LONDON -(Dow Jones)- The Bank of England said Thursday it had appointed BOE insider Paul Fisher as its new executive director for markets and as a member of the rate-setting Monetary Policy Committee.
Fisher will replace Paul Tucker at the start of next month when Tucker takes on the role of deputy governor for financial stability.
-By Natasha Brereton, Dow Jones Newswires; +44 20 7842 9254; natasha.brereton@dowjones.com
Thursday, February 12, 2009
Russia PM:Special Tax Rules Needed For Some Oil Fields-Report
MOSCOW -(Dow Jones)- Russian oil producers could see the taxation regime for certain oil fields changed, the Interfax news agency reports Thursday citing Prime Minister Vladimir Putin.
He said the country's refiners shouldn't delay a shift in the technical upgrade to Euro-3 standards.
Putin chaired a meeting between Russia's top oil companies and four ministries to discuss tax breaks for the industry.
Agency Web site: www.interfax.ru
He said the country's refiners shouldn't delay a shift in the technical upgrade to Euro-3 standards.
Putin chaired a meeting between Russia's top oil companies and four ministries to discuss tax breaks for the industry.
Agency Web site: www.interfax.ru
Colombia's ETB Wins Court Ruling On Lawsuit With Telefonica
BOGOTA -(Dow Jones)- Colombia's state-controlled telephone company Empresa de Telecomunicaciones de Bogota SA (ETB.BO), or ETB, said Colombia's Constitutional Court cancelled a ruling that had ordered it to pay 109 billion Colombian pesos ($43 million) to Spain's Telefonica SA (TEF).
In 2007, an arbitration panel ordered ETB to pay Telefonica's mobile phone unit as part of a lawsuit over interconnection fees, the company said.
The total amount ETB had to pay to Telefonica rose to COP230 billion because of additional interest. ETB didn't pay Telefonica but had to provision that amount.
Telefonica said in a statement it will appeal the constitutional court's ruling.
ETB is controlled by the city council of Bogota, its shares Thursday opened 5.3% higher at COP675.
-By Inti Landauro, Dow Jones Newswires; 57-1-610 70 44 Ext. 1131; colombia@dowjones.com
In 2007, an arbitration panel ordered ETB to pay Telefonica's mobile phone unit as part of a lawsuit over interconnection fees, the company said.
The total amount ETB had to pay to Telefonica rose to COP230 billion because of additional interest. ETB didn't pay Telefonica but had to provision that amount.
Telefonica said in a statement it will appeal the constitutional court's ruling.
ETB is controlled by the city council of Bogota, its shares Thursday opened 5.3% higher at COP675.
-By Inti Landauro, Dow Jones Newswires; 57-1-610 70 44 Ext. 1131; colombia@dowjones.com
PRESS RELEASE: Fitch Cuts Andorran Bks Support Ratings To 4
Fitch Ratings-Barcelona/London-12 February 2009: Fitch Ratings has today downgraded three Andorran banks' Support rating to '4' from '3'. The banks are Credit Andorra (CA), Andorra Banc Agricol Reig (Andbanc) and Banca Privada d'Andorra (BPA). The Support Rating Floor for CA and Andbanc has been revised to 'B' from 'BB+' and for BPA to 'B' from 'BB'.
The rating actions follow Fitch's reassessment of external support to Andorran banks amid the more complex operating environment. Fitch does not rate Andorra's sovereign risk. However, given the size of the Andorran banking system relative to the country's economy - assets are more than 4x nominal GDP - Fitch believes there would be a limited probability of support to Andorran banks in case of need because of the limited resources at the government's disposal.
Andorra does not have a lender of last resort, nor does it have a deposit guarantee scheme. However, a significant precedent was established when an Andorran bank was rescued from collapse by other local banks to maintain confidence in and the reputation of the Andorran banking system.
Fitch recently affirmed the abovementioned Andorran banks' other ratings - Long-term Issuer Default Rating (IDR), Short-term IDR and Individual rating. Please refer to the Rating Action Commentary published on 22 December 2008 for CA, 24 December 2008 for Andbanc and 30 January 2009 for BPA.
Contact: Roger Turro, Barcelona, Tel: +34 93 323 8400.
Media Relations: Hannah Warrington, London, Tel: +44 (0) 207 417 6298, Email: hannah.warrington@fitchratings.com.
Fitch's rating definitions and the terms of use of such ratings are available on the agency's public site, www.fitchratings.com. Published ratings, criteria and methodologies are available from this site, at all times. Fitch's code of conduct, confidentiality, conflicts of interest, affiliate firewall, compliance and other relevant policies and procedures are also available from the 'Code of Conduct' section of this site.
The rating actions follow Fitch's reassessment of external support to Andorran banks amid the more complex operating environment. Fitch does not rate Andorra's sovereign risk. However, given the size of the Andorran banking system relative to the country's economy - assets are more than 4x nominal GDP - Fitch believes there would be a limited probability of support to Andorran banks in case of need because of the limited resources at the government's disposal.
Andorra does not have a lender of last resort, nor does it have a deposit guarantee scheme. However, a significant precedent was established when an Andorran bank was rescued from collapse by other local banks to maintain confidence in and the reputation of the Andorran banking system.
Fitch recently affirmed the abovementioned Andorran banks' other ratings - Long-term Issuer Default Rating (IDR), Short-term IDR and Individual rating. Please refer to the Rating Action Commentary published on 22 December 2008 for CA, 24 December 2008 for Andbanc and 30 January 2009 for BPA.
Contact: Roger Turro, Barcelona, Tel: +34 93 323 8400.
Media Relations: Hannah Warrington, London, Tel: +44 (0) 207 417 6298, Email: hannah.warrington@fitchratings.com.
Fitch's rating definitions and the terms of use of such ratings are available on the agency's public site, www.fitchratings.com. Published ratings, criteria and methodologies are available from this site, at all times. Fitch's code of conduct, confidentiality, conflicts of interest, affiliate firewall, compliance and other relevant policies and procedures are also available from the 'Code of Conduct' section of this site.
Daimler Sold More Buses, Trucks In 08 Despite Demand Slump (Daimler AG NA O.N)
FRANKFURT -(Dow Jones)- German auto maker Daimler AG (DAI) said Thursday it sold more buses and trucks in 2008, despite slumping demand in key markets in Europe, Japan and the U.S.
The company reported trucks sales of 472,100 units, an increase of 1% over the previous year, as demand rose in the Middle East, Asia and Latin America.
Bus sales rose 4% over the previous year to 40,600 units. The company said demand for German-made buses has never been so good.
Company Web site: http://www.daimler.com
-By Katharina Becker, Dow Jones Newswires; +49 69 29725112; katharina.becker@dowjones.com.
The company reported trucks sales of 472,100 units, an increase of 1% over the previous year, as demand rose in the Middle East, Asia and Latin America.
Bus sales rose 4% over the previous year to 40,600 units. The company said demand for German-made buses has never been so good.
Company Web site: http://www.daimler.com
-By Katharina Becker, Dow Jones Newswires; +49 69 29725112; katharina.becker@dowjones.com.
UPDATE: Ukraine Finance Minister Resigns - Government
(Updates with quotes)
KIEV (AFP)--Ukrainian Finance Minister Viktor Pynzenyk resigned Thursday saying he had become a "hostage to politics," in a further sign of the economic crisis gripping the ex-Soviet nation.
"Under current conditions the professional position of finance minister has become a hostage to politics," a statement on the government Web site quoted him as saying.
"Under such conditions my presence in the post of the finance minister does not make sense," he added.
KIEV (AFP)--Ukrainian Finance Minister Viktor Pynzenyk resigned Thursday saying he had become a "hostage to politics," in a further sign of the economic crisis gripping the ex-Soviet nation.
"Under current conditions the professional position of finance minister has become a hostage to politics," a statement on the government Web site quoted him as saying.
"Under such conditions my presence in the post of the finance minister does not make sense," he added.
BOE Appoints Paul Fisher Executive Director For Markets
LONDON -(Dow Jones)- The Bank of England said Thursday it had appointed BOE insider Paul Fisher as its new executive director for markets and as a member of the rate-setting Monetary Policy Committee.
Fisher will replace Paul Tucker at the start of next month when Tucker takes on the role of deputy governor for financial stability.
-By Natasha Brereton, Dow Jones Newswires; +44 20 7842 9254; natasha.brereton@dowjones.com
Fisher will replace Paul Tucker at the start of next month when Tucker takes on the role of deputy governor for financial stability.
-By Natasha Brereton, Dow Jones Newswires; +44 20 7842 9254; natasha.brereton@dowjones.com
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