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Tag Archives: PRE
Inside Photos of Pre Oscar’s bash: Priyanka Chopra Jonas, Ram Charan, Jacqueline Fernandez, and others come together to celebrate their achievements – Bollywood Hungama
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U.S. banks get ready for shrinking profits and recession
NEW YORK, Jan 10 (Reuters) – U.S. banking giants are forecast to report lower fourth quarter profits this week as lenders stockpile rainy-day funds to prepare for an economic slowdown that is battering investment banking.
Four American banking giants — JPMorgan Chase & Co (JPM.N), Bank of America Corp (BAC.N), Citigroup Inc (C.N) and Wells Fargo & Co (WFC.N) — will report earnings on Friday.
Along with Morgan Stanley (MS.N) and Goldman Sachs (GS.N), they are the six largest lenders expected to amass a combined $5.7 billion in reserves to prepare for soured loans, according to average projections by Refinitiv. That is more than double the $2.37 billion set aside a year earlier.
“With most U.S. economists forecasting either a recession or significant slowdown this year, banks will likely incorporate a more severe economic outlook,” said Morgan Stanley analysts led by Betsy Graseck in a note.
The Federal Reserve is raising interest rates aggressively in an effort to tame inflation near its highest in decades. Rising prices and higher borrowing costs have prompted consumers and businesses to curb their spending, and since banks serve as economic middlemen, their profits decline when activity slows.
The six banks are also expected to report an average 17% drop in net profit in the fourth quarter from a year earlier, according to preliminary analysts’ estimates from Refintiv.
Still, lenders stand to gain from rising rates that allow them to earn more from the interest they charge borrowers.
Investors and analysts will focus on bank bosses’ commentary as an important gauge of the economic outlook. A parade of executives has warned in recent weeks of the tougher business environment, which has prompted firms to slash compensation or eliminate jobs.
Goldman Sachs will start laying off thousands of employees from Wednesday, two sources familiar with the move said Sunday. Morgan Stanley and Citigroup, among others, have also cut jobs after a plunge in investment-banking activity.
The moves come after Wall Street dealmakers handling mergers, acquisitions and initial public offerings faced a sharp drop in their businesses in 2022 as rising interest rates roiled markets.
Global investment banking revenue sank to $15.3 billion in the fourth quarter, down more than 50% from a year-earlier quarter, according to data from Dealogic.
Consumer businesses will also be a key focus in banks’ results. Household accounts have been propped up for much of the pandemic by a strong job market and government stimulus, and while consumers are generally in good financial shape, more are starting to fall behind on payments.
“We’re exiting a period of extraordinarily strong credit quality,” said David Fanger, senior vice president, financial institutions group, at Moody’s Investors Service.
At Wells Fargo, the fallout from a fake accounts scandal and regulatory penalties will continue to weigh on results. The lender expected to book an expense of about $3.5 billion after it agreed to settle charges over widespread mismanagement of car loans, mortgages and bank accounts with the U.S. Consumer Financial Protection Bureau, the watchdog’s largest-ever civil penalty.
Analysts will also watch if banks such as Morgan Stanley and Bank of America book any writedowns on the $13-billion loan to fund Elon Musk’s purchase of Twitter.
More broadly, the KBW index (.BKX) of bank stocks is up about 4% this month after sinking almost 28% in the last year.
While market sentiment took a sharp turn from hopeful to fearful in 2022, some large banks could overcome the most dire predictions because they have shed risky activities, wrote Susan Roth Katzke, an analyst at Credit Suisse.
“We see more resilient earning power through the cycle after a decade of de-risking,” she wrote in a note. “We cannot dismiss the fundamental strength.”
Reporting by Saeed Azhar, Niket Nishant and Lananh Nguyen
Editing by Nick Zieminski
Our Standards: The Thomson Reuters Trust Principles.
GM reclaims U.S. auto sales crown from Toyota
Jan 4 (Reuters) – General Motors Co (GM.N) reclaimed the top spot in U.S. auto sales from rival Toyota Motor Corp (7203.T) in 2022 as it was able to better meet strong demand for cars and trucks despite industry-wide supply disruptions.
Shares of GM rose 2.7% in afternoon trade on Wednesday to $34.75, after the company posted a 2.5% rise in 2022 sales to 2,274,088 vehicles, higher than Toyota’s 2,108,458 units, in a closely watched race.
Inventory shortages stemming from surging material costs and a persistent chip crunch had hobbled production at many automakers, keeping car and truck prices elevated. Asian brands were hit hardest.
“Toyota is still among the tightest when it comes to inventory,” Cox Automotive senior economist Charlie Chesbrough said.
The Japanese automaker cut its full-year production target in November. Sales of its SUVs, a key segment, fell 8.6% in 2022, data on Wednesday showed.
However, Toyota executives said there were some positive signs emerging, and the rate of inventory buildup was slow but steady.
“We’re optimistic our inventory levels will continue to improve in the first quarter and for the remainder of the year,” said Andrew Gillel, senior vice president of automotive operations at Toyota.
Other brands such as Hyundai Motor America, Kia Motors America, Mazda North American Operations and American Honda all posted a drop in sales on Wednesday.
Industry-wide, last year’s U.S. auto sales are forecast to be about 13.9 million units, down 8% from 2021 and 20% from the peak in 2016, according to industry consultant Cox Automotive.
Some analysts are also concerned that price hikes by automakers to blunt inflationary pressures and rising interest rates will take a toll on new vehicle sales in 2023.
Affordability is a “very real issue,” Toyota executive David Christ said. Nonetheless, the company expects demand to be robust this year.
Automakers will need to begin incentivising buyers, a trend that was paused during the pandemic, automotive marketplace TrueCar said.
Reporting by Aishwarya Nair, Nathan Gomes and Abhijith Ganapavaram in Bengaluru; Editing by Shilpi Majumdar and Devika Syamnath
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*LATEST* WoW Dragonflight Pre Patch Phase 2 Maintenance Schedule (Live Updates & Server Status)
In preparation for phase two of World of Warcraft: Dragonflight’s pre patch, World of Warcraft’s servers will be going down. That’s why we’re going to be tracking down the maintenance schedule with live updates.
From before phase one of the expansion’s pre-patch to now, players have been doing their best to get themselves ready before the dragon-themed expansion arrives in World of Warcraft.
On the way to that release is phase two of Dragonflight’s pre-patch which will introduce tons of content to hold players over until the expansion’s official launch on November 28.
Phase 2 of World of Warcraft: Dragonflight’s pre-patch is less than a day away. That means that it’s time to track the servers’ maintenance schedule with live updates, check in on the status of the servers, and more.
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LATEST – WoW Dragonflight Pre Patch Phase 2 has gone live!
After eight hours of maintenance, phase 2 of the Dragonflight pre-patch is finally here!
Players are now able to create and play Dracthyr Evokers, enjoy a new dungeon, Uldaman: Legacy of Tyr, and partake in the pre-patch’s official event, Primal Storms.
For more information on everything that’s available in the second phase, scroll below.
WoW Dragonflight Pre Patch Phase 2 Maintenance Schedule
World of Warcraft’s servers will go down for maintenance on Tuesday, November 15, 2022. The maintenance is expected to last eight hours, beginning at 10:00 a.m. EST and ending at 6:00 p.m. EST.
Credit: Blizzard Entertainment
As always, the length of this server downtime is usually an estimate given by Blizzard Entertainment themselves, meaning that the servers could go live before or after the time allotted by the developers.
Once the servers are live, players can expect all of the content from phase two of the pre-patch.
We’ll be updating this article if any issues, delays, or more, occur during the server downtime.
READ MORE: WoW Dragonflight Pre-Launch Stream COUNTDOWN – start time, date & how to watch
WoW Dragonflight Pre Patch Phase 2 Content
The content in World of Warcraft: Dragonflight’s pre patch was separated into two phases, phase one and phase two.
Phase 1 focused on adding the system and feature updates and revamps such as the new Talent System, Heads-up Display User Interface (HUD UI) changes, and the Accessibility Features and will also introduce Rated Solo Shuffle and the New Class and Race combinations.
Phase 2, on the other hand, focuses on new content players can experience and play with. It brings on the new race, the Dracthyr, and its race-specific class, the Evoker with their starting zone, the Forbidden Reach, a new dungeon, Uldaman: Legacy of Tyr, and the pre-patch’s official event, Primal Storms.
For more information on phase two, including its patch notes, visit our Dragonflight pre patch phase two hub here.
READ MORE: What is the World of Warcraft: Dragonflight release schedule?
The big reveal: Xi set to introduce China’s next standing committee
BEIJING, Oct 21 (Reuters) – Xi Jinping, poised to clinch a third five-year term as China’s leader, will on Sunday preside over the most dramatic moment of the Communist Party’s twice-a-decade congress and reveal the members of its elite Politburo Standing Committee.
Xi’s break with precedent to rule beyond a decade was set in motion when he abandoned presidential term limits in 2018. His norm-busting as China’s most powerful ruler since Mao Zedong has made it even harder to predict who will join him on the standing committee.
The 69-year-old leader’s grip on power appears undiminished by a sharp economic slowdown, frustration over his zero-COVID policy, and China’s increasing estrangement from the West, exacerbated by his support for Russia’s Vladimir Putin.
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The new leadership will be unveiled when Xi, widely expected to be renewed in China’s top post as party general secretary, walks into a room of journalists at Beijing’s Great Hall of the People, followed by the other members of the Politburo Standing Committee (PSC) in descending order of rank.
The lineup – who is in, who is not, and who is revealed to replace Premier Li Keqiang when he retires in March – will give party-watchers grist to speculate over just how much Xi has consolidated power by appointing loyalists.
At the same time, some analysts and diplomats say, the makeup of the standing committee and the identity of the premier matter less than they once did because Xi has moved away from a tradition of collective leadership.
“The new PSC line up will tell us whether Xi cares only about personal loyalty or whether he values some diversity of opinion at the top,” said Ben Hillman, director of the Australian Centre on China in the World at Australian National University.
“It is possible that the new PSC will consist entirely of Xi loyalists, which will signify the consolidation of Xi’s power, but pose great risks for China. A group of ‘yes’ men at the top will limit the information available for decision-making.”
IN OR OUT?
At least two of the seven current Standing Committee members are expected to retire due to age norms. Reports this week in the Wall Street Journal and South China Morning Post suggest there could be as many as four openings, with Premier Li, 67, possibly among those stepping down.
As for the next premier, although Wang Yang, 67, and Hu Chunhua, 59, a former and current vice premier, respectively, are both considered by analysts to be well-qualified by the traditional standards of a role charged with overseeing the economy, they lack long-term connections to Xi.
Shanghai party boss Li Qiang, who has long-standing ties to Xi, is likely to join the PSC and is considered a leading contender to be premier, the Wall Street Journal reported, citing unnamed sources close to party leaders.
Li’s elevation to premier would be a strong sign of the importance of loyalty to Xi following Shanghai’s punishing and unpopular two-month COVID-10 lockdown this year, for which Li drew heavy blame from residents.
Another loyalist seen by party-watchers as a candidate for promotion is Ding Xuexiang, 60, who is Xi’s chief secretary and head of the Central Committee’s powerful General Office, which manages the administrative affairs of the top leadership.
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Reporting by Tony Munroe, Martin Quin Pollard and Yew Lun Tian; Editing by Lincoln Feast.
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U.S. Treasury asks major banks if it should buy back bonds
Oct 14 (Reuters) – The U.S. Treasury Department is asking primary dealers of U.S. Treasuries whether the government should buy back some of its bonds to improve liquidity in the $24 trillion market.
Liquidity in the world’s largest bond market has deteriorated this year partly because of rising volatility as the Federal Reserve rapidly raises interest rates to bring down inflation.
The central bank, which had bought government bonds during the COVID-19 pandemic to stimulate the economy, is now also reducing the size of its balance sheet by letting its bonds reach maturity without buying more, a move which investors fear could exacerbate price swings.
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The Treasuries market has swelled from $5 trillion in 2007 and $17 trillion in early 2020, while banks are facing more regulatory constraints that they say make it more difficult to intermediate trades.
The Treasury is asking dealers about the specifics of how buybacks could work “in order to better assess the merits and limitations of implementing a buyback program.”
These include how much it would need to buy in so-called off-the-run Treasuries, which are older and less liquid issues, in order to “meaningfully” improve liquidity in these securities.
The Treasury is also querying whether reduced volatility in the issuance of Treasury bills as a result of buybacks made for cash and maturity management purposes could be a “meaningful benefit for Treasury or investors.”
It is further asking about the costs and benefits of funding repurchases of older debt with increased issuance of so-called on-the-run securities, which are the most liquid and current issue.
“The Treasury is acknowledging the decline in liquidity and they’re hearing what the street has been saying,” said Calvin Norris, portfolio manager & US rates strategist at Aegon Asset Management. “I think they’re investigating whether some of these measures could help to improve the situation.”
He said buying back off-the-run Treasuries could potentially increase liquidity of outstanding issues and buyback mechanisms could help contain price swings for Treasury bills, which are short-term securities.
However, when it comes to longer-dated government bonds, investors have noted that a major constraint for liquidity is the result of a rule introduced by the Federal Reserve following the 2008 financial crisis which requires dealers to hold capital against Treasuries, limiting their ability to take on risk, particularly at times of high volatility.
“The underlying cause of the lack of liquidity is that banks – due to their supplementary leverage ratios being capped – don’t have the ability to take on more Treasuries. I view that as the most significant issue right now,” said Norris.
The Fed in April 2020 temporarily excluded Treasuries and central bank deposits from the supplementary leverage ratio, a capital adequacy measure, as an excess of bank deposits and Treasury bonds raised bank capital requirements on what are viewed as safe assets. But it let that exclusion expire and big banks had to resume holding an extra layer of loss-absorbing capital against Treasuries and central bank deposits.
The Treasury Borrowing Advisory Committee, a group of banks and investors that advise the government on its funding, has said that Treasury buybacks could enhance market liquidity and dampen swings in Treasury bill issuance and cash balances.
It added, however, that the need to finance buybacks with increased issuance of new securities could increase yields and be at odds with the Treasury’s strategy of predictable debt management if the repurchases were too variable in size or timing.
The Treasury is posing the questions as part of its regular survey of dealers before each of its quarterly refunding announcements.
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Reporting By Karen Brettell and Davide Barbuscia; Editing by Chizu Nomiyama and Chris Reese
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Britain bets all on historic tax cuts and borrowing, investors take fright
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LONDON, Sept 23 (Reuters) – Britain’s new finance minister Kwasi Kwarteng unleashed historic tax cuts and huge increases in borrowing on Friday in an economic agenda that floored financial markets, with sterling and British government bonds in freefall.
Kwarteng scrapped the country’s top rate of income tax, cancelled a planned rise in corporate taxes and for the first time put a price tag on the spending plans of Prime Minister Liz Truss, who wants to double Britain’s rate of economic growth.
Investors unloaded short-dated British government bonds as fast as they could, with the cost of borrowing over 5 years seeing its biggest one-day rise since 1991, as Britain raised its debt issuance plans for the current financial year by 72.4 billion pounds ($81 billion). The pound slid below $1.11 for the first time in 37 years.
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Kwarteng’s announcement marked a step change in British economic policy, harking back to the Thatcherite and Reaganomics doctrines of the 1980s that critics have derided as a return to “trickle down” economics.
“Our plan is to expand the supply side of the economy through tax incentives and reform,” Kwarteng said.
“That is how we will compete successfully with dynamic economies around the world. That is how we will turn the vicious cycle of stagnation into a virtuous cycle of growth.”
A plan to subsidise energy bills will cost 60 billion pounds just for the next six months, Kwarteng said. The government has promised households support for two years as Europe wrestles with an energy crisis.
Tax cuts – including an immediate reduction in the Stamp Duty property purchase tax plus a reversal of a planned rise in corporation tax – would cost a further 45 billion pounds by 2026/27, he said.
The government said raising Britain’s annual economic growth rate by 1 percentage point over five years – a feat most economists think unlikely – would increase tax receipts by around the same amount.
Britain also will accelerate moves to bolster the City of London’s competitiveness as a global financial centre by scrapping the cap on banker bonuses ahead of an “ambitious deregulatory” package later in the year, Kwarteng said. read more
The opposition Labour Party said the plans were a “desperate gamble”.
“Never has a government borrowed so much and explained so little… this is no way to build confidence, this is no way to build economic growth,” said Labour’s finance spokeswoman Rachel Reeves. read more
HISTORY REPEATS?
The Institute for Fiscal Studies said the tax cuts were the largest since the budget of 1972 – which is widely remembered as ending in disaster because of its inflationary effect.
The market backdrop could barely be more hostile for Kwarteng, with the pound performing worse against the dollar than almost any other major currency.
Much of the decline reflects the U.S. Federal Reserve’s rapid interest rate rises to tame inflation – which have sent markets into a tailspin – but some investors have taken fright at Truss’s willingness to borrow big to fund growth.
“In 25 years of analysing budgets this must be the most dramatic, risky and unfounded mini-budget,” said Caroline Le Jeune, head of tax at accountants Blick Rothenberg.
“Truss and her new government are taking a huge gamble.”
A Reuters poll this week showed 55% of the international banks and economic consultancies that were polled judged British assets were at a high risk of a sharp loss of confidence. read more
On Thursday the Bank of England said Truss’s energy price cap would limit inflation in the short term but that government stimulus was likely to boost inflation pressures further out, at a time when it is battling inflation near a 40-year high.
Financial markets ramped up their expectations for BoE interest rates to hit a peak of more than 5% midway through next year.
“We are likely to see a policy tug of war reminiscent of the stop-go 1970s. Investors should be prepared for a bumpy ride,” said Trevor Greetham, head of multi-asset at Royal London Asset Management.
Despite the extensive tax and spending measures, the government had decided against publishing alongside its statement new growth and borrowing forecasts from the Office for Budget Responsibility, a government watchdog.
Kwarteng confirmed the OBR would publish its full forecasts later this year.
“Fiscal responsibility is essential for economic confidence, and it is a path we remain committed to,” he said.
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Writing by Andy Bruce; Additional reporting by Kylie MacLellan, Kate Holton, Paul Sandle, Sachin Ravikumar, Alistair Smout, William James, James Davey, Andrew MacAskill, Farouq Suleiman, Huw Jones and Elizabeth Piper; Editing by Catherine Evans and Toby Chopra
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Russia deepens Europe’s energy squeeze with new gas halt
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FRANKFURT/LONDON, Aug 31 (Reuters) – Russia halted gas supplies via Europe’s key supply route on Wednesday, intensifying an economic battle between Moscow and Brussels and raising the prospects of recession and energy rationing in some of the region’s richest countries.
European governments fear Moscow could extend the outage in retaliation for Western sanctions imposed after it invaded Ukraine and have accused Russia of using energy supplies as a “weapon of war”. Moscow denies doing this and has cited technical reasons for supply cuts.
Russian state energy giant Gazprom (GAZP.MM) said Nord Stream 1, the biggest pipeline carrying gas to its top customer Germany, will be out for maintenance from 0100 GMT on Aug. 31 to 0100 GMT on Sept. 3. read more
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The president of the German network regulator said that Germany would be able to cope with the three-day outage as long as flows resumed on Saturday.
“I assume that we will be able to cope with it,” Klaus Mueller told Reuters TV in an interview. “I trust that Russia will return to at least 20% from Saturday, but no one can really say.”
Further restrictions to European gas supplies would deepen an energy crunch that has already triggered a 400% surge in wholesale gas prices since last August, squeezing consumers and businesses and forcing governments to spend billions to ease the burden. read more
In Germany, inflation soared to its highest in almost 50 years in August and consumer sentiment soured as households brace for a spike in energy bills. read more
LOWER SUPPLIES
Unlike last month’s 10-day maintenance for Nord Stream 1, the latest work was announced less than two weeks in advance and is being carried out by Gazprom rather than its operator.
Moscow, which slashed supply via the pipeline to 40% of capacity in June and to 20% in July, blames maintenance issues and sanctions it says prevent the return and installation of equipment.
Kremlin spokesman Dmitry Peskov said on Wednesday that Russia remained committed to its gas supply obligations, but was unable to fulfil them due to the sanctions, according to the Interfax news agency.
Gazprom said the latest shutdown was needed to perform maintenance on the pipeline’s only remaining compressor at the Portovaya station in Russia, saying the work would be carried out jointly with Siemens specialists.
Siemens Energy (ENR1n.DE), which has carried out maintenance work on compressors and turbines at the station in the past, said on Wednesday it was not involved in the maintenance but stood ready to advise Gazprom if needed. read more
Russia has also stopped supplying Bulgaria, Denmark, Finland, the Netherlands and Poland, and reduced flows via other pipelines since launching what Moscow calls its “special military operation” in Ukraine. read more
Gazprom said on Tuesday it would also suspend gas deliveries to its French contractor because of a payments dispute, which France’s energy minister called an excuse, but added that the country had anticipated the loss of supply. read more
German Economy Minister Robert Habeck, on a mission to replace Russian gas imports by mid-2024, earlier this month said Nord Stream 1 was “fully operational” and there were no technical issues as claimed by Moscow.
‘ELEMENT OF SURPRISE’
The reduced flows via Nord Stream have complicated efforts across Europe to save enough gas to make it through the winter months, when governments fear Russia may halt flows altogether.
“It is something of a miracle that gas filling levels in Germany have continued to rise nonetheless,” Commerzbank analysts wrote, noting the country has so far managed to buy enough at higher prices elsewhere.
In the meantime, some Europeans are voluntarily cutting their energy consumption, including limiting their use of electrical appliances and showering at work to save money while companies are bracing for possible rationing. read more
With storage tanks filled in 83.65%, Germany is already close to its 85% target set for Oct. 1, but it has warned reaching 95% by Nov. 1 would be a stretch unless companies and households slash consumption.
European Union as a whole reached 80.17% of its storage capacity, already ahead of the 80% target set for Oct. 1, when the continent’s heating season starts.
Analysts at Goldman Sachs said their base scenario was that the latest Nord Stream 1 outage would not be extended.
“If it did, there would be no more element of surprise and reduced revenues, while low flows and the occasional drop to zero have the potential to keep market volatility and political pressure on Europe higher,” they said.
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Reporting Nina Chestney and Christoph Steitz; Additional reporting by Matthias Inverardi, Bharat Govind Gautam and Eileen Soreng; Editing by Veronica Brown, Carmel Crimmins, Lincoln Feast and Tomasz Janowski
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Sanctions-hit Kremlin stages ‘Russian Davos’ bereft of elite, Putin speaks Friday
June 14 (Reuters) – Russia for years hosted world leaders and business titans at its annual economic forum in St Petersburg, but the “Russian Davos” will see little of the global financial elite this year with Moscow isolated by sanctions over its actions in Ukraine.
This week, to make up for the lack of major Western attendees, Russia is giving pride of place to smaller players or countries like China – the world’s second largest economy – that have not joined in sanctions.
“Foreign investors are not only from the United States and European Union,” Kremlin spokesperson Dmitry Peskov told reporters on Tuesday, pointing to the Middle East and Asia.
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President Vladimir Putin will give a major speech on Friday focusing on the international economic situation and Russia’s tasks in the near future, Interfax news agency cited Kremlin aide Yuri Ushakov as saying.
He will also meet media on the sidelines of the forum at about 8 p.m. Moscow time (1600 GMT) that day, he said.
The Kremlin launched the St Petersburg International Economic Forum (SPIEF) in 1997 to attract foreign investment, discuss economic policy and project an image it was open for business after the demise of Soviet rule.
Russia long compared SPIEF with the World Economic Forum, the annual blue-ribbon event for global VIPs held in the Swiss Alpine resort of Davos.
Now, with Western leaders shunning dealings with Russia, Putin will have no traditional meeting with political movers and shakers and corporate bigwigs from the United States and Europe.
There were no names of U.S. and European companies or their CEOs on the published schedule for the June 15-18 SPIEF – reflecting fears of punishment under the most sweeping sanctions regime ever imposed on a major power.
Even companies that have hung on in Russia despite the general exodus of Western investors were not listed.
Ushakov said high-level delegations from more than 40 nations were expected while 1,244 Russian and 265 foreign companies had confirmed they would be there.
In one exception to the absence of Western figures, the head of the American Chamber of Commerce in Russia along with French and Italian counterparts will speak at a session on Thursday called “Western Investors in Russia: New Reality.”
TOXIC RELATIONS
Russia’s relations with the West have turned toxic since it sent armoured forces into Ukraine on Feb. 24 in what it calls a “special military operation” to remove threats to its security. Ukraine and its Western backers call Russia’s actions an unprovoked invasion aimed at grabbing territory.
SPIEF will therefore look and feel very different.
Having once welcomed then- German chancellor Angela Merkel, ex-IMF chief Christine Lagarde, Goldman Sachs’ Lloyd Blankfein, Citi’s Vikram Pandit and ExxonMobil’s Rex Tillerson, Russia will give top billing this week to the presidents of allied states Kazakhstan and Armenia.
Egyptian President Abdel Fattah al-Sisi will address the meeting via video link, RIA news agency cited Ushakov as saying.
As foreign companies write down billions of their once promising Russian investments, domestic firms and banks are rushing to take over businesses left behind. read more
“Sanctions are for the long haul. Globalisation as it used to be has ended,” Andrey Kostin, CEO of sanctioned bank VTB, Russia’s second-largest, told RBC business daily.
‘NEW OPPORTUNITIES IN A NEW WORLD’
In past years, SPIEF’S sessions would focus on investment-oriented topics such as privatisation by Moscow and initial public offerings (IPOs).
This year, SPIEF’s official title is “New Opportunities in a New World”. Session topics include new possibilities for Russian economic growth, improving trade with the five non-Western BRICS powers and the future of Russia’s sanctioned financial sector.
Another session – “A new form of international cooperation: how will payments be made?” – touches on Russia’s ejection from the global SWIFT payment system and its move to circumvent the ban by demanding payments for gas exports in roubles. It will have speakers from allies Cuba and Venezuela as well as Turkey and Egypt, which have also eschewed sanctions.
There will be a session on “fake news” – a panel attended by state media, the General Prosecutor’s Office and the Foreign Ministry as Moscow pursues an information war with the West.
Other countries sending officials to attend or speak there via videolink include China, Belarus, Central African Republic, India, Iran, Nicaragua, Serbia and the United Arab Emirates.
Some participants asked their employers’ names not be printed on their personal badges, RBC reported, citing Rosgoncress, the state company organising the forum.
“Money loves silence now as never before,” said Denis Denisov, head of the Russian branch of international advisory firm EM.
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Reporting by Reuters
Editing by Mark Heinrich and Grant McCool
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