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☆ Russia's oil and gas revenue reportedly tanked in February as price caps and sanctions ate into export earnings
▼ + stars: | 2023-03-03 | by ( Zinya Salfiti | ) www.businessinsider.com time to read: +2 min

Russia's revenue from oil and gas exports almost halved in February of this year, Bloomberg reported. Price caps and sanctions imposed by Western countries have eroded Moscow's energy earnings. The tax revenue Russia collects from selling oil and gas sank 46% in February from a year earlier. Two-thirds of the country's energy tax revenue in February came from sales of Russia's crude oil and petroleum products, which plunged by 48% to $4.78 billion, per Bloomberg estimates. It's a sign Western sanctions are having their intended impact on Russia's economy.

☆ Factbox: The countries in the grip of debt crises
▼ + stars: | 2023-02-24 | by ( ) www.reuters.com time to read: +8 min

LONDON, Feb 24 (Reuters) - Meetings being held in India will see top officials from the Group of 20 leading economies discuss how to help the growing number of countries now in the grip of debt crises. Below is a list of countries that have either defaulted on their international debt or are seen at risk of doing so. Prime Minister Denys Shmyhal said this week Kyiv is hoping to clinch a $15 billion, multi-year International Monetary Fund programme. But progress with Zambia's $13 billion debt rework has been glacial. EGYPTEgypt has experienced a double whammy from COVID-19 and soaring food and energy prices, and has struggled in recent years to contain its rising debt and debt servicing burden.

☆ China lends Pakistan further $700 mln to shore up FX reserves
▼ + stars: | 2023-02-22 | by ( Asif Shahzad | ) www.reuters.com time to read: +3 min

"This amount is expected to be received this week by State Bank of Pakistan which will shore up its forex reserves," Finance Minister Ishaq Dar said on Twitter. A finance ministry official said the loan was in addition to other facilities that China has already extended to Pakistan. China Development Bank did not respond to a faxed request for comment. Addressing his cabinet, he said the government was focusing on austerity as a top priority. China is already Pakistan's single largest creditor with its commercial banks holding about 30% of its external debt.

☆ Pakistan finance secretary sees IMF staff level talks wrapping up this week
▼ + stars: | 2023-02-21 | by ( Asif Shahzad | ) www.reuters.com time to read: +3 min

[1/2] Men reach out to buy subsidised flour sacks from a truck in Karachi, Pakistan January 10, 2023. We expect to conclude the consultations soon, even within the week," Hamed Yaqoob Sheikh, the top official in the finance ministry, told Reuters. The staff level agreement would need approval from the IMF's board before the funds can be released. Pakistan has taken steps, such as raising more than 170 billion Pakistani rupees ($648 million) through a supplementary finance bill passed by the parliament on Monday. The IMF funds are critical for the $350 billion South Asian economy, which is facing a severe balance of payments crisis.

☆ UK's shortest-serving PM Liz Truss blames economic 'orthodoxy' for downfall
▼ + stars: | 2023-02-05 | by ( ) www.reuters.com time to read: +3 min

LONDON, Feb 5 (Reuters) - Former British prime minister Liz Truss blamed on Sunday the economic "orthodoxy" in the country's finance ministry, other nations and in parts of the governing Conservative Party for derailing her premiership and "plan for growth". But she was not successful, she wrote, because she had underestimated "the blob of vested interests" and orthodoxy. "As I had spelled out during the leadership campaign, I wanted to go for growth ... But this was not in line with the instinctive views of the Treasury (finance ministry) or the wider orthodox economic ecosystem." Grant Shapps, business minister, said everyone wanted lower taxes but Prime Minister Rishi Sunak's government had to focus on reducing debt, bringing down inflation and boosting growth first.

☆ Pakistan, IMF open talks to unlock crucial funding - ministry
▼ + stars: | 2023-01-31 | by ( Asif Shahzad | ) www.reuters.com time to read: +1 min

ISLAMABAD, Jan 31 (Reuters) - Cash-strapped Pakistan on Tuesday began the much-waited talks with the International Monetary Fund (IMF) to unlock stalled funding, the country's finance ministry said. Pakistan secured a $6 billion IMF bailout in 2019, which was topped up with another $1 billion last year. Unlocking the funding is crucial for the South Asian economy as its foreign exchange reserves have dropped to cover just three weeks of imports. The IMF delegation is led by mission chief Nathan Porte, while Pakistan's Finance Minister Ishaq Dar led his team. It said the teams discussed and reviewed the economic and fiscal policies and reforms agenda to accomplish the ninth review.

☆ Sweden faces recession lasting into 2024, finance minister says
▼ + stars: | 2022-12-22 | by ( ) www.reuters.com time to read: +1 min

"I said in October that Sweden was heading towards an economic winter and what we see now is that the winter looks to be more protracted than we thought," Finance Minister Elisabeth Svantesson told a news conference. The economy is now seen growing by just 1% in 2024, down from 2% seen previously, before recovering to growth of 2.7% in 2025, the ministry predicted. Swedish households have become increasingly gloomy in recent months, hit by rampant inflation, rising mortgage costs and record-high electricity prices. November CPIF, the inflation target measure for the Riksbank, was 9.5% in November, way above the 2% target. Reporting by Stine Jacobsen and Simon Johnson, editing by Terje Solsvik and Tomasz JanowskiOur Standards: The Thomson Reuters Trust Principles.

☆ Russia's Urals oil averaged $57.49/bbl in past month, below price cap
▼ + stars: | 2022-12-16 | by ( ) www.reuters.com time to read: +3 min

The Urals price was sharply lower than $80 per barrel for the international Brent benchmark . According to Reuters data, the Urals price for delivery from the Black Sea port of Novorossiisk on a FOB basis is currently $48.69 per barrel. Market sources said Urals crude has been sold at deeper discounts this month following a European ban on Russian oil imports, and dominant buyer India has bought barrels at well below the West's $60 price cap. Since Russia sent its troops into Ukraine in February, India has become the main outlet for seaborne cargoes of Urals crude. The spread, or difference, between Urals and dated Brent - the price of physical, light North Sea crude oil, - has risen sharply from early February, when it stood at around minus $1.

☆ Billionaire investor Bill Ackman is shorting the Hong Kong dollar in a bet it'll lose its peg to the greenback
▼ + stars: | 2022-11-24 | by ( George Glover | ) www.businessinsider.com time to read: +2 min

Bill Ackman said on Wednesday that he's betting against the Hong Kong dollar. "The peg no longer makes sense for Hong Kong and it is only a matter of time before it breaks." "We have a large notional short position against the Hong Kong dollar through the ownership of put options," the billionaire investor tweeted on Wednesday. "The peg no longer makes sense for Hong Kong and it is only a matter of time before it breaks." "If you bet against the Hong Kong dollar, you are bound to lose," Paul Chan told an investment summit earlier this month.

The G7, including the United States, as well as the whole of the European Union and Australia, are planning to implement the price cap on sea-borne exports of Russian oil on Dec. 5. India has emerged as the second-largest single buyer after China of Russian oil since the conflict began in February. Indian refiners have taken the place of refiners in countries that have imposed sanctions on Russian crude imports, or have steered clear of Russian crude to avoid negative publicity. That means even the delivered cargoes are about the same level as the price cap. The U.S. Treasury guidance does not allow buyers in countries that have imposed sanctions on Russian crude imports, such as in the United States and the European Union, to buy Russian oil even under the price cap.

☆ Former House Speaker Paul Ryan says there's no one 'better suited' to lead House Republicans than Kevin McCarthy: 'He's been good for conservatives'
▼ + stars: | 2022-11-21 | by ( John L. Dorman | ) www.businessinsider.com time to read: +4 min

Paul Ryan said there was no one "better suited" to lead House Republicans than Kevin McCarthy. McCarthy is trying to lock up votes to lead the House, which will have a slim GOP majority in 2023. Ryan also told Karl that he believed McCarthy would get at least 218 votes on the floor, and expressed confidence in the lawmaker's abilities to lead Republicans. "There isn't anybody better suited to running this conference than Kevin McCarthy. He's been good for conservatives, frankly, but he's also a person who really understands how to manage a conference."

☆ Brits face sharpest fall in living standards on record as government tightens its belt
▼ + stars: | 2022-11-18 | by ( Elliot Smith | ) www.cnbc.com time to read: +2 min

LONDON — As the U.K. government announces a £55 billion ($65.5 billion) program of tax hikes and spending cuts, the country faces its sharpest fall in living standards since records began. The cumulative decline of 7.1% between 2021-22 and 2023-24 would reduce RHDI to its lowest point since 2013-14, erasing eight years of growth. Average household income per head is only expected to recover its 2018-19 level in 2027-28. Unemployment is also expected to rise by 505,000 from 3.5% to peak at 4.9% in the third quarter of 2024. The OBR projected that real wages will fall by 1.8% in 2022 and 2.2% in 2023 before recovering to grow by an average of 1.3% per year thereafter.

☆ Sri Lanka announces budget aimed at clinching IMF deal, sees recovery by end-2023
▼ + stars: | 2022-11-14 | by ( Uditha Jayasinghe | ) www.reuters.com time to read: +1 min

COLOMBO, Nov 14 (Reuters) - The crisis-hit Sri Lankan economy can turnaround by end of 2023 if budget policies, which are not limited to the International Monetary Fund's recommendations, are followed, President Ranil Wickremesinghe said in the budget speech on Monday. IMF recommendations have only been looked at to stabilise the economy, Wickremesinghe, who is also the country's finance minister, told parliament, delivering the first annual budget since he took office in July. The budget is likely to include specific measures aimed at reducing the government's deficit and persuading the International Monetary Fund to provide a desperately needed bailout package. Wickremesinghe said the government plans to reduce debt to less than 100% of GDP over the medium term and achieving economic growth of 7%. Reporting by Uditha Jayasinghe; Writing by Swati Bhat; Editing by Simon Cameron-MooreOur Standards: The Thomson Reuters Trust Principles.

Creditors and investors are closely monitoring how China, the world's largest bilateral lender, is managing debt negotiations around the world. The policy bank has extended to Zambia more than half of Chinese loans while a $982 million loan was made jointly with the Industrial Commercial Bank of China (ICBC). Including commercial lending, Zambia government data showed it owed more than a third of its $17.27 billion external debt to Chinese lenders by end-2021. Reuters GraphicsThe bank also leads China's team in Ethiopia's bilateral debt talks, its state finance minister told Reuters last month. In 2018, EximBank agreed to extend repayment on a loan worth at least $2.5 billion for a railway between Addis Ababa and Djibouti by 20 years.

☆ Suspension of oil exploration in Colombia would be high risk -fiscal paneld
▼ + stars: | 2022-10-31 | by ( ) www.reuters.com time to read: +2 min

BOGOTA, Oct 31 (Reuters) - Income derived from hydrocarbon exploration and production in Colombia is key to the country's financial stability and its trade balance, its fiscal rule committee said on Monday, and suspension of exploration would put fiscal sustainability at risk. Hydrocarbons represent nearly 40% of exports, 20% of foreign direct investment and between 10% and 20% of the national government's income, the Autonomous Fiscal Rule Committee (CARF), which oversees public finances, said in a statement. "Certainty about future income is indispensable to maintain financing sources and an adequate level of risk," it said. The high level of public debt is a fiscal risk and high interest rates, increased risk premiums and a deep depreciation of the peso currency will mean higher interest rates on the country's debt, CARF said. For that reason it is important that planning for the resources which come from the tax reform is done in concurrence with the fiscal rule and its objective to reduce net debt."

☆ Mexico's Q3 economic activity points to 2.4% annual growth -finance ministry
▼ + stars: | 2022-10-28 | by ( ) www.reuters.com time to read: +2 min

REUTERS/Edgard GarridoMEXICO CITY, Oct 28 (Reuters) - Mexico's economic activity indicators in the third quarter point to economic growth in line with forecasts of 2.4% annual growth in 2022, the country's finance ministry said on Friday. The ministry said dynamic economic activity and a strong labor market led to "positive results" in tax collection, putting it on track to meet year-end estimates. It also said economic activity was propelled by gross fixed investment, especially in national machinery and equipment and residential construction. Refinancing strategies have managed to refinance an accumulated $78 billion, or 14% of Mexico's total debt, according to the ministry. Mexico's financial system also remained "well capitalized" and its credit market continued to show signs of recovery, the ministry said.

LONDON, Oct 27 (Reuters) - Germany, considered Europe's most reliable debtor, is having trouble selling its bonds, just as it seeks billions to tackle the energy crisis. Hit hard by its over-reliance on Russian energy, Germany intends to borrow particularly large amounts in the coming years, with Parliament last week voting to suspend the constitutional debt brake that limits new borrowing. France's finance agency, in contrast, issued 10 billion euros of medium term bonds on Oct. 20 into strong demand. VOLATILITY HURTS AUCTIONSThe uncertainty around borrowing and QT has increased volatility in euro zone bond markets, already rocked by the knock-on effects from Britain's now-scrapped plans for large unfunded tax cuts. Volatility is deterring the banks that act as dealers for German bonds from bidding in debt auctions, Tammo Diemer, head of the country's finance agency, said at an event on Tuesday.

LONDON, Oct 27 (Reuters) - Having hiked mortgage rates after political turmoil drove up the cost of borrowing, British banks are now cutting home loan prices, albeit slowly, as markets calm since Liz Truss's government collapsed and Rishi Sunak took power. But as markets have stabilised and borrowing costs have fallen, the trickle of mortgage rate cuts has lagged behind. By contrast, average rates on two-year and five-year fixed-rate mortgages have fallen just 0.16 percentage points, Moneyfacts data shows. Reuters GraphicsFIXED RATESMortgage brokers say fixed-rate mortgage rates typically lag changes in swap rates, a trend which could be exacerbated this time as lenders focus on reintroducing products. Five-year mortgage rates have followed a similar pattern, Moneyfacts data shows.

☆ Turkey received $28 billion from unclear origins in the first 8 months of the year, per the FT. The country's finance minister says some of it was legitimate cash from holidaying Russians.
▼ + stars: | 2022-10-25 | by ( Huileng Tan | ) www.businessinsider.com time to read: +2 min

From January to August, a record $28 billion from unclear origins trickled into Turkey, the FT said. Turkey's finance minister believes that unaccounted-for tourism revenues were a key part of such inflows. However, the inflows are all legitimate and legal, Nureddin Nebati, the Turkish finance minister said. Turkey's finance minister, however, has played down these concerns. Nebati told the FT Turkey and Russia's relationship are just "good neighbourly relations."

"Policy stability is absolutely critical," Miles Celic, chief executive of finance lobby group TheCityUK told Reuters. Finance chiefs want Sunak to balance spending on infrastructure with easing immigration policy for skilled workers and investing in education, Celic added. Sunak confirmed on Tuesday that he was keeping Hunt as his finance minister, after he was appointed late in Truss' brief premiership to shore up confidence in Britain's finances - and tear up much of her planned tax-cutting agenda. Britain's 164 billion pound ($185 billion) financial industry was largely locked out of directly serving EU customers after Brexit. Any moves to extract more tax from banks are likely to be met with industry opposition.

☆ BOJ, BoJo, Beijing and bond bounce
▼ + stars: | 2022-10-24 | by ( ) www.reuters.com time to read: +5 min

A surge in Japan's ailing yen from 32-year lows later on Friday, amid reports of out-of-hours Bank of Japan intervention in New York, saw a peak-to-trough drop in dollar/yen of almost 4%. There were wild swings again on Monday amid suspicion of further BoJ sales, even though officials refused to confirm the action. A weekend of political twists from Beijing to London only added to edgy market on Monday. China leadership China's Xi Jinping secured a precedent-breaking third leadership term on Sunday and introduced a top governing body stacked with loyalists. Hong Kong's Hang Seng index (.HSI) has now underperformed MSCI's broadest global stock index by almost 50% over two years.

☆ Abu Dhabi outperforms Gulf markets, IHC at record peak
▼ + stars: | 2022-10-18 | by ( Ateeq Shariff | ) www.reuters.com time to read: +2 min

Oct 18 (Reuters) - Abu Dhabi's stock market outperformed the Gulf region on Tuesday, buoyed by a surge in conglomerate International Holding Co (IHC) (<IHC.AD>), while the Egyptian index extended gains for a third session. The Abu Dhabi index (<.FTFADGI>) leapt 3%, its biggest intraday gain since May 2021, bolstered by a 8.3% jump in IHC. IHC, Abu Dhabi's most valuable listed company, is also seeking shareholder approval to increase the share capital to 2.19 billion dirhams ($596.26 million) from 1.82 billion dirhams. The Qatari index (<.QSI>) added 0.7%, led by a 1.8% gain in the Gulf's biggest lender Qatar National Bank (<QNBK.QA>). Outside the Gulf, Egypt's blue-chip index (<.EGX30>) was up 0.2%, extending gains for a third session.

☆ Egypt nears staff-level agreement with IMF on terms of its programme
▼ + stars: | 2022-10-16 | by ( ) www.reuters.com time to read: +2 min

The International Monetary Fund (IMF) headquarters building is seen in Washington, U.S., April 8, 2019. REUTERS/Yuri Gripas/File PhotoOct 16 (Reuters) - Egypt has finalised a staff-level agreement with the international monetary fund (IMF) on the components of its programme, and will issue an announcement "very soon," the country's finance minister said on Sunday. In its own parallel statement on Saturday, the IMF said it had agreed with Egyptian authorities to finalise work to reach a staff-level agreement "very soon." The policies discussed, according to the IMF statement, included monetary and exchange rate policies that "would enable Egypt to gradually and sustainably rebuild foreign reserves," public debt reduction, social safety net expansion, and increasing competitiveness in the economy. Register now for FREE unlimited access to Reuters.com RegisterReporting by Moataz Mohamed; writing by Nafisa Eltahir; Editing by Louise HeavensOur Standards: The Thomson Reuters Trust Principles.

☆ Shell investigates in Nigeria after report of nine-year oil theft
▼ + stars: | 2022-10-12 | by ( Patrick Werr | ) www.reuters.com time to read: +1 min

LAGOS, Oct 12 (Reuters) - Oil major Shell's (SHEL.L) Nigerian subsidiary is investigating reports that an illegal oil tap ran for nine years on a pipeline it operates, a spokesperson said on Wednesday. An NNPC spokesman said on Sunday the theft point extended from the Trans Escravos pipeline and that the Afremo platform, operated by the Shell Petroleum Development Company of Nigeria (SPDC), was the suspected exit point of the stolen crude. or any unauthorised use of the equipment on it," an SPDC spokesperson said in an email. Large-scale theft from Nigeria's pipelines has throttled exports, forced some companies to shut in production and crippled the country's finances. Register now for FREE unlimited access to Reuters.com RegisterReporting By Libby George; editing by Barbara LewisOur Standards: The Thomson Reuters Trust Principles.

REUTERS/Dado Ruvic/IllustrationLONDON, Sept 28 (Reuters) - Borrowing costs for UK firms are soaring, with sterling corporate bond prices headed for their biggest monthly fall since the 1990s as fallout from the British government's "mini-Budget" grows. That, according to Vanguard credit portfolio manager Sarang Kulkarni, in turn helped ease conditions slightly in the investment grade bond market. Yields and bond prices move inversely. The sterling corporate bond market, much smaller and less liquid than the equivalent euro or U.S. dollar markets, is driven largely by moves in UK gilts, which have slid in value in recent days. He said that liquidity in the corporate sterling market - not great at the best of times - was looking "almost non-existent" right now.

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