Russian Recession Risk Seen at Record as Oil Saps Economy
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- Published on Friday, 28 November 2014 04:23
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Russia will sink into recession at a Urals price of $80 a barrel, seven years after its economy grew8.5 percent when its chief export oil blend averaged near $70, according to a Bloomberg survey of analysts.
Urals at $80, or about $3 cheaper than its average in the month through November 15, will tip Russia into a contraction, according to the median estimate of 32 economists. The probability of a recession in the next 12 months rose to 75 percent, the highest since the first such survey more than two years ago, according to another poll.
Russia, which receives about half of its budgetrevenue from oil and gas taxes, is closing in on its
NordLB Holds Ship Provisions Stable as Slump Drags Into 2015
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- Published on Friday, 28 November 2014 04:21
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NordLB Holds Ship Provisions Stable as Slump Drags Into 2015
Norddeutsche Landesbank, Germany’s second biggest financier of ships, held provisions at its marine division stable in the first nine months of 2014 as an industry slump enters its seventh year.
The state-owned bank based in Hanover, Germany, set aside 474 million euros ($591 million) in the period through September from 478 million euros a year earlier, according to apresentation accompanying its interim report today.
“We do not expect the shipping markets to ease significantly in the near future, so we hold on to our conservative risk provisioning,” NordLB said in the presentation.
NordLB, which along with competitors HSH Nordbank AG andCommerzbank AG (CBK) passed the European Central Bank’s health check
Corn Extends Decline as USDA Report to Show Ample Supply
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- Published on Wednesday, 12 November 2014 06:42
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Corn Extends Decline as USDA Report to Show Ample Supply
By Whitney McFerron and Ranjeetha Pakiam Nov 10, 2014 2:34 PM GMT+0100
Corn futures declined on expectations the U.S. government will raise its forecast for record production. Soybeans rose for a fourth day, the longest stretch since June.
U.S. farmers may harvest 14.556 billion bushels of corn and 3.969 billion bushels of soybeans this year, the most ever and topping previous U.S. Department of Agriculture forecasts for 14.475 billion and 3.927 billion bushels, a Bloomberg survey showed. The USDA is set to release new estimates later today. World inventories of both crops also will be larger than the earlier forecast, the survey showed.
El Mediterráneo no está saturado de cruceros
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- Published on Friday, 14 November 2014 07:36
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El mercado español tiene margen de crecimiento
“El Mediterráneo no está saturado de cruceros”, aseguran las navieras de asesoramiento en un producto complejo.No obstante,no había presente ninguna agencia onlineque diera testimonio delcrecimientoque está experimentado laventa de cruceros por internet.
“La zona delMediterráneoes la más rica en oferta y con los destinos más emblemáticos. Tiene mucho futuro”, ha señalado este jueves el director general deMSC Crucerosen España,Emiliano González, durante una de las mesas de la edición de este año delInternational Cruises Summit.
Por su parte, el director deNautalia Viajes,Rafael Montoro, coincidió en que el Mediterráneo Occidental todavía tiene potencial de crecimiento, asegurando que “supone actualmente entre el 50% y 55% de la demanda española y lo esperable es que aumente, dada la previsión de aumento
India and the Geopolitics of Trade
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- Published on Monday, 10 November 2014 03:01
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India and the Geopolitics of Trade
Global value chains have become a dominant feature of the world economy. With production increasingly fragmented and often distributed across national boundaries, success in international trade depends as much on a country’s capacity to import as on its capacity to export. Any barriers (tariff or otherwise) on imports raise the cost of inputs (whether domestically procured or imported given import parity pricing) and thus act as a tax on a country’s exports. Since tariffs are generally already very low, non-tariff barriers remain the key obstacle to trade.
Among non-tariff barriers, border and customs procedures are the