A US default could be declared in June-September, but if revenues are lower than forecast, it could happen earlier, Congress warned. The US Treasury pointed to irreparable harm to the economy in such a scenario and puts pressure on Congress. @banksta
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The Ministry of Internal Affairs, together with the FSB and the Russian Guard, conducted more than 50 searches in Ingushetia in the case of embezzlement of money from the Pension Fund of Russia, 11 suspects were detained. More than 50 searches were carried out at the addresses of residence and places of work of ex-officials suspected of embezzling funds from the Pension Fund. @banksta
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Apple’s move from China to India is painful. The low productivity relative to China is affected by the difference in mentalities: Chinese suppliers solved in one day the tasks for which they had planned for several weeks. In India, people “just don’t have a sense of urgency,” says another former Apple engineer. And to get comfortable with the Indian bureaucracy, Apple management will have to master the “art of jugaad” – the ability to be inventive in adverse conditions. @banksta
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Former employee in China stole data from chip maker ASML. He stole information “related to patented technologies”. ASML has notified the Dutch and US authorities of the “unauthorized appropriation of data”. The company was forced to inform the US authorities because it fears that the data theft could lead to a violation of “certain export control regulations.” @banksta
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In December 2022, the Russian Federation sharply reduced the volume of its investments in US government securities to $629 million from about $2.1 billion in November, the US Treasury reported. @banksta
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Oil production in Russia in the first half of February continues to grow and increased by 1% compared to the average level in January due to strong demand for Urals thanks to significant discounts to Brent, despite the authorities’ plans to reduce production in March. @banksta
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Nabiullina suggested thinking about the forced blocking of customer transfers by banks in favor of known fraudsters. According to her, there has not yet been a turning point in the fight against fraudsters in Russia. @banksta
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⭐️Moscow or ????Dubai? Some sober text! ????Having $400-420 thousand / ~₽32 million, you can buy 67.5 m2 in the Ostrov residential complex under construction (this is not an advertisement, just an example), or a one-bedroom apartment of 65 m2 in the Peninsula Five project under construction in the Business area Bay in Dubai is also not an advertisement, but an example). ????The whole question is what happens next with this investment. Consultants from a Dubai-based company with Russian roots MCG conducted an analysis of data from the Dubai Land Department (DLD, an analogue of our Rosreestr) on transactions in Dubai from 2014 to 2022 and found that 80% of new buildings in the emirate are declining in price in the years following the start of sales. ????In Moscow, of course, there is now a parade of discounts and discounts, but nevertheless, neither BNmar.pro nor Dataflat recorded anything like this for the same measurement period. ????By the way, it is interesting that the founder of MCG, S. Golubtsov, encountered the oddities of the Dubai market from the first day of his stay there. Quote: “My first real estate investment in Dubai was unsuccessful: I was promised that by investing 10% of the cost, I would have time to resell the property before the second installment payment. As a result, I almost lost the entire amount of the investment, but managed to exit with minimal losses. ☑️ Let me remind you that in Dubai there is a practice of charging a fee for registering a right in DLD in the amount of 4% of the transaction value (for our example, $16 thousand or ₽1.2 million) plus $1.15 tons (another ₽87 tons) a fixed administrative fee. ✅ In Russia, the state registration of the DDU for individuals is 350 rubles! ????To own real estate in Dubai is also more expensive than in Russia. Property tax when owning an apartment in Russia 0.1%, in Dubai 0%. But in reality, Dubai has a high cost of operating costs, which indirectly is not only a substitute for the property tax, but also the income tax – the housing fee in DEWA is 5% of the (potential) annual rent. ????For example, if an apartment in Peninsula Five is rented out for $1,500/month (₽112 tons), you will have to pay $900 (₽67.5 tons) per year in the form of a housing fee. And even if you do not rent an apartment, you will still pay. In Russia, to rent an apartment, you need to become self-employed or an individual entrepreneur and pay 4% or 6% tax, respectively. You can not pay if there is no fact of renting! ????Total: a comparison of Dubai and Moscow shows that in terms of additional and hidden fees for registration and ownership of real estate, Dubai can unpleasantly surprise the Russian investor…
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There was interesting information about the former vice-president of Rosneft Anatoly Loktionov. Loktionov is a scandalous person, against whom a number of criminal cases were initiated, including a case of fraud. Unable to withstand such “unfair” pressure, Loktionov eventually fled to the UK. The story is classic, perfectly in line with the spirit of the times, and would not have aroused any interest if Loktionov had not been so “resourceful”. The other day it became known that in a likely attempt to preserve his foreign assets, Loktionov made a large donation to arm the Armed Forces of Ukraine. The APU was so pleased with the donation that they even thanked Loktionov with an inscription on one of the shells: “Death to the Russian occupiers! Anatoly Loktionov London. As they say, capital has no nationality, but it is so cynical to try to secure your assets at the expense of the lives of your compatriots – you still have to try. The most interesting thing is that he still has juicy assets in Russia, which he is unlikely to part with. Surely after the “calm down”, Loktionov intends to return and continue his activities in the conditional “homeland”. Only now, after the action with shells for the Armed Forces of Ukraine, he will be met from the airport not by Dom Pérignon in the back seat of the Maybach, but by difficult guys in civilian clothes with difficult ksivs in their pockets. And rightly so. @banksta
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The ten largest banks in Russia lost about 197 billion rubles over the past year – the leaders of the banking market turned out to be the main generators of losses, analysts at Expert RA calculated. In 2023, players from the top 10 can improve their performance and earn 1.1 trillion rubles. @banksta
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95% of fraudulent calls to Russians are made from the territory of Ukraine – 800-900 call centers are located there. These data were shared by Deputy Chairman of the Board of Sber Stanislav Kuznetsov. According to him, the city of Dnipro remains the center of telephone fraud – previously there were about 1,100 call centers, now there are about 150. Kuznetsov also suggested joining the efforts of banks in the fight against fraudsters, since the amount of damage from them is not reduced. @banksta
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What to do with money in connection with the new package of sanctions? As we wrote earlier, in the 10th package of warm greetings from the EU there may be measures against the largest Russian private banks. Reuters and Bloomberg sources report that new sanctions may be adopted as early as next week. Including the option of disconnecting some banks from SWIFT is being considered. We receive a lot of questions from readers about the future fate of banks if they really end up on the sanctions list. The answers to some of them are obvious ▪️Since the talks about sanctions have been going on for a long time, the banks, apparently, used all available opportunities to prepare for them. Most likely, their euro correspondent accounts are already empty. Or, for sure, there are few funds. ▪️Even if banks disconnect from SWIFT, this will not affect the security of storing currency in accounts. ▪️Will assets be frozen? It is unlikely. Rather, they can close correspondent accounts. The probability of this is very high. What do we have from the goose? Enough emotional reaction of the Russian market. In principle, everything is clear here. Plus, the desire of many to hype on the topic – that’s the result for you. The market weighs all pros and cons. Shares of the same Tinkoff fell yesterday by only 7%. By the way, the market was clearly bearish yesterday: Polymetal’s shares sank by the same 7%, and Polyus’s by almost 6%. Here the reason is clear – correction in gold. The second echelon … well, everything is clear with him too. However, today the market opened with a rebound, and the Moscow Exchange index is growing at the moment by 0.3%. At the same time, the dollar and yuan continue to strengthen by 0.22% and 0.16%, respectively. Tinkoff shares are already growing by 2.2%, Polymetal – by 1.2%, and Polyus – by 1%. Now, about the advice of “experts” about withdrawing foreign currency from accounts. As if we are now discussing 2014, and not 2023. The Central Bank’s restrictions on withdrawals of 10,000 units of currency have not been canceled. There is reason to believe that everyone who wanted to have already used them. Over the limit, you can get money in rubles. With whom what should be done? Get dollars back in exchangers for them, having lost on double conversion? And what to do then? Keep it under your pillow? Perhaps this is also a solution. But … not the fact that the most effective. We have been hearing all sorts of apocalyptic predictions about Russian banks and the Russian financial system for a year now. Yes, life has become more difficult, but in general, everything functions correctly even after 9 previous sanctions waves. What to do in the end? 1️⃣ Do not make emotional decisions. 2️⃣ If you have a foreign currency deposit in banks that have a risk of falling under sanctions and you decide to succumb to an “expert” panic – so turn over to yuan, Hong Kong dollars, dirhams finally. You can buy bonds in RMB. No one will block these currencies from you. 3️⃣ If you want to be tied to a currency, derivatives have not been canceled either. Though be careful with this. Only for those who are aware and able to control the risks. 4️⃣ If you have rubles or ruble assets in these banks, you should not worry at all. 5️⃣ If you trade on the stock exchange through these banks, then continue to trade further. By the way, we are talking about European sanctions. If you trade American assets, this is a separate story. But this has nothing to do with European sanctions. ❓The question is – should we expect new warm greetings from the USA as well? As long as it’s quiet. Although … our colleagues from across the river loved to send their greetings. But so far there is no talk about it. #sanctions #banks @bitkogan
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Scenarios for telephone scammers are written not in Ukraine, but by Western countries: for this they use any informational occasion, said Vladimir Komlev, director general of the National Payment Card System. @banksta
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Russian freelancers withdrew 6.8 times more money to foreign accounts in 2022 than a year earlier, writes Forbes. Most often, they withdraw money to the cards of banks in Georgia, Kazakhstan and Armenia. @banksta
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The EU, as part of the tenth package of anti-Russian sanctions, may ban the export of toilet bowls to Russia, EUobserver reports citing the project. Flushing cisterns may also be banned. @banksta
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For 2022, the influx of wealthy foreigners in the US has fallen by more than 80% compared to pre-pandemic levels, as wealthy Americans “are looking for new pastures abroad at an unprecedented pace,” writes Bloomberg. In 2022, the country dropped to sixth place, ahead of the United Arab Emirates, Australia, Singapore, Canada and Switzerland. Most of the migrants were from Russia, China and India. @banksta
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Lawyers advised clients of Tinkoff and Rosbank to temporarily close dollar positions or withdraw to other jurisdictions and currencies. Potentially, these banks could be disconnected from SWIFT, and this promises problems with the storage of foreign assets in bank and brokerage accounts. In the bottom line, the least risky currency asset is now cash. In any condition, so you can save money on their purchase: the Rosselkhoz office on Marksistskaya sells dollars and euros at a rate of +1 ruble to the exchange rate. The banknotes are not new, but the rate is pleasant. @banksta
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The Central Bank of Russia does not see an opportunity for systemic liberalization of foreign exchange restrictions, Nabiullina said. The cash withdrawal limit will be extended after March 9. @banksta
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The government commission has approved a deal to sell IKEA factories in Russia. The buyers were two large domestic furniture manufacturers – the Slotex company and the lumber manufacturer Luzales. @banksta
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In the Voronezh region, a group of swindlers who managed to deceive 67 people were detained. For nine months, they were able to earn about 5 million rubles from the victims. Fraudsters (according to the investigation, 12 people worked in the group) presented themselves as employees of credit institutions: lawyers, credit brokers, managers and administrators. They offered the victims to pay for insurance, without which they allegedly would not be given a loan. However, the money went into the pocket of the suspects. From June 2021 to March 2022, they were able to deceive 67 people from different regions of Russia. @banksta
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World Bank President David Malpass said on Wednesday that he intends to leave his post early amid pressure from the administration of US President Joe Biden. Malpass failed to clarify his position on the scientific consensus on climate change, drawing condemnation from the White House. In addition, Trump appointed Malpass. @banksta
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The Russians should not wait for the growth of pensions, the State Duma warned. “We have new people who are retiring. Plus, we have to remember that we have new annexed territories. These are also expenses, ”explained deputy Elena Tsunaeva. @banksta
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The EU ambassadors failed to agree on the tenth package of sanctions against Russia, writes Politico. One of the contentious issues was a proposal to ban the import of synthetic rubber from Russia, which is used to make tires. In 2021, the EU imported it in the amount of $700 million. Italy and Germany oppose sanctions on Russian synthetic rubber, Poland supports them. @banksta
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Credit Suisse has paid $210 million to Georgia’s richest billionaire Bidzina Ivanishvili. The businessman has been suing one of the largest Swiss banks since 2016, claiming that he lost hundreds of millions of dollars due to the actions of one of the managers. @banksta
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Equipment from the American technology company Cisco is still being massively imported into Russia, despite the sanctions, writes The Wall Street Journal. Telecommunications and other devices are imported through Asia and Turkey and it is impossible to influence this. @banksta
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????Primorye Bank expands its network of additional offices in Moscow and opens a new office at: ???? Moscow, st. Usacheva, 35, str. 1 (m.Sportivnaya) In the Bank “Primorye” you can make: ✅ SWIFT-transfers at low rates and favorable rates: ???? Western currency transfers in Canadian dollars, Australian and New Zealand dollars, US dollars ❗️Important: transfers to Thailand and South Korea are also available in US dollars. ✅Currency exchange transactions at favorable rates. ✅ Get a Union Pay card for payments abroad. ✅Serving legal entities in foreign economic activity. ✅Purchase gold both in an impersonal form by opening a metal account, and in the form of a physical ingot from 1 gram to 1 kg. ❗️A unique option is available at Primorye Bank – the ability to exchange depersonalized gold from an account for physical gold at any time. ????New: Moscow, st. Usacheva, 35, building 1 (m.Sportivnaya) ????Moscow, st. Zemlyanoy Val, 7 A????opening February 20; Novosibirsk, Vokzalnaya highway, 16 A complete list of addresses can be found here
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In Turkey, Russians are offered to issue a residence permit under the guise of treatment. It is practically difficult to obtain a tourist residence permit, so firms put fake diagnoses on clients through blades. The client only needs a passport, a photo and a valid rental agreement for a year. @banksta
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Iran has offered to transport Turkmen and Russian gas to consumers in any direction, including South Asia. As News Central Asia (NCA) reports, on the sidelines of the Iranian specialized exhibition currently taking place in Ashgabat, Managing Director and Chairman of the Board of the Iranian Gas Engineering and Development Company (IGEDC) Reza Novshadi said: “We officially recommended and offered to Gazprom” and Turkmengaz – Iran is ready to receive gas from Turkmenistan and Russia in the north and deliver it in the south to any country they wish.” Novshadi also added that the country is ready to supply gas to Pakistan. @banksta