Share Name Share Symbol Market Type Share ISIN Share Description
JP Morgan Russian Secs LSE:JRS London Ordinary Share GB0032164732 ORD 1P
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  +0.00p +0.00% 462.75p 465.00p 472.75p - - - 500.00 08:22:47
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Equity Investment Instruments 0.0 12.4 19.6 23.6 243.09

JP Morgan Russian Secs Share Discussion Threads

Showing 2001 to 2023 of 2025 messages
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DateSubjectAuthorDiscuss
02/12/2016
10:53
Activity in Russia's manufacturing sector in November expanded at the fastest pace in more than five-and-a-half years boosted by sharper growth in production and new orders, according to a Markit Economics survey. The seasonally adjusted Purchasing Managers' Index (PMI) climbed to 53.6 in November from 52.4 in October. “Russia’s manufacturing sector is moving from strength to strength as we approach the end of 2016,” said Samuel Agass, an economist at HIS Markit, commenting on the data. “The latest figure continued a four-month sequence of growth and indicated a solid overall improvement in the health of Russia’s manufacturing industry,” the report read. The analysts link the increase to stronger demand for Russian goods that is potentially showing up in solid production increases. “Firms are also experiencing sufficiently low-cost pressures to allow them to solidly raise their buying activity in an effort to sustain this expansion.” “November̵7;s solid upturn makes for a stark contrast from the beginning of the year, when firms were struggling to contend with waning demand and steeper cost inflation. Now, moving into December, the sector is on course to enjoy its strongest quarter for almost six years,” Mr. Agass commented.
loganair
02/12/2016
10:45
Russia aims to return economic growth to no less than 3 percent which will allow the Russian economy to grow at a faster rate than the world average by 2020, Finance Minister Anton Siluanov said on Thursday. Speaking after President Vladimir Putin’s annual state of the nation address, Siluanov said that both the tax system and the budget will be designed to boost economic growth.
loganair
26/11/2016
17:59
It's interesting to read in The Times today that Francois Fillon, who will probably be the next French President, has a good relationship with Putin. That has to help in the normalising of the political and economic relationship between the EU and Russia.
galeforce1
25/11/2016
10:41
Russia's Central Bank chief Elvira Nabiullina - Russia should aim for reducing inflation to 4 percent, but no lower, Russia's Central Bank chief, Elvira Nabiullina, said in an interview with Forbes. Nabiullina's target inflation rate is higher than the 2 percent rate common in most developed countries, but decreasing inflation any further could cause new problems, she believes. "Mass deflation is dangerous," she said. "It decreases the stimulus for investment. In order to avoid this, the inflation level should be around 4 percent." Inflation above 4 percent will also halt investment, she added. The Central Bank's goal should now be ensuring stable, low inflation and, as a result, stable and low interest rates on loans. These factors are more important than the ruble exchange rate, Nabiullina said. Russia's annualized inflation for 2016 stands at 6.09 percent. The Central Bank aims to reach its 4 percent target in 2017.
loganair
25/11/2016
10:32
Bloomberg - Western investors warm to Russia’s shriveled economy: Retailers and manufacturers targeting Russia’s battered middle class figure its economy is bound to emerge from the deep freeze of the past two years. Even before the U.S. presidential election raised hopes of warmer ties with the Kremlin, some big Western companies were betting Russia’s economy will soon come out of the deep freeze. A number of large Western corporations are increasing investment in Russia, with the country’s economy recovering from its deep decline, according to Bloomberg. Big global retailers like Sweden’s Ikea Group and France’s Leroy Merlin have begun pumping billions of dollars in new stores and factories, counting on Russia’s consumers to start emerging from hibernation after two years of recession. Leroy Merlin will reportedly spend €2 billion to double the number of outlets in Russia, while American food corporation Mars has already expanded to produce chewing gum and pet food locally. IKEA reportedly intends to invest $1.6 billion into new stores over the next five years. Earlier this year, the Swedish retailer opened a $60 million factory in the city of Nizhny Novgorod and acquired land for a third Mega mall near the city. “I strongly believe in the potential of the Russian market long-term.” “This is the moment for investment, I strongly believe in the potential of the Russian market long-term,” said the general director of IKEA Russia, as quoted by Bloomberg. The inflow of foreign investment into the country slowed two years ago after a series of anti-Russia sanctions introduced by Western nations over the conflict in Ukraine. “The last two or three years have been a disaster. Now, the situation is changing as the ruble exchange rate has stabilized and the Russian economy is forecast to return to growth soon,” said Frank Schauff, head of the Association of European Businesses in Moscow. For many of those who stayed, now is the time to reopen their wallets to get a jump on rivals. “The last 2-3 years have been a disaster,” said Frank Schauff, head of the Association of European Businesses in Moscow. “Now, the situation is changing as the ruble exchange rate has stabilized and the Russian economy is forecast to return to growth soon.” Foreign direct investment rose to $8.3 billion in the first nine months this year against the $5.9 billion invested in all of 2015, according to data compiled by the Central Bank of Russia. However, the figure is still below the level seen before the Ukraine crisis. Tepid forecast: The government expects only a tepid recovery with growth of 0.8 percent next year. The middle class — the target market for most big foreign investors — has shrunk by 14 million people over the past two years, according to Sberbank CIB, a local investment bank. Alexis Rodzianko, president of the American Chamber of Commerce in Russia, said geopolitical tensions have been a big deterrent for potential foreign investors. The election of Donald Trump, who praised President Vladimir Putin and questioned the sanctions during the campaign, could change that. “Trump has a more open mind regarding the U.S.-Russia relationship,” Rodzianko said. “It’s clear there is room for improvement and that in itself is hopeful.” For those companies not put off by the chilly political winds, adapting to the plunge in the ruble’s value — it’s down about 50 percent since the crisis began in early 2014 — and the drop in Russians’ incomes has required some ingenuity. Kitchenware: Ikea is selling fewer big-ticket items like kitchens and more pots and gadgets for Russians who increasingly cook at home because they can’t afford to go out. At the malls it owns, managers note the “lipstick effect’’ — makeup and lingerie stores are thriving as consumers treat themselves to lower-cost luxuries, while those that sell more costly clothes and shoes have seen sales plunge. Ikea and the other big foreign players say their sales have actually gone up in ruble terms over the last two years. Overall, retail sales in Russia are down 5.3 percent this year, having dropped 10 percent in 2015. “We are seeing signs of improvement,” PepsiCo Chief Executive Indra Nooyi said in September. Even after the plunge in the ruble, Russia remains PepsiCo’s s third-biggest market after the U.S. and Mexico. The company expanded cheese output after the Kremlin cleared the market by banning most imports. This month, it announced plans for a new $40 million baby-food plant in southern Russia. Ford Motor said this month it sees signs of a rebound in car sales, which had been hit especially hard by the recession. French do-it-yourself retailer Leroy Merlin says its same-store sales are up 5 percent in ruble terms as Russians turn to its low-cost products. “We are taking a long-term approach, economic growth is set to return, and we are already seeing some improvement,” said country head Vincent Gentil. Foreign companies are also increasing local production to capitalize on the ruble’s drop. Ikea aims to bring the share of Russian-produced goods to 80 percent in the next few years and is already exporting Russian-made folding beds to China and linen curtains and wood furniture to Europe. Red-tape headaches: Of course, the legendary local bureaucracy remains a problem for many investors. Although Russia has moved up in international rankings for ease of doing business, big foreign players often seem to be targeted. Wracked by conflicts with local authorities and corruption scandals, Ikea has threatened at least twice since it came to Russia to suspend all investments. Last month, it faced a criminal probe on a 5-year-old tax claim the company said it paid in full. The company is also fighting lawsuits relating to deals that date back to the 1990s. “It slows us down and distracts us when these old cases come back that we’ve already resolved and paid for,” said Milen Gentchev, who heads Ikea’s shopping-center unit in Russia. “But that doesn’t influence our confidence that Russia is a market we should be in.”
loganair
25/11/2016
10:31
Bloomberg - Western investors warm to Russia’s shriveled economy: Retailers and manufacturers targeting Russia’s battered middle class figure its economy is bound to emerge from the deep freeze of the past two years. Even before the U.S. presidential election raised hopes of warmer ties with the Kremlin, some big Western companies were betting Russia’s economy will soon come out of the deep freeze. A number of large Western corporations are increasing investment in Russia, with the country’s economy recovering from its deep decline, according to Bloomberg. Big global retailers like Sweden’s Ikea Group and France’s Leroy Merlin have begun pumping billions of dollars in new stores and factories, counting on Russia’s consumers to start emerging from hibernation after two years of recession. Leroy Merlin will reportedly spend €2 billion to double the number of outlets in Russia, while American food corporation Mars has already expanded to produce chewing gum and pet food locally. IKEA reportedly intends to invest $1.6 billion into new stores over the next five years. Earlier this year, the Swedish retailer opened a $60 million factory in the city of Nizhny Novgorod and acquired land for a third Mega mall near the city. “I strongly believe in the potential of the Russian market long-term.” “This is the moment for investment, I strongly believe in the potential of the Russian market long-term,” said the general director of IKEA Russia, as quoted by Bloomberg. The inflow of foreign investment into the country slowed two years ago after a series of anti-Russia sanctions introduced by Western nations over the conflict in Ukraine. “The last two or three years have been a disaster. Now, the situation is changing as the ruble exchange rate has stabilized and the Russian economy is forecast to return to growth soon,” said Frank Schauff, head of the Association of European Businesses in Moscow. For many of those who stayed, now is the time to reopen their wallets to get a jump on rivals. “The last 2-3 years have been a disaster,” said Frank Schauff, head of the Association of European Businesses in Moscow. “Now, the situation is changing as the ruble exchange rate has stabilized and the Russian economy is forecast to return to growth soon.” Foreign direct investment rose to $8.3 billion in the first nine months this year against the $5.9 billion invested in all of 2015, according to data compiled by the Central Bank of Russia. However, the figure is still below the level seen before the Ukraine crisis. Tepid forecast: The government expects only a tepid recovery with growth of 0.8 percent next year. The middle class — the target market for most big foreign investors — has shrunk by 14 million people over the past two years, according to Sberbank CIB, a local investment bank. Alexis Rodzianko, president of the American Chamber of Commerce in Russia, said geopolitical tensions have been a big deterrent for potential foreign investors. The election of Donald Trump, who praised President Vladimir Putin and questioned the sanctions during the campaign, could change that. “Trump has a more open mind regarding the U.S.-Russia relationship,” Rodzianko said. “It’s clear there is room for improvement and that in itself is hopeful.” For those companies not put off by the chilly political winds, adapting to the plunge in the ruble’s value — it’s down about 50 percent since the crisis began in early 2014 — and the drop in Russians’ incomes has required some ingenuity. Kitchenware: Ikea is selling fewer big-ticket items like kitchens and more pots and gadgets for Russians who increasingly cook at home because they can’t afford to go out. At the malls it owns, managers note the “lipstick effect’’ — makeup and lingerie stores are thriving as consumers treat themselves to lower-cost luxuries, while those that sell more costly clothes and shoes have seen sales plunge. Ikea and the other big foreign players say their sales have actually gone up in ruble terms over the last two years. Overall, retail sales in Russia are down 5.3 percent this year, having dropped 10 percent in 2015. “We are seeing signs of improvement,” PepsiCo Chief Executive Indra Nooyi said in September. Even after the plunge in the ruble, Russia remains PepsiCo’s s third-biggest market after the U.S. and Mexico. The company expanded cheese output after the Kremlin cleared the market by banning most imports. This month, it announced plans for a new $40 million baby-food plant in southern Russia. Ford Motor said this month it sees signs of a rebound in car sales, which had been hit especially hard by the recession. French do-it-yourself retailer Leroy Merlin says its same-store sales are up 5 percent in ruble terms as Russians turn to its low-cost products. “We are taking a long-term approach, economic growth is set to return, and we are already seeing some improvement,” said country head Vincent Gentil. Foreign companies are also increasing local production to capitalize on the ruble’s drop. Ikea aims to bring the share of Russian-produced goods to 80 percent in the next few years and is already exporting Russian-made folding beds to China and linen curtains and wood furniture to Europe. Red-tape headaches: Of course, the legendary local bureaucracy remains a problem for many investors. Although Russia has moved up in international rankings for ease of doing business, big foreign players often seem to be targeted. Wracked by conflicts with local authorities and corruption scandals, Ikea has threatened at least twice since it came to Russia to suspend all investments. Last month, it faced a criminal probe on a 5-year-old tax claim the company said it paid in full. The company is also fighting lawsuits relating to deals that date back to the 1990s. “It slows us down and distracts us when these old cases come back that we’ve already resolved and paid for,” said Milen Gentchev, who heads Ikea’s shopping-center unit in Russia. “But that doesn’t influence our confidence that Russia is a market we should be in.”
loganair
25/11/2016
10:17
Putin "Buys The Dip" - Russia's Gold Buying In October Largest This Millenium by Tyler Durden: Russia gold buying accelerated in October with the Russian central bank buying a very large 48 metric tonnes or 1.3 million ounces of gold bullion. Russia now now has an official 50.9 million ounces (1583.167 tonnes) in total gold reserves. This is the largest addition of gold to the Russian monetary reserves since 1998 and could be seen as a parting 'gift' by Putin to his rival ex-President Obama. Commerzbank went with the simple explanation - “Clearly the central bank was taking advantage of the stronger ruble – which has made gold cheaper in local currency – to buy more gold.” However, the Russian Central Bank has quietly been buying huge volumes of gold over the last 10 years. This diversification into gold accelerated since the financial crisis and since relations with the U.S. deteriorated in recent years. Russia bought gold systematically both when the ruble was strong and when it was weak. In 2015, Russia added a record 208 tons of gold to her reserves compared with 172 tons for 2014. Total gold mining production globally is around 3,200 metric tonnes per year. Thus, Russia's purchase of 48 metric tonnes is around 1.5% of total annual global gold production. This is a very large amount for one country to buy in just one month. The Russian central bank is buying all of Russian gold production currently at about 26 metric tonnes per month and sometimes buying gold on the international market. If Russia is doing this not to weaken an aggressive US presidency, then we would guess that their reasoning in purchasing so much gold so fast is to hedge/replace their bond holdings. It would be a logical move as bond yields rising lower the value of existing bond-holdings - and Russia holds a lot of bonds. With the massive rise in bond yields in November, we would expect Russia to purchase even MORE gold in November. if we continue to see this large buying from Russia moving forward, then this was about putting central bank assets into gold as an alternative to bonds and to avoid some of the bloodbath that bond investors are seeing right now as yields are rising. If that is the case, then this event is extremely positive for gold, the gold ETFs, and gold miners as a buyer buying 48 tonnes per month of gold would soak a little over 500 tonnes per year or almost 20% of all newly mined gold. From one buyer… This could also signal buying from other central banks as Russia is a large enough central bank to warrant other central banks following in their footsteps. Additionally, the move is quite logical as it does protect against rising bond yields and provides an asset that protects against inflation. We wish we had a crystal ball to see into next month's report but unfortunately we do not. One thing is for certain, next month's report of Russian gold holdings will be extremely important and we advise gold investors to pay particularly close attention to it. Russia is an increasingly wealthy nation with thousands of millionaires and hundreds of billionaires including mega rich oligarchs. It seems likely that some of these Russian investors are also diversifying into gold. Clearly, Russia puts great strategic importance on its gold reserves. Both Prime Minister Medvedev and President Putin have been photographed on numerous occasions holding gold bars and coins. The Russian central bank declared in May 2015 that Russia views gold bullion as “100% guarantee from legal and political risks.”
loganair
18/11/2016
20:53
Jam attractive too.
r ball
18/11/2016
09:32
The currency crisis and a drop in real wages make Russia attractive for foreign manufacturers searching for cheaper labor costs. Besides providing jobs, this could make the country a regional production hub in the near future. The Russian currency lost about 40 percent against the US dollar in the past two years following the collapse in global crude prices, leaving the ruble about 30 percent below its peak in June 2013. Last year, Russian salaries in dollar terms slid below wages in Brazil, China and members of the former Eastern bloc such as the Czech Republic, according to the Moscow-based Higher School of Economics. That makes Russia a broadly competitive platform for new plants and factories. For example, South Korea's Samsung has begun exporting Russian-made washing machines to 20 European countries. The Wrigley subsidiary of US confectioner Mars has started producing Juicy Fruit chewing gum at a facility in St. Petersburg. In the last ten months, industrial output has risen 0.3 percent, which appears to show a turnaround in the country's declining factory production, according to new data. The Economy Ministry expects an annual increase of 0.4 percent after a contraction of 3.4 percent last year. “This is a strong statement that we can do something really competitive from Russia. Russian suppliers are competitive today mainly because of the currency situation. I don’t think this is temporary,” said Magnus Benon, head of purchasing operations in Russia for IKEA, the world’s largest furniture retailer, as quoted by Bloomberg.
loganair
09/11/2016
10:53
What will a Trump win do for Russia as he has vowed to forge a closer relationship with Russian President Vladimir Putin, whom he has praised as a strong leader.
loganair
04/11/2016
17:25
October factory activity in Russia climbed the highest level in four years, pointing to signs of an economic recovery, according to a Markit Economics report. The seasonally adjusted Purchasing Managers' Index (PMI) was up to 52.4 in October from 51.1 in September. Analysts expected the index to fall to 51.0. “The upturn in Russia’s manufacturing sector shifted into a higher gear, as businesses recorded marked increases in production, new orders and outstanding business,” the report says. Production, boosted by stronger demand for Russian goods, rose for the sixth consecutive month. Moreover, the rate of growth was the highest in 67 months. New orders grew at their quickest pace in three years on higher domestic demand, but new export orders recorded a decline. The manufacturing sector still faces inflationary pressures as companies reported a rise in both average costs and selling prices. Output price inflation eased from September despite input costs rising at a faster pace. Buying activity at factories grew at the sharpest pace in just under four years, but levels of material stock declined further. “The trajectory of Russia’s manufacturing upturn shifted higher during October, as the headline PMI reached a four-year high. The latest figure was indicative of a solid improvement in operating conditions and a clear sign that the sector may finally be making a sustainable recovery,” said Agass.
loganair
04/11/2016
17:06
The Russian Central bank's policy on maintaining its high key rate and curbing inflation could change the economy in two years, said Mikhail Zadornov, chairman of VTB24 bank on Thursday. "If the inflation rate falls to a 3 to 4 percent level in two years, it will completely change the behavior of both business and the population in Russia", Zadornov said in an interview with the Russian newspaper "Izvestiya." He also said low inflation has the most beneficial effects on long-term projects, such as manufacturing, infrastructure, as well as scientific and technological projects. "Therefore, we will count on Russian small business," he added. The VTB24 bank expects the price of Brent oil at around 50 to 55 U.S. dollars per barrel along with higher Russian economic growth and a stronger ruble in 2017. Zadornov expects economic growth to reach 1.5 percent and the ruble against the U.S. dollar at 63 to 64 rubles.
loganair
04/11/2016
17:04
Central banks around the world added a net 13 tonnes of gold to their stockpiles in September, according to data released by the World Gold Council on Wednesday. The Central Bank of Russia was the biggest buyer, purchasing 16.55 tonnes. September's addition marked a 20th straight month of buying for the CBR, which hasn't seen reserves fall since January 2015 when its holdings dropped by 0.48 tonnes. And Russia's central bank was not the only one buying, China and Kazakhstan saw their gold holdings increase by 4.98 tonnes and 4.14 tonnes, respectively, the WGC said. Interestingly, September's three notable buyers are the only central banks that have seen their holdings increase in 2016, and that isn't expected to change anytime soon. They cite data from the Hong Kong Census and Statistics Department showing that imports to China are up 9% year-over-year in the January through September period, and that premiums are at their highest level since December 2015. Additionally, Capital Economics says data from the Indian Commerce Ministry show demand in India is bouncing back, but remains depressed.
loganair
17/10/2016
17:54
Thanks for all the excellent posts and very useful news/info, as well as your personal views and opinions. Appreciated. QP
quepassa
17/10/2016
17:00
Sorry, I missed this as it was so unexpected: JPMorgan Russian Securities’ board has declared an interim dividend of 6.00 pence per ordinary share for the year ending 31 October. The dividend will be paid on 28 October to shareholders on the register at the close of business on 30 September. The ex-dividend date is 29 September.
loganair
14/10/2016
09:26
Russian Prime Minister Dmitry Medvedev published an article entitled “New dynamics in Russia’s social and economical development” for the journal Economic Issues, in which he analyzed the current economic politics of Russia. In the coming years the Russian economy will undergo “a far-reaching renewal,” provoked by the world’s “challenges and changes,” Medvedev wrote. “We will have to establish a new form of development that is able to provide our country an important place in the modern world. It is not a trivial task however Russia deals with it, not at first. In the past the country managed to find solutions for global challenges. There are no grounds for assuming that the situation will be different,” the prime minister noted. The head of the government outlined five key directions for social and economical development: optimization of the budgetary policy, structural policy (including import substitution), improving the investment and business environment, improving the quality of the state itself and development of the social sphere. The article stresses that Russia will continue “to move steadily towards foreign economic openness.” It will be implemented through the establishment of free trade areas with individual groups of countries and also through preferential trade agreements. Medvedev also promised that, on the basis of the 2016 results, inflation will not exceed 6%. “Timely decisions to switch over to the inflation targeting regime allow savings of gold and foreign currency reserves, and ensure the sustainability of the monetary system. Inflation has been decreasing constantly and, on the basis of the 2016 results, will not exceed 6%. And the target indicator of 4%, which recently seemed fantastic, is now taking real shape,” the article reads. In September 2009, Medvedev published an article about the economy entitled “Go Russia!” in which he invited cooperation from those who were against his course and also from those who support his policy. “Should we continue sticking to the primitive economy based on natural resources, chronic corruption, a long standing habit to rely on the state to address problems, on foreign countries, on some ‘all powerful doctrine,’ on anything, anyone, except ourselves? Does Russia have its own tomorrow overloaded by such burdens?” he wrote.
loganair
14/10/2016
08:27
Russia’s economy seems to be finally emerging from recession: Bright August. Rosstat data showed that industrial production returned to positive territory (0.7% YoY growth) in August driven by the improvement in manufacturing, which grew 0.1% YoY after the 1.5% YoY contraction in July. Construction dynamics continued to improve (2% YoY contraction in August after a 3.5% YoY drop a month earlier) due to the gradual recovery in capital investment. Growth in transportation accelerated driven by the improvement in industry and construction. In addition, after a two-month pause the services sector returned to growth. Agriculture continued to accelerate (6% YoY growth from 4.9% YoY in July) supported by a bumper harvest. Unemployment continued to decline due to seasonal factors and reached 5.2% of the economically active population. As a result, we estimate that real GDP declined 0.5% YoY in August.
loganair
10/10/2016
08:56
Russia’s UTair Aviation which is Russia´s 4th biggest airline will launch a 3X-weekly Saint Petersburg-Munich Boeing 737 service Oct. 30, its first scheduled international flight from St. Petersburg in the 2016-17 winter season. According to a Pulkovo statement, in addition to Munich, several new destinations will be added. Belgrade-based Air Serbia will continue Belgrade-Saint Petersburg service that was launched in the 2016 summer season. Russia’s RusLine Airline will extend its Saint Petersburg-Oslo service for the winter schedule.
loganair
10/10/2016
08:47
JRS share price will keep rising as the pound is steadily falling against the rouble. 18 months ago the exchange rate was 120 roubles to the pound, over the past few days it has fallen to below 80 roubles to the pound. I´ve been reading this time next year or well before the exchange rate could easily reach 70 roubles to the pound which will add a further 40p to the price per JRS share. I´m astonished to see the discount to Nav is -18.37% compared to JMC (China) -16.43%, JII (India) -14.46% and JPB (Brazil) -12.6% which in my opinion are all very high discount to Nav´s.
loganair
10/10/2016
07:42
On Friday, Sberbank (JRS Largest Investment) released September RAS figures. Net income rose 13% MoM to a new monthly record of RUB54 bln, with ROAE at a post-2012 high of 24% (vs 20-22% during the past 6 months). NIM rose 10 bps MoM to 6.2%, meaning a relatively resilient level for the last four months; net interest income was flat MoM but rose 5% QoQ. September also saw support from a strong trading gain, despite the stronger ruble.
loganair
07/10/2016
14:54
The American´s really seem to dislike Russia. WASHINGTON — The United States does not rule out imposing sanctions on Russia over the current situation in Syria outside the United Nations (UN) auspices, White House spokesman Josh Earnest told reporters on Thursday. Earnest continued, “We’ve done that in the past, and I wouldn’t take it off the table in terms of the options the president may consider in the situation.” The White House spokesman noted that there have been other cases when the United States acted outside the UN. The spokesperson added that the current anti-Russia sanctions over the Ukrainian conflict have not achieved the desired effect despite having some impact on the country.
loganair
07/10/2016
08:32
The Russian economy is headed in the right direction as it started to recover from the shocks of lower oil prices and Western sanctions, International Monetary Fund (IMF) Deputy Director of Research Gian Maria Milesi-Ferretti told a news conference on Tuesday. "Domestic demand is gradually recovering. Monetary policy has started an easing cycle, and…we see the Russian economy moving clearly in the right direction," Milesi-Ferretti told reporters. "The exchange rate has played a crucial role in acting as a stabilizing device," Milesi-Ferretti explained. He said the big depreciation of the Russian ruble exchange rate allowed containing the fiscal impact of the declining oil prices. "It has limited the decline in oil revenues when measured in rubles," the economist said. Milesi-Ferretti noted that ruble’s depreciation was hard for domestic demand, since real incomes declined. Earlier on Tuesday, the IMF released its Global Economic Outlook that had revised Russia’s growth upward. Russia’s GDP will contract 0.8 percent in 2016 and grow at 1.1 percent in 2017, according to the Fund.
loganair
06/10/2016
10:17
I didn´t know this: The USA is the ONLY country that has the power to veto any decision made by the International Monetary Fund (the IMF). However..... In 2017, due to a change in the way voting power is calculated in the IMF, the BRICS counties will also be able to veto decisions, meaning the US no longer has exclusive control... To make sure it can get policy through, the US will be forced to bargain with the BRICS. Most significantly, this means the US will have to offer compromises to Russia... So not only is there pressure from some European countries to lift sanctions, the changing balance of power in the IMF could mean the US have to volunteer a compromise itself.
loganair
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