ways to self-punishment. "By submitting a portfolio for the collection of collection agencies, we are always guided by economic expediency, and in 2010-2011 we were able to significantly increase the efficiency of the foreclosure process on their own" - recognizes the Director of Process Control foreclosure HCF-bank Svetoslav Emelyanov.

Longer delays in selling portfolios due to the fact that they are often given in the later stages, such as enforcement proceedings, said the vice president, head of dealing with problem assets VTB 24 Andrei Osipov. According to the "Sequoia", sold in the 2011 portfolio, the share of debt on which the banks have been obtained judgments - 45% in 2011 vs. 30% in 2010. Furthermore, there is debt, which is at the stage of enforcement proceedings, - 20% for sale in 2011 of debt, while in 2010 there was no such debt. "The introduction of loans for sale to the court decisions is also a natural trend. The crisis formed in arrears in 2011, just completed a full cycle of collection, enforcement proceeding is completed, credits obtained in many acts of impossibility of recovery from the bailiffs. Now the bank is economically profitable and technologically easier to sell a bad debt, write off as "- said the expert.

Collectors, on the other hand, reacted to the approach of banks reduced the price of purchased portfolios, explaining that the increase in the cost of their recovery. If in 2010 and early 2011, the average price of tradable portfolio is in the range 5-6% of its amount in the second half of this corridor has become much more widely - from 1% to 5%, the study says. This year, most likely, the trend is to increase the period of delay and reduce the average loan amount would continue, predicts the director to collect arrears of Alfa Bank Oleg Kogan. "The increase in term of delay indicates a deterioration of distressed debt, which negatively affect the price of such portfolios - he says .- The general background of the economy indicates that the problem debtors are less likely there will be new sources of revenue for debt repayment, which will also be taken into account when assessing portfolios of potential buyers. "

The boom tips on payments market

Representatives of the payment systems MasterCard, Visa and the "Golden Crown" announced the creation of the Association "The National Payments Council," which should combine the operators of payment systems and remittances, as well as banks. Meanwhile, the Russian Union of Industrialists and Entrepreneurs has already obtained the agreement of several large banks to become one of the founders of a similar organization that invited the same participants, followed by ready to take away from "rationing" and the name of the association.

Yesterday the head of the "Golden Crown", as well as Visa and MasterCard in Russia has officially announced the creation of the association, which "will contribute to the development of Russia's payment industry" that the founders of the organization to substantiate the negative market statistics of non-cash payments. "Today, the share of non-cash payments in the retail market in Russia is only 7% of the total, while in mature markets, it is 30-40%," - said General Director of Visa in Russia, CIS and South Eastern Europe, Stephen Parker said.

The Council intends to not only contribute to the emergence of new payment products and to study the state of the market of payment systems, but also to participate in the development of regulations and bylaws that will appear in the Federal Law 161-FZ "On the national payment system", which entered into force on September 29, 2011 year. Actually, as stressed by participants of the press conference, the adoption of this law, the original version of which contained some "distortions", and was the starting point for bringing together of competitors. "There is a blessing in disguise" - assessed in connection with the adoption of the law the head of Russia's Ilya Riaby MasterCard. The first members of the advisory council are going to interact with the central bank and government. "Prior to enactment of the NPC's leading market players, the card payment system did not have a supervisory authority, - says Vice-President of the Association of Regional Banks of Russia Oleg Ivanov .- now monitoring their activities engaged in securities, which means that they need to lobby for their interests." In this regard, NPC - Narrow this association, he added. The Bank of Russia praised the creation of NPCs briefly: his work "can have a positive impact on the development of this industry," leaving without comment the Council's intention to actively influence his work.

At the same time a preliminary agreement to participate in the Supervisory Board of the Central Bank profit partnership created to bring together the entire market of cashless payments already received the RSPP. It is assumed that the Supervisory Board in partnership will also include representatives of the Deposit Insurance Agency (DIA confirms deputy Andrei Melnikov), Federal Financial Markets Service, Ministry of Finance, law enforcement, national security and the Ministry of Communications. On this "Y" said vice president of RSPP, Alexander Murychev, chairman of the organizing committee of the nonprofit partnership. "The signatures of the founders, among which will include Sberbank, VTB, Alfa Bank, PSB, Deutsche Bank and other major actors in the banking market, has already been collected. We are preparing documents to file for registration with the Ministry of Justice, we can only resolve the issue with the name of the organization," - he said. According to him, the name may be different from the name of "small" NES on a word or have to change yourself "small" NPS, working partnership will be officially launched in February. In total, according to Mr. Murychev their participation in the future the council confirmed the approximately 50 participants, including providers of cellular and trade unions.

Founders of "card" NPC called potential participants of the organization of the number of banks declined, stating, however, that "the negotiations on this subject being". Bankers invited to this association and intending to join it, "b" is not found. In theory, nothing prevents them to enter at once into two councils, but against the goals and objectives of the "big" NPS is hardly necessary, although the RSPP and denies the possibility of competition between the two Councils. "The composition of the founders and the number of participants in NPC, the initiative for which was largely owned by business organizations, with representation of a wide range of market participants, suggests that it will be much more powerful organization", - stated the deputy chairman of Alfa Bank, Vladimir Senin, confirming that bank management and board of directors decided to enter one of the founders of the nonprofit partnership.

Sberbank has closed a record year in part

The volume of deposits of citizens in Savings Bank, has received up to 2011 a record 321.9 billion rubles. net profit grew by 18.1%, while the annual forecast of the Deposit Insurance Agency for this indicator for the whole system - 20%. In fact, half the annual increase in the Savings Bank provided the December budget revenues and premium payments, and to ensure that these funds not flowed in January on deposits of other banks that have already taken action.

Yesterday, Sberbank has published data reporting by Russian standards (RAS) for 2011. Net profit totaled a record 321.9 billion rubles. (December - 24.3 billion rubles.) Against 183 billion rubles. in 2010. Savings exceeded its own last earnings forecast for 2011 - 300-310 billion rubles. "The main factor in earnings growth - a sharp reduction in contributions to reserves - from 155 billion rubles. In 2010 to 5 billion rubles. On the basis of 2011" - indicates the analyst "Sovlink" Olga Belenkaya. "If the Central Bank forecast is correct, and the regulator had expected profit of the banking sector in 2011 to 800 billion rubles., Then we can conclude that the Savings Bank has provided 40% of total profits", - said the department advisor due diligence "2K Audit - Business Consulting" Andrew Cherniavsky. These financial statements according to RAS for December posted yet only Agricultural Bank, which received 2.09 billion rubles. net profit.

In 2011, the Savings Bank has demonstrated a record since 2007, growth rates of corporate and retail lending. "Savings Bank's loan portfolio in December increased by 6.3%, comparable growth was in retail lending, the Bank continued to actively refinance Russian corporate borrowers have lost their access to public debt markets - said Olga Belenkaya .- As a result, the corporate credit portfolio grew Savings 34%, loans to individuals - by 36%. this record growth in 2007 (53%) was observed when the credit boom. "

The dynamics shown by the Savings Bank, sold the forecasts of the Central Bank, which assumed that the background of problems in the financial markets credit growth to the end of the fourth quarter will be at the level of 1-1.5% per month (see "Kommersant" on October 22, 2011). In November, according to the Central Bank, the banking system as a whole has already been recorded growth of corporate lending at 3.4%, retail trade - by 3.1% (the results of the Savings Bank - 5.3% and 3.6% respectively). The fact that other banks have successfully stepped up lending in December, while we can only indirectly be judged by an increase in the number of banking applications to the credit bureau (see "Kommersant" on 16 January). "December is traditionally gives high growth portfolio, but will they be in the system as a whole is comparable with our results, prior to publication of reports, I will not undertake to judge," - said a member of the Board of Sberbank Anton Karamzin.

The only segment in which annual figures were worse than expectations of the Savings Bank regulators, was to raise funds of natural persons. Recall that in the Deposit Insurance Agency (DIA) expect that for 2011 the amount of funds in bank accounts of natural persons increased by 20%. Sberbank has demonstrated the growth of this indicator at 18.1%, to 5.67 trillion rubles. This lag is explained by lower interest rates on deposits Savings compared to other banks, the analyst IFC "Solid" Elena Yushkova. Late last year, the maximum rate for deposits in the Savings Bank was 7.25%, according to CB mean maximum rates of the largest banks in terms of deposits was at 9.41%. In December, growth in deposit base was highly significant Savings - 8.5% last month has provided virtually half of the annual inflow of funds of natural persons, but this is primarily a consequence of the seasonal peak of budget funds and listed companies premiums for employees' card accounts, shows Olga Belenkaya. "Now the main task of the bank will retain much of the December inflows. As a rule, in January he was replaced by a seasonal outflow of the population, making a decision to invest, with card accounts in the Savings Bank distributes them to more lucrative deposits in private banks," - she points out. In January, Sberbank increased rates on deposits of citizens in an average of 1 percentage point, resulting in the maximum rate on deposits of 8% per annum.

Banks are lending risked

Russian banks on the basis of 2011 population increased lending by 36%. Central Bank calls these rates impressive, but is concerned that citizens would be difficult to repay debts, and this implies an increase in risks for banks.

The volume of consumer lending by Russian banks for the last year increased by 35.9% compared to 2010. This was announced by deputy chairman Alexei Simanovsky. In 2010, lending to individuals grew by 14.3%. Loans to non-financial sector of the economy last year grew by 26% against 12.1% in 2010. "Our forecast on credit growth of 20-25% were pessimistic and conservative. In the middle and second half of 2011 the process of being rapidly developed, "- quotes" Prime "Mr. Simanovsky. According to him, data on growth rates of lending to "show, on the one hand, the impressive growth, and with another - somewhat wary and attracted attention with regard to implications for banks, including the population, which at some point it becomes difficult to pay debts , which implies an increase in the risks taken by banks. " This year, the Central Bank forecasts a more moderate growth in lending. "In the retail and will be repeated if in 2011, it is unlikely that it will be closed", - said Mr. Simanovsky.

Growth rates of deposits in 2011, however, were lower than the year before - 20.9% vs. 31.2%. In this case the December growth was a record 7.3%. However, this dynamic was better than expected the Central Bank, which predicted that by the end of 2011 the growth in deposits will be at 15%. According to Mr. Simanovsky, so the rapid growth of deposits was the result of changes in interest rate policy of banks. For example, the Savings Bank, a policy in respect of rates which is an indicator for the market in November 2011 raised rates on savings instruments (maximum rate on ruble deposits was then 7.25% APR). This year also began with the Savings Bank raising rates on all instruments to raise funds from citizens on average by one percentage point. At the end of last year raised the deposit rates and the second largest retail bank VTB 24.

Total assets of Russian banks increased in 2011 to 23.1% against 14.9% a year earlier, and up to the banks earned a record 848 billion rubles. profit under RAS, said Mr. Simanovsky. Almost 40% of the total net profit falls on Sberbank. In 2011, he earned a record 321.9 billion rubles. against the 183 billion rubles. in 2010.

Gold "Severstal" has risen in price

Recently isolated from the "Severstal" gold mining company, began trading on Nordgold London Stock Exchange. A few hours of trading value of securities almost did not move, but at the start they were worth considerably more than the price on the basis of which was reorganization.

Today at 12:00 am on the London Stock Exchange launched the first trades in securities gold Nordgold, the former subsidiary company "Severstal". The initial price was $ 7.55 per GDR (one ADR equals one share). As of 14:00 was done five deals in the range of $ 7.5-7.7 per share totaling just over $ 41 thousand

"Severstal" has decided to allocate the fall Nordgold, transferring it directly to its shareholders. They were asked to exchange papers of the parent company to a subsidiary of GDR. As a result, minority shareholders will get 10,6% Nordgold, the rest - the main shareholder of "Severstal" Alexei Mordashov. Selection process completed by mid-February.

Nordgold capital is divided into 358,794,180 shares. The company stood at $ 6.95 assessment per unit, that is, to date, it has risen by 8.6%, and in the course of trading a growth rate of 10.8%. In this price range is $ Nordgold all 2,69-2,76 billion compared with $ 2.49 billion at the time of selection. However, objectively assess the dynamics of quotations on the first day of trading is not possible, the analyst TCB "BNP Paribas Investment Partners" Alexander Litvin: action must be "rastorgovatsya," but it takes time, and for each paper is different.

Car has a negative outlook

In monetary terms, the Russian car market in 2011 grew by 70% to $ 58.9 billion, estimates PricewaterhouseCoopers (PwC). By the number of units sold increased more modestly - about 40%, although this is the fastest among the world's major car market. However, the PwC report for the first time seriously considered not just conservative, and strongly negative version of the market in 2012 - the fall could reach 8% and will be among the most profound of Russian brands.

PwC has published an overview of the Russian market of new cars in 2011. In monetary terms, their sales rose 70% to $ 58.9 billion (the number of units sold increased by about 40%, to 2.5 million). But even in physical sales, says PwC, the Russian car market was very dynamic compared to major world: U.S. auto sales last year rose by 10%, Germany - 9%, China - 2.5%, and markets France, Britain and Japan, did show a negative trend.

The greatest demand in 2011 used foreign cars made in Russia - their sales rose 70% to 1 million vehicles in quantitative terms and by 98%, to $ 23.7 billion in cash. Sales of Russian cars, despite the state recycling program, grew much more slowly - by 11% to 620 thousand cars. This is primarily due to a significant reduction in the rate of increase in sales of AvtoVAZ in the second half of 2011 - to the plant accounts for 93% of the total sales of Russian automobiles. On the other hand became more expensive Russian cars faster cars. In value terms, sales of Russian brands accounted for $ 6.9 billion, an increase of 33%. In general, the presentation of PwC emphasizes that in the past year, domestic production of passenger cars in the country exceeded 1.7 million units, which is an "absolute historical maximum."

Nevertheless, the greatest amount of money still bring sales of imported cars. Last year there were 840 thousand vehicles sold for $ 28.3 billion According to Michael Park of "Aton", because of Russia's WTO accession in the next few years, the share of imported cars in the Russian market to grow by 5-7%, and 40 -42%. Now duty for new imported vehicles is 30%, but immediately after the ratification of all documents required for formal accession to the WTO, it will fall to 25%, and then for seven years, gradually decrease to 15%.

Estimated to PwC, in 2012 market growth will slow significantly. According to optimistic forecasts it will be 6%, but "with the dominance of negative factors" may generally fall by 8% to 2.3 million vehicles. The strongest decrease is waiting for Russian brands. In the case of the optimistic scenario, they lose 11% of sales, while a negative situation - 27%. Reduced sales by 5% can wait and imported cars segment, in good economic times they may grow by only 7%. Sales of foreign cars made in Russia, according to PwC, at best, will grow by 11%, and at worst will remain at the level of 2011. In the PwC point out that the market remains "quite volatile," so to predict the scenarios of its development in the short term is difficult.

Banks will be obliged to disclose additional information on loans

Central Bank intends to oblige banks to disclose in their annual reports information on the public debt - the conditions under which such debts should be repaid ahead of schedule. This step will allow bank customers to warn of the possibility of such payments, which can destabilize the bank, according to the Central Bank. According to the participants of the banking and capital markets, the information requested to disclose, or disclosed or that, or did not give unqualified investors.

The Bank of Russia is considering the possibility to oblige banks to disclose covenants - the conditions which under certain circumstances (change of ownership, the violation of norms, etc.) to creditors the right to demand early performance of debt - as part of annual reports, said yesterday the deputy chairman of the Central Bank Alexei Simanovsky. "I have instructed the department of banking regulation and supervision of work on this issue," - he said, adding that a decision can be made later this year. If this happens, the information about the covenant will have to bank on the basis of reports in 2012. According to Mr. Simanovsky, the regulator has not yet decided which ones borrowing will address the new requirements - just as Eurobonds or syndicated loans, but "the perimeter would be logical to do as much as possible."

At present, the issue of Eurobond issuer must disclose the covenants in the prospectus to be released, this information is public, although not included in the reporting banks. In the case of syndicated loans for the public disclosure of additional conditions is performed. According to Mr. Simanovsky, covenants require the disclosure is directed primarily at protecting the interests of clients of the bank: it will give them information about possible substantial payments to bank creditors, which could destabilize its work.

The fact that this situation is not speculative, showed the Bank of Moscow during the change of shareholders (currently 94.84% of its shares owned by VTB Group). Last summer, Bank of Moscow was found nedorezervirovanie $ 150 billion rubles., Because of what the bank could not in time (until June 30) to form a reliable reporting under IFRS. Failure to report the same to this date has been one of the covenants on Eurobond bank to $ 1.65 billion (almost 50 billion rubles.) - Though that, according to the rating of "Interfax", in the second quarter equity of the Bank of Moscow was 54.4 billion rubles . As a result, Bank of Moscow's Eurobond allowed a technical default, which is not outgrown in a month in real only because the Bank published a report in the last day of the allotted time.

Bankers felt the requirement of the Central Bank to disclose information in the accounts of the covenant unnecessary. "This is not the world practice, and covenants on Eurobond as disclosed in the prospectus to be released, in most cases the standard conditions, so I see no need to include them in the annual report, especially since it clearly does not fit into this document - says financial Director Alexander Morozov Savings .- With regard to syndicated loans, it is bilateral deals covenants on them are not public and should be known to the parties of the transaction, why should they publish, it is not clear at all. " According to him, the initiative will only add to the bankers work in preparing the annual report, but will not make the market more transparent. "I do not think that the public disclosure by banks on debt covenants is an urgent need - agrees deputy president of the Eugene Transcapitalbank Ivanovo .- The investors involved in the transaction, and so knowledgeable, and knowledge of individuals in terms of commitments will have little effect." The problem may be that the covenants on eurobonds are formulated in accordance with English law and market practice and a number of terms there is no adequate Russian counterparts (prospectuses for Eurobond issues are published in English), adds a credit analyst, "Renaissance Capital" Michael Nikitin.

As regards the situation with the Bank of Moscow, the publication of the covenants in its report for 2010 is unlikely to improve understanding of its financial condition uninformed customers, when published report, to correctly assess the financial position of the bank could not even experts, chief strategist at IG indicates BCS Maxim Shein.

Pros in the initiative of the Central Bank found a professional stock market participants. According to portfolio manager of the company "Discovery Capital" Eugene Vorobiev, disclosure of the covenant would be useful to qualified investors. "This would allow them to predict the prospects of the bank, having better information about possible payment on the basis of covenants when making decisions to invest in its securities," - he said. For this to work, said Mr. Vorobyev, you need to publish data on covenants more often than once a year - for example, in the form of material facts.

Lending has grown beyond the Central Bank

Last year, Russian banks have record profits - 848 billion rubles., Said yesterday the Central Bank. Despite the fact that a substantial part of it formed by the dissolution of reserves, the main activities of the banks have also shown impressive results: corporate lending increased by 26%, retail - 36%. The Bank of Russia considers reasonable growth by 20-25%, indicating that the rates above this level are "alarming" in the current economic situation.

As a result of 2011 earnings of the banking sector amounted to a record 848 billion rbl., Reported yesterday, deputy chairman Alexei Simanovsky. In 2010, the financial result of the banking system amounted to only 550 billion rubles. This year's record result on profits is unlikely to happen again, predicts CB. "I do not think it will repeat the same profit," - said Mr. Simanovsky reporters on Thursday.

Record profit is largely due to no direct results of the banks in the past year, and the effect of the dissolution of reserves for possible loan losses, formed in 2008-2009. If in 2010 only part of the banks began to dissolve the reserves, the last year it began to make the most conservative players. Data on the proportion of all Russian banks earned 848 billion rubles. came to the dissolution of reserves, yet. However, for example, the Savings Bank during the year mainly dissolved previously established reserves as a result of their costs up to 2011 amounted to 5 billion rubles. against 155.5 billion rubles. a year earlier.

Factor of dissolution of previously established reserves gradually ceases to play a key role in banks' profits. However, the performance of their primary up to 2011 have been impressive. The growth of corporate lending in the system, according to Central Bank data, 26%, against 12.1% a year earlier, while retail trade - 35.9% versus 14.3%. The total amount of corporate loans reached 17.7 trillion rubles., Retail - 5.6 trillion rubles. At the same time the major players have shown even higher rates than the sector as a whole. The credit portfolio of the Savings Bank in retail grew by 36.6% in the corporate sector - 34.1%, Gazprombank - 73% and 31% respectively. VTB 24 yesterday reported an increase in the retail portfolio to 40% (see reference on page 8).

The growth rate of lending, which has taken the banking sector, already wary of the regulator.

Alexei Simanovsky predicts that up to 2012 lending to grow by 20-25%, and such growth rates of the Central Bank considers safe for the system. "Talking about the dynamics of lending safer, proceed from the fact that 20-25% - this is a good speaker, which does not create additional excitement and at the same time, the regulator allows banks to operate normally," - said Mr. Simanovsky. According to him, the momentum indicators on credit "somewhat alarming and attract attention with regard to implications for banks, including the population, which at some point it becomes difficult to pay the debts, which implies an increase in the risks taken by banks."

In May 2008, the Central Bank, estimating the growth rate of lending in the banking system, noted that the hazards of the rate above 50%, slowing to 35-40% of control then called "normal". But in the current 36% in retail - indeed many, experts say. "The official inflation slowed from 11.9% in 2007 (when the system credit growth was 53% .-" b ") to 6.1% in 2011 - indicates the analyst" Sovlink "Olga Belenkaya .- That is, real terms, nominal 36% now - it's higher than the same 36% in 2007. Although the symptoms of the deterioration of solvency of the population are not available, the official forecast of Economic Development suggests a slowdown of GDP in 2012 to 3.7% from 4.2% in 2011 ". Besides, she adds, worried by the fact that real disposable income in 2011 did not grow, and in 2007 the growth of this indicator was 12.1%. "Thus, the credit boom in 2011 was not provided with the growth of real incomes of borrowers, which in the case of deteriorating economic conditions threaten the growth of bad loans" - concludes Mrs. Belenkaya. The optimism of the population, to actively finance in the second half of last year, may be exaggerated, adds Head of Strategy and Market Research VTB 24 Vadim Kraskov when the second half of the year there was a new crisis and begin to cut costs, as in 2008, then earned credits may no longer maintained, and this would pose a problem.

Bankers do not share these fears, assuming that the loan growth in 2011 was qualitatively different than before the crisis. "Our retail portfolio grew in 2011 by 30%, and this is clearly a qualitative growth, - says head of retail credit risk Unicredit Bank Victoria Polyakova .- The crisis has taught a balanced way, so the share of foreign currency loans declined by more than 50% at the time of the 2008 crisis to 22% of the portfolio has changed the evaluation criteria of the borrower, so if you happen again worsening the crisis, the quality of the generated now will affect the loan portfolio is insignificant. "

Investors did not have a record of revenue Google

Google shares fell almost 10% after the company presented the financial results for the fourth quarter. Investors were unhappy that the profit was lower than projected. By the end of trading the shares rose slightly and the decrease was 8.6%.

On Thursday, Google provided its financial results for the fourth quarter. During the period from October to December, the company's profit totaled $ 2.71 billion, up just 6% more than in the fourth quarter of 2010. At the same time quarterly revenue for the first time in the history of the company break through the $ 10 billion - the figure was $ 10.58 billion, up 25% over the previous year.

But investors were disappointed with these results. After their publication Google shares briefly fell 10%, and the capitalization of the company fell by nearly $ 20 billion in stock during the day played a fall, and by the end of trading on Thursday, the decline was 8.6%.

Such a reaction of investors due to the fact that the financial results of the fourth quarter were lower than projected. Net income totaled $ 9.5 per share, while analysts were expecting about $ 10.51 per share. Typically, the quarterly results in line with expectations of analysts Google, besides the fourth quarter is traditionally a good one for the company.

Google was unable to meet market expectations due to insufficient good results from the sale of content. Although the number of clicks on ads that are shown next to search results has increased by 34% compared to 2010, the average amount that the advertiser pays when a user moved from his exile, fell by 8% compared with the fourth quarter of 2010. In addition, according to itself Google, its financial results would have been better if not for changes in exchange rates during the past quarter.

Gasoline prices in March thaw

As predicted, the government demanded that the oil does not raise the price of fuel before the presidential election. About the price freeze announced Energy Minister Sergei Shmatko. Now oil reserves are high and the reasons for their rise in price in any case not, the authorities have decided to err, strongly recommending that companies not to increase fuel exports.

Ministry of Energy has agreed with the oil companies to freeze retail prices of petroleum products, the Minister Sergei Shmatko during a conference call with regional authorities, dedicated to the passing of winter. "Despite the increase of excise duties in January 2012, we have an agreement in principle with the oil companies by market participants about neroste fuel energy prices, including fuel-retail," - said Mr. Shmatko.

The Minister noted that the Energy Ministry will monitor the prices, "so that they remain at the refinery, as well as in regions ENGOs (petroleum products company) at December last year." The minister also called on regional authorities to monitor retail prices in the independent segment of the retail market. "Now it is important to carefully look at how independent gas stations realize this arrangement given the fact that we keep on Napcod stable price level", - said Sergey Shmatko.

In the statement of the oil companies refused to comment. However, the sources of "b" says that it is not so much about the agreement as a direct indication of the ministry to keep prices in the wholesale and retail link to the presidential elections in March this year.

According to "Kommersant" the head of the Russian Fuel Union Eugene Arkusha on the market today have accumulated substantial reserves of motor fuel in the near future shortages and price increases in any case is not threatened. According to the Ministry of Energy, in January 2012 compared to the same period in 2011 significantly increased the supply of gasoline to the domestic market: A-92 at 11.2%, A-95 at 17.6%. The total reserves of gasoline at tank farms and refineries on January 18, 2012 totaled 1.349 million tons, up 21.4% more than in January 2011.

Ministry of Energy also notes the stability of diesel fuel and jet fuel market. Such data are the Ministry of Energy on Thursday at a meeting of staff to monitor the oil market. On condition of anonymity, told the meeting that the March election at the meeting were not mentioned, but representatives of the Ministry of Energy made it clear to companies that they should not increase the export of petroleum products, despite their abundance in the domestic market. If this recommendation is implemented, the wholesale and retail prices will be stable and without any special arrangements.

The pipeline construction could begin this year

"Gazprom" ready in December this year to begin construction of the South Stream pipeline is worth € 15 billion, which was not given the support the European Commission and therefore is considered to be economically meaningless. In a monopoly there is still time to negotiate with the EU to support South Stream, but it becomes harder to do - open to the criticism of the project joined the United States. To revise their plans for South Stream «Gazprom" can only be if he managed to agree on control of Ukraine's gas transportation system.

On Friday, the head of "Gazprom" Alexei Miller held a meeting on the construction of South Stream. As the result, "Gazprom" announced that the construction of the tube is accelerated - it will start this year, in December. A major advantage of the South Stream can not be called: previous deadline was the first quarter of 2013 - and "Gazprom" only formally fulfilled Prime Minister Vladimir Putin instructed to expedite the project (given in December). Detailed breakdown of the construction schedule in the monopoly does not explain, because it will be ready no earlier than February, the Board of Directors South Stream Transport AG (operator). With the funding, "the question is still open," said one of the interlocutors, "b" in the structures of the "Gazprom" on Friday, noting however that the problem with it should not be (debt / EBITDA ratio less than unity monopoly).

"Gazprom" indicates readiness to begin construction of South Stream, and without having to project the status of the Trans-European Network (TEN) from the European Commission. Energokomissar EU Guenther Oettinger refused to provide it, and South Stream, would have to back up their power by pumping gas is not only the owners but also third parties - it jeopardizes the load and return pipes. Nevertheless, "you have to start the project, otherwise no one runs out in the schedule," says one of managers of "Gazprom" and "parallel to agree with Mr. Ettinger (regular talks with the Ministry of Energy will hold in February .-" b ")."

However, it seems that now the "Gazprom" and Moscow will have to agree on South Stream, not only with Europe but also from the United States. To open the pressure on the project after the European Commission launched the U.S. State Department, which has recently been more willing to comment on the gas issue. The representative of the U.S. Department of Energy Richard Morningstar said in Kyiv on Friday that "our Russian friends seem to really want to build South Stream, but here's why - it's clear only one of them." Thus he made it clear that the project in its current form stranded.

At the same time, he recommended that Ukraine does not give "Gazprom" control of its gas transportation system, even in exchange for a promise of a monopoly by half (to $ 220 per 1 thousand cu. M) to reduce the price of gas to the republic. If Ukraine finally agreed to a deal, "Gazprom" probably would not have to build a very expensive (over € 15 billion) South Stream, said Alexei Kokin of "Uralsib". In any case, the current situation of "economic sense in the South Stream is really a little," admits an analyst and a statement of willingness to build it at all costs - it's the pressure of "Gazprom" to Ukraine, which makes a transit of gas (about $ 3 billion per year).

Finally, the United States, like Russia, is now also insist on accelerating the construction of a new gas pipeline from West to East, but that would bypass Russia. And if the chief rival South Stream is still considered a European project Nabucco (initiated by the Austrian OMV, capacity - 32 bcm. M per year), now the United States call on the EU to give it up "as too difficult both financially and with time points of view. " Instead, the State Department recommends that Europe maintain a more compact and cheaper (by 10 billion cubic meters. M) gas pipeline project from Azerbaijan through Turkey to Europe (introduced in the fall).

At the recent U.S. proposal to the European Commission still did not react. The most offensive for "Gazprom" in all of this is that "like it is time to negotiate is, but it is not clear how to use it with advantage," said the source "b", which is close to a monopoly. Transit countries like Ukraine and Turkey, which determine today the delivery routes of gas from East to West, "every month, changing their position, and how to negotiate with them, is unclear." With Gunther Oettinger agreement "as hard because he is in his decisions largely nesamostoyatelen," said the source "b". Vitaly Kryukov from "IFD Kapital," believes that in its dialogue with Europe, "Gazprom" and the Ministry of Energy should proceed from the worst: The European Commission certainly did not give the status of TEN pipeline South Stream. So far they have proceeded from the back.

Fuel prices up spring podzamerznut

The Government has agreed with the oil companies to "freeze" of retail fuel prices at the level of December. According to "Kommersant", such a statement given to companies, Vice Prime Minister Igor Sechin at a meeting on January 10. While the deliveries to the domestic market more profitable to export, but in case of rising world oil prices will begin to incur losses. After the election, they promised a compensation of possible losses, but the mechanism is unclear.

On Friday, Energy Minister Sergei Shmatko held with the regions of a teleconference meeting on the passing of winter. He urged local authorities to monitor retail prices for fuel, noting that "despite the increase of excise duties in January 2012, we have an agreement in principle with the oil companies, market participants POL neroste on energy prices, including fuel at retail ". Energy itself also will monitor prices to remain at the level of December 2011. Regions must also "take a closer look at how independent gas stations realize this agreement."

In the Energy Ministry hastened to clarify that the Minister was not referring to "a formalized agreement" with the oil industry because it "would be contrary to applicable law." "Prices of petroleum products we market, and the Ministry of Energy is not going to regulate them", - assured the "Y" in the ministry, explaining that it was only on the constant interaction with the oil. In addition, the Ministry of Energy, "provided the necessary conditions for increasing the fuel and maintain prices at the level of last year." We are talking about the growth of gasoline supply in the domestic market and high inventories at tank farms and refineries (as at 18 January amounted to 1.349 million tons, 21.4% more than in January 2011.

However, oil unofficially confirm the words of Sergei Shmatko. On condition of anonymity, they say that there was "direct evidence" to fix the wholesale and retail prices before the presidential elections in March 2012. He gave his Deputy Prime Minister Igor Sechin at a meeting on January 10. In the same oil companies allegedly promised to compensate for losses after the election, but did not specify exactly how. Only one of the participants said that what was meant was the standard price-fixing on fuel for farmers. But it happens regularly, is formulated differently, and oil solutions are always quietly commented officially.

Experts clarify that while price fixing easy for oil companies - now supplies motor fuels to the domestic market significantly more cost-effective export. According to the IAC "Cortez", on January 13, spot prices for gasoline AI-95 exceeded the export equivalent for 1931 rubles. per ton, diesel fuel for the winter - to 1262 rubles. per tonne. Moreover, the unprecedented level of fuel stocks gained on the recommendation of the Ministry of Energy, has already begun to lead to lower prices. From December 30 to January 13, spot prices for gasoline AI-95 decreased by 0.37% on winter diesel - at 0.81%. In the wholesale segment, the price of gasoline fell by 0.82%, for diesel fuel - by 0.1%. In the retail segment for the Christmas holidays the price of petrol AI-95 decreased by 0.17%, to 28.55 rubles. for 1 liter of diesel fuel rose by 0.07%, to 27.95 rubles. for 1 liter.

As explained by the "Y" director of development IAC "Cortez" Paul Strokov between small wholesale gasoline prices (24.63 rubles. Per 1 L) and retail (28.55 rubles. Per 1 liter), there is "sufficient lag to mitigate the consequences increase in excise taxes "(about 1 USD. 1 l depending on the environmental class of fuel). But if oil prices rise or fall even further inland, the oil may be lost.

From December 30 to January 13 export netback (the world price minus transportation costs and taxes) of gasoline Ai-95 grew by 15%, from 22 895 to 26 444 rubles. per ton, came close to his stock (27 511 thousand rubles.) and spot (28 375 rubles.) prices. If the rise in prices continues, the situation could be repeated, which preceded the April gasoline crisis, when exports of petroleum products were significantly more profitable than domestic shipments.

One participant held on Thursday, meeting the operational staff informed the Ministry of Energy, "Kommersant" that the companies "in a gentle manner," advised not to reduce inventory levels, in other words, not to increase exports. The occasion was the information that some oil companies in January began to increase exports of gasoline, despite the prohibitive "crisis management" export duty. However, Paul Strokov sure netback growth in January reflects a jump in oil prices worldwide, due to Iran's promise to close the Strait of Hormuz, and will soon return to previous levels, reducing the profitability of exports.

Ultimately, however, analysts say, to avoid the price increase will not succeed. Andrew Polischuk of the BCS says that from July excise will rise by another 1-1.5 rubles. with 1 liter, and the company will gradually raise prices since the end of March while the withdrawal of refinery for scheduled maintenance. However, much will depend on the government's position - according to sources, "Y", on Monday held a regular meeting with Igor Sechin, the heads of oil companies.

RZD has received from the budget money to the Moscow Railway

This year, RZD will receive from the budget of more than 17 billion rubles. the development of railway infrastructure in Moscow. Most of the funds will go to the long-debated project of passenger traffic on the Small Ring of Moscow Railway. But, as we found out "Y", the railroad came and the more unusual ideas - for example, run "Aeroexpress" of Belarusian railway station on the ruble. This week to approve plans for the Ministry of Transport.

RZD on Friday issued a material fact, which opened on what would go 40.5 billion rubles. compensation due to restrictions by the state growth in freight rates in 2012. According to the company, 14.5 billion rubles. intended for the construction of transport infrastructure for the Olympic Games in Sochi, 7.5 billion rubles .- to the railroad to the port of Primorsk, another 800 million rubles to the station .- Gremyachevo near Gremyatchinskoe deposit of potassium salts, which develops MHK "Eurochem". The remaining 17.5 billion rubles. selected "in order to implement measures to develop the transport complex in the Moscow region."

According to sources, "b" are familiar with the plans of the monopoly, more than half that amount - 8.3 billion rubles .- intended to complete the design of the Small ring of the Moscow railway and construction work on his site Presnya-Kanatchikovo. The project worth 102 billion rubles. implemented with the filing of the City. In their view, an organization full of passenger traffic on the small ring will reduce the load on the subway and highway Moscow.

Head of the Department of Transportation and Development of road transport infrastructure capital Maxim Liksutov January 19 estimated future passenger traffic of small rings about 200 million passengers per year (Moscow subway passengers in 2011 3.6 billion passengers). Enter the passenger infrastructure is planned for 2014.

The remaining money Railways plans to invest in other projects. In particular, 1.4 billion rubles. need for expansion of the railway section from Domodedovo airport. Now on this branch at the airport comes kerosene for planes, but against the growth of passenger Domodedovo, which, according to RZD by 2025 could double the current infrastructure is insufficient. More than 5 billion rubles. can be spent on the construction of a depot for the new trains (total project cost, which must be implemented in two years - 8.5 billion rubles).. One of the interlocutors, "b" states that it is a depot for trains Desiro group Siemens (Railways have signed an agreement to supply 1.2 thousand cars in the years 2014-2020, some trains will be manufactured in Russia joint venture of Siemens and the group "Cinara" .) But a senior source "b" in the RZD assured that the new depot will service all types of passenger rolling stock.

But most surprising was the project of Railways for the organization of accelerated movement of trains from the Belarusian railway station (there Aeroexpress come from Airport) to the station on Usovo Rublevo-Uspensky highway. At a railroad is willing to spend in 2012 of 1 billion rubles. According to the source "b", the project is implemented together with JSC "Aeroexpress" (his co-owner of a Maxim Liksutov) as "an alternative to road transport in this area." Source: "b", close to the company, says she hopes to become the operator of the line by the end of 2013, but in terms of investment in infrastructure is involved only in the creation of a new passenger terminal at the station Usovo. Total cost of the project - 5.7 billion rubles., The bulk of the money will provide the RZD, says one of the top managers of the monopoly. But, he says, it will be "part of a larger project to accelerate the movement on the route Moscow-Minsk-Berlin".

Andrei Rozhkov of IFC "Metropol" believes that instead of the site to Rublevka RZD could send money to or Kursk Leningrad area, where there is still a tense situation with a passenger service from Moscow after the launch of high-speed trains "Peregrine." The economic viability of projects RZD Moscow analyst estimate is not taken. "Railway in terms of construction is cheaper than the subway, but it will depend on the price of travel and working conditions of the operator's infrastructure monopolies," - he said. In this proposal for the development of RZD Moscow railway infrastructure must still go through coordination with the Ministry of Transport. In the monopoly expect to do so until the end of the week.

Exporters and Greece dropped the dollar

After a six-dollar break on the Russian currency market again went down and dipped below $ 31 rubles. for $ 1. Contribute to the strengthening of the ruble pending the outcome of the Eurogroup meeting, which must decide the fate of further assistance to Greece, as well as increased demand for domestic currency by exporters.

Dollar on the Russian market as a result of the sharp decline of quotations on the MICEX fell below 31 rubles. for $ 1. By 15:07 Moscow time for $ 1 gave 30.93 rubles., Which is 59 kopecks. below the close on Friday. By 16:40 Moscow time has stabilized near the mark of 30.98 rubles. for $ 1. Since the beginning of last week, the dollar fell on the Russian market by 90 kopecks. And the beginning of the year he lost in the price of 1.2 rubles. In turn, the euro fell to 40.3243 rubles. € 1, 17 kopecks. inferior to the previous day's close. As a result, the value of the currency basket for the first time since mid-September fell to the level of 35.196 rubles., 26 kopecks. below the close on Friday.

Weakening of the major world currencies in the Russian market expectations contribute to the outcome of the Eurogroup meeting to be held tonight. As part of the eurozone finance ministers will consider granting Greece the second package of financial assistance that can not be submitted to the country until it has an agreement with private creditors to write off part of the debts that are on their balance sheets. "Over the weekend has not appeared on the negotiation of the final communiqué between the authorities of the country and its creditors, although, according to the head of the Institute of International Finance, Charles Dallara, there had been some agreement that the eurozone finance ministers today in conjunction with the IMF will have to consider" - note Analysis of PSB. "From various sources we know what is being discussed yet 65-70% of cancellation. Details of the debt restructuring, involving the exchange of existing bonds of Greece to the new, longer-term, have not been disclosed, - said Alfa Bank analyst Angelika Henkel .- In the case of a favorable conclusion of negotiations upward wave on world stock markets will continue. "

Provides additional support for the ruble beginning of the tax period in Russia, which is traditionally accompanied by an increase in demand for rubles from Russian companies. According to analysts of Raiffeisenbank, next Wednesday will pay tax on mineral production and excise taxes, the total size of about 225 billion rubles. "Since the beginning of the fiscal period the market became more active exporters who sell the currency, which positively affected the rate of the ruble", - said Head of Dealing Nomos Bank Artem Gavrilov.

Digital music has gone to the growth

Sales of digital music in the past year, rose 8% to $ 5.2 billion This follows from the report of the International Federation of Publishers music. However, because of piracy, the market continued to fall.

On Monday, the International Federation of Publishers music (IFPI) released a report on the state of online music. According to IFPI, a music sales last year rose 8% to $ 5.2 billion, and the number of subscribers to music services grew by 65%, to 13.4 million people around the world. At the same time in 2011 for about 3.6 billion downloads of individual singles and albums. The largest volume of sales of online music, according to the IFPI, the record companies are China (71%), followed by South Korea (53%) and USA (52%).

As follows from the report, contributed to this expansion of the active music services like iTunes and Spotify, the new markets. If, as noted in the IFPI, in early 2011, international music services were represented in 23 countries, they are now present in 58 countries.

Nevertheless, begun in the late 90's market decline continued. In 2011, its volume amounted to $ 16.2 billion, whereas the previous year - $ 16.7 billion in principal cause of the fall of the market experts call piracy. Thus, according to IFPI and the research company Nielsen, 28% in a month or every quarter of Internet users regularly visited by unauthorized music websites and portals.

However, progress in the fight against piracy the music industry still does, albeit small. Last year's drop in the market of online music is not too great: in 2010 it fell by 8% over the previous year. Among the states that have achieved success the Greatest, IFPI singles out the European countries. The adoption in 2009 in France the law (the law HADOPI) the number of those who illegally download music, fell by 2 million people.

Investing in PSB was unprofitable

Selling a 14.4% share of PSB its majority shareholders, Commerzbank will have the same € 150 million that he paid for his stake in 2006. Deutsche Bank, whose participation in kaptale increased the attractiveness of PSB in the eyes of potential investors is an urgent need to sell non-core assets.

German Commerzbank intends to sell its stake in PSB (14.4%), reported on its website. This package will buy the majority shareholders of PSB, the bank said. 73.89% stake in PSB, included in the top 15 Russian banks through ZAO "Promsvyaz Capital BV" owned by Dmitry and Alexei Ananiev.

The amount of the transaction is approximately € 150 million, that is the same as cost entry into the capital of Commerzbank PSB fall of 2006, according to a German bank. "In terms of the agreement with German shareholders spelled out the possibility of capital without losing their investments," - explains the source of "b" familiar with the terms of the transaction. Capital PSB 50.8 billion rubles. "On this basis, 14.4% of the shares of PSB should cost 7.3 billion rubles. - Fitch ratings analyst estimated Vladimir Markelov .- selling this package for € 150 million (at current exchange rates - 6 billion rubles.), Commerzbank sells stake by a factor of 0,8-0,83 to capital. " In 2006, Commerzbank bought its stake from 1.8 to capital ratio. In terms of effectiveness of this investment, according to experts, it is possible to estimate "at best be neutral," as direct losses are small, but there is a loss of revenue from alternative investments.

Commerzbank now has to sell non-core assets. As one of the systemically important banks eurozone (Commerzbank - the second largest bank assets FRG), it must raise the capital adequacy ratio of the first level to 9% by mid-2012, European stress tests of bank management have shown that this bank must raise capital by € 5.3 billion

PSB Commerzbank gave additional security to potential investors. "The market knew that the Commerzbank, one of the major European banks, at one time planned to increase the share capital up to the PSB control, so the output of the shareholders is not desirable for PSB," - said a source close to the PSB. However, against the overall volatility in Europe, leaving Commerzbank looks not as critical as it would in more normal times, an analyst at Nomos Bank Helena Fedotkova. "The overall output from the shareholders of Commerzbank PSB is a bad sign for investors, but it remains the EBRD (he owns 11.75% shares of PSB .-" b "), who participated in the additional issue of shares and subordinated loan granted to him in December," - concludes Vladimir Markelov. The press service of PSB on the exit of the German bank among the shareholders said: "As this development is predictable and controllable, then the PSB feels relatively comfortable."

RIM launched the rumors of sale

The resignation of the founders of RIM with the position of general manager of the company again has provoked speculation about the possible purchase of a Canadian corporation.

As reported in The Independent of London Tuesday, with reference to analysts, Samsung, HTC and LG will be the main contenders, which will make an offer to buy the manufacturer BlackBerry. In addition, experts say, is to buy RIM may be interested and Amazon. Microsoft and Nokia are also considered likely contenders, but after the partnership, they are unlikely to be made to the proposal, writes The Independent.

I must say that in recent years about the possible sale of RIM appears quite often. Basically, it is reported that the greatest interest to the asset exhibits Samsung, although the South Korean company persistently denies the rumors. Last week, a specialized portal BGR wrote that RIM tends to sell one or several units or even the entire company. According to sources, the favorite is Samsung. According to BGR, one of the founders, who left on Sunday, position of general manager, Jim Bales, until recently often met with companies who may be interested in RIM. "Jim is aimed at Samsung», - said a source familiar with the negotiations. The reason that the transaction has not yet been concluded, he says, is that the leadership of RIM asks too much. BGR has learned that it calculates the amount of between $ 12-15 billion (current market capitalization - about $ 9 billion).

Meanwhile, investors were not happy with his appointment as CEO RIM German Thorsten Hines, resulting in the company's shares on Monday fell by 7.8%.

Private investors threw in Belize

In the Russian market have intensified the company offering the citizens a win-win scheme investing in overseas stock and foreign exchange markets. The Federal Service for Financial Markets has received about 30 complaints from investors whose funds were lost somewhere between Belize and New Zealand, where the registered brokers offer their services through Russian intermediaries. In one of these companies said they consider themselves "the conductor of the domestic capital to the global financial market."

As reported in his blog, head of Federal Financial Markets Service, Dmitry Pankin in the past few months in the Federal Financial Markets Service has addressed a large number of investors who have signed contracts with foreign companies to provide services to foreign financial markets through the mediation of the companies General Investment Partners, RoyalMaxBrokers and have lost their money. "For two months we have received about 30 complaints from investors-individuals who have lost their money. I consider it very important to warn potential investors from entering into such contracts. We are preparing the materials for referral to law enforcement authorities, "- said" b "Mr. Pankin said.

According to the information on the sites of the two investment companies, they offer Russian citizens sign contracts with foreign broker to invest funds in the currency market "Forex" and foreign exchanges. General Investment Partners broker acts Flamel Trading Limited, whose activity is governed by the laws of New Zealand. Broker RoyalMaxBrokers - DT Trading Limited, allegedly under the jurisdiction of Belize. Both companies have appeared recently. RoyalMaxBrokers site listed in the zone ru October 26, 2010, General Investment Partners - February 4, 2010. According to participants from trading forums from 2009 to 2010 at the address and telephone numbers General Investment Partners company operates First Moscow Currency Advisors, which gave exactly the same services. Her broker (Tides Financial Management Ltd.) Was registered in the Virgin Islands, the person communicating with clients and executing orders - in Panama, a bank, in which it is necessary to transfer money - in Cyprus.

In RoyalMaxBrokers accusations by the head of the Federal Financial Markets Service considered unreasonable. "We have a very high opinion of his professional qualities, but it is also not protected from errors. It is likely that if Mr. Pankin more thoroughly immersed in the subject, he can change his mind, "- said" Y "PR-director RoyalMaxBrokers Barabanov, Irina. According to her, signing a contract with any of its partner, the company is committed to protecting its investment interests. "Corporation RoyalMaxBrokers is the conductor of the domestic capital to the global financial market" - said Mrs. Barabanov.

In the General Investment Partners told "Kommersant" that only authorized to give comments director Alexander Krylov, who was unavailable yesterday.

Scheme of interaction with its customers RoyalMaxBrokers consultant "Rinatpo" phone as described. Signing the contract with the company, you will get a personal broker who, though registered abroad, but has a small staff of the Russian-speaking staff. Minimum investment - $ 20 thousand for a successful transaction broker takes approximately a 20% commission. On the Web site states that its partner is VTB 24. As explained in the "Rinatpo" if the client wants to sell in the domestic market, the DT Traiding make the deal through a broker VTB 24 on market conditions. "With the company RoyalMaxBrokers at the end of December 2011 signed a standard contract to attract customers to the service of VTB 24, - told" Kommersant ", the press service of the bank .- No customer by the bank RoyalMaxBrokers was not involved."

Some customers RoyalMaxBrokers were not so sure of its win-win scheme. One of them, Eugene Yermilov, told "Kommersant" that he was in RoyalMaxBrokers in February 2011. He signed an agency agreement with a company in which it was committed in a single day to transfer money to invest in Belize in foreign markets. Mr Yermilov, according to him, and sent $ 150 thousand then he called the broker, who offered to make a deal, getting tangled in terminology, but the weekly earnings of $ 100 thousand, reflected in the account of Mr Yermilov, to reassure him. However, in April, the broker told him that he lost all his money, and offered to place a deposit of $ 250 thousand of brokerage client to win. As a result, allegedly managed to win back $ 90 thousand, but when Eugene wanted to take the money, he explained that he could do only if the first transfer of $ 250 thousand in your account in Belize. After Mr. Ermilov requested by the Bank of Russia, who carried out the wiring of funds between them and RoyalMaxBrokers, he realized that it means not leaving the country and is not used in the auction. According to him, data and graphics trades that Eugene asked in DT Traiding, were downloaded from Bloomberg.

If the story told by Eugene Yermilov is true, then return your money will be difficult for him, although he, in his words, and gave a statement to the police. "In the court file to the broker - DT Traiding - does not work, because he is legally in Belize and I have no contract with him" - recognizes the gentleman Ermilov, he has a contract only with RoyalMaxBrokers. The representative of DT Traiding Tatiana told "Kommersant" that the company provides RoyalMaxBrokers representation services, and stated that it does not comment on the actions of another entity.

According to the chairman of the Bar, "Nikolayev and partners," Yuri Nikolayev, companies can prove guilt. "According to the citizens of the investigating authorities may establish the beneficiaries of offshore companies and request the data of Russian banks on cash flow."

Apple has surpassed its own record of financial

The American corporation has beaten Apple's own financial records. In the first quarter ended December 31, 2011, revenues increased by 73%, to $ 46 billion increase in revenues basic Apple provided iPad sales and iPhone 4S.

Apple is reported for the first fiscal quarter ended December 31, 2011. As the result Apple has set the absolute record of financial, increasing revenues for the three months to 73%, to $ 26.74 billion a year earlier to $ 46.33 billion net profit for the period Apple has also reached an unprecedented high level, reaching $ 13.06 billion index has increased by 118%. "We are shocked by our outstanding results", - said CEO Tim Cook, adding that "the pace of development of Apple extremely intense" and that the companies are developing several new products.
What Apple is preparing a new
At this time the company will be the formation of ...

The main growth in revenues in the first quarter, Apple iPad sales and provided an updated iPhone. Despite the fact that 4 October the company presented no long-awaited 5-th version of the smartphone, but its improved version - iPhone 4S, in the last quarter, Apple sold a 128% iPhone more than the previous year - 37.04 million units. In addition, the sharp increase in sales of iPad - during this period, Apple sold 15.43 million tablets. The growth rate was 111%. According to Tim Cook, "last year was the year of iPad, and the second time in a row." Mr Cook also suggested that "the day will come when the market will exceed the volume of tablet PC market." In this connection, Apple said the evidence that «iPad absorbed fraction of Mac». In the first quarter were sold 5.2 million PCs Mac. The index increased by only 26% compared with the previous year. Also, low sales figures have been media player iPod Touch - 15,4 million.

The results presented above were not only the expectations of the market, but also their own forecasts Apple. Thomson Reuters analysts have assumed that the manufacturer will provide revenue of $ 38.8 billion, in turn, Apple predicted that total revenue in the first quarter of $ 37 billion, "This shows that the business model Apple has a long-term driving force Even without Steve Jobs "- believes Keith Goddard, head of the investment fund Capital Advisors. It should be noted that for the first three days of sales iPhone 4S, available in stores nine days after the death of Steve Jobs (October 14), the world was sold 4 million smartphones this model. It was a record figure in the history of iPhone.

Immediately after the submission of a report for the first quarter of the value of Apple shares on the NASDAQ rose by 7% to $ 420.5. Company's market capitalization reached $ 391.9 billion

Boeing and Airbus will update the park and Norwegian Air will buy 222 new aircraft

The airline Norwegian Air Shuttle ordered from Boeing and Airbus aircraft 222 in the amount of $ 21.5 billion this order, according to the company, became the "largest in the history of European aviation."

The Norwegian airline Norwegian Air Shuttle has placed an order for 222 narrow-body aircraft manufacture Boeing and Airbus. A total order price was 127 billion Norwegian kroner ($ 21.5 billion). Under the order the airline to buy 100 planes Airbus A320neo, 100 pieces of Boeing 737MAX8, as well as 22 aircraft Boeing 737-800. Some of them will be equipped with engines that reduce fuel consumption and reduce noise.

Terms of the deal also gives the company the right to subsequently buy another 150 aircraft from both companies. The first aircraft of this order will be delivered in 2016. Norwegian Air Shuttle, which operates under the name Norwegian, is the second largest airline in Scandinavia after Scandinavian Airlines (SAS).

As said in a statement, it was the largest order in aviation history of Europe. "This is a historic moment for the Norwegian ... We have provided a renewal of its fleet for years to come," - said the head of the airline Bjorn Kos. Following the announcement of placing an order, Norwegian Air Shuttle shares traded in Oslo increased by 15%.

Experts point out that this move will allow Norwegian to strengthen its position in competition with main rival-SAS. "This is a tremendous opportunity for growth in the future and how we see, SAS can not take anything like that, given the situation with their debts," - said analyst Christian Dyuvik Handelsbanken, who was quoted by Reuters. SAS increasingly difficult to cope with competitive cost competitors such as Norwegian, so the SAS airline has not received an annual profit since 2007. However, it is expected that SAS will report earnings for the year 2011. At the same time Norwegian managed to increase passenger traffic to 3 million people in 2011 to 16 million

In general, according to Bloomberg, the global market narrow-body aircraft will be $ 2 trillion over the next 20 years.