AFP Moscow, Russia ● Tue, June 28, 2022 2022-06-28 11:00 0 53ea05b5fe2e13733519dbf4e33269a4 2 Economy Russia,economy,debt,default,sanction,Ukraine-war,Vladimir-Putin Free Russia said Monday that two of its debt payments were blocked from reaching creditors, pushing the country closer to its first foreign default in a century due to sanctions over the Ukraine offensive. The announcement came on the 124th day of Russia's military intervention in Ukraine, with Western sanctions so far failing to force the Kremlin to change its course. The Western economic penalties have largely severed the country from the international financial system, making it difficult for Moscow to service its debt. The Russian authorities insist they have the funds to honour the country's debt, calling the predicament a "farce" and accusing the West of seeking to drive Moscow into a default artificially. "There are no grounds to call this situation a default," Kremlin … [Read more...] about Russia fails to pay debt but denies default
Dear Reader, The Panorama newsletter is sent to Moneycontrol Pro subscribers on market days. It offers easy access to stories published on Moneycontrol Pro and gives a little extra by setting out a context or an event or trend that investors should keep track of. Volatility, uncertainty, and unpredictability have been go-to words for writers and analysts tasked with writing about markets in the past few years. That’s not changed despite the market taking a bearish turn. Just a while ago, it seemed like the mother of all bloodbaths was just around the corner. No, what you saw was a mere prelude, they said. But the markets are on a different trip now. At 12.45 pm, the Sensex was up 1.2 percent above Friday’s close and 4 percent above its recent low made in mid-June. What is this, a bear market rally and how many dead cats will bounce before none are left? Can somebody call the bottom already? Close This time, the white flag waved by the bears has the “we … [Read more...] about Moneycontrol Pro Panorama | Can somebody call the bottom already?
- A + A (June 27): Russia defaulted on its external sovereign bonds for the first time in a century, the culmination of ever-tougher Western sanctions that shut down payment routes to overseas creditors. For months, Russia had found paths around the penalties imposed after the Kremlin’s invasion of Ukraine. But at the end of the day on Sunday, the grace period on about US$100 million of trapped interest payments due May 27 expired, a deadline considered an “Event of Default” if missed. The route to this point has been far from normal, as Russia has the resources to pay its bills — and tried to do so — but was blocked by the sanctions. Those restrictions also mean there’s huge uncertainty about what comes next, and about how investors can go about getting their money. “With Russia benefiting from the high price of its energy exports, it clearly has both the means and the desire to pay its foreign debt,” said Giles Coghlan, chief analyst at HYCM Group. It’s a … [Read more...] about Russia slips into historic default as sanctions muddy next steps
Share to Twitter Share to Linkedin This week’s Current Climate , which every Saturday brings you the latest news about the business of sustainability. Sign up to get it in your inbox every week. O n Thursday , the Biden Administration announced a partnership with 11 state governments to accelerate construction of offshore wind energy projects along the east coast. This move is a component of the Administrations long-term goal to have 30 gigawatts from offshore wind by the end of the decade. That’s enough to cut 78 million metric tons of carbon emissions and to power 10 million homes (or about 24 trips on Doc Brown’s time machine). As part of the move, the Department of Energy along with the governments of Maryland and New York will provide funding to secure supply chains for the project. “Ten million homes with offshore wind. Ports turned back into economic engines, being in a position where foundries and factories are up and running — … [Read more...] about More Offshore Wind, Tesla’s ‘Money Furnaces’ And Green Hydrogen In Coal Country