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Business

Dateline
May 28, 2015 16:19
Russian President Vladimir Putin (RIA Novosti /
Alexei Druzhinin)
​BRICS summit in Russia to launch New Development Bank & currency pool - Putin
Russia expects to launch the $100-billion BRICS New Development Bank along with a currency reserve pool worth another $100 billion at the July summit in Ufa, said Russian President Vladimir Putin.
Reuters / Francois Lenoir EU threatens 11 members with court if they fail bank recovery program
The European Commission may subpoena eleven countries, including France and Italy unless they implement a directive to protect taxpayers from the aftermath of financial crisis and shift the burden of paying debts of struggling lenders to shareholders.
Serbian Prime Minister Aleksandar Vucic (RIA Novosti / Aleksey Nikolskyi)
Serbia to join US-backed gas project, seeks diversification from Russia - PM
Serbia will join US-backed Trans-Adriatic Pipeline following Washington’s calls to reduce dependency on Russian gas, the country’s Prime Minister Aleksandar Vucic told the Associated Press.
Ruters / Jason Reed ​Exit Visa? Sponsors contemplate breaking FIFA ties amid bribery scandal
Visa Inc. may reconsider its sponsorship contract with FIFA if the latter does not immediately take prompt actions to remedy its reputation. Many other sponsors, including Coca-Cola, Adidas and McDonald’s could follow the lead.
Reuters / Carlos Garcia Rawlins OPEC says global oil glut to persist till 2017 - media
Crude supply from non-OPEC producers will continue growing for another two years, according to an OPEC draft report seen by Reuters. Increased production, mainly shale in North America, is a ‘turning point’ in the restructuring of global markets, it said.

Business snaps

EC antimonopoly Gazprom probe penalties not expected to be tangible - source 

Gazprom doesn’t expect EC penalties under the antimonopoly probe to be tangible, TASS quoted a source in the Russian company as saying on Thursday. “I think these will be small, if any at all,” the source said. In April, the European Commission sent the official list of claims within the European antitrust probe to Gazprom. EC suspects Gazprom of abusing its leading position on the gas market in eight EC member states and also has questions regarding its system of long-term contracts and pricing.

National System of Payment Cards to capture 30-40% of market – Bank of Russia  

The Russian National System of Payment Cards (NSPC) is expected to capture 30-40% of the payment cards market in Russia, deputy chairperson of the Russian Central Bank, Olga Skorobogatova, said on Thursday. First national payment cards will be issued in December 2015, TASS quoted her as saying. It is premature to speak about the number of cards to be issued, she said. The new cards will be called “Mir,” which translates as “peace.”

7 largest diamond producers set up world association 

The world’s seven largest diamond producing companies including Russia’s Alrosa corporation, have agreed to set up a Diamond Producers Association (DPA), TASS reports. The association will also include De Beers, Rio Tinto, Dominion Diamond Corporation, Lucara Diamond Corporation, Petra Diamond Ltd. and Gem Diamonds Ltd. The operations of the DPA will be aimed at supporting and beefing up consumer demand for diamonds and at creating a unified analytical databank.

Gazprom says FIFA corruption scandal has no impact on sponsorship deal 

The FIFA corruption scandal has no impact on Gazprom's sponsorship agreement with the company, the Russian energy giant’s spokesman said on Thursday. “Gazprom’s sponsorship agreement is not affected by the situation around FIFA,” TASS quoted Aleksandr Kupriyanov as saying. The agreement was signed in September 2013, and Gazprom got the status of official partner of FIFA tournaments held in 2015-2018, including the 2018 World Cup in Russia.

Situation on Russian financial market stable – Siluanov 

Finance Minister Anton Siluanov has described the situation on the Russian financial market as stable, RIA Novosti said. He made the statement at a meeting with representatives of the Fitch rating agency. The ministry sees a growing inflow of foreign investors buying Russian assets, he said.

All Russian banks working with Visa transfer transactions to local payment system 

All Russian banks working with Visa have transferred transactions inside the country to the national payment system, according to Olga Skorobogatova, deputy head of the Central Bank. The transfer process to the National Payment System was completed on Wednesday, she said.

IMF sees lengthy process for Greek debt talks - Lagarde 

There is still a lot of work to do before Greece and its international lenders could clinch a cash-for-reforms deal, the head of the International Monetary Fund said on Thursday. “I would not say that we already have reached substantial results,” IMF Managing Director Christine Lagarde told ARD television. “Things have moved, but there is still a lot of work to do,” Reuters quoted her as saying. She believes Greece will fulfill its commitments.

Reuters / Laszlo Balogh Gazprom to demand more than $8 billion from Ukraine in ‘take-or-pay’ contract penalties
Russia’s Gazprom wants Ukraine’s Naftogaz to pay penalties for taking less than the agreed upon amount of gas in 2014, considering the so-called “take-or-pay” contract signed by the companies.
Ukraine's President Petro Poroshenko.(Reuters / Ints Kalnins) ​Poroshenko signs law allowing moratorium on Ukraine’s foreign debt payment
Ukrainian President Petro Poroshenko has signed into law a bill that allows the government to set a moratorium on the repayment of foreign debt. The law comes into force once published and remains valid until July 2016.
Reuters / Jim Young McDonald’s to stop announcing monthly sales as profits plummet
The US fast food giant McDonald’s will no longer publicly announce its sales figures every month. Instead investors will have to wait for quarterly reports. The restaurant chain is seeking to reverse a decline in sales.
RIA Novosti / Ramil Sitdikov Record $6bn run on Russia’s biggest bank was planned provocation – chairman
The December depositors’ panic that resulted in about $6 billion withdrawal was provoked to destabilize the financial situation in the bank and the whole country, says Herman Gref, chairman and CEO of Russia’s largest bank, Sberbank.
Reuters / Bogdan Cristel Macedonia ready to join Turkish stream project once Moscow reaches agreement with EU
Macedonia is ready to take part in the construction of the Turkish stream natural gas pipeline once Russia and Brussels reach an agreement on the strategic project, Macedonian Prime Minister Nikola Gruevski has announced.
Reuters / Ruben Sprich Red card! Swiss justice office freezes implicated FIFA officials’ bank accounts
The Swiss Federal Office of Justice (FOJ) has frozen the bank accounts of FIFA officials arrested earlier on Wednesday in Zurich on corruption charges.
A worker checks a valve of an oil pipe at Rumaila oilfield in Basra, southeast of Baghdad (Reuters / Essam Al-Sudani) Iraq to increase oil export to new record high, price war intensifies - media
Iraq is ready to increase its crude exports to a record 3.75 million barrels per day in June, continuing OPEC’s strategy of ousting US shale producers from the market.
Reuters / Bobby Yip Chinese trend sees new billionaire every week - report
The center of great wealth creation has shifted from the United States east to Asia, a joint report from UBS and PwC shows. China, the most outstanding example, produced new billionaire almost every week in the first quarter of 2015.
Reuters / Alkis Konstantinidis Greece likely to miss payment deadline as talks stall - Bloomberg
Greece may miss a deadline for a deal with creditors this week, as the parties haven’t made any progress in talks, Bloomberg sources close to the negotiations said, accelerating fears of an Athens default.

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