500 млн євро від ЄС мають надійти в середині грудня – Мінфін

500 мільйонів євро від Європейського союзу мають надійти в середині грудня, повідомило Міністерство фінансів України.

У відомстві підкреслили, що ЄС надає макрофінансову допомогу у вигляді позик. Точна відсоткова ставка траншу буде відома під час виходу Європейської комісії на зовнішній ринок запозичень, але не перевищуватиме 2%. Кошти надійдуть у державний бюджет.

30 листопада Європейський союз схвалив виплату 500 мільйонів євро макрофінансової допомоги для України.

Україна та ЄС підписали кредитну угоду про залучення 1 мільярда євро у вересні. 8 листопада її схвалив парламент.

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Markets Sweat on Lopez Obrador’s ‘True Colors’ on Eve of New Mexican Presidency

During Andres Manuel Lopez Obrador’s successful campaign for the Mexican presidency, his advisers met representatives of dozens of investment funds to allay fears about the leftist’s plans, saying he prized economic stability and wanted to attract foreign capital.

Initially, it worked.

When Lopez Obrador won office by a landslide on July 1, the peso and the stock market rose, buoyed by his conciliatory tone.

The rally continued when Mexico and the United States reached a deal to rework the NAFTA trade pact in late August.

But the mood has since changed.

Lopez Obrador, who takes office Saturday, began saying in September that Mexico was “bankrupt.” When he canceled a new $13 billion Mexico City airport on Oct. 29 on the basis of a widely-derided referendum, investors took flight.

“[Lopez Obrador] behaved quite well from the election in early July until the referendum on the airport. That was really an indication of his true colors,” said Penny Foley, portfolio manager for emerging markets and international equities groups at TCW Group Inc, which manages $198 billion in total.

Foley said the referendum prompted TCW to cut its exposure to bonds issued by state oil firm Pemex, on the grounds that under a Lopez Obrador administration the company would be driven more by politics than by profit.

“We are now slightly underweight Mexico in the dollar fund and neutral in the local currency fund,” she added.

Lopez Obrador wants to attract investment from home and abroad to fuel economic growth and drive an ambitious infrastructure agenda, including a major rail project linking Cancun to Mexico’s southeast, plus a new oil refinery.

Yet decisions such as the airport cancellation have fed investors’ concerns he could push Mexico toward a more authoritarian, arbitrary and partisan form of government.

Mexico’s S&P/BVM IPC stock index has tumbled 17 percent since the market’s post-election peak on Aug. 28, while the peso has fallen around 8 percent against the dollar.

Bond yields on Mexican 10-year sovereign debt have jumped 121 basis points, a sign investors see it as a riskier bet.

By contrast, yields on Brazil’s 10-year debt have fallen over 20 basis points since the Oct. 28 presidential election victory of Jair Bolsonaro, a far-right politician who has appointed a group of pro-market economists to his team. Mexican corporate debt markets have taken note.

Airport operator GAP, which controls terminals in a dozen cities including Tijuana and Guadalajara, canceled a planned 6 billion peso debt issuance this week.

“We decided to wait for better conditions,” GAP chief financial officer Saul Villarreal told Reuters.

Some European businesses are also in wait-and-see mode, said Alberico Peyron, a board member and former head of the Italian chamber of commerce in Mexico.

There was “no panic so far,” but a few executives had put plans on hold until the picture became clearer, he said, adding: “There are more who are worried than are optimistic.”

‘Errors’ made

After 30 years of kicking against the establishment, the veteran Lopez Obrador, a 65-year-old former mayor of Mexico City, claimed the presidency with a promise to clean up government, cut poverty and tame Mexico’s drug cartels.

Aiming to almost double economic growth to around 4 percent, Lopez Obrador wants to revive Pemex, increase pensions and spur development in the poorer south to contain illegal immigration that has strained ties with U.S. President Donald Trump.

Lopez Obrador says rooting out corruption will free up billions of dollars, while he intends to save more with pay cuts for civil servants. However, critics say the cuts could affect the quality of officials in his new administration.

Johannes Hauser, managing director of the German chamber of commerce in Mexico, told Reuters the association’s annual survey of firms, currently underway, was upbeat on Mexico.

Still, initial results suggested companies were not quite as eager to invest or create new jobs as they were a year ago. And the airport cancellation had been a shock, he said.

During their campaign outreach, some of Lopez Obrador’s advisers sought to play down the airport’s importance to markets, while others suggested it was likely to be completed.

Without providing evidence, Lopez Obrador said the project — which has been under construction since 2015 — was tainted by corruption. But more than once, Lopez Obrador had raised the possibility of turning its completion into a private concession.

Incoming Finance Minister Carlos Urzua, whose team sat down with financial heavyweights such as Bank of America, BlackRock, Credit Suisse and Morgan Stanley, told Reuters in April that foreign investors were “not very worried” about the airport.

Now, the scrapping of the hub has raised the prospect of a messy legal dispute with investors that could cost billions of dollars — as well as cloud interest in new projects.

Some members of Lopez Obrador’s incoming government privately express deep misgivings about the decision to cancel the airport, which was based on a referendum organized by his own party in which barely 1 percent of the electorate voted.

They felt the poll, which critics lambasted as opaque and open to abuse, undermined the credibility he had built up over the years he spent campaigning against corruption and vote-rigging.

Lopez Obrador’s taste for rule by referendum, and changes to laws governing everything from banking to mining and pension funds that have been proposed by his National Regeneration Movement and the party’s allies in Congress, have further curdled sentiment.

“I’ve moved from being cautiously optimistic after the election, to being quite pessimistic now,” said Andres Rozental, a former deputy foreign minister of Mexico. “He’s not building on what he got. He’s destroying little by little what he got.”

Facing questions about the airport controversy from a panel of prominent Mexican journalists this month, Lopez Obrador was unrepentant about the referendum, saying that “errors” made were blown out of proportion by adversaries trying to hurt him.

“What I regard as most important in my life is my honesty,” he said. “We are not creating a dictatorship,” he added, repeating what is a frequent aside in his public pronouncements.

Nevertheless, Arturo Herrera, an incoming deputy finance minister, conceded this week that the transition had tested the next government, which must present its first budget by mid-December.

“What we’re all learning is that we need to be extremely careful,” he told Mexican television.

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Indian Politicians Spar Over Dodgy Economic Data as Election Nears

It may be the world’s sixth largest, but most other things about India’s economy are up for debate.

The ruling Bharatiya Janata Party (BJP) is under fire for the release of new historical GDP figures that significantly downgraded growth during the years the opposition Congress party was in power, replacing old government estimates and those prepared by an independent committee.

The figures, released by the government’s Central Statistics Office (CSO), showed growth in the 10 years of Congress rule to 2014 averaged 6.7 percent, below an average of 7.4 percent under the current government. A previous government estimate had growth under Congress at 7.8 percent.

P. Chidambaram, a former Congress finance minister, called the release “a joke”. In response India’s current finance minister, the BJP’s Arun Jaitley, said the CSO was a credible organization.

The fallout comes at a critical time for Prime Minister Narendra Modi.

India’s economy grew a weaker-than-expected 7.1 percent in the July-September quarter, from a more than two-year high of 8.2 percent in the previous quarter, government data showed on Friday.

Modi faces a general election next year, when the performance of the economy under his pro-business administration compared with the Congress era is likely to dominate campaigning.

The spat has also alarmed India’s top statisticians, who have long faced the difficult task of estimating growth and unemployment in an economy with hundreds of millions of informal workers, and dominated its financial press and political cartoons in recent days.

“The entire episode threatens to bring disrepute to India’s statistical services,” said an editorial in Mint, one of the country’s leading business newspapers, on Friday.

A joke widely circulated on WhatsApp said the government would soon be reinterpreting the last cricket World Cup, in which India crashed out in the semi-finals, to say the country won based on a new methodology.

COMPETING INTERESTS

Unlike many major economies, India lacks an independent statistical body.

An organization called the National Statistics Commission (NSC) was formed in 2005 with that intention, though it is yet to be recognized as the official body for generating statistics.

Last year the NSC set up a committee, chaired by economist Sudipto Mundle, to come up with a new set of historical GDP figures.

Its report, published in July, showed growth averaged 8.1 percent in the decade before the BJP took power.

After the figures were cheered by the Congress, the government issued a clarification saying the report “had not yet been finalised and various alternative methods are being explored”. Shortly after, the report was pulled from the government’s website.

“The whole thing has unfortunately become very political,” said Mundle, on the battle between the two parties. “It is very troubling.”

Attempts to formalize the NSC’s role have been successively stonewalled by both Congress and the BJP, said N R Bhanumurthy, who sat on the committee chaired by Mundle.

“They have not shown much interest in making it independent from our government,” he said.

The debate over India’s true level of growth is the latest to frustrate economists looking to measure the performance of the country of 1.3 billion people.

India has not published its official employment survey since 2015, while a smaller quarterly survey on companies employing more than 10 workers has not been released since March while the government comes up with new methodology.

India’s large informal sector made calculating employment “almost impossible”, Bhanumurthy said, leading to a vacuum that was filled with competing political interests.

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ЄС схвалив виплату 500 мільйонів євро макрофінансової допомоги для України

Європейський союз схвалив виплату 500 мільйонів євро макрофінансової допомоги для України. Про це повідомив кореспондент Радіо Свобода в Брюсселі.

Президент України Петро Порошенко назвав рішення Брюсселю важливим сигналом «незмінної підтримки Євросоюзу в умовах останніх викликів з боку російського агресора».

«Щиро вдячний Єврокомісії за позитивне рішення про виділення Україні першого траншу Четвертої програми макрофінансової допомоги ЄС в обсязі 500 мільйонів євро», – зазначив президент.

Україна та ЄС підписали кредитну угоду про залучення 1 мільярда євро у вересні. 8 листопада її схвалив парламент. 

Міністр закордонних справ Павло Клімкін вважає, що Україна отримає новий транш макрофінансової допомоги до кінця 2018 року.

Реалізація Меморандуму про взаєморозуміння та Кредитної угоди дозволить Україні залучити додаткові фінансові ресурси Європейського Союзу у сумі до 1 мільярда євро для їх подальшого спрямування до державного бюджету, зазначали на Банковій.

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Rosenstein Calls for Tech Firms to Work With Law Enforcement

U.S. Deputy Attorney General Rod Rosenstein called on social media companies and technology firms Thursday to work with law enforcement to protect the public from cybercriminals.  

 

Speaking at a symposium on online crime, Rosenstein said that “social media platforms provide unprecedented opportunities for the free exchange of ideas. But many users do not understand that the platforms allow malicious actors, including foreign government agents, to deceive them by launching vast influence operations.” 

 

He said it was up to the companies to “place security on the same footing as novelty and convenience, and design technology accordingly.”  

 

He warned that if the technology sector failed to do so, government would have to step in.  

 

“I think the companies now do understand if they do not take it upon themselves to self-regulate — which is essentially the theme of my talk today — they will face the potential of government regulation,” he said. 

Extortion scheme

 

Rosenstein’s remarks came a day after the Justice Department charged two Iranian hackers in connection with a multimillion-dollar cybercrime and extortion scheme that targeted government agencies, cities and businesses. 

 

Rosenstein said many tech companies are willing to work with law enforcement and to prevent the use of their platforms to spread disinformation. 

 

But he said that “some technology experts castigate colleagues who engage with law enforcement to address encryption and similar challenges. Just because people are quick to criticize you does not mean that you are doing the wrong thing.” 

 

U.S. law enforcement officials have long been pushing tech companies to make it easier for them to access information on private devices such as cellphones and social media accounts. But most firms have resisted, citing privacy of the users.  

 

Rosenstein said data encryption practices were a “significant detriment to public safety.”  

 

“Improvements in the ability to investigate crime and hold perpetrators accountable must match the pace at which technology is making crimes easier to commit and more destructive,” Rosenstein said. 

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Deutsche Bank Offices Raided in Money Laundering Probe

Police raided six Deutsche Bank offices in and around Frankfurt on Thursday over money laundering allegations linked to the “Panama Papers”, the public prosecutor’s office in Germany’s financial capital said.

Investigators are looking into the activities of two unnamed Deutsche Bank employees alleged to have helped clients set up offshore firms to launder money, the prosecutor’s office said.

Around 170 police officers, prosecutors and tax inspectors searched the offices where written and electronic business documents were seized.

“Of course, we will cooperate closely with the public prosecutor’s office in Frankfurt, as it is in our interest as well to clarify the facts,” Deutsche Bank said, adding it believed it had already provided all the relevant information related to the “Panama Papers”.

The news comes as Deutsche Bank tries to repair its tattered reputation after three years of losses and a drumbeat of financial and regulatory scandals.

Christian Sewing was appointed as chief executive in April to help the bank to rebuild. He trimmed U.S. operations and reshuffled the management board but revenue has continued to slip.

Deutsche Bank shares were down more than 3 percent by 1220 GMT and have lost almost half their value this year.

Offshore links

The investigation was triggered after investigators reviewed so-called “Offshore-Leaks” and “Panama Papers”, the prosecutor said.

The “Panama Papers”, which consist of millions of documents from Panamanian law firm Mossack Fonseca, were leaked to the media in April 2016.

Several banks, including Scandinavian lenders Nordea and Handelsbanken have already been fined by regulators for violating money laundering rules as a result of the papers.

The prosecutors said they are looking at whether Deutsche Bank may have assisted clients to set up offshore companies in tax havens so that funds transferred to accounts at Deutsche Bank could skirt anti-money laundering safeguards.

In 2016 alone, over 900 customers were served by a Deutsche Bank subsidiary registered on the British Virgin Islands, generating a volume of 311 million euros, the prosecutors said.

They also said Deutsche Bank employees are alleged to have breached their duties by neglecting to report money laundering suspicions about clients and offshore companies involved in tax evasion schemes.

The investigation is separate from another money laundering scandal surrounding Danish lender Danske Bank, where Deutsche Bank is involved.

Danske is under investigation for suspicious payments totaling 200 billion euros from 2007 onwards and a source with direct knowledge of the case has told Reuters Deutsche Bank helped to process the bulk of the payments.

A Deutsche Bank executive director has said the lender played only a secondary role as a so-called correspondent bank to Danske Bank, limiting what it needed to know about the people behind the transactions.

Under scrutiny

Weaknesses in Deutsche Bank’s controls that aim to prevent money laundering have caught the attention of regulators on both sides of the Atlantic. The bank has publicly said that it agreed it needed to improve its processes to properly identify clients.

In September, Germany’s financial watchdog – BaFin – ordered Deutsche Bank to do more to prevent money laundering and “terrorist financing,” and appointed KPMG as third party to assess progress.

In August, Reuters reported that Deutsche Bank had uncovered further shortcomings in its ability to fully identify clients and the source of their wealth.

Last year, Deutsche Bank was fined nearly $700 million for allowing money laundering through artificial trades between Moscow, London and New York. An investigation by the U.S.

Department of Justice is still ongoing.

Deutsche Bank has been under pressure after annual losses, and it agreed to pay a $7.2 billion settlement with U.S. authorities last year over its sale of toxic mortgage securities in the run-up to the 2008 financial crisis.

 

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