Klepach called the sense of the Northern latitudinal export of LNG and scaring deer

The Deputy Chairman of Vnesheconombank Andrei Klepach noted that the money that Gazprom and Russian Railways to invest in the construction of the Northern latitudinal, collected from other regions of Russia

Andrei Klepach

(Photo: Valery sharifulin / TASS)

Former Deputy economic development Minister and now chief economist and Deputy head of the management Board of Vnesheconombank (VEB) Andrei Klepach criticized the project of construction of the Northern latitudinal railway, which will link the Yamal Urals and North-Western regions of Russia.

“The project Northern latitudinal… Besides from the export of liquefied natural gas and scared the deer, it would have no impact. Rather, quite the contrary. The money to “Gazprom” and Railways investing, collected from other regions”, — said Klepach, speaking at the conference “Russian regions in the focus of the change” (quoted by “RIA Novosti”).

The Northern latitudinal railway (SSH) should go the route Obskaya — Salekhard — Nadym and also provide a link of transport system of Russia with Northern sea route (NSR) through the port of Sabetta. The cost of the railway from the station to the Bovanenkovo Sabetti (170 km) is estimated at 113 to 115 billion rubles., the total cost SSH — up to 260 billion rubles.

Sechin explained the high price of gasoline policy independent gas stations

The head of “Rosneft” has again accused the independent gas station owners in the manipulation of prices in the market. According to Sechin, this is facilitated by the monopoly trading scheme fuel in the regions

Photo: Sergey Guneev / RIA Novosti

The head of “Rosneft” Igor Sechin in an interview to “Kommersant FM” has accused the independent network of filling stations in the create regional monopoly structures, which aim to spur the growth of fuel prices.

“We have a design, when in some regions formed a monopoly structure with an established supply chain, which is aimed at increasing the cost. Even a vertically integrated company in accordance with the antitrust laws have to adapt. But we’re going to deal with this very serious”, — said the head of “Rosneft”.

Estimated Sechin, independent networks owns a share of 30% of the market. “Those 30% just affect pricing, because they are supported by the Federal Antimonopoly service. If we give you a lower price, then immediately get on the antitrust proceedings. So, even forced to raise the price,” he said.

Money for all: is it possible in Russia unconditional income

Wednesday, November 14, at the Higher school of Economics discussed the idea of unconditional basic income. Effective implementation of basic income is impossible in authoritarian regimes with high centralization of power, experts said

Photo: Alexander Mudrats / TASS

The idea of an unconditional (or basic) income implies that every citizen receives a guaranteed cash payout regardless of its level of income, employment and health. In a number of countries have carried out and continue to conducted experiments on the implementation of such payments for certain categories of the population (for example, in Finland, the Netherlands, Canada, India). RBC figured out, what are the arguments for and against the introduction of a basic income and why in Russia there are no conditions for the transition to a new social policy.

Why do we need a basic income?

  • The introduction of an unconditional income will provide income of all members of society at a level exceeding the subsistence minimum, and potentially completely overcome material poverty, experts of the world Bank Ruslan AMCOW, Jamele, Rigolini, Hugo dzhentilini in the materials of the conference “Basic income: a prologue to the social policy of the XXI century?”, that 14 November was held at the HSE.

Rid of oil: how falling prices will affect the Russian economy

Oil prices just over a month fell to $20, causing panic and confusion in the market. RBC understood what was happening in the oil market and how it threatens Russia

Photo: Andrey Rudakov / Bloomberg

What happened?

Yesterday, 13 November, the world prices for oil have fallen approximately 7% to levels of $55 (WTI) and $65 per barrel (North sea Brent). Futures WTI it was the biggest one-day drop in percentage from September 2015, futures Brent — July 2018 (July 11, quotations Brent have fallen further).

  • Both oil benchmarks have lost $20 since the beginning of October. As a percentage of Brent crude is now at 23% below the October peak, WTI rose by 26% lower. This means that technically the oil has entered a bearish trend (down 20% relative to the recent highs).

  • Oil prices have lost all growth, accumulated since the beginning of 2018: futures Brent traded 1% below the level of the beginning of the year, futures WTI rose by 7% lower (at 17:00 GMT).

The Ministry of Finance challenged the decision of the English court for a debt of Ukraine at $3 billion

The Ministry of Finance challenged the decision of the court of Appeal of England on the debt of Ukraine at $3 billion, of which the proceedings could be suspended indefinitely

Photo: Anton Belitsky / TASS

Trustee of the Ministry of Finance of Russia — the British company The Law Debenture Trust Corp. — filed an appeal in the UK Supreme court to the court of Appeal of England argument of Ukraine in the dispute on the debt by $3 billion About it is spoken in the message of the Ministry of Finance of Russia, arrived in RBC.

In September the court of Appeal of England decided to hold a separate trial for the analysis of one of the four arguments of Ukraine in dispute with Russia at $3 billion. Ukraine argues that Eurobonds for $3 billion was issued in favor of Russia under “improper pressure”, the other three of the argument of the Ukrainian side was rejected.

“According to the Ministry of Finance of Russia, the fourth argument of Ukraine, as the other three grounds, should also be dismissed without trial” — said in the message.

Sands predicted the change of capital outflows to inflows

Press Secretary of the President convinced that in Russia conditions for capital flows. In turn, the Minister of economic development believes that “a new wave of arrival of new investors” will happen in the next period of stability

Dmitry Peskov

(Photo: Mikhail Metzel / TASS)

Reason for worry due to the increase in capital outflow from Russia is not, said spokesman for the Russian President, Dmitry Peskov. In an interview with TV channel “Rain” he said that the macroeconomic situation in Russia is stable, despite “moments of volatility”, in that more capital goes outside the country.

“Different situation. But there are still absolutely free to invest, and this is a guarantee that on change outflow inflow will come”, — said Peskov.

Earlier, the Bank of Russia reported that in January—October of 2018, the outflow of capital from Russia amounted to $42.2 billion, almost three times the figure in the first ten months of 2017. The Central Bank also noted that the reason for the growth in the outflow of capital began operations of banks for the repayment of external liabilities and operations of enterprises of other sectors for the acquisition of financial assets abroad.

Italy kept the project budget in 2019, contrary to the claims of Brussels

The government sent to the European Commission’s draft budget for next year unchanged, despite the requirements to bring it into line with EU requirements. The previous version of the document was rejected

Giovanni Tria

(Photo: Zeus / Zuma / TASS)

The head of the Ministry of economy and Finance of Italy Giovanni Tria sent to the European Commission the Council of Ministers the draft budget of the country in 2019. About it reports a press-service of the Ministry.

The agreed-upon indicators of the budget of the Italian government left unchanged. Like additional cover letters Minister (.pdf) that describes the strategy and content of the budget for next year, the deficit remains at 2.4% of GDP, the growth forecast is at 1.5%.

To accelerate the reduction in the ratio of debt and GDP growth, as well as reduce risks of possible macroeconomic shocks, the Italian government plans tighter control of costs and will intensify the privatisation of state assets: the income from it, the authorities intend to increase to 1% of GDP in 2019. According to the developers budget, this will reduce the debt to GDP ratio by 0.3 percentage points this year, by 1.7 percentage points in 2019 and 1.9 percentage points in 2020.

The price of Brent crude oil fell by $5 per day

For one trading session, a barrel of Brent crude oil fell more than $5, the price fell below $65. The previous trades were closed at a mark of $70 per barrel. Falling per day exceeded 7%

Photo: Lucy Nicholson / Reuters

At the auctions in London the price of Brent crude oil fell below $65 per barrel. and reached $64,64, according to the exchange ICE. Last time at this level, the oil traded in March 2018.

The price of oil falls for the sixth consecutive week, Tuesday, November 13, dropping by more than 7%. On the local maximum 3 Oct the price of oil exceeded $86 per barrel for two months, a barrel of Brent fell by more than $20.

Us WTI crude oil also fell in the previous auction closed at $60 per barrel. as of 23:00 Moscow time WTI traded below $55 per barrel. however, later the price rose again slightly above this level.

GDP was very lean: how the MAYOR explained the slowing economy

The growth of Russia’s GDP in the third quarter of 2018 was 1.3%, falling below the summer indicators. Economy has slowed due to sanctions and a weak harvest, and analysts do not expect significant acceleration

Photo: Pavel Golovkin / AP

Why GDP began to grow slower?

In the third quarter Russian GDP growth was 1.3% compared to the same period last year, said Tuesday Rosstat. Thus, the economic growth slowed down, returning to the levels of the first quarter, then he, too, was 1.3%, however, in April—June accelerated to 1.9%.

This is only the first evaluation of Rosstat, in which he does not give a detailed breakdown for GDP growth. However, their assessment is conducting economic development Ministry on the basis of monthly Rosstat data previously predicted growth in the third quarter by 1.3%. The slowdown is due to several factors:

The price of Brent crude oil dropped more than 5%

Falling of cost of oil futures continued. The price of Brent crude trading at below $66 for the first time since March

Photo: Hasan Jamali / AP

The Brent oil price at auction on the ICE exchange on Tuesday evening, November 13, I dropped down to the level below $66 a barrel for contracts with delivery in January 2019, according to data exchange. As of 21:11 GMT the price of $65,96.

During a day of crude oil lost in the price more than 5.9%. The level of $66 per barrel last recorded in March.

Despite this, the Russian currency on the Moscow stock exchange is not much falls against the dollar and the Euro. As of 21:10, the dollar rose 0.14 RUB, to 67,98 Euro — 0.39 RUB, RUB to 76.58