Category Archives: Economy

More than a thousand new companies entered the register for preferential IT mortgages – The Ministry of Finance

The list of IT companies that meet the conditions for providing their employees with preferential mortgages has increased by more than 1 thousand organizations, the Ministry of Finance said in a statement.

There are more than 10 thousand companies in the updated register. To be included in this list, an organization must be accredited by the Ministry of Finance and receive tax benefits. The list is regularly updated based on the data of the Federal Tax Service.

Employees of IT companies who meet the following criteria can apply for a preferential mortgage:

– Russian citizenship;

– work in an accredited IT company that enjoys tax benefits;

– age from 22 to 44 years inclusive;

– salary (before deduction of personal income tax): from 150 thousand rubles in cities with millions and from 100 thousand rubles for employees of IT companies from other localities. The amount for the last three months before applying for a loan is taken into account.

Until 2024, at least 50 thousand specialists will be able to use the program, and the total amount of loans will amount to more than 240 billion rubles. The maximum rate is 5% (a number of regions can reduce it by regional programs to 2% or 1%). The initial payment must be at least 15%, the Ministry of Finance said in a statement.

St. Petersburg will allocate up to 1.8 billion rubles for the purchase of 105 buses.

SUE “Passagiravtotrans” of St. Petersburg announced three auctions for the purchase of a total of 105 single-section buses, it follows from the materials on the website of the unified information system in the field of public procurement.

According to the documentation, in two auctions we are talking about the purchase of 25 large-class diesel buses with a 100% low floor level location.

Applications for two auctions will be accepted until July 18. 25 buses under one of the contracts should be handed over to the customer by the end of September, under the second – by the end of October this year.

The initial price of each of the two contracts is 499.2 million rubles.

According to the third auction, St. Petersburg intends to purchase 55 medium-class diesel buses with 100% low floor level.

Applications for the auction will also be accepted until July 18. 25 buses should arrive by the end of October, another 30 – by the end of November this year.

The initial price of the contract is 769.5 million rubles.

“The purpose of this purchase is to update the fleet of buses for social transportation instead of buses that have worked out their operational life. The replacement of rolling stock will improve the quality of passenger transportation, increase the safety of passenger bus transportation on social routes,” follows from the terms of reference posted on the public procurement website.

Earlier, Passazhiravtotrans has already purchased 48 single-section buses of a large class, which should arrive in the city by September 2022, as well as 35 two-section buses of a particularly large class. This technique should appear in St. Petersburg before November 15 of this year.

PIK shareholders have decided not to pay dividends for 2021

The shareholders of the developer “PIK” approved the decision not to pay dividends for 2021, the company said.

Last year, PIK transferred to shareholders 22.51 rubles per share by the end of 2020 and another 22.92 rubles per share for the first quarter of 2021 – a total of about 30 billion rubles.

According to the results of the meeting, the board of directors of “PIKK (MCX:PIKK)” included the company’s managers Yuri Ilyin, Dmitry Timofeev, Ilya Balandin, Ivan Polandov, Gennady Rosso, a representative of the main shareholder Alexey Karpenko, as well as independent Alexey Blanin, Zumrud Rustamova and Natalia Yakovleva. The main shareholder and head of PIK, Sergey Gordeev, who was previously a member of the board of directors, was not nominated for re-election.

GC PIK is the largest Russian development company. The controlling shareholder is Gordeev. The company’s shares are traded on the Moscow Stock Exchange.

The number of operating oil and gas drilling rigs in the world in June reached the maximum in more than 2 years

The number of oil and gas drilling rigs operating in the world in June increased for the second month in a row and reached a maximum in more than two years – since March 2020, according to data from the American oilfield services company Baker Hughes.

On average, 1,706 installations were operating in the world last month, compared to 1,628 in May. At the same time, the June level is 381 units higher than the figure for the same month in 2021.

In the United States, the number of drilling rigs last month increased by 78 compared to May and amounted to 739, which is also the highest figure since March 2020. In Canada, their number increased by 50 to 143.

The number of installations over the past month in the Asia-Pacific region increased by 3 (to 196), in Europe – by 8 (to 87), in Africa – by 2 (to 78), in Latin America – by 5 (to 160). Meanwhile, in the Middle East, their number decreased by 11 to 303.

Baker Hughes has been publishing data on operating drilling rigs since 1944. At first, the company collected information only in the USA and Canada, since 1975 – worldwide. Since June 2019, it has included in its calculations the number of drilling rigs in Ukraine, while there has been no recalculation of summary data for Europe for previous periods in this regard.

The average monthly number of operating oil and gas drilling rigs in the world last year increased to 1,361 from the historical minimum of 1,352 recorded at the end of 2020. The record was reached in 1981 – 5624 installations.

Audi starts construction of electric car factory in China

The German automaker Audi AG, part of the Volkswagen group (ETR:VOWG), and the Chinese FAW have begun construction of a plant for the production of electric vehicles in Changchun, located in the northeast of China. The companies plan to complete it at the end of 2024, the Xinhua news agency reports.

The capacity of the enterprise is designed to produce 150 thousand cars per year. Initially, it is planned to produce models A6 e-tron and Q6 e-tron.

Audi owns a controlling stake in the joint venture Audi FAW NEV Co. The German company’s investments in it and the construction of the plant amount to 2.6 billion euros.

Two out of three electric vehicles sold in the first quarter of this year were purchased by buyers in China, according to calculations by PwC Strategy.

The Chinese market is the largest in the world in terms of sales of cars with electric motors. In January-May, the country sold over 2 million cars powered by new energy sources (NEV), which is more than double the figure for the same period last year, according to the Chinese Association of Automobile Manufacturers (CAAM). NEV accounts for 21% of the country’s car market.

China is also the largest market for German automakers, accounting for 39% of sales in January-March, according to Ernst & Young calculations.

In 2021, Audi sold almost 701.3 thousand cars on the Chinese market.

General Motors gave a weak profit forecast for the 2nd quarter amid a shortage of microchips

American automaker General Motors Co. (NYSE:GM) disappointed investors with its profit forecast for the second quarter of this year amid a shortage of semiconductor components.

According to GM’s forecast, the company’s profit in April-June amounted to $1.6-1.9 billion, while analysts surveyed by FactSet expected this figure at $2.46 billion.

The company notes that about 95 thousand cars are waiting for certain microchips and cannot be sold before they arrive.

At the same time, GM confirmed its forecast for the current year as a whole, providing for net income in the range of $9.6 billion to $11.2 billion, as well as adjusted earnings of $5.76 to $6.76 per share.

GM shares, which were falling during the preliminary session, are gaining 3% in price at the beginning of trading on Friday. Since the beginning of this year, the company’s capitalization has fallen by 44% to $46.3 billion.

How long will the bear market last?

The bear market will not go over the horizon so soon, so investors should prepare for a reduction in revenue in the next quarter, according to Saira Malik, investment director of the $1.2 trillion Nuveen management company, writes Business Insider.

According to investment Malik, the benchmark S&P 500 index has not yet bottomed out and is now nearing the end of its worst first half since 1970.

“I think the bear market will not end until inflation shows sustained signs of slowing down,” Malik said.

She pointed out that the market still has a place to fall, given that American consumers continue to cut costs. The US consumer confidence index fell by 4.5 points in June, and May data on consumer spending, which was recently published, showed the first decline in spending for the whole year.

“Most likely, it was a rally in a bear market, and we do not think that the S&P has reached the bottom at the moment,” Malik said and warned that companies with weak pricing policies will continue to feel inflationary pressure in the second half of the year.

However, core inflation, which does not take into account food and gas prices, fell more than expected in May, and other indicators also show some lull. The 5-year inflation forecast remains stable at 2%, although Malik believes that the Fed is still far from taking pauses or slowing down the rate hike.

“We are concerned about the forecasts of companies for the second half of this year… I think this is just the beginning of the decline in profit estimates,” Malik said, warning investors that they need to be on their guard as economic conditions continue to change.

— Business Insider materials were used in the preparation

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In the 1st half of the year, the 500 richest people in the world lost $1.4 trillion

The fortune of the 500 richest people in the world fell by $ 1.4 trillion in the first half of 2022 amid a sharp collapse in global stock markets, Bloomberg writes.

In particular, the head of Tesla (NASDAQ:TSLA), Elon Musk, has become impoverished by almost $62 billion, the founder Amazon.com Inc (NASDAQ:AMZN). Jeff Bezos – $63 billion. For Tesla shares, the second quarter was the worst in history, and for Amazon – since the dotcom bubble in the late 1990s.

At the same time, Musk still ranks first in the list of the richest people in the world with a fortune of $208.5 billion, and Bezos remained in second place with an indicator of $129.6 billion, according to the Bloomberg Billionaires Index.

In third place is the head of LVMH Moet Hennessy Louis Vuitton SA (EPA:LVMH) Bernard Arnault with a fortune of $128.7 billion, in fourth place is Bill Gates ($114.8 billion).

Besides them, no one in the world has a fortune of more than $ 100 billion, although at the beginning of the year there were 10 such people. Mark Zuckerberg was also in the top ten, who has now fallen back to the 17th line of the rating with an indicator of $ 60 billion.

Calendar of publications of macroeconomic indicators of leading countries for the coming week

The following macroeconomic indicators are expected to be published in the coming week from 04.07 to 10.07

Date

Time

Publication

Period

04.07.2022

09:00

Germany’s current account balance

May 2022

04.07.2022

12:00

Changes in producer prices in the Eurozone

May 2022

05.07.2022

15:30

Building permits in Canada

May 2022

05.07.2022

17:00

Volume of orders for durable goods in the USA

May 2022

05.07.2022

17:00

Volume of industrial orders in the USA

May 2022

06.07.2022

09:00

Volume of industrial orders in Germany

May 2022

06.07.2022

12:00

Retail sales volumes in the eurozone

May 2022

06.07.2022

17:00

Index of business activity in the US services sector

June 2022

07.07.2022

09:00

Industrial production in Germany

May 2022

07.07.2022

15:30

US Foreign Trade Balance

May 2022

07.07.2022

15:30

Applications for unemployment benefits in the United States

From 19 to 25 June

07.07.2022

15:30

The number of people receiving unemployment benefits in the United States

From 12 to 18 June

07.07.2022

17:00

IVEY Business Activity Index in Canada

June 2022

07.07.2022

17:30

Data from the US Department of Energy on the reserves of oil, gasoline and distillates in the country

From June 25 to July 01

08.07.2022

11:00

Industrial production in Italy

May 2022

08.07.2022

15:30

Unemployment in Canada

June 2022

08.07.2022

15:30

Data from the US labor market

June 2022

08.07.2022

17:00

Stocks in US wholesale warehouses

May 2022

Car production in Britain in May increased for the first time in 11 months, at the end of January-May – fell by 23%

The output of cars in the UK in May increased by 13.3% to 62,284 thousand cars compared to 54,962 thousand in the same month last year, according to data from the Society of Manufacturers and Sellers of Cars (SMMT).

Car production in May increased for the first time in the last eleven months, but this is due to a low comparison base.

Production is still below the pre-pandemic level (46.3% less than in May 2019) due to disruptions in logistics chains, increased economic uncertainty, rising costs and the impact of the conflict in Ukraine on supplies, the SMMT said.

For the domestic market, 11,134 thousand cars were produced last month (an increase of 39.5% in annual comparison), for export – 51.15 thousand (an increase of 8.9%).

Thus, over 82% of the cars produced in the UK were exported. The main destination is the countries of the European Union, where about six out of every ten cars are delivered. Shipments to the United States collapsed by 35.4% due to the closure of a factory in Swindon, which produced products for the American market.

Electric vehicles accounted for 22.6% of cars produced in Britain in May, compared with 19.3% in the same month last year. At the same time, their output has more than doubled.

“Any recovery will be gradual, as supply chains remain volatile, business costs are volatile, and geopolitical instability is still very real,” said SMMT Chief Executive Mike Hawes.

In January-May, car production in the country fell by 23.2% compared to the same period last year – to 330,185 thousand. Including output for the domestic market decreased by 4.5%, for export – by 26.9%.

The total volume of energy supply in the EU in 2021 increased by 4.2%

Economic activity in many EU countries recovered in 2021 after a long period of lockdowns and other restrictive measures imposed in connection with the coronavirus pandemic, and this recovery, in turn, affected the dynamics of energy consumption in the bloc countries, Eurostat writes.

The total volume of energy supply in the EU increased by 4.2% compared to 2020, while preliminary data from the statistical office indicate that fossil fuels have again become the main source of energy resources.

In 2020, renewable resources were the main source of electricity.

According to preliminary data, in 2021, the most significant increase in electricity production from renewable sources in annual terms was accounted for by solar energy (+13%), as well as solid biofuels (+9.6%). At the same time, the volume of energy generation from water resources and wind energy decreased due to adverse weather conditions – by 1.2% and 3%, respectively.

The volume of production at nuclear power plants last year increased by 7% compared to a year earlier.

Consumption of refined petroleum products in the EU increased by 5% in 2021 in annual terms after falling by 12.4% in 2020, but still remained below pre-pandemic levels – by 8.1% compared to the indicator for 2019.

Meanwhile, the volume of consumption of solid fossil fuels in 2021 jumped by 13.7% compared to a year earlier, when a historical minimum of about 426 thousand 658 tons was recorded, but it became the second lowest since 1990. Compared to 2019, the indicator fell by 8%.

Coal consumption also increased in 2021, but remained below the pre-pandemic value.

In turn, the volume of natural gas consumption in the EU in 2021 was the highest in the last 10 years, increasing by 3.9% compared to a year earlier.

The demand for SIBUR bonds with a volume of 15 billion rubles exceeded the supply by more than 5 times

The demand for bonds of JSC SIBUR Holding of the 001R-01 series with a volume of 15 billion rubles and a circulation period of 3.5 years more than five times exceeded the supply, according to the issuer’s press release.

“The issue was met with record high demand from the investment community: during book building, more than 5-fold oversubscription was formed, which allowed several times to revise the marketing range downward and close the book at a coupon rate of 9.15% per annum – 40 bp below the initial benchmark,” the company said in a statement..

The issue was widely distributed among investors: more than 60 applications were submitted to the book. Banks, NPFs and management companies, investment companies, insurance companies, as well as private investors took part in the transaction.

The collection of applications for the issue was held on June 30. Initially, the benchmark rate of the 1st coupon was no higher than 9.55% per annum, during marketing it decreased three times.

The organizers are Gazprombank (MOEX: GZPR) and Credit Bank of Moscow (MOEX: MCX:CBOM).

Technical placement is scheduled for July 8.

This issue will be the first loan placed under the issuer’s 25 billion rubles bond program registered by the Moscow Exchange (MOEX: MOEX) in November 2021.

Currently, there are three issues of the company’s exchange-traded bonds for 25 billion rubles and 11 issues of exchange-traded bonds denominated in foreign currency for $3.024 billion, as well as three issues of Eurobonds maturing in 2023-2025 for a total of $1.3 billion.