August 26th, 2009

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Net sales of Gazprom IFRS 1 quarter 2009 net of excise taxes and duties increased by 3% year on year, reaching 931 billion rubles

Wednesday, August 26th, 2009

Retail Chain Magnet released the results of 1 half-year 2009, which exceeded market expectations. The company's revenues in ruble terms, grew up period of more than 33%, the result in terms of dollars as a result of weakening the national currency has shown some decline. The magnet continues to increase gross margin by optimizing work with suppliers, as well as increasing the share of purchases through its own logistics. We commend the results of the magnet and believe that the significant increase in profitability may have a short-term support quotes the company's shares. Nevertheless, we estimate that shares Magneto already fairly valued market (EV /EBITDA in 2009 at 10.5) compared with Russia and foreign counterparts retailer (EV /EBITDA 2009 - about8,6) - analyst of investment company Finam Sergey Filchenkov.

Gazprom issued unaudited consolidated interim statements according to IFRS for the first quarter of 2009. Net sales excluding excise taxes and duties increased by 3% year on year, reaching 931 billion rubles. The volume of gas sales fell 24% to 140 billion cubic meters. m. The average price of gas sales rose 34% primarily due to growth in export prices. The results were better than Gazprom's expectations as to revenues and EBITDA, and net income. A serious negative effect was the loss of 255 billion rubles. By exchange rate differences, which, however, were slightly lower than in the 4 th quarter of 2008. In Total, Gazprom lost in profitability due to the gas dispute in January, falling demand for gas prices and increased imports of Asian gas , - analyst IK Finam Alexander Eremin.

Veropharm published its financial results up to 1 half-year 2009, which were generally in line with expectations. Ruble-denominated revenues increased by 11%, against a background of slower growth in costs has allowed the company to increase the number of gross margin. We commend the results of neutral Veropharm up to 1 half-year. According to our estimates, the company is currently undervalued by the market, but growth factors, the company's shares in the short term is limited. Estimated fair value of shares Veropharm, according to our calculations, is $ 41.3, more than 80 % higher than current market quotation of the company, - said in a daily Finam .

controlling shareholder of OAO Mosenergosbyt - OJSC RAO ES of the East - sent to the sales company requirement to convene an extraordinary shareholders' meeting. At the meeting agenda, in particular, will the issue of payment of dividends on the results of the first half of 2009. RAO East operates as the holding company for which dividend payments are an important source of income. In this regard, we believe that there is a high probability that the company will initiate the payment of dividends and other marketing companies, which, like Mosenergosbyt were transferred to the holding company for the separation and balance are peripheral to its core business , - predicts Denis Kruglov of Finam.

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Forex - in the European session

Wednesday, August 26th, 2009

index of the Frankfurt Stock Exchange Ksetra DAX (Xetra DAX) fell 20.38 points (-0.37%) and at the level of 5536.71. Index of the London Stock Exchange Futsi 100 (FTSE 100) fell 13.14 points (-0.27%) and at the level of 4903.66. Index of the Paris Stock Exchange, BTB 40 (CAC 40) dropped to 3.55 points (-0.10%) and at the level of 3677.06. The September futures on the index S & Pi 500 (SP 500) on Globex (Globex) dropped to 1.0 points and is 1025.1. Opening of the American stock indexes are now expected to bottom.

After lifting to a mark 1.4347 euro /dollar adjusted to 1.4253. Support for the euro provided the data in Germany, showing an increase in business activity in the country. However, due to low activity in the forex market trend has not received development, and investors began to close their long positions on the euro.

index of business activity of the German institute IFO (Business climate index) in West Germany in August amounted to 90.5 (the forecast was 89.0, the previous value of 87.3). Click to continue »

Ukrprombank interested Swedes, Americans and Russians

Wednesday, August 26th, 2009

interest in participating in the capital Ukrprombank (Kiev) have shown the U.S., Russia and the Swedish company. This was reported on the official site of the National Bank of Ukraine.

In the period from June to August in the name of a temporary administrator has received written proposals from the desire to participate in the equity of Ukrprombank from the U.S., Russia and the Swedish companies. At present, these companies hold meetings and exploratory talks on the substance of the matter - reads.

In addition, the National Bank notes that the July 20 National Bank of Ukraine has sent an updated proposal for the government recapitalization Ukrprombank budgetary funds.

Also, according to the document, the NBU Board on July 21 appealed to the Cabinet of Ministers on granting permission Oschadbank commit Ukrprombank to individuals.

The report states that on August 21 regulatory capital Ukrprombank had a negative value at the level of 8,993 billion UAH., while the bank's assets amounted to 14.804 billion UAH. (excluding reserves). However, his commitment to the physical persons (without accrued interest) amounted to 6.795 billion UAH.,Including deposits, which are compensable through underwriting - 5,684 billion UAH.

According to the NBU, by early August bank customers were more than 388 thousand Ukrainians.

To date, a decision on the capitalization of the Company Ukrprombank with the participation of the state is not accepted. The decision regarding the transfer of liabilities Ltd. Ukrprombank to natural persons has been made, - underlined in the message.

As UNIAN reported earlier, from January 20, 2009 in Ukrprombank introduced a temporary administration of NBU with the introduction of a moratorium on satisfaction of creditors' claims for six months - the maximum possible time under the effect at the time the legislation. Click to continue »

Former head of the NBU Tigipko considers inconsistent policy of NBU on the interbank market

Wednesday, August 26th, 2009

former head of the National Bank Sergei Tigipko considers inconsistent current policy of NBU on the interbank market.

This is stated in the press service Tigipko.

inconsistent policies of the National Bank leads to the multiplication of negative outlook in the society and economy ... Only after a course in the interbank market went up to 8.5 hryvnia to the dollar, National Bank came to his senses and decided to go with the intervention in currency markets. What's next ? I do not watch the successive action of the regulator to ensure that calm the population and bring down excessive demand for foreign currency , - said the report.

Tigipko said that by selling the currency on August 25 in the interbank spot market to meet the needs of 8,0 UAH /USD, the National Bank has established a maximum of 2% ing rejection rate of the currency by banks selling people on the course of its purchase of banks in the NBU. Click to continue »

Dollar exchange rate is saved without changes - day review of cash markets

Wednesday, August 26th, 2009

26.08.09 condition at 14:00 the Kiev most banks and exchange offices (CEMs) have kept the course of sale and purchase 1 USD at the level of yesterday. Buying rate was 8.4000 UAH, sales - 8.5000 UAH.

Offers

Banks and Brokers to purchase 1 USD fluctuate within 8.3000 - 8.4700 UAH.

best offer to buy 1 USD at this time set in the following Banks and Brokers:
8.4700 UAH - Artem-Bank;; BG Bank;; Pivdencombank KO;;
8.4601 UAH - Union-Garant;;

Offers

Banks and Brokers to sell 1 USD fluctuate within 8.4800 - 8.5800 UAH.

best offer on the sale of 1 USD at this time set in the following Banks and Brokers:
8.4800 UAH - EUROGASBANK;; IMEXBANK KB;; CREDIT Dnepr KB;; Ukrsotsbank;; Unexbank;; Arsenal;; Artada;; EURO;; Nick;; SDUSHOR-Kiev;;
8.4900 UAH - PRIME BANK;;

;

Today, most Banks and Brokers kept buying and selling rate of 1 EUR to the level of yesterday. Buying rate was 12.0000 UAH, sales - 12.2000 UAH.

Offers

Banks and Brokers to buy 1 EUR ranging 11.6000 - 12.1005 UAH.

best offer to buy 1 EUR at this time set in the following Banks and Brokers:
12.1005 UAH - Inter;;
12.1000 UAH - Artem-Bank;; Poltava-Bank KB ;; Pivdencombank KO;; Nick;;

Offers

Banks and Brokers to sell 1 EUR ranging 12.1500 - 12.3000 UAH. Click to continue »

Tigipko: Banks will be able to circumvent exchange restrictions by the NBU administration dopkomissy

Wednesday, August 26th, 2009

Banks will be able to circumvent restrictions on exchange of the National Bank of Ukraine (NBU) by imposing fees on foreign exchange operations, believes the former National Bank head Sergei Tigipko.

Proposed National Bank exchange rate corridor in the 2% will not reduce the value of the currency in the cash market. Banks have already learned how to make money on the currency of the introduction of various commissions, formally respecting the boundaries of the established corridor - the press service of the financier, on Wednesday.

As reported, the National Bank decided on 25 and 27 August to hold special intervention to support the hryvnia exchange rate on the cash market, setting the maximum deviation rate resale banks currency regulator at 2%. NBU August 25 banks sold dollars at the rate of 8,00 grn /$, which makes it possible to theresale of the population at the rate of 8,16 grn /$. Click to continue »

The Bank has found its share in the tube

Wednesday, August 26th, 2009

owners of Ukraine's biggest producer of seamless stainless steel pipes Centravis - Atanasoff family - decided to sell its stake in the company of the European Bank for Reconstruction and Development (EBRD). In exchange for an investment of 10 million euros and a credit of 48 million euro EBRD can get about 20% of the shares Centravis.

Entry

EBRD capital Centravis reduce its credit risk, experts say.

Bank may provide funding holding Centravis, said in yesterday's announcement. The Bank is prepared to invest up to 10 million euros in equity capital and grant loans in the amount of 48 million euros, of which 33 million euros will be syndicated to two banking groups.

This issue will be discussed at the meeting of the Board of Directors of the Bank, scheduled for September 22, - has specified a leading advisor to the EBRD Anton Usov. In Centravis fundraising EBRD explained the desire to replace short-term loans to long-term investment financing.

Centravis Holding was created in 2007 based on production capacity and network of trading companies UVIS. Owns the largest Ukrainian producer of seamless stainless steel pipes - Centravis Production Ukraine (former Nikopol Stainless Tube Mill). In 2008 produced 16.58 thousand tons of pipes, the proceeds - $ 257 million on an equal footing Centravis control Vasil Atanasov and his sons, Sergei and Yuri.
Bank may obtain ownership of about 20% of the shares Centravis, calculated at ING Bank Ukraine. Click to continue »

NBU: The interest to participate in the capital showed Ukrprombank U.S., Russia and the Swedish company

Wednesday, August 26th, 2009

interest in participating in the capital of troubled Ukrprombank (Kiev) have shown the U.S., Russia and the Swedish company, said the National Bank of Ukraine (NBU) at the official Web site.

In the period from June to August in the name of a temporary administrator has received written proposals from the desire to participate in the equity of Ukrprombank from the U.S., Russia and the Swedish companies. At present, these companies hold meetings and exploratory talks on the substance of the matter - reads.

National Bank also notes that the July 20 National Bank of Ukraine has sent an updated proposal for the government recapitalization Ukrprombank budgetary funds.

The amount that is needed to ensure compliance with bank regulatory capital adequacy at 10%, as well as the obligations LLC Ukrprombank to creditors amounted to 8.9 billion UAH, - the report indicates.

At the same time, according to the document, the NBU Board on July 21 appealed to the Cabinet of Ministers on granting permission Oschadbank (Kiev) a commitment Ukrprombank to individuals: NBU, Ukrprombank and Oschadbank conducted preparatory work for the transfer of such commitments. Click to continue »

On Russia's market struggles excessive optimism and local overbought, the first factor while winning

Wednesday, August 26th, 2009

Russia's stock market on Tuesday behaved quite volatile and finished the day in different directions. The opening yesterday was pessimistic due to external negative, but within a day major indexes managed to get in plus, but is the ending auction was marred by the collapse of oil futures. At the end of the day the MICEX index was 1115.85 points (-0.42%), RTS index - 11003.02 points (0.82%). Futures on the RTS index to closing the session down to the underlying asset by only 5 points.

Western area on Tuesday shut down the growth against the backdrop of positive statistics from the ocean. Thus, the index of consumer confidence in the U.S. economy grew in August for the first time in three months and reached 54.1 points while the expected rise to 47.9 points. Simultaneously, the price index for home SP /Case-Shiller Composite-20 in June fell by 15.44% in forecasting a decrease of 16.3% in annual terms (in May, the index decreased by 17.1%). As a consequence, the European share indexes on Tuesday continued growth of the sixth consecutive day, an increase of 0.4-0.8%. American SP and Dow have worked a little more modest - 0.2% and 0.3% respectively.

price October futures for Brent last night by nearly $ 3, down the corridor $ 71-72 per barrel, where it is in the morning. The reason was an increase in the API report stocks of raw materials in the United States at 4.35 million barrels during the week of 15-21 August. This morning the Asian sites positive dynamics prevails, futures for U.S. indices are also in a slight increase. Against this backdrop, the opening of trading on domestic exchanges will be close to neutral, but continued to predict the dynamics is problematic. Now on the market struggles excessive optimism and local overbought, with the first factor is still winning. It is difficult to say how long this will last, but the date still does not look good for the correction. On Wednesday the U.S. will be released statistics on orders for durable goods and sales data on new buildings. And if the first figure may well be negative, then that's the American housing market in recent spoils investors and is likely to once again support the stock indices.

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Kommersant: Direct bid

Wednesday, August 26th, 2009

NAK Naftogaz Ukraine can resume the purchase of gas from Turkmenistan in the amount of 15 billion cubic meters a year, said yesterday the ambassador of Ukraine to Turkmenistan Viktor Maiko. In the Fuel and Energy Ministry argues that the Turkmen gas as an alternative to Russia, which will reduce its price by 10-15%. Experts believe that the true cause of the resumption of negotiations with Turkmenistan is striving to get concessions in the purchase of fuel in 2010 from Gazprom.

On the resumption of direct negotiations on gas supplies from Turkmenistan in the volume to 15 billion cubic meters a year in an interview with Reuters said Ukrainian Ambassador in this country Viktor Maiko. According to him, the main round of negotiations held in mid-September during a visit to Turkmenistan President Viktor Yushchenko.

Maiko considers reducing purchases of gas by Ukraine temporary phenomenon and noted that additional gas will be needed after the revival of industry. The main consumers of energy - metallurgical and chemical industry of Ukraine - had already raised, - he said, adding that Ukraine hopes to receive gas at one of the branches of the gas pipeline Nabucco.

Until the end of 2005, Ukraine directly buys Turkmen gas in the volume of more than 50 billion cubic meters a year. Since 2006, re-started to implement Russia's Gazprom. But in April this year after an explosion on the pipeline Central Asia-Center relations between Turkmenistan and Russia complicated. Ashgabat accused in the crash, Gazprom, which is due to falling demand before the incident, demanded from Turkmenistan to reduce the volume of sales.

In

Naftogaz statement Mr. Majko not comment. However, a source in the Fuel and Energy Ministry said that, having received as an alternative to Turkmen gas, Ukraine counts on Russia's decline in prices of fuel. Early next year, Russia will sell gas to us at higher prices (Gazprom announced that the price for Ukraine is 20% below the average), and the desire of Turkmenistan to sell fuel directly to make Gazprom more accommodating, - convinced the man. In his view, it could be a minimum of 10 to 15 per cent decrease. Gazprom with this position do not agree. We have a formula specified in the agreement, which is valid until 2019. Click to continue »