10 Updates

Russia Ready To Save Banks From Financial Crisis

Mar 27 2014, 3:02pm CDT | by

The Russian government will save its national banks from any financial crisis caused by Western economic sanctions, or by other means. Finance Minister Anton Siluanov said Thursday that the country...

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17 weeks ago

Russia Ready To Save Banks From Financial Crisis

Mar 27 2014, 3:02pm CDT | by

The Russian government will save its national banks from any financial crisis caused by Western economic sanctions, or by other means.

Finance Minister Anton Siluanov said Thursday that the country has $88 billion worth of an emergency cushion in its sovereign wealth fund, should the economy take a turn for the worse.  As it is, Barclays Capital forecast this week Russian GDP to fall below 1% this year.

The National Wealth Fund is an emergency resource that can be used in the case of a crisis to help banks and big companies that have large obligations to external creditors,” Siluanov said at the Moscow stock exchange today. He told reporters there that banks were not in bad shape.

On Wednesday, a number of banks, including VTB Capital, were either downgraded or put on credit watch negative by Standard & Poor’s because of sanctions.  So far, most sanctions against Russia over its political turf-war with Ukraine have been targeted to individuals. But on March 20, four days after the Crimean peninsula voted to secede from Ukraine and join Russia, the U.S. Treasury sanctioned Rossiya Bank Group for its link to officials deemed connected to the crisis in Ukraine.  Banks owned by the group saw Visa and Mastercard transactions banned this week.  VTB Capital and Sberbank, the nation’s top two financial institutions, were not impacted directly by the sanctions.

Economic Development Minister Alexei Ulyukayev said Russian authorities may take a number of steps to increase the capitalization of the country’s banking system if the economic situation worsens. One of the steps may be to allow state banks to direct funds to supplement their capital instead of paying dividends.  ”In particular, we are discussing the possibility of helping banks direct funds, which would have been paid to the owners in a simple situation, including to the state as a major stakeholder, to supplement their capital,” Ulyukayev said at a forum at the Moscow stock exchange.

Capital flight from Russia could reach at least $100 billion in 2014, according to the Kremlin, as investors turn sour on Russia.

According to Central Bank data, net capital outflow from Russia increased from $54.6 billion in 2012 to $62.7 billion last year.

The World Bank warned on Wednesday that Russia may see capital outflow at $150 billion this year due to the current standoff with the West over Crimea.

Source: Forbes Business

 
Update
10

7 weeks ago

RM47mil KWSG contributions still unclaimed

Jun 9 2014 7:54am CDT | Source: Business Times Malaysia

KUALA LUMPUR: About RM47 million of contributions in the Teachers Provident Fund (KWSG) still remain unclaimed, the Dewan ...
Source: Business Times Malaysia   Full article at: Business Times Malaysia
 

 
Update
9

7 weeks ago

Gold shop lost almost RM1mil

Jun 9 2014 3:50am CDT | Source: Business Times Malaysia

KANGAR: A gold shop owner lost almost RM1 million after after the safe on in his shop was broken into by rob ...
Source: Business Times Malaysia   Full article at: Business Times Malaysia
 

 
Update
8

7 weeks ago

Motion to debate MAS losses in Dewan Rakyat rejected

Jun 9 2014 3:39am CDT | Source: Business Times Malaysia

KUALA LUMPUR: AN emergency motion to debate the losses incurred by Malaysia Airlines last year, amounting to RM1.2 billion was rejected by the Dewan ...
Source: Business Times Malaysia   Full article at: Business Times Malaysia
 

 
Update
7

7 weeks ago

MH370 Tragedy: Hisham: RM27.6 mil spent on 1st phase of SAR

Jun 9 2014 2:11am CDT | Source: Business Times Malaysia

KUALA LUMPUR: Malaysia spent some RM27.6 million in its first phase of the search operations for missing Malaysia Airline flight MH370, said Acting Transport Mini ...
Source: Business Times Malaysia   Full article at: Business Times Malaysia
 

 
Update
6

7 weeks ago

9.1m litres of diesel seized in a month

Jun 8 2014 1:11am CDT | Source: Business Times Malaysia

PUTRAJAYA: The Domestic Trade, Cooperatives, and Consumerism ministry has seized some 9.1 million litres of diesel and property worth RM58 million since mounting ‘Operasi Diesel Selatan’ in t ...
Source: Business Times Malaysia   Full article at: Business Times Malaysia
 

 
Update
5

7 weeks ago

Girl, 9, awarded RM2.78m compensation for medical negligence

Jun 6 2014 4:56am CDT | Source: Business Times Malaysia

KUALA LUMPUR: A nine-year-old girl who suffered brain damage during her birth at a government hospital was awarded over RM2.78 ...
Source: Business Times Malaysia   Full article at: Business Times Malaysia
 

 
Update
4

7 weeks ago

Malaysia's total trade in April up 12pc

Jun 5 2014 11:52pm CDT | Source: Business Times Malaysia

KUALA LUMPUR: Malaysia's total trade in April 2014 rose by 12 per cent from a year ago to RM123.86 billion due to growing trading activities, International Trade and Industr ...
Source: Business Times Malaysia   Full article at: Business Times Malaysia
 

 
Update
3

7 weeks ago

Works Ministry to spend RM20m for upgrading works at 50 accident black spots

Jun 4 2014 11:35pm CDT | Source: Business Times Malaysia

JOHOR BARU: The Works Ministry will implement upgrading works at 50 accident prone locations in the country that have been identified this year involving a ...
Source: Business Times Malaysia   Full article at: Business Times Malaysia
 

 
Update
2

7 weeks ago

Najib launches loan scheme for Ramadan traders

Jun 4 2014 10:24pm CDT | Source: Business Times Malaysia

PUTRAJAYA: Prime Minister Datuk Seri Najib Razak today launches RM45 million Ramadan Bazaar Scheme 201 ...
Source: Business Times Malaysia   Full article at: Business Times Malaysia
 

 
Update
1

7 weeks ago

Residents bring up objection against Kidex to Suhakam

Jun 4 2014 4:49am CDT | Source: Business Times Malaysia

PETALING JAYA: A group of 20 Petaling Jaya residents held a meeting with the Human Rights Commission of Malaysia (Suhakam) over their objection against the proposed RM2.2 billion K ...
Source: Business Times Malaysia   Full article at: Business Times Malaysia
 

 

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