Ukraine Banks – Arena Kiev http://arena-kiev.com/ Tue, 11 Jan 2022 15:52:32 +0000 en-US hourly 1 https://wordpress.org/?v=5.8 https://arena-kiev.com/wp-content/uploads/2021/05/default.png Ukraine Banks – Arena Kiev http://arena-kiev.com/ 32 32 ArcelorMittal confirms the freezing of its accounts in Ukraine https://arena-kiev.com/arcelormittal-confirms-the-freezing-of-its-accounts-in-ukraine/ Tue, 11 Jan 2022 07:53:28 +0000 https://arena-kiev.com/arcelormittal-confirms-the-freezing-of-its-accounts-in-ukraine/ Expresses indignation ArcelorMittal has confirmed that a court ordered the freezing of Ukrainian bank accounts at its subsidiary in Ukraine after the steel giant was charged with tax evasion. ArcelorMittal’s accounts were frozen on January 4, 2022, after the court ruled in favor of a request from the Ukrainian Attorney General’s office. The article, which […]]]>

Expresses indignation

ArcelorMittal has confirmed that a court ordered the freezing of Ukrainian bank accounts at its subsidiary in Ukraine after the steel giant was charged with tax evasion.

ArcelorMittal’s accounts were frozen on January 4, 2022, after the court ruled in favor of a request from the Ukrainian Attorney General’s office.

The article, which was first published by the Financial Times, and reprinted by the New Dawn in its Monday January 10 edition, indicated that ArcelorMittal’s bank accounts in Ukraine were frozen by the court after a a senior manager of the company had been charged with tax evasion.

ArcelorMittal and its subsidiary ArcelorMittal Liberia are currently seeking an extension of their mining development contract here with an amended MDA before the Liberian legislature for ratification.

While there are currently no charges against the company for its tax transactions or an investigation, there have been a series of objections against extending the company’s MDA with prominent sons from host countries who opposed the new agreement.

Reuters news agency reported in 2019 that Ukrainian authorities were carrying out a tax audit of the company’s operations.

The funds were blocked by the prosecutor’s office and the Kiev Shevchenkivskyi court.

In a statement transmitted to this newspaper by ArcelorMittal Liberia on Monday, January 10, the company said that a representative of the Attorney General’s office appealed to Ukrainian banks to comply with the court’s decision of November 30, 2021 to enter the company’s accounts.

He said the dispute was over the approach to calculating the rent. On November 4, 2021, the District Administrative Court upheld ArcelorMittal Kryvyi Rih’s position and dismissed an administrative lawsuit brought against the company by the state tax service. ArcelorMittal explained that an appeal has been filed with the tax authorities and that the company is preparing to defend its position before the Administrative Court of Appeal.

He said that despite the administrative court ruling in favor of ArcelorMittal Kryvyi Rih, on November 17, Ukraine’s Attorney General’s Office and Security Services opened criminal proceedings against one of the leaders of ‘ArcelorMittal Kryvyi Rih.

“The company considers these accusations to be baseless and a clear example of political pressure on the largest foreign investor. However, these far-fetched criminal charges are brought against an individual, not a business. Currently, no civil proceedings are pending against ArcelorMittal Kryvyi Rih, so there is no legal basis for blocking the company’s accounts, ”explained ArcelorMittal.

Artem Filipiev, Deputy General Manager of Administrative Affairs of ArcelorMittal Kryvyi Rih: – The rule of law, as a principle, seems to be completely destroyed in Ukraine. After the district court ruled in favor of ArcelorMittal, and while the administrative taxpayer lawsuit is pending, the attorney general’s office took aggressive action against the company, contrary to both letter and spirit. of the law. It is unacceptable and unheard of in any reasonable jurisdiction in the world. Since the start of the new year, our company has received yet another eloquent confirmation that the state is hostile to foreign investors. It is scandalous that law enforcement is prepared to cripple the work of the country’s largest mining and metallurgical company and endanger more than 20,000 people who do not receive their wages on time. These allegations and seizures of accounts are unfounded, and we will defend the legitimate interests of our business.

The company said that as a global business, ArcelorMittal is committed to operating in accordance with tax rules and regulations wherever it operates. “We have taken this approach in Ukraine and paid all taxes in accordance with the legislation, thus making a significant contribution to the Ukrainian economy.

As Ukraine’s largest foreign direct investor, we need legal certainty to facilitate a stable investment and operating environment. ArcelorMittal considers this action (freezing our bank accounts) to be illegal and is taking appropriate legal remedies to defend its position in the appropriate courts.

There is no risk to business continuity and the situation is under control. Salaries have been paid on time with alternate arrangements and all critical payments and commitments will be honored. The steel giant argued.https: //thenewdawnliberia.com/arcelormittal-bank-account-in-ukraine-frozen-over-tax-evasion/

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Loosening of Covid travel rules and optimistic retail data should ease New Year’s blues https://arena-kiev.com/loosening-of-covid-travel-rules-and-optimistic-retail-data-should-ease-new-years-blues/ Sun, 09 Jan 2022 18:15:01 +0000 https://arena-kiev.com/loosening-of-covid-travel-rules-and-optimistic-retail-data-should-ease-new-years-blues/ This article is an on-site version of our The Week Ahead newsletter. Sign up here to receive the newsletter direct to your inbox every Sunday Hello and welcome to the working week. Hang on. The next seven days will be tough as temperatures cool to bones, the post-festive period continues, and people grapple with New […]]]>

This article is an on-site version of our The Week Ahead newsletter. Sign up here to receive the newsletter direct to your inbox every Sunday

Hello and welcome to the working week.

Hang on. The next seven days will be tough as temperatures cool to bones, the post-festive period continues, and people grapple with New Year’s resolutions that will test them.

Across the northern hemisphere, countries have been weighed down by the Omicron variant of the coronavirus and the Christmas holidays seem an almost distant memory. This week’s newspaper articles include updates on inflation and details on how climate change has (negatively) affected the weather in the United States.

Is there anything to be happy about – other than, of course, the cover of The Week Ahead newsletter? Well yes.

Covid-19 rules are relaxed for British travelers and Belgians needing to self-isolate. Additionally, pandemic data is added daily, increasing our knowledge of how to combat Omicron and showing that its spread may have peaked in some places.

For English cricket fans, the final test match of the Ashes series kicks off this week in Hobart, meaning the daily stream of miserable scoring news will soon be over. Not only can Australians enjoy the spectacle, but they can expect the Australian Open tennis tournament to start in Melbourne in seven days. And, subject to a court hearing on Monday to decide whether to proceed with the expulsion of Novak Djokovic, they have the promise of a new men’s singles champion.

There will likely be some positive news from corporate newspaper articles this week. Upbeat reports are expected from several large retailers and Wall Street banks – see Businesses section below. And the Dutch can expect a government to finally be installed, 10 months after the election.

Things may not seem to be getting better overall, but there’s always reason to be hopeful if you look closely enough – email me with your perspective at jonathan.moules@ft.com.

Economic data

Reports on this week’s economic data will begin with EU unemployment figures on Monday. Inflation will also be a hot topic (again) with monthly updates from China, US, India, Japan and France.

Companies

How was your Christmas? This week we’ll find out how good it was for a handful of retailers, mostly in the UK.

The process started with bullish updates last Thursday from Following – a UK retailer that has improved its outlook over the past 12 months – and a popular bakery chain, Gregg. This week’s updates could be more mixed.

When Asos last market update, its CEO is gone and its shares have fallen by nearly a fifth. Investors will likely be relieved just to learn that things haven’t gotten worse in “P1” – the company’s tenure for the most important four months until the end of December. There will also be quarterly retailer results this week, including Fast retail, owner of Uniqlo, Thursday.

Elsewhere, it’s the start of banking reporting season – and hopes are high after a recent rally in the industry in anticipation of rising interest rates and signs of a pickup in loan demand. JPMorgan Chase, Citigroup and Wells fargo will start work on Friday. Investors are watching for updates to their outlook for 2022.

Main economic and corporate reports

Here’s a more comprehensive list of what to expect in terms of corporate reports and economic data this week.

Monday

  • EU, euro area unemployment rate

  • Results: Brunello Cucinelli EF

Tuesday

  • EU, industrial production figures

  • UK and British Retail Consortium-KPMG Monthly Retail Sales Tracking Report

  • World Economic Forum releases report on global risks

Wednesday

  • China, India, Russia, United States: Monthly Consumer Price Index (CPI) data

  • EU, India: monthly industrial production figures

  • Italy, retail sales figures

  • Just eat take out Fourth Quarter Business Update

  • United Kingdom, provisional national population projections based on 2020

  • Publication of the beige book of the United States and the Federal Reserve

  • Pentecost Bread Q3 Business Update

Thusday

  • Asos trade declaration

  • China, monthly trade data

  • Italy, industrial production figures

  • Japan, United States: monthly producer price index data

  • Marks and Spencer Q3 Business Update

  • Khaki commercial update

  • Tesco 3rd quarter trade declaration

  • UK, Recruitment & Employment Confederation and KPMG monthly employment report

  • Results: Sudzucker Q3, Fast retail T1

Friday

  • EU, monthly figures for international merchandise trade

  • France, IPC data

  • Germany, full-year GDP figures

  • United Kingdom, monthly GDP estimate, industrial production data, trade figures and productivity data

  • United States, industrial production and retail sales figures

  • Results: Citigroup T4, JPMorgan Chase T4, Wells fargo T4

Global events

Finally, here’s a look at other events and milestones this week.

Monday

  • The relaxation of the Covid-19 rules comes into force in Belgium. Fully vaccinated people will no longer have to self-isolate if they come in close contact with someone infected with the coronavirus, and the isolation time is reduced from 10 to seven days. This follows a relaxation of the rules for fully vaccinated travelers arriving in the UK, who can now take a cheaper lateral flow test instead of a PCR test.

  • Belgium, NATO-Ukraine Commission to meet in Brussels

  • Netherlands, almost 10 months after the elections, the new Dutch government is expected to be installed

  • United States, Golden Globes Awards for Film and Television Announced

Tuesday

  • Cuba, 20 years since the arrival of the first detainees at Guantánamo Bay

  • United Kingdom, start of Hilary’s tenure for High Court and Court of Appeal

Wednesday

  • The Military Committee, NATO’s highest military authority, meets for a Chiefs of Staff session at NATO headquarters in Brussels. Separately, the NATO-Russia Council will meet to discuss the accumulation of Russian soldiers along the Ukrainian border

Thusday

  • Italy, tenth anniversary of Costa Concordia cruise ship disaster that left 32 dead

  • U.S., NASA Space Agency, and National Oceanic and Atmospheric Administration Announce 2021 Rankings for Global Temperatures

  • UN to publish report on the state and outlook for the world economy for 2022

Friday

  • Australia, start of the fifth Test cricket match of the Ashes series in Hobart

  • New Year’s celebrations for Orthodox Christians

  • Tunisia, anniversary of the overthrow of President Zine El Abidine Ben Ali

Saturday

Sunday

  • Ireland, State 100th anniversary ceremony at Dublin Castle to mark the start of the official handover to the Irish Free State

  • Netherlands, protesters protesting government response to coronavirus march in Amsterdam

  • Serbia holds constitutional referendum on its judicial system

Long story short – Biggest stories and best reads in one smart email. register here

Britain after Brexit – Keep up to date with the latest developments as the UK economy adjusts to life outside the EU. register here


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Russian cyber attacks in Ukraine skyrocket as invasion fears grow, security experts warn https://arena-kiev.com/russian-cyber-attacks-in-ukraine-skyrocket-as-invasion-fears-grow-security-experts-warn/ Fri, 07 Jan 2022 18:23:00 +0000 https://arena-kiev.com/russian-cyber-attacks-in-ukraine-skyrocket-as-invasion-fears-grow-security-experts-warn/ CYBERSECURITY experts warn that a recent increase in Russian cyberattacks against Ukraine could precede an invasion. The latest ISMG security report suggests that the increase in Russian cyber interference in Ukrainian networks could be a warning that eastern Ukraine will face a physical attack. 1 Cyber ​​experts have expressed concerns over an apparent increase in […]]]>

CYBERSECURITY experts warn that a recent increase in Russian cyberattacks against Ukraine could precede an invasion.

The latest ISMG security report suggests that the increase in Russian cyber interference in Ukrainian networks could be a warning that eastern Ukraine will face a physical attack.

1

Cyber ​​experts have expressed concerns over an apparent increase in Russian cyber attacks against UkraineCredit: AFP

Russia has already moved 175,000 troops to its border with Ukraine.

Russian President Vladimir Putin’s intentions are currently unclear, but he has strongly criticized Ukraine’s plan to join NATO.

Cyber ​​experts warned before Christmas that Russia had advanced online disinformation to undermine the Ukrainian president.

ISMG’s Mathew Schwartz said in the latest ISMG podcast that there has been an increase in Russian cyber operations in Ukraine since early December.

Main Ukrainian government and civilian networks were reportedly targeted.

Targeted networks include those owned by Ukrainian banking and infrastructure companies.

Cyber ​​expert Schwartz says these are the kind of targets that should be hacked before an invasion.

He also said that Russia has been testing its cyberattack capabilities against Ukraine for years.

Schwartz said other cyber experts told him: “Russia probably has a lot more of this stuff up its sleeve.

“It’s probably prepositioned these kinds of attacks and abilities for years, ready to unleash them if he starts a ground invasion.”

He added: “Shut down the banks. Shut off the power. Cause chaos through trojanized software updates and who knows what else.”

NATO and other world leaders have called on Putin to de-escalate.

Russian arctic snipers brace for battle, troops plow through snow as Putin stokes WWIII fears with plans to invade Ukraine

In other news, Donald Trump appears set to launch his Truth Social app next month.

Bitcoin is expected to collapse in 2022 and the value of the cryptocurrency has fallen dramatically this week.

And, Cadillac revealed a futuristic electric car concept with a loveseat design inside.


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Biden strategy on Ukraine – talks but clear costs for Russia https://arena-kiev.com/biden-strategy-on-ukraine-talks-but-clear-costs-for-russia/ Tue, 04 Jan 2022 01:32:16 +0000 https://arena-kiev.com/biden-strategy-on-ukraine-talks-but-clear-costs-for-russia/ Published on: 04/01/2022 – 02:32Amended: 04/01/2022 – 2:30 AM Washington (AFP) – From separating Russia from the global banking system to further arming Kiev, US President Joe Biden hopes threats of painful consequences will deter his counterpart Vladimir Putin from invading Ukraine. With tens of thousands of Russian troops amassed at the Ukrainian border, the […]]]>

Published on: Amended:

Washington (AFP) – From separating Russia from the global banking system to further arming Kiev, US President Joe Biden hopes threats of painful consequences will deter his counterpart Vladimir Putin from invading Ukraine.

With tens of thousands of Russian troops amassed at the Ukrainian border, the Biden administration has agreed to talks in Geneva next week with Moscow which has offered deals to limit NATO expansion.

US officials say they are ready to discuss their concerns. But few see the Biden administration as interested in big deals, with its goal instead of changing Putin’s calculus and, at best, bringing greater stability to relations.

Underlying this approach is a threat to impose on Putin, in Biden’s words, “sanctions like he has never seen before” if he encroaches further on Ukraine, where Russia already supports a insurgency that has killed more than 13,000 people since 2014.

What sanctions are available?

Bill Taylor, the former US ambassador to Ukraine, said the main idea was to convince Putin that the costs would be “very high” for an invasion.

“The idea is to make Mr. Putin understand that he has a choice,” said Taylor, now vice president for strategic stability and security at the US Institute of Peace.

US President Joe Biden chats with his Ukrainian counterpart Volodymyr Zelensky on the phone in the Oval Office on December 9, 2021 Nicholas Kamm AFP / File

An immediate measure would likely be sanctions against Putin’s relatives and their families, denying them the right to travel or keep money in the West.

Germany has indicated that the cost of an invasion of Ukraine could end Nord Stream 2, the pipeline from Russia that is nearing completion despite years of criticism from the United States and countries of the United States. ‘Eastern Europe.

A far-reaching option being considered in the West would be to cut Russia off the SWIFT network that connects the world’s banks, a step already taken against Iran but not attempted against a large global economy.

But action via Belgium-based SWIFT would inevitably hurt third-country businesses and likely not achieve global consensus unless Russia brazenly defies the warnings.

“It is by no means free. But the Russians will be the big loser in this decision,” Taylor said.

Matthew Rojansky, director of the Kennan Institute at the Woodrow Wilson International Center for Scholars, said Russia has already toughened up against some economic pressures since 2014, when the West imposed sanctions for its seizure of Crimea.

But he said the Biden administration had been effective in communicating directly to Russia that there would be inevitable and serious consequences.

“You don’t want a big dark, spooky cloud, but you’re not sure how likely the storm is to come. You want a 100% chance of a specific lightning strike,” he said. declared.

Shamans performing a ritual of predictions for the coming year display a poster of Russian President Vladimir Putin in Lima in December 2021
Shamans performing a ritual of predictions for the coming year display a poster of Russian President Vladimir Putin in Lima in December 2021 Ernesto BENAVIDES AFP / File

“No one ever doubted that the United States could harm Russia economically. The question is, does this work to change Russia’s behavior?

“History has taught us that the only chance it has to work is to threaten in advance. If you do it to them after they’ve already invaded and annexed Crimea, you’re not going to get them to. cancel that. “

Military pressure

Some hawkish members of Congress say Biden should have already imposed sanctions following the displacement of troops.

Russia, which insists the United States pledged not to expand NATO after the collapse of the Soviet Union, called for guarantees that the alliance will not accept Ukraine or n ‘will not establish bases in other former Soviet republics.

Western officials say Russia cannot dictate Ukraine’s membership in NATO. But NATO’s European partners, who will also meet with Russia next week, have made it clear that they are unlikely to accept Ukraine’s membership.

US Air Force Osprey planes fly over Kiev in September 2020 exercises
US Air Force Osprey planes fly over Kiev in September 2020 exercises Sergei SUPINSKY AFP / File

Rojansky said the United States must be careful not to take the very steps behind Putin’s unease, such as moving to NATO.

But Biden, who has ruled out sending troops to Ukraine, could share more intelligence with Kiev, send forces to NATO countries bordering Russia or even arm irregular Ukrainian forces in combat against Moscow, said Taylor.

“So if he decides to invade he will get exactly what he doesn’t want,” Taylor said of Putin.

“He should be discouraged from doing this. But will it be? Only one man can answer this question.


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SkyUp launches charter flights from Ukraine to Hambantota – The Island https://arena-kiev.com/skyup-launches-charter-flights-from-ukraine-to-hambantota-the-island/ Sat, 01 Jan 2022 23:31:04 +0000 https://arena-kiev.com/skyup-launches-charter-flights-from-ukraine-to-hambantota-the-island/ Mandatory offer to minority shareholders in progress James Finlays, a Scottish company with a 127-year presence in Ceylon / Sri Lanka, sold two listed regional plantation companies (RPCs), Hapugasgtenne and Udapusselawa, to Browns Investments PLC which acquired 89.96% of Hapugasgtenne at Rs. 28.30 per share and 90% of Udapussellawa at Rs. 42 a share on […]]]>

Mandatory offer to minority shareholders in progress

James Finlays, a Scottish company with a 127-year presence in Ceylon / Sri Lanka, sold two listed regional plantation companies (RPCs), Hapugasgtenne and Udapusselawa, to Browns Investments PLC which acquired 89.96% of Hapugasgtenne at Rs. 28.30 per share and 90% of Udapussellawa at Rs. 42 a share on the Colombo Stock Exchange.

The transactions were worth Rs. 1.9 billion.

A compulsory offer to minority shareholders is in progress at these prices.

In an announcement made in London, Finlays said the two PRCs manage 30 tea plantations and 20 factories in six of the country’s seven agro-climatic regions. The properties have been leased to the Janatha Estates Development Board (JEDB) and the State Plantations Corporation (SLSPC) since 1992.

The Finlays announcement described the buyer, Browns Investments PLC, as “a very successful diversified conglomerate and part of the LOLC Holdings PLC group companies”.

“Headquartered in Sri Lanka, Browns Investments has a proven track record in operating plantation businesses in Sri Lanka. Browns owns Maturata Plantations, one of the largest tea production companies in Sri Lanka, made up of 19 individual estates that span an area of ​​over 12,000 hectares and employ a workforce of over 5 000 people.

“There will be no immediate change for any of the employees of Hapugastenne Plantations PLC and Udapussellawa Plantations PLC and Browns intends to continue to run the business as it has been operated to date,” said said Finlay’s announcement.

Finlays will continue to be represented in Sri Lanka by Finlays Colombo Ltd., its tea blending and packaging operation that sources teas from multiple origins, including Hapugastenne and Udapussellawa through the Colombo auction. This means that Finlays is able to continue to provide uninterrupted service to customers, he added.

said Kamantha Amarasekera, director of Browns Investments PLC. “Hapugastenne Plantations and Udapussellawa Plantations are two of Sri Lanka’s best managed and productive plantation companies and we are proud to be associated with their future journey. We will work with Finlays to ensure a smooth transition between the two groups. We warmly welcome the management and staff of the Hapugastenne and Udapussellawa Plantations to the Browns family, whose business heritage dates back to 1875.

Guy Chambers, Managing Director of Finlays Group, said: “After careful consideration and a rigorous selection process, we have agreed to transfer ownership of our Sri Lankan tea estates to Browns Investments PLC. As a Sri Lanka-based investment firm with a strong track record in agriculture, Browns Investments PLC is uniquely positioned to unlock the long-term value of Hapugastenne Plantations PLC and Udapussellawa Plantations PLC.

“These Sri Lankan farms (plantations) have played an important role in the history of Finlays, and we are confident that they will continue to thrive under the ownership of Browns Investments PLC. I would like to thank our colleagues at the tea plantation in Sri Lanka for their passion and commitment, and I wish them good luck for the future.


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Stocks teeter in tight trade as year draws to a close: markets come to an end https://arena-kiev.com/stocks-teeter-in-tight-trade-as-year-draws-to-a-close-markets-come-to-an-end/ Fri, 31 Dec 2021 14:55:18 +0000 https://arena-kiev.com/stocks-teeter-in-tight-trade-as-year-draws-to-a-close-markets-come-to-an-end/ This content was published on December 31, 2021 – 15:19 December 31, 2021 – 3:19 PM (Bloomberg) – US stocks have hovered between gains and losses, with moves exacerbated by weak trade in the last session of the year. The 10-year Treasury yield held above 1.5% as the dollar declined. The S&P 500 has been […]]]>
This content was published on December 31, 2021 – 15:19

(Bloomberg) – US stocks have hovered between gains and losses, with moves exacerbated by weak trade in the last session of the year. The 10-year Treasury yield held above 1.5% as the dollar declined.

The S&P 500 has been fluctuating, with volume about half of the early trade average over the past 30 days. It was a hectic week for the markets as the benchmark fell a record low on Thursday. Modest declines by megacaps like Microsoft Corp., Apple Inc. and Amazon.com Inc. weighed on the Nasdaq 100. However, the S&P 500 and Nasdaq 100 are up about 27% this year.

Trading was light as investors pulled back on a strong year for global equities as economies recovered from the pandemic. Bond investors are managing losses as many central banks move towards tighter monetary parameters to fight inflation. How the coronavirus and these policy changes are shaping the economic reopening is key to the outlook.

“If there’s one thing we’ve learned this year, it’s that the US economy has proven to be resilient in the face of the challenges of the pandemic,” said Brett Ryan, senior US economist at Deutsche Bank. While the omicron and fiscal uncertainty present risks, “the economy would still grow at a rate well above trend even if those risks materialize,” he said.

Elsewhere, the dollar was down against most of its Group of 10 peers. Oil fell, crushing the biggest annual gain since 2009. Bitcoin rallied for a second session, crushing its biggest monthly decline since May to trade around $ 48,000.

Traders continue to monitor struggling Chinese real estate developers. A Chinese state-owned company will take a 29% stake in China South City Holdings Ltd., in the latest sign from authorities stepping up support for struggling real estate firms.

Emphasis was also placed on telephone talks between US President Joe Biden and Russian President Vladimir Putin. The Kremlin said Putin was happy with the outcome of the talks. The United States and its allies have sounded the alarm about a possible Russian invasion of Ukraine.

For more market analysis, read our MLIV blog.

Some of the main movements in the markets:

Actions

  • The S&P 500 was little changed at 10:16 a.m. New York time
  • The Nasdaq 100 fell 0.1%
  • The Dow Jones Industrial Average has changed little
  • The Stoxx Europe 600 is down 0.2%
  • The MSCI World Index has changed little

Currencies

  • Bloomberg Dollar Spot Index fell 0.2%
  • The euro rose 0.2% to $ 1.1351
  • The British pound was little changed at $ 1.3511
  • The Japanese yen was little changed at 115.10 per dollar

Obligations

  • The yield on 10-year treasury bills was little changed at 1.51%
  • The German 10-year yield was little changed at -0.18%
  • The UK 10-year yield was little changed at 0.97%

Merchandise

  • West Texas Intermediate crude fell 1.1% to $ 76.17 a barrel
  • Gold futures rose 0.5% to $ 1,822.50 an ounce

© 2021 Bloomberg LP


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Nouriel Roubini sees clouds over 2021 https://arena-kiev.com/nouriel-roubini-sees-clouds-over-2021/ Wed, 29 Dec 2021 19:30:50 +0000 https://arena-kiev.com/nouriel-roubini-sees-clouds-over-2021/ Despite the declines and disruptions due to new variants of COVID-19, 2021 has turned out to be a relatively positive year for economies and markets in most parts of the world. Growth exceeded its potential after the severe recession of 2020, and financial markets have recovered vigorously. This has been particularly the case in the […]]]>

Despite the declines and disruptions due to new variants of COVID-19, 2021 has turned out to be a relatively positive year for economies and markets in most parts of the world. Growth exceeded its potential after the severe recession of 2020, and financial markets have recovered vigorously. This has been particularly the case in the United States, where stock markets have reached new highs, in part due to the ultra-accommodative monetary policy of the US Federal Reserve (although central banks of other advanced economies have continued their their own radically accommodating policies).

But 2022 could be more difficult. The pandemic is not over. Omicron may not be as virulent as previous variants – especially in highly vaccinated advanced economies – but it’s much more contagious, meaning hospitalizations and deaths will remain high. The resulting uncertainty and risk aversion will suppress demand and exacerbate supply chain bottlenecks.

Combined with excess savings, pent-up demand, and accommodating monetary and fiscal policies, these bottlenecks fueled inflation in 2021. Many central bankers who insisted the inflationary surge was transitory now have admitted that she would persist. With varying degrees of urgency, they plan to phase out unconventional monetary policies such as quantitative easing, so that they can begin to normalize interest rates.

The resolve of central banks will be tested if policy rate hikes cause shocks to bond, credit and equity markets. With such a massive build-up of private and public debt, markets might not be able to digest higher borrowing costs. In a crisis, central banks would find themselves in the debt trap and likely turn around. This would make inflation expectations likely to change upward as inflation becomes rampant.

The coming year also brings growing geopolitical and systemic risks. On the geopolitical level, three major threats must be watched.

First, Russia is preparing to invade Ukraine, and it remains to be seen whether negotiations on a new regional security regime can prevent the threat from escalating. Although US President Joe Biden has pledged more military aid to Ukraine and threatened tougher sanctions against Russia, he has also made it clear that the United States will not intervene directly to defend Ukraine against a attack. But the Russian economy has become more resistant to sanctions than in the past, so such threats cannot deter Russian President Vladimir Putin. After all, some Western sanctions – like a move to block the Nord Stream 2 pipeline – could even exacerbate Europe’s own energy shortages.

Second, the Sino-US cold war is cooling off. China is increasing its military pressure on Taiwan and the South China Sea (where many territorial disputes are brewing), and the wider decoupling between the Chinese and American economies is accelerating. This development will have stagflationary consequences over time.

Third, Iran is now a nuclear state on the threshold. He quickly enriched uranium to near-military content, and negotiations on a new or revamped nuclear deal came to naught. As a result, Israel is openly considering strikes against Iranian nuclear facilities. If that happened, the consequences of stagflation would likely be worse than the oil-related geopolitical shocks of 1973 and 1979.

The new year also brings several systemic concerns. In 2021, heat waves, fires, droughts, hurricanes, floods, typhoons and other disasters have laid bare the real implications of climate change. The COP26 climate summit in Glasgow offered mostly low-cost talks, leaving the world on track to experience a devastating 3 ° Celsius warming in this century. Droughts are already causing dangerous increases in food prices, and the effects of climate change will continue to worsen.

To make matters worse, the aggressive push to decarbonize the economy leads to underinvestment in fossil fuel capacity before there is a sufficient supply of renewable energy. This dynamic will generate much higher energy prices over time. In addition, the flow of climate refugees to the United States, Europe and other advanced economies will increase just as these countries close their borders.

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Bulgarians divided over membership in euro waiting room https://arena-kiev.com/bulgarians-divided-over-membership-in-euro-waiting-room/ Tue, 28 Dec 2021 02:52:42 +0000 https://arena-kiev.com/bulgarians-divided-over-membership-in-euro-waiting-room/ Bulgaria could join the eurozone in 2024, but the poorest country in the EU is divided over the prospect of abandoning its national currency and joining the European single currency club. Krasimir Atanasov, a 37-year-old tennis instructor who queues at a bureau de change in the Bulgarian capital Sofia, is keen on change. Like millions […]]]>

Bulgaria could join the eurozone in 2024, but the poorest country in the EU is divided over the prospect of abandoning its national currency and joining the European single currency club.

Krasimir Atanasov, a 37-year-old tennis instructor who queues at a bureau de change in the Bulgarian capital Sofia, is keen on change.

Like millions of his compatriots, he emigrated abroad – in his case to Finland – and wants Bulgaria “to be like other European countries” and to use the euro.

However, Valeria Petrova, 58, who describes herself as a “nationalist”, says she wants to “keep the lev”, the national currency of Bulgaria.

She fears that the country will one day find itself in the shoes of Greece, which has had to implement painful structural reforms in return for help during a debt crisis that threatened its membership of the euro area.

Another man next to her in the queue says he fears the euro could lead to higher prices – a concern many Europeans had when 12 countries started using the currency on January 1 2002.

Even one of the country’s tour operator associations, ABTTA, says that while the single currency would make doing business easier for the industry, it is worried about a possible “reduction in purchasing power” for Bulgarians.

– Straitjacket –

Bulgaria joined the EU in 2007.

Last year, the country joined the European Banking Union and an exchange rate mechanism in which a candidate country must spend a minimum of two years before being admitted to the euro area.

The expected exchange rate for membership is 1.95583 lev per euro – the same value the currency has had since the creation of the euro zone in 1999.

The new government was sworn in earlier this month after a year of political stalemate vowing to take “all necessary measures to join the eurozone”.

Finance Minister Assen Vassilev called for a “broad public debate” to convince skeptics.

Asked if the 2024 target date for entry was realistic, Vassilev told AFP in an interview in November: “It’s going to take work, but I think it’s doable.”

With the exception of the Socialist Party, “there is a relative consensus” across the political spectrum in favor of entering the euro zone, said economist Ruslan Stefanov of the Center for the Study of Democracy (CSD ).

But many Bulgarians are afraid of price increases because they still remember the economic crisis of 1996-97 when 14 banks went bankrupt and inflation soared to over 300%.

Under pressure from the International Monetary Fund, Bulgaria established an independent currency board which fixed the exchange rate of the lev against the euro.

Currency boards are the more stringent option because they issue local currency when there is foreign currency to back it up, thus limiting a government’s ability to print money and borrow in a meaningful way. excessive.

Seen by some as a straitjacket of government policy, the currency board has lowered inflation and helped successive Bulgarian governments control their finances.

The country has one of the lowest public debt burdens in the EU, with around 24% of gross domestic product.

When Bulgaria joins the euro, some of these currency board safeguards will disappear and the country will likely be able to borrow at lower rates, which worries some policymakers.

Vassilev says he is in favor of setting up another mechanism to prevent “the country from falling into a spiral of debt”.

– Danger of ‘flashback’ –

In addition to the possible pitfalls at home, Vassilev is aware that there could be a “lack of political will” on the part of other member states regarding the entry of Bulgaria.

Despite being the poorest member of the EU, this country of just under seven million inhabitants meets the macroeconomic conditions to join the euro.

It is the high level of corruption in Bulgaria that worries its European partners.

A European source spoke of “questions about Bulgaria and the systems it has put in place” to fight evils such as money laundering and corruption.

Ending precisely these kinds of practices is at the heart of the new government’s agenda, but it still has some way to go before convincing the EU that it is ready.

Brussels must ensure that Bulgaria’s membership “is not going to backfire one way or another,” the source said.

Some Bulgarians fear that their wait to enter the single currency will be suspended as long as their candidacy for the Schengen area.

He is still not a member of the borderless zone although he fulfilled the technical conditions to join it 10 years ago.

vs-ds-arp / anb / jsk / rl / lth / ser


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Year 2021: interrupted resumption of tourism – Economy – Al-Ahram Weekly https://arena-kiev.com/year-2021-interrupted-resumption-of-tourism-economy-al-ahram-weekly/ Sun, 26 Dec 2021 10:45:34 +0000 https://arena-kiev.com/year-2021-interrupted-resumption-of-tourism-economy-al-ahram-weekly/ The Egyptian tourism sector started to gain momentum in the second half of the year thanks to factors such as the return of Russian tourists to Sinai in August and the lavish ceremonies of the Golden Pharaohs Parade in Cairo in April and the opening Avenue du Sphinx in Luxor at the end of November. […]]]>

The Egyptian tourism sector started to gain momentum in the second half of the year thanks to factors such as the return of Russian tourists to Sinai in August and the lavish ceremonies of the Golden Pharaohs Parade in Cairo in April and the opening Avenue du Sphinx in Luxor at the end of November.

The rejuvenation of the industry came after a severe setback caused by the spread of Covid-19 in early 2020. However, the Omicron variant of the virus is now casting shadows of uncertainty over the industry, at least in the short term.

Without the discovery of the new variant in November, Egypt would have achieved the strong tourism growth seen in 2019, said Kamel Abu Ali, head of tourist company Albatros.

According to figures from the Ministry of Planning, Egypt’s hotel and restaurant sector grew by 181.8% in the first quarter of this fiscal year, indicating that the negative effects of the coronavirus on the sector were fading.

Many decisions have been made to support the sector since the start of the pandemic. In July, the Department of Health updated procedures for visitors, saying fully vaccinated passengers did not have to take PCR tests.

Abu Ali said the return of Russian tourists to Egyptian Red Sea resorts has boosted tourism to Sharm el-Sheikh and Hurghada, topping the list of travelers arriving in Egypt. Russian tourists returned to Hurghada on August 9 after a six-year ban on flights to Red Sea cities and Sinai following a 2015 plane crash that killed 224 passengers, for the mostly Russian.

August also saw an increase in the number of tourists to Egypt from Eastern Europe and Spain, said Mohamed Hassanein, director of Galaxia Tours, a travel agency.

Another decision to improve services offered to tourists in early December was taken by the Ministerial Committee on Tourism and Antiquities, which raised the minimum price for overnight accommodation to $ 50 in five-star hotels, $ 40 in four-star hotels, $ 30 in three-star hotels, $ 20 in two-star hotels and $ 10 in one-star hotels, as of May 1, 2022, with the exception of the governorates of Luxor, Aswan, New Valley and the cities of Taba and Nuweiba, where the decision will be applied from November 1, 2022.

Fixing a minimum price for tourist hotels has been a demand made by the country’s tourism sector for years to avoid the deterioration of services in some hotels. Poor service has affected the reputation of tourism in Egypt, and the reduction in prices adopted by some hotels in recent years has attracted low-spending tourists, many in the tourism industry believe.

The decision to set a minimum price for hotel rooms was taken at the same time as the gradual revival of the tourism sector, Abu Ali said.

However, Tarek Shalabi, head of the Marsa Alam Investors Association, believes the move could be a double-edged sword because while some hotels in MarsaAlam raised their prices, many tour operators who had contracts with hotels for prices ranging from $ 18 to $ 20 had refused to accept the further increases.

Shalabi added that outsourcing other companies requires the organization of more international exhibitions, which are currently limited due to the pandemic.

Karim Al-Miniawi, Board Member of Chamber of Tourism Enterprises and CEO of IMCO Tourism Enterprise, said Egypt received large numbers of tourists from Ukraine, USA, Poland and the Czech Republic.

According to the Ministry of Tourism and Antiquities, Egypt received 3.5 million tourists in the first six months of 2021, representing revenues of $ 3.5 billion to $ 4 billion, almost the same income earned during all year 2020.

The economic and social development plans drawn up by the parliament approve objectives bringing the flow of tourists per month to 400,000 in the first semester and to 750,000 in the second semester. They aim to increase tourism revenues in the current fiscal year to $ 6 billion, which is lower than the $ 6.8 billion forecast by the World Bank.

The Pharaohs Golden Parade which saw 22 mummies belonging to kings and queens of the Ancient Egyptian New Kingdom moved from the Egyptian Museum in Tahrir Square in Cairo to the National Museum of Egyptian Civilization (NMEC) in Fustat and the celebration marking the The opening of the Avenue of the Sphinxes in Luxor made international headlines, promoting Egypt as a premier tourist destination.

Al-Miniawi said the two events highlighted the cultural aspects of tourism in Egypt and helped promote it as a leading brand, especially as international media competed to cover the ceremonies.

But the spread of the Omicron variant of Covid-19 has led to a decrease in the number of tourists coming to Egypt, with Abu Ali and Shalabi reporting that cancellations have taken place in the German and French markets, respectively. Shalabi said hotel occupancy rates in Marsa Alam fell from 80 percent to 60 percent after the Omicron variant appeared.

France and Egypt have decided to only accept travelers with negative PCR tests, resulting in the cancellation of 30% of reservations.

Hassanein said few companies had canceled customer bookings, adding that the industry was holding its breath in anticipation of World Health Organization (WHO) statements on the Omicron variant. If the variant does not respond well to vaccinations, tourism rates are unlikely to increase more than last year.

Shalabi said that before the coronavirus outbreak, Marsa Alam received a large number of tourists from Germany, Italy and the United Kingdom, while this year the majority of tourists came from Poland, Ukraine and from the Czech Republic.

Al-Miniawi said state initiatives to support the tourism sector had helped, but they were not enough. The problem was not the decisions that had been taken, but their implementation. Banks had not fully implemented the decisions announced by the Central Bank of Egypt (CBE) to support the sector, he said, adding that only a fraction of tourism businesses had benefited from the initiatives.

In February, the CBE extended its efforts to help finance tourism businesses with guarantees from the Ministry of Finance. This includes allocating LE 3 billion of the LE 50 billion dedicated to financing tourism businesses to credit facilities, with the aim of helping them pay workers’ salaries and operating and maintenance costs. .

The initiative was originally scheduled to end by June 2021 or when LE3 billion has been spent, whichever is earlier. The grace period has been extended until December 2021, with the first installments due in January 2022 for the following two years. The state also decided to postpone insurance and electricity payments.

Shalabi said Marsa Alam did not benefit from the deferral of electricity bill payments since the city is lit by diesel generators. He praised the help received from funds set up to support the unemployed and state support for the tourism sector, even though this is done through loans. However, banks have not always been willing to give loans to tourism businesses, seeing them as a high risk sector, he added.

He said expectations for the tourism industry looked very bright before the Omicron variant appeared. The future of tourism in Egypt in 2022 will be determined by the effectiveness of the vaccines available against Covid-19, he said.

Without the emergence of the Omicron variant, Egypt’s tourism sector would have fully recovered by the first quarter of 2022, Al-Miniawi said.

* A print version of this article appears in the December 23, 2021 edition of Al-Ahram Weekly.

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Evening update: Quebec closes bars, schools and gyms as COVID-19 cases rise https://arena-kiev.com/evening-update-quebec-closes-bars-schools-and-gyms-as-covid-19-cases-rise/ Mon, 20 Dec 2021 21:45:52 +0000 https://arena-kiev.com/evening-update-quebec-closes-bars-schools-and-gyms-as-covid-19-cases-rise/ Good evening, let’s start with today’s best stories: The latest developments related to COVID-19: Quebec is closing schools, bars and entertainment venues, and more Quebec is reinstating strict restrictions in order to stop rapidly increasing the number of COVID-19 cases: Bars, theaters, entertainment venues and gymnasiums are closing today, while restaurant capacity will be reduced. […]]]>

Good evening, let’s start with today’s best stories:

The latest developments related to COVID-19: Quebec is closing schools, bars and entertainment venues, and more

Quebec is reinstating strict restrictions in order to stop rapidly increasing the number of COVID-19 cases:

  • Bars, theaters, entertainment venues and gymnasiums are closing today, while restaurant capacity will be reduced.
  • Elementary and secondary schools will close after today.
  • No spectators allowed at professional or amateur sporting events.
  • Teleworking is now compulsory.

In Ontario, booster reservations were open to anyone 18 years of age or older, provided at least three months had passed since the second injection. The province is now reporting 3,784 new cases of COVID-19, as theaters cancel shows amid new restrictions.

Meanwhile, Moderna says a booster dose of its COVID-19 vaccine appeared to protect against the rapidly spreading Omicron variant in lab tests, and that the current version of the vaccine would continue to be its “first line of defense. against Omicron “.

In sports, tennis superstar Rafael Nadal has tested positive for coronavirus, Hockey Canada has withdrawn its team from the Spengler Cup and the Toronto Raptors have halted team practices before their next scheduled game in Chicago on Wednesday.

Catch up with more of today’s developments here.

This is the daily evening update bulletin. If you’re reading this on the web, or if it was sent to you as a transfer, you can sign up for Evening Update and over 20 other Globe newsletters. here. If you like what you see, share it with your friends.

BMO unveils major U.S. expansion with $ 17 billion purchase of California-based Bank of the West

Bank of Montreal is taking a big step in the United States with a cash transaction to buy Bank of the West, an acquisition that will double the size of its U.S. branches and shift its U.S. geographic base from the Midwest to California.

Bank of the West is currently owned by French giant BNP Paribas, which is leaving the US retail banking market with the sale. After adjusting for excess capital on the Bank of the West’s balance sheet, BMO pays $ 17.1 billion, making it the largest purchase of a U.S. bank by a Canadian lender.

The deal will double the size of BMO’s branch network in the United States, with the two banks having approximately 500 branches each. BMO has made a commitment not to close any acquired branches, which could limit its cost savings.

Read more: West Bank CEO Nandita Bakhshi hailed and criticized for her ESG approach

Ukraine investigates ex-President Petro Poroshenko for high treason

Ukrainian authorities have placed former President Petro Poroshenko under formal investigation for high treason, accusing him of financial ties to the Russian-backed militia that controls the breakaway Donbass region.

In an announcement posted on its website, the State Bureau of Investigation said Poroshenko was charged with treason and “facilitating the activities of a terrorist organization.”

The case involves the sale of around $ 71 million worth of coal allegedly bought by Poroshenko’s government from the so-called Donetsk People’s Republic and the Lugansk People’s Republic, the self-proclaimed authorities in the breakaway region.

The allegations, made amid the threat of a wider Russian invasion of Ukraine, were immediately dismissed by Poroshenko’s allies as a trumped-up attack on Ukrainian President Volodymyr Zelensky’s main political rival.

ALSO ON OUR RADAR

Vena steps down as CP Rail leadership candidate: Canadian National Railways has said Jim Vena has retired from the race to become its new president and chief executive officer. It had been backed by a group of investors, including TCI Fund Management.

Domenic Barton will chair the board of directors of Rio Tinto: The global miner has chosen Canada’s outgoing ambassador to China as chairman, hoping the veteran consultant’s ties to its larger market will benefit the company.

Closing arguments at the Maxwell trial: Jeffrey Epstein has kept many secrets from ex-girlfriend Ghislaine Maxwell, a defense lawyer said at the close of the British socialite’s sexual abuse trial today, arguing that prosecutors had failed to prove that she was aware of her activities with teenage girls. Prosecutors will present a rebuttal before the jury begins its deliberations.

Jury deliberations at the Theranos trial: Jurors tasked with evaluating 11 fraud and conspiracy charges against former Theranos CEO Elizabeth Holmes have entered their first full day of deliberations after a three-month trial that captivated Silicon Valley.

WORKING WATCH

North American markets fell sharply today as investors feared the Omicron COVID-19 variant could potentially undermine the economic rebound and a critical setback to President Joe Biden’s domestic investment bill.

The Dow Jones Industrial Average lost 433.28 points or 1.23% to 34,932.16, the S&P 500 lost 52.46 points or 1.14% to close at 4,568.18 and the Nasdaq Composite lost 188 , 74 points or 1.24% at 14,980.94. The S & P / TSX Composite Index lost 200.97 points or 0.97 percent to 20,538.22.

The loonie slipped 0.33 percent to 77.271 US cents.

Read more: As the markets vanish, more is happening than Omicron

Got a hot tip you’d like us to review? Write to us at advice@globeandmail.com. Need to share documents securely? Contact us via SecureDrop.

DISCUSSION POINTS

Central banks blink at inflation, racing to avoid second round

“Have central banks, including that of Canada, been mistaken about the nature of this inflationary beast? Was last week a great great world mea culpa, start a race to repair the damage? Well, yes and no. And, more precisely, it doesn’t really matter. David parkinson

Proof of systemic racism can be found in Quebec Premier François Legault’s Bill 21

“In secularism, the state does not favor one religion over another, while preserving individual freedoms. Such freedoms, however, are sacrificed on the altar of secularism, which prohibits all religious expression in matters of state representation. Sheema khan, author

The best thing about CNN is Donie O’Sullivan

“He emerges as the only sane person in the situation when sent to meet with Trump supporters and hawkers of disinformation and document what they believe.” John doyle

LONG READING OF THE DAY

Paul Thomas Anderson’s Beautiful, Hilarious and Complicated Licorice Pizza is the best movie of 2021

Cooper Hoffman, son of the late Philip Seymour Hoffman, and Alana Haim in Licorice Pizza.Courtesy of Metro Goldwyn Mayer Pictures Inc.

True love blooms for the world to see, sings Nina Simone on July tree, a beautiful song that is highlighted in the beautiful new film by Paul Thomas Anderson Licorice Pizza. She’s a hell of a beauty, I realize, but there’s no better word to describe this wonderful gift from a movie, following the blossoming of a real one. kind of love – but in the sheer, messy, heartbreaking, hilarious, layered way only a filmmaker like Anderson can deliver.

A comedy, a drama, a romance, a memory, Licorice Pizza is the director’s warmest and most fuzzy creation. But this isn’t a return to a missed or forgotten form – a half-cautious look at one of Anderson’s films, even the harshest ones like this one. The master and There will be blood, reveals a man who has always been a chuckle comedian, a sly observer of human weaknesses, a conjurer of worlds, a desperate romantic. With its setting of the San Fernando Valley, its playful remix of history and culture, its love of cosmic chance, its pursuit of momentum at full speed, and its deeply flawed characters clinging to each other with a sort of of desperate manic joy, Licorice Pizza represents the uber-PTA image.

If you have ever fallen in love with any of his films, then you will instantly fall in love with it. And if you’ve ever felt badly taken by any of his films, for whatever reason, then consider this a humble plea to at least taste a tiny slice of his particularly fragrant pie. Read Barry Hertz full review here.

The evening update is brought to you by SR Slobodian. If you would like to receive this newsletter by e-mail every weekday evening, go to here register. If you have any comments, drop us a line. Remark.


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