Another Big Win For Putin!!!
- Thread starter 88m3
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if he's just washing money, why sell
Timing is right with the Clippers setting the market that high.
Nets are losing 100+mil$ a year
NBA TV contracts are inflated
Brand New Arena
Lack of Inventory in the Industry (other than Hawks for sale).
Will be the easiest Billion Prohkorov has ever made.
prop up the ruble brehsif he's just washing money, why sell
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Not a new member
Rubble...what a fitting name for a currency
Domingo Halliburton
Handmade in USA
88m3
Fast Money & Foreign Objects
Just wait until the Ruble is used for oil deals! You'll see!
Lets talk about the eurozone instead
Domingo Halliburton
Handmade in USA
Euro-US dollar parity is coming soon
Russian Economy Minister Cites Lenin Saying 'The Era Of Peace Is Over'
REUTERS/Eduard KorniyenkoA statue of the founder of the Soviet state Vladimir Lenin.
Russia's economy minister Alexei Ulyukayev borrowed a quote from communist revolutionary Vladimir Lenin in his speech to the Gaidar Forum in Moscow today.
Ulyukayev cited the founder of the Soviet Union as he told guests at the economic summit that the era of peace is over to be "replaced by an era of relatively much more impulsive, spasmodic, disastrous, conflict", according to Russian business daily Vedomosti. However, he assured his audience that there was "no reason to panic" because the Russian budget is healthier than it was in 2008.
He advised people to look after their loved ones rather than worry about oil prices and sanctions.
The minister's comment comes after months of turmoil for the country, as oil prices have plunged by more than 50% since June last year. Russia is still heavily reliant on the commodity to fund its government budget and fuel economic growth.
Moreover, the country has also been battered by a combination of Western economic sanctions that have frozen a number of large Russian companies out of international markets, and tit-for-tat sanctions imposed by Moscow on Western goods that have helped drive inflation up to 11.2% in December.
The country is now widely expected to fall into a recession this year, with the World Bank the latest institution to downgrade its forecasts. It now expects Russia to contract by 2.9% through 2015 instead of growing by 1.5%.
Russia's finance minister Anton Siluanov, who was also speaking at the event, was far less sanguine about government finances. He estimated that at $50 a barrel, Russia's federal budget will lose 3 trillion rubles ($45.4 billion) in revenue. In order to accommodate this, the government will be required to institute 10% cuts to all departments other than defence, he said, and may have to take 500 billion rubles out of the reserve fund in order to cover the rest of the losses.
Read more: http://www.businessinsider.com/russ...countrys-economic-crisis-2015-1#ixzz3OoyCB4Qj
- JAN. 14, 2015, 8:28 AM
- 1,595
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Russia's economy minister Alexei Ulyukayev borrowed a quote from communist revolutionary Vladimir Lenin in his speech to the Gaidar Forum in Moscow today.
Ulyukayev cited the founder of the Soviet Union as he told guests at the economic summit that the era of peace is over to be "replaced by an era of relatively much more impulsive, spasmodic, disastrous, conflict", according to Russian business daily Vedomosti. However, he assured his audience that there was "no reason to panic" because the Russian budget is healthier than it was in 2008.
He advised people to look after their loved ones rather than worry about oil prices and sanctions.
The minister's comment comes after months of turmoil for the country, as oil prices have plunged by more than 50% since June last year. Russia is still heavily reliant on the commodity to fund its government budget and fuel economic growth.
Moreover, the country has also been battered by a combination of Western economic sanctions that have frozen a number of large Russian companies out of international markets, and tit-for-tat sanctions imposed by Moscow on Western goods that have helped drive inflation up to 11.2% in December.
The country is now widely expected to fall into a recession this year, with the World Bank the latest institution to downgrade its forecasts. It now expects Russia to contract by 2.9% through 2015 instead of growing by 1.5%.
Russia's finance minister Anton Siluanov, who was also speaking at the event, was far less sanguine about government finances. He estimated that at $50 a barrel, Russia's federal budget will lose 3 trillion rubles ($45.4 billion) in revenue. In order to accommodate this, the government will be required to institute 10% cuts to all departments other than defence, he said, and may have to take 500 billion rubles out of the reserve fund in order to cover the rest of the losses.
Read more: http://www.businessinsider.com/russ...countrys-economic-crisis-2015-1#ixzz3OoyCB4Qj
Return to communism, brehs
FinanceMore: Putin Russia Ruble
Russian Bank Chair: 'The Entire Economy Will Be Under Control Of The State'
- JAN. 14, 2015, 11:15 AM
- 3,216
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The chairman of one of Russia's biggest state-owned banks said that if the authorities don't take control of the situation, the economy will continue to nationalize.
"We will have one big state; our entire economy will be under the control of the state," Sberbank's chairman and president German Gref said at the Gaidar Forum, according to Interfax.
He said lenders' property would go to the banks, the state would capitalize the banks, and then the banks would purchase enterprises, turning into "finance industry" groups.
Additionally, Gref said it was "obvious that the banking crisis will be enormous," citing the current average oil prices.
Sberbank's chairman isn't the first banker to seem worried about the industry. In mid-December, one banker declared it was "the end of the banking system" after the central bank raised rates to 17% in an effort to limit the ruble's devaluation and inflation risks.
And in late December, Russia announced it would be bailing out its first bank of the crisis, Trust Bank.
The rubles 40% plunge against the dollar in 2014 has been primarily attributed to the declining oil prices. Currently, the ruble is trading around 66 to the dollar.
Since energy is Russia's main export, low oil prices are bad news for the country. Russian's finance minister Anton Siluanov noted on Wednesday that the country could lost $45 billion in revenues if oil prices remain around $50 per barrel in 2015.
“People seem to be coming to the conclusion that the current Russian issues will not be short,” Jean-David Haddad, an emerging market strategist at OTCex Group, told Bloomberg.
"I believe that the Central Bank survived a tough crisis in the end of last year, and they acted quite professionally and efficiently," Gref said at the forum. "But to be honest, we understand very little about what the government will do.
Read more: http://www.businessinsider.com/finance-minister-russia-enormous-banking-crisis-2015-1#ixzz3Op1GIIm2
Russian Finance Minister: We'll Lose $45 Billion If Oil Is At $50 In 2015
Thomson ReutersRussia's Finance Minister Anton Siluanov attends the Gaidar Forum 2015 "Russia and the World: New Dimensions" in Moscow
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Russia must cut expenditure to cover what could be a more than $45 billion drop in revenues this year if the average oil price is $50 a barrel, Finance Minister Anton Siluanov said on Wednesday.
In comments underlining the government's concern at the depth of an economic downturn, he told a conference that all budget expenditure should be cut by 10 percent except on defence, a priority for President Vladimir Putin.
With the rouble in decline, the oil price low and the economy hit by Western sanctions over the Ukraine crisis, Siluanov said overall expenditure in 2015 must increase by only 5 percent rather than the 11.7 percent previously budgeted.
"Regardless of having already curbed 2015 spending, we will ask parliament to cut by 10 percent all expenditure apart from defence spending. This is the decision we have made," he told the Gaidar Forum, a conference grouping government officials, economists and business leaders.
He said Russia needed to boost its reserves to overcome many of its difficulties as the price of oil looked set to continue at low levels. The rouble, which fell about 40 percent against the dollar in 2014, has also continued its decline this year.
"We think that with the (average) oil price at $50 per barrel (in 2015) ... we will lose some 3 trillion roubles ($45 billion USD) in revenues," he said.
Energy is Russia's main export and proceeds from the energy sector make up around half federal budget revenue.
Siluanov said the reserve fund, a rainy day fund to cover any budget holes, would be increased by 370 billion roubles and he said Russia could invest in high-yielding rouble accounts.
"We need to have a lot more resources so as not to spend, not to burn up the reserve funds," he said.
($1 = 65.7300 roubles)
(Additional reporting by Oksana Kobzeva, Jason Bush, Katya Golubkova, Gabriela Baczynska and Elena Fabrichnaya, Writing by Elizabeth Piper, Editing by Timothy Heritage)
Read more: http://www.businessinsider.com/r-ru...-close-watch-on-spending-2015-1#ixzz3Op1UaFpw
- DARYA KORSUNSKAYA, REUTERS
- JAN. 14, 2015, 7:10 AM
- 1,901
- 5
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Russia must cut expenditure to cover what could be a more than $45 billion drop in revenues this year if the average oil price is $50 a barrel, Finance Minister Anton Siluanov said on Wednesday.
In comments underlining the government's concern at the depth of an economic downturn, he told a conference that all budget expenditure should be cut by 10 percent except on defence, a priority for President Vladimir Putin.
With the rouble in decline, the oil price low and the economy hit by Western sanctions over the Ukraine crisis, Siluanov said overall expenditure in 2015 must increase by only 5 percent rather than the 11.7 percent previously budgeted.
"Regardless of having already curbed 2015 spending, we will ask parliament to cut by 10 percent all expenditure apart from defence spending. This is the decision we have made," he told the Gaidar Forum, a conference grouping government officials, economists and business leaders.
He said Russia needed to boost its reserves to overcome many of its difficulties as the price of oil looked set to continue at low levels. The rouble, which fell about 40 percent against the dollar in 2014, has also continued its decline this year.
"We think that with the (average) oil price at $50 per barrel (in 2015) ... we will lose some 3 trillion roubles ($45 billion USD) in revenues," he said.
Energy is Russia's main export and proceeds from the energy sector make up around half federal budget revenue.
Siluanov said the reserve fund, a rainy day fund to cover any budget holes, would be increased by 370 billion roubles and he said Russia could invest in high-yielding rouble accounts.
"We need to have a lot more resources so as not to spend, not to burn up the reserve funds," he said.
($1 = 65.7300 roubles)
(Additional reporting by Oksana Kobzeva, Jason Bush, Katya Golubkova, Gabriela Baczynska and Elena Fabrichnaya, Writing by Elizabeth Piper, Editing by Timothy Heritage)
Read more: http://www.businessinsider.com/r-ru...-close-watch-on-spending-2015-1#ixzz3Op1UaFpw
for the information, not the support
Domingo Halliburton
Handmade in USA
Russia said fukk your credit rating we got a reserve fund to collateralize it.....i respect it. This is what they need to do.....if its in USD it would be better.
Even though they fired the head of monetary policy
This is what they need to do. Post collateral because no one believes them
Even though they fired the head of monetary policy
This is what they need to do. Post collateral because no one believes them