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.

Tmall revealed sales in Russia the world day of shopping

The Russians were more likely to make orders in Tmall on singles Day. This year on 11 November the number of orders on the site compared to 2017 increased two times

Photo: Grigory Sysoev / RIA Novosti

The number of orders from Russia in the online store Tmall (included with AliExpress at Alibaba Group) during the world day of shopping, or singles Day, compared with last year increased by 102%, told RBC in the press service of the company. At the same time Russian celler in the marketplace number of orders that day increased by 76%, said the press service.

Singles day — the Chinese holiday that is celebrated on 11 November and devoted to people who are not married. On this day, AliExpress and others joined the “celebration” retailers traditionally hold sales similar to black Friday in the United States.

In Russia Tmall, as explained by its representatives, is divided into two businesses: a part of the goods platform buys and sells itself, and the other part “takes” partners-sellers. Thus, the number of orders from the Russian seller in the online store compared to the 11 November 2017 this time increased by 76%. All in all, the number of orders from Tmall, compared with last year’s singles Day has increased by 102%.

Putin urged to ensure the optimum price for oil of $70 per barrel

The President did not say whether to limit oil production, but said it should be “optimal” for producers and consumers — in the neighborhood of $70 per barrel

Photo: Andrey Rudakov / Bloomberg

It is necessary to ensure the optimal price of oil for consumers and producers, the President of Russia Vladimir Putin. This statement was made by Putin at a press conference in Singapore, reports “Interfax”.

“We need the optimal price for both producers and consumers. Here’s what is now, what was quite recently — about $ 70 per barrel, we are quite satisfied,” he added.

The President did not say that production must be limited, noting that it is sensitive for the Russian budget question.