In Ukraine lull Europe moved to increase

In Ukraine, a lull. Europe moved to increase

European
stock markets rose after
stocks have shown maximum growth
month. This happened against the backdrop of the fact that
Ukrainian and Russian officials
We met for talks: Pavlo
Klimkin and Sergei Lavrov spoke
in Berlin. The aim of the talks was
indicated by the easing of tensions
between the two countries. Although
Brezhnev kissing between politicians
It has not been fixed, the Minister of Foreign
Minister of Germany Frank-Walter Shtaynmeyer
assured that there had been some
success. Lavrov, however, grimly noted,
that no resolution has not been signed
It was.

“Everytime,
when you see a de-escalation
geopolitical risk – it is always
works in favor of the markets “, – stated in the
interview
Bloomberg
Steen
Jacobsen, Director of Investment Bank
Saxo
A / S (Copenhagen).
– “Short-term movements of the stock
the market is now almost entirely controlled
news on the situation in Ukraine / Russia.
Now we are seeing a temporary relief. ”

American
index futures rose, Asian
stock markets showed no significant
changes.

among individual
Companies increased United
Internet AG (+ 4% on the information
to buy 10.7% stake in Rocket
Internet AG). On
3% “fatter”
Renault SA, does not concern
to a lesser extent due to the fact that
among the 19 industry groups index
Stoxx Europe 600
Automotive lead. Bank
sector shows optimism so
Commerzbank AG added
1.4%. Technological area, too, in order:
It added 1.1% Deutsche Telekom AG,
and even stated that
that she was going to buy a large
cable providers.

Small
stock commotion happened even
tranquil Scandinavia: Tobacco Company
Assens A / S stated
that he was thinking about the IPO, on
background that Swedish Match AB
(Owner of 49% per cent
Assens) earned
1.5% increase to the share price.

In general Stoxx
0.9% 600 up to the middle of the day. Today
growth showed all industries represented
in the index. Futures on the index of S P
500 added 0.4%, but the
Asia-Pacific MSCI
headway, gaining
less than 0.1%.

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Statistical Week calendar of important events

Statistical Week: the calendar of important events

happen
there is a lot of interesting things: the publication
macroeconomic statistics,
and corporate reports, and speeches
officials. But it is clear that the center
attention in any case would
Ukrainian crisis and a variety of
events related to the embargo. West
preparing a “symmetrical response”, Russia,
and mustache is not blowing, is already considering a
list of industrial and medical
goods, which way across the border
It will be “ordered”.

In
Tuesday August 19
We are waiting for data
Balance of payments euro-zone inflation
UK retail sales
in the Russian Federation. US will present statistics package
of sales in retail chains, inflation,
construction of new homes and permits
for construction. With regard to individual
companies, investors await reports BHP
Billiton and John
Wood Group.

AT
Wednesday
at an economic conference in
Lindau speak German Chancellor Angela
Merkel. Also we are waiting for trade data
Balance in Japan, inflation in Germany
and Russia, building production
in the euro area, the index of the mortgage market.
The Fed and the Bank of England will present reports
their last meeting (expected of them
very much). On Wednesday, it is planned
also a large block of statistics from
individual companies: Cralsberg,
Heineken, Hewlett-Packard, Staples.

21
August Thursday
, investors and traders
We are looking forward to the start of the annual
Fed symposium in Jackson Hole. A speech
Janet Yellen will speak, and we again
scrutinize the minutes of the
performances, in search of hints
Fed raising interest rates. China
and the US provide business activity
in the industrial sector. France, Germany
and the euro zone as a whole manifest data
for industry and services.
Britain will give retail indices
sales. Also we expect figures on consumer
confidence in the euro zone. among the companies
focus – Report Raiffeisen
Bank and
Rostelecom.

Friday
It will be more relaxed: it gives the data
on inflation and retail sales
Canada. According to its success plans
report Mail.ru.

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Visa is looking for partner for Russian domestic

Visa is looking for a partner for the Russian domestic processing: to no avail

Visa has not yet found a partner for the Russian domestic processing, told the head of the company’s innovation department "Visa Russia, the CIS and South-Eastern Europe" Andrew Aleykin.Visa continues to search for Russian domestic partner.

"Once it is completed, we will inform", – he said.

The law on the establishment of Russian payment cards of the National System (NBTS) and ensuring the smooth operation of international payment systems, was adopted in the spring of this year, after Visa and MasterCard have refused to serve the customers of a number of Russian banks, came under US sanctions because of the inclusion of Crimea in structure Russia. It contains a prohibition on the unilateral termination of the provision of services not only to operators of payment systems, but also operators of payment infrastructure, settlement centers, as well as the participants in the payment system.

In addition, the payment system operator, which is not a national importance, is obliged to submit to a special account with the Central Bank a security deposit. The premium has become a major challenge for the international payment systems. He equated the amount of money transfers in the territory of Russia in the framework of the payment system in two days. Morgan Stanley’s experts assessed the contribution rate for MasterCard to $ 1 billion, and for Visa – almost twice as much: $ 1.9 billion.

June 25 has been published for expert discussion draft decree giving reprieve Visa and MasterCard to pay contributions until 31 October. During this time they will find partners in Russia.

Within the framework of St. Petersburg International Forum in May of payment systems management held talks with representatives of the Russian government, following which it was announced that Visa and MasterCard will continue to work in Russia.

Companies create subsidiaries, which will be integrated into the formed national payment system. Operators six months to cooperate with the Russian payment systems, and then it will take another year and a half to create "daughters". Processing will be carried out in Russia.

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Another accidental death of banker

Another accidental death of the banker

Corpse Goldman Sachs managing director Nicholas Waltz found in New York. Officially, it is regarded as an accident at "launch the kite".

quantity "accidents" This year among the key finasistov already passes for the third dozen

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Bank of England did not succumb to temptation

The Bank of England did not succumb to the temptation and kept its benchmark interest rate unchanged

Today, in a statement
Bank of England sounded information
that as long as the bank does not intend to change the base
interest rate, leaving it at the level
0.5% per annum. This level is
minimum already since the founding
British Central Bank.

By the way, the information
coincided with analysts’ expectations.

British Central Bank also
retained volume of asset purchases
at the same level – 375 billion pounds
sterling (about $ 636 billion). Actually
this means that the program funds
which were exhausted in October 2013
year, is currently suspended.

The last time the Bank
England changed the rate March 5, 2009 –
then it was reduced to the current
level of 0.5%, which is minimal
over 320 years of history of the Central Bank.

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Regulators in doubt where to wait for crisis

Regulators in doubt: where to wait for a crisis?

The financial crisis seems to have become an expected part of the economic cycle, but they seldom repeat themselves. In 1980-ies. was a hotbed of Latin America, in the late 1990s. – Russia and South-East Asia in 2007-2008. – US banks and the real estate market.
Today, some fear that a new crisis will happen in the asset management sector.

sector companies control $ 87 trillion, of BlackRock investment fund in the world’s biggest manages assets of $ 4.4 trillion, which is higher than the balance of any bank giant.
After the recent financial crisis, regulators have tightened business rules for banks: now they must have more capital and sufficient liquidity to cope with short-term pressures. But it can be an act of “the last and decisive battle.”

Having a situation where banks have sharply reduced their lending, companies are increasingly turning to debt instruments (which are mostly owned by investment funds) for lending, writes the British magazine The Economist.
asset management companies have been the cause of the financial problems in the past.

The collapse in 1998, the hedge fund Long Term Capital Management, which led by industry veterans, professors, and two Nobel Prize winners, has led to this shock on Wall Street and the urgent intervention of the Federal Reserve. Trying to save two hedge fund was one of the main reasons for the collapse of Bear Stearns in 2008
That same year, the money market funds managed by a group of Reserve, announced that the net value of its assets fell below $ 1 ( “break the buck”), with the result that the Fed once again had to intervene urgently.
All these events are quite concerned about the regulators.

In January, the international organization Financial Stability Board (Financial Stability Board) published a consultative paper, which offers qualified Asset management companies as “systemically important financial institutions” and their activities are strictly regulated.
The latest report of the Bank of England expressed concern about pension funds and insurance companies that are no longer performing the role of stabilization in the market and are increasingly using short-term market decline to make a profit by buying cheap assets.
In response, the asset management sector expressed their counterarguments. Firstly, funds act as stewards of capital clients, which is placed in separate accounts (with a third party, they act as gatekeepers). Banks such as Lehman Brothers, on the contrary, speculating customers money on their behalf.
Even if the asset management company will declare bankruptcy, its assets will be transferred to a competitor without losses to investors.

Hundreds of closed-end mutual funds every year, and their care has minimal impact on the market and does not require a rescue from the government.
Secondly, a comparison with incorrectly banks; except for hedge funds, asset management companies tend not to work with borrowed money. BlackRock balance of only $ 8.7 billion, while HSBC is almost $ 2.7 trillion, which is 300 times greater. Thus, the funds less vulnerable to an unexpected drop in prices for assets than banks that confirmed the crisis of 2008
Third, there is little evidence that the asset management company can become a cause of panic in the market. According to a nationwide non-profit organization The Investment Company Institute, the fall of 2008 or the stock market is at its lowest point in the mutual funds accounted for only 6% of all the shares of sales in New York.
All these arguments are quite convincing, and regulators do not hide that they are in a difficult situation, like between a rock and a hard place. Their goal is to anticipate future crises that may not be similar to the past. Following this logic, they are closely monitoring those sectors in which there was no crisis.

This alarm can be compared with the risk to the well-known game “Beat the mole” (Whack-a-mole), when the hammer has one seat and a toy mole jumps out from another location.
Some of the problems that worry regulators were partly their fault. For example, lack of liquidity in the corporate bond market is a result of the restrictions imposed after the crisis. If regulators this time decide to “put pressure” on the investment funds and asset management companies, they can get a situation similar to the game “Beat the mole.”

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Opinion UBS on GBPUSD pair

Opinion UBS on GBP / USD pair

According to analytical forecasts UBS Swiss bank experts, the pair GBP / USD is under strong pressure in anticipation of an early referendum on Scottish independence. Analysts expect that in the context of the forthcoming meeting of the Bank of England’s monetary policy and the local oversold decline should slow down. "However, we recommend to sell on rise to $ 1.6515 / 25, with a stop above $ 1.6555 and $ 1.6405 purpose / 15" – noted strategists at UBS.

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Facts you should know about Scotland

Facts you should know about Scotland

On the eve of the planned referendum on Scottish independence increasingly appears in the media of news, forecasts, warnings. We all know that Scotland was part of the United Kingdom for more than three centuries, but it is quite different from other parts of the UK. We scored as many as 50 facts you need to know about Scotland.

1. Unicorn – an animal which is depicted on the emblem of Scotland.

2. The shortest regular flights in the world take place in Scotland. trip length is half a mile – from the city Westray to Papa Westray in the Orkney Islands. Travel lasts 1 minute 14 seconds.

3. Scotland takes about 790 islands, 130 of them are uninhabited.

4. Skara Brae – Neolithic village, located on the island of Brae, Orkney, is the oldest building in the UK which dates back to 3100 BC

5. In the Mausoleum of Hamilton in South Lanarkshire longest echo in the world – it lasts 15 seconds.

6. In Scotland, more than 600 square miles of freshwater lakes, including the most famous Loch Ness.

7. The capital of Scotland, Edinburgh is the second largest city after Glasgow.

8. Edinburgh was the first city in the world, in which there was its own fire brigade.

9. As with Rome, Edinburgh was built on seven hills. The city is the largest number of monuments than anywhere else in the world.

10. Prior to 1603 in Scotland had its monarch. After Elizabeth died I, Iakov VI Scots was also controlled as Scotland and England, as a result it has also become Jacob I England.

11. The City of St. Andrews is considered "the birthplace of golf". Here it is played back in the 15th century.

12. It is believed that Koroleva Viktoriya during her visit to the Scottish Highlands smoked a cigarette to ward off gnats.

13.Edinburg became home to Skye Terrier Greyfaersa Bobby, who captured the hearts of all who know his story.

After the owner’s death, Bobby every day for 14 years, came to the cafe, where used to be with the owner, received a muffin and returned to the master’s grave in the cemetery. There he met his death and was buried. In Edinburgh, there is a fountain with a sculpture of Skye Terrier. The monument was erected in 1872 after Bobby’s death, which has earned a reputation as the most faithful dog in the world.

14. In Scotland at the moment – the second largest country in the UK, after England.

15. The highest point of Scotland – Ben Nevis, 1343 meters.

16.Deviz Scotland – “Nemo me impune lacessit”, or: "Nobody will touch me with impunity". It is used by the Order of the Thistle, and in later versions of the Royal Coat of Arms.

17. Scotland – favorite country of the royal family who likes to relax in the castle of Balmoral on the banks of the River Dee.

18. In the north-east of the country girls called “quines”, and young men – “louns”.

19. The first recorded appearance of the Loch Ness Monster was in 565 AD, when the monster attacked one of the followers of St. Columba.

St. Columba – Irish holy monk, the preacher of Christianity in Scotland. St. Columba is one of the twelve apostles of Ireland. In the year 563 Saint Columba founded the first monastery in what is now Scotland and was rector there.

20. The Scottish city of Aberdeen is known as the oil capital of Europe, as well as the Granite City.

21. The deepest lake in Scotland, Loch Morar, reaches a depth of 328 meters, and is considered the seventh deepest lake in the world.

22. The smallest viskarnyu Scotland Edradur in Pitlochry, visit 000posetiteley 100 a year, but it produces only 90 000 liters of malt whiskey.

23. Scotland – birthplace of the oldest tree in Europe, fortingelskogo yew, whose age is about 3000 years old. According to local legend, Pontius Pilate was born in the shadow of the yew tree, and played there when I was little.

24. The raincoat was invented in 1824 in Scotland. It was invented Charlz Makintosh, a chemist from Glasgow. In the UK, the cloak is still called “Mac”.

25. The state religion of Scotland – Christianity.

26. Scotland gained independence in 1314, when Robert Bryus defeated the English army at the Battle of Bannockburn.

27. The Kingdom of Scotland was an independent until May 1, 1707, when the Act of Union Scotland joined England to form a single state – the United Kingdom of Great Britain.

28. July 1, 1999, for the first time since 1707, Scotland got its own parliament.

29. The territory of the country is 78,772 km ?.

30. The country’s population – about 5.2 million, is about 8.5% of the total UK population.

31. Population density – 65.9 people / km ?..

32. In North America, lived about the same as the Scots, as in most of Scotland, while, according to the US Census and Canada, about 5 million people claim that they have Scottish roots.

33. Scotland has its own judicial system, distinct from England, Wales and Northern Ireland. The jury could return a verdict of “guilty”, “not guilty” and “proven guilty.”

34. Bank of Scotland, founded in 1695, is the oldest existing banks in the UK. He was also the first bank in Europe, which began to produce their own banknotes.

35. Among the famous Scottish inventors – Logue John Baird who invented television in 1925, Aleksandr Grem Bell, who invented the telephone in 1876, and Alexander Fleming who invented Penicillin in 1928.

36. The first university clinic in America, Baltimore Infirmary, founded surgeon from Glasgow Granville Sharp Pattison in 1816.

37. In Scotland, the three official languages: English, Scottish and Gaelic, which is spoken by only 1% of the population.

38. In Scotland, 19 universities and colleges, including the University of St Andrews, where they met the Duke and Duchess of Cambridge – William and Kate.

39. The area of ​​Scotland, roughly equal to the area of ​​the Czech Republic, the United Arab Emirates, Panama, the State of Maine in the US or the Japanese island of Hokkaido.

40. Two of the first Prime Minister of Canada – Dzhon Makdonald (1815-1891) and Aleksandr Makkenzi (1822-1892) – were Scottish.

41. One of the most famous products produced in Scotland – whiskey – was invented in China. At first it was distilled monks in Ireland in the early 15th century, and only after 100 years of whiskey came to Scotland.

42. The most infamous Scottish dish – haggis. It is made from sheep’s offal – liver, heart and lungs boiled in mutton stomach. It is not known where it originated, but similar dish mentioned in Greece 2500 years ago.

43. Scotland – birthplace of many great thinkers, including Adam Smith, James Watt, David Hume and Dzhona Styuarta Mill.

44. Among the famous Scottish inventions – logarithms (1614), bitumen (1820) and the tire (1887).

45. Many known Scottish invention – kilts, tartan (checkered pattern) and pipes – not been invented in Scotland. Kilts originated in Ireland, plaid ornaments were discovered in central Europe, the Bronze Age, and the bagpipe came from central Asia.

46. ​​Known representatives of literature – Sir Walter Scott, Lord Byron and Sir Arthur Conan Doyle.

47. Flag Scotland is a picture of Andrew’s cross.

48. Thistle is the symbol of Scotland.

49. In Scotland, home to most red-haired people in the world. About 13% of the population of Scotland – red, and 40% of the population are carriers of a recessive gene.

50. The first official international football match was played in 1872 in the West of Scotland between England and Scotland.

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British pound rose as Bank of England head hinted

The British pound rose as the Bank of England head hinted at a rate hike

Managing the Bank of England Mark Karni said Wednesday that the rise in interest rates in the UK in the next few months may be more appropriate if the economy continues to gain momentum despite the weak performance of consumer spending. After his words the British pound rose 1% against the US dollar.
During his speech at the forum of the European Central Bank in Portugal Carney said that in the case of accelerating the growth of wages and investment companies, he will think over whether to keep the Bank of England’s key rate at a record low of 0.25%. Earlier this month, Carney advocated the preservation of the previous monetary policy, since, in his words, the regulator had to balance between accelerating inflation and slowing economic growth in the UK.
Shortly after Carney’s comments British pound rose 1.1%, to 1.2954 US dollar, reaching its highest level in three weeks. The yield on 10-year UK bonds jumped to 1.181%, the highest since the beginning of May, against 1.078% at the close on Tuesday.
"Partial rejection of the stimulus measures are likely to be necessary, as the Bank of England will no longer have to make compromises, and the decision-making process will go to normal", – he said.
Comments Carney suggests that the Bank of England yet close to raising rates after reducing them after last year’s referendum on membership in the UK ES.Istochnik: “News Feed”

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Frank is growing in spite of everything

Frank is growing, in spite of everything

The Swiss franc strengthened on Thursday, after the central bank abandoned the introduction of negative interest rates on deposits, but has confirmed his intention to defend the lower limit set by them for the euro / franc in 2011 at the level of 1.2000. Swiss National Bank has introduced a binding to the euro at the peak of euro crisis, after the massive inflow of foreign capital, streamed into the country in search of refuge. Exchange rate the Swiss franc against the single currency closer to parity, jeopardizing the future of Swiss exporters and intensifying downward pressure on inflation. The central bank promised to buy euros in unlimited quantities to stop the strengthening of the franc on the border 1.20. It was assumed that this measure will be temporary, but it’s been three years, and the upward pressure on the franc does not weaken. Moreover, it has even increased as stimulating monetary policy of the ECB is the euro devaluation. Frank crept close to 1.20 immediately after reduction by the ECB and the launch of a quantitative easing program announcement at the September meeting.

"The three-month Libor rate close to zero, so the minimum exchange rate remains the main instrument for regulating monetary conditions"- Central Bank officials said, adding that the economic situation is deteriorating, and the threat of deflation takes real shape of the strengthening of the franc. According to analysts, the SNB has refrained from intervening in the foreign exchange market, because in August the Central Bank’s foreign exchange reserves have not changed. Some investors had hoped that Switzerland will follow the example and the ECB will lower the deposit rate below zero, to weaken the franc – that is, financial institutions will have to pay extra for hosting central bank money in his accounts.

The Central Bank made it clear that they are willing to resort to such a measure. In addition, in an accompanying statement said that the Central Bank "I am ready to buy foreign currency in unlimited quantities"To achieve its political objectives, and, if necessary, take further measures without delay" – it says that the Bank is ready to act at any time, not only at regular meetings. However, until they decide to leave a negative rate reserve. "They keep abreast of"- shoals Michael Sneyd, strategist at BNP Paribas, but Dzheyn Fouli of Rabobank noted a high probability of intervention. A negative rates will remain as a last resort, in the event that the ECB will start an ambitious program of QE. Frank grew by 0.5% against the US dollar and by 0.3% to 1.2069 against the euro. Strengthening of the franc during the euro crisis is likely to have been due to the stampede of investors, but now it seems, is structural. Over the past year the currency weakly responds to risk aversion. Meanwhile, JPMorgan analysts noted that Switzerland has a chronic imbalance of payments, where the current account surplus is too high, so that it can be eliminated through capital flight. Source: Forexpf.Ru – Forex Market News

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