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Business

Dateline
June 30, 2015 13:45
Greek Prime Minister Alexis Tsipras (Reuters / Paul Hanna)
Eurogroup refuses to extend bailout program to Greece
The Eurogroup has refused to extend the bailout program to Greece, rejecting PM Alexis Tsipras’ latest request for a new bailout, Finnish Finance Minister Alexander Stubb said at Tuesday’s teleconference.
Greek Finance Minister Yanis Varoufakis (Reuters / Yves Herman) ​Varoufakis threatens EU with court as Greek default looms
Greece may take EU institutions to court to stop its creditors from pushing the country out of the eurozone. Athens' bailout expires Tuesday and a default could mean it is exiled by Brussels.
Canada's Prime Minister Stephen Harper (Reuters / Chris Wattie) ​Canada expands anti-Russian sanctions, calls for ‘real peace’ in Ukraine
The Canadian government has widened anti-Russian sanctions. Gazprom, its oil subsidiary Gazprom Neft along with Surgutneftegaz and Transneft are included in the list which Canada had previously added to in February.
Reuters / Sergei Karpukhin China begins construction of Power of Siberia pipeline for gas delivered from Russia
China has officially started construction of its section of the eastern gas pipeline route known as the Power of Siberia that’ll deliver up to 38 billion cubic meters of Russian gas annually.
Jean Claude Junker (Reuters / Eric Vidal)
​Eleventh hour deal on Greek debt still feasible – Juncker
The possibility of reaching an agreement with Greece still remains, the European Commission President Jean-Claude Juncker has said. “There is very little time left, we are talking about minutes and seconds,” he added.

Business snaps

Greece open to possibility of BRICS membership – deputy defense minister 

Greece is open to the possibility of becoming a member of the BRICS group of developing nations as part of the BRICS New Development Bank (NDB), Sputnik quoted Greek Deputy Defense Minister Kostas Isychos as saying. Russia invited Greece in May to become an NDB member. “Greece has also been invited to become a BRICS member within the Development Bank of the BRICS. We are still open to that,” said Isychos, the co-chair of the Russian-Greek Intergovernmental Committee. Discussions on Greece’s membership in the bank may take place at the July 9-10 BRICS summit in Ufa, Russia.

Greece situation has ‘limited influence’ on Russian markets - official 

The situation in Greece has limited influence on financial markets in Russia, RIA Novosti quoted Deputy Finance Minister Maksim Oreshkin as saying on Tuesday. Commodity markets and volatility on world markets will have certain impact of limited character, he said.

Schlumberger, Eurasia Drilling expect Russia antimonopoly service merger confirmation 

Schlumberger and Eurasia Drilling expect the Russian Federal Antimonopoly Service to confirm the merger and postponed the deal date to September 30, TASS reported. “The parties have agreed to postpone the pause on concluding the merger from June 30 to September 30, 2015,” Eurasia Drilling said Tuesday. US-based Schlumberger, the world’s largest oil services company, said in January it was acquiring Eurasia Drilling, an oilfield services company, despite anti-Russia sanctions and falling oil prices.

Gazprom CEO says gas price discount for Ukraine in line with contract 

The gas price discount for Ukraine is in accordance with contract terms, TASS quoted Gazprom’s CEO Aleksey Miller as saying on Monday. He made the statement during a meeting with Russia’s Prime Minister Dmitry Medvedev and Energy Minister Aleksandr Novak. “The discount is provided in strict accordance with the contract of 2009,” he said, adding that the gas price for Ukraine in Q3 will be $247.18 per 1,000 cubic meters. Ukraine’s Naftogaz had asked Gazprom for a discount after the current one expires in Q2, RIA Novosti reported.

​Indonesia plans to invest in AIIB 

The Indonesian government is determined to invest more than $672 million into the Asian Infrastructure Investment Bank, which is now under formation, according to a statement from the country’s finance ministry. It emphasizes that Indonesia will be the eighth biggest investor in the AIIB. An agreement on Indonesia joining the AIIB will be signed during the visit of the country’s prime minister, Bambang P.S. Brodjonegoro, to China that starts on June 29.

S. Africa ratifies agreement on BRICS Bank 

South Africa’s parliament on Friday ratified an international agreement on establishing the BRICS New Development Bank, Bloomberg reported. The MPs also ratified an agreement on creating a Pool of Conditional Currency Reserves. BRICS comprises Brazil, Russia, India, China and South Africa.

​China cuts bank reserve requirement 3rd time in 2015 

In a bid to stimulate lending, the People’s Bank of China has reduced the reserve requirement ratio for banks by 50 basis points, which offer credit to farms and small enterprises. The expected move follows a cut for all commercial banks by 100 basis points in April and a 50-basis-point cut in February. The new requirement comes into play on Sunday.

China ratifies the creation of BRICS bank
The Chinese Parliament has ratified the creation of the BRICS Development Bank. The New Development Bank was conceived as an alternative to Western financial institutions such as the World Bank.
Reuters / Pawel Kopczynski ​Greece becomes first developed nation to default on international obligations
The International Monetary Fund has confirmed that it didn't receive the €1.5 billion payment from Athens that was due by the end of June 30, Brussels time, as Greece becomes the first developed country to default on its international obligations.
Reuters / Benoit Tessier ​Rosatom says it offers reliable nuclear supplies to Europe
Russian nuclear giant Rosatom offers its European partners reliable and efficient solutions in the field of nuclear power plant construction, as well as modernization and output, said the head of Rosatom France, Andrey Rozhdestvin.
Reuters / Gleb Garanich Ukraine to stop buying Russian gas after talks on new deal fail
Russia and Ukraine failed to reach a new agreement on gas prices at talks in Vienna on Tuesday, leading to Ukraine suspending its purchase of Russian gas.
A man holds a banner supporting Greece during a protest in front of the European Union office in Barcelona, Spain, June 29, 2015. (Reuters/Albert Gea) ​S&P downgrades Greek credit rating, puts chance of Grexit at 50%
Standard & Poor’s has downgraded Greece’s credit rating from CCC to CCC-, increasing the probability of an exit from the Eurozone to 50 percent.
Chinese President Xi Jinping (C, front) poses for a group photo with the delegates attending the signing ceremony for the Articles of Agreement of the Asian Infrastructure Investment Bank (AIIB) at the Great Hall of the People in Beijing June 29, 2015. (Reuters/WANG ZHAO) ​Russia becomes AIIB’s third largest shareholder after China and India
Russia has become the third largest player in the China-led Asian infrastructure and Investment Bank (AIIB), having received a 5.92 percent voting share, while China and India gained 20.06 percent and 7.5 percent respectively.
RIA Novosti / Vitaly Timkiv China to build giant dairy farm to supply Russia
China has started to build a joint Chinese-Russian livestock agricultural complex. A hundred thousand cows are planned to be bred in a project costing one billion Yuan.
Reuters / Gleb Garanich ​Russia prices gas for Ukraine at $247, cuts discount
For the next three months, Ukraine will pay $247 per 1,000 cubic meters for Russian gas, said Prime Minister Dmitry Medvedev a day before the so-called ‘summer gas package’ for the second quarter expires.
Reuters / Remote / Staff Default countdown? European banks lose €50bn as Greek debt deadline nears
The market value of European banks has shrunk by more than €50 billion after Greece shut down its banks until July, 6, the day after the referendum on the bailout deal is held.

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Every week Max Keiser looks at all the scandal behind the financial news headlines. In this episode of the...

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