"Once in awhile we get shown the light, in the strangest of places, if we look at it right" - Hunter/Garcia
Tony Blair believes Iran wants to achieve an "early resolution" to the crisis over the Royal Navy crew through direct talks, Downing Street has said. A statement was issued late on Tuesday after further UK contact with Iran, including directly with its chief negotiator Ali Larijani. The UK had proposed direct bilateral talks and awaited a response, it said. However, both countries continue to dispute whether the 15 crew were in Iran's waters when seized on 23 March.
A statement was issued late on Tuesday after further UK contact with Iran, including directly with its chief negotiator Ali Larijani.
The UK had proposed direct bilateral talks and awaited a response, it said.
However, both countries continue to dispute whether the 15 crew were in Iran's waters when seized on 23 March.
Ukraine's PM Viktor Yanukovych has called the president's decision to dissolve parliament a "fatal mistake". Mr Yanukovych spoke to members of parliament before addressing thousands of his supporters in central Kiev. Members of parliament are also refusing to obey President Viktor Yushchenko's order to prepare for a snap election. The pro-Western president accuses his pro-Russia rival of trying to usurp power by increasing his parliamentary majority in an unconstitutional manner. Mr Yushchenko met Mr Yanukovych in his office, but failed to gain his agreement to implement the decree ordering an early poll on 27 May.
Members of parliament are also refusing to obey President Viktor Yushchenko's order to prepare for a snap election.
The pro-Western president accuses his pro-Russia rival of trying to usurp power by increasing his parliamentary majority in an unconstitutional manner.
Mr Yushchenko met Mr Yanukovych in his office, but failed to gain his agreement to implement the decree ordering an early poll on 27 May.
Mr Yushchenko became president in January 2005, following the pro-democracy Orange Revolution which overturned a rigged victory for Mr Yanukovych.
I'm afraid BBC is behind the curve on this one: as events showed, Orange Revolution had little to do with democracy.
A ban on foreign nationals selling goods in Russia's popular retail markets has come into force, leaving many markets struggling to remain open. A spokesman for the federal migration service, Konstantin Poltoranin, promised that enforcement would be carried out in an orderly fashion. "This doesn't mean that from April 1 we will start large-scale raids and special operations. We view this date calmly and will check compliance with migration legislation ... as we did before," Poltoranin was quoted by Russia's Interfax news agency as saying.
A spokesman for the federal migration service, Konstantin Poltoranin, promised that enforcement would be carried out in an orderly fashion.
"This doesn't mean that from April 1 we will start large-scale raids and special operations. We view this date calmly and will check compliance with migration legislation ... as we did before," Poltoranin was quoted by Russia's Interfax news agency as saying.
The full text of the decision of the Moscow Arbitration Court on the illegality of the audit of YUKOS by PricewaterhouseCoopers has proven to be unexpectedly sharply worded. The court called the auditor "practically a participant in implementing illegal tax schemes" and accused the company of violating professional standards. The case is being watched closely. Alexey Miller, CEO of Gazprom, a PwC client, met with PwC representative Richard Patterson recently. U.S. Secretary of State Condoleezza Rice spoke with Russian Foreign Minister Sergey Lavrov about the case, U.S. Finance Secretary Henry Paulson spoke to Russian Finance Minister Alexey Kudrin (whose agency has the final decision on the relicensing of PwC) and U.S. Ambassador to Russia William Burns relayed Washington's concerns to the Russian Supreme Court of Arbitration and presidential administration.
The case is being watched closely. Alexey Miller, CEO of Gazprom, a PwC client, met with PwC representative Richard Patterson recently. U.S. Secretary of State Condoleezza Rice spoke with Russian Foreign Minister Sergey Lavrov about the case, U.S. Finance Secretary Henry Paulson spoke to Russian Finance Minister Alexey Kudrin (whose agency has the final decision on the relicensing of PwC) and U.S. Ambassador to Russia William Burns relayed Washington's concerns to the Russian Supreme Court of Arbitration and presidential administration.
Czechs sweeten welfare cuts with flat tax By Jan Cienski in Warsaw Published: April 3 2007 19:27 The Czech government yesterday presented a fiscal reform package intended to slash a growing budget deficit that threatens the country's hopes of joining the euro, while at the same time reducing income and corporate taxes and rationalising some social spending.In order to make trimming the welfare state more palatable, the headline feature of the government's initiative is a plan to introduce a flat income tax rate of 15 per cent, compared to the current progressive system, where rates vary from 12 to 32 per cent.(snip)Other tax cuts include lowering the corporate tax to 19 per cent from 24 per cent by 2010, raising the tax threshold and increasing the deduction for having children.(snip)The flat tax scheme is less generous than it first appears. Because the tax will be imposed on gross income which includes employers social security and health care contributions, the true taxation rate would be closer to 23 per cent.Benefits to be cut include a reduction in baby bonus payments, as well as the ending of some education subsidies and even a funeral subsidy. Some ministries will also have to cut their staffs.
By Jan Cienski in Warsaw
Published: April 3 2007 19:27
The Czech government yesterday presented a fiscal reform package intended to slash a growing budget deficit that threatens the country's hopes of joining the euro, while at the same time reducing income and corporate taxes and rationalising some social spending.
In order to make trimming the welfare state more palatable, the headline feature of the government's initiative is a plan to introduce a flat income tax rate of 15 per cent, compared to the current progressive system, where rates vary from 12 to 32 per cent.(snip)
Other tax cuts include lowering the corporate tax to 19 per cent from 24 per cent by 2010, raising the tax threshold and increasing the deduction for having children.(snip)
The flat tax scheme is less generous than it first appears. Because the tax will be imposed on gross income which includes employers social security and health care contributions, the true taxation rate would be closer to 23 per cent.
Benefits to be cut include a reduction in baby bonus payments, as well as the ending of some education subsidies and even a funeral subsidy. Some ministries will also have to cut their staffs.
The end of the article is clear, thanks to "economists":
However, these reforms only nibble at the welfare state. More comprehensive changes, including pension and health care reform and a claw-back of generous welfare benefits that reduce the incentive to work will only be dealt with in a later package, a delay that some economists have criticized. "2007 may be the best year for economic reforms," said Pavel Sobiek, chief economist for HVB Bank.
"2007 may be the best year for economic reforms," said Pavel Sobiek, chief economist for HVB Bank.
I should say, "economists" and ideologically one-track-minded FT correspondents.
Somehow I don't get the impression the journalist is considering the point of view of poorer people.
Italian energy company Eni has won the second auction for Yukos assets. Bidding lasted 7 mins I bought the lot $5.8bn, just over the $5.6bn starting price There were three bidders. It took the 20% stake in Gazprom Neft (nee Sibneft) This not really a surprise as the Kremlin's policy is to bring in minority foreign strategic investors into all its major industries. The international press will be struggling to explain this as it has sold itself on the "creeping statism" and "re-nationalisation" lines, which this result doesn't fit with. The point to take out of this result is there is a valid role for foreign investors in Russia and they can get access to very attractive assets. Just they won't be allowed to control these assets. Given the news on e.on's failure to buy Endesa yesterday because the Spanish government was "unhappy about a foreign company owning a strategic asset" is it any different anywhere else?
This not really a surprise as the Kremlin's policy is to bring in minority foreign strategic investors into all its major industries. The international press will be struggling to explain this as it has sold itself on the "creeping statism" and "re-nationalisation" lines, which this result doesn't fit with. The point to take out of this result is there is a valid role for foreign investors in Russia and they can get access to very attractive assets. Just they won't be allowed to control these assets. Given the news on e.on's failure to buy Endesa yesterday because the Spanish government was "unhappy about a foreign company owning a strategic asset" is it any different anywhere else?
From Ben Aris [editor@businessneweurope.eu] In the long run, we're all dead. John Maynard Keynes
BTW, Gazprom has an option of buying out Eni's stake in Gazprom Neft', hasn't it?
Eni bid of $5.83bn wins Yukos gas assets Aton Eni, via its Enineftegaz affiliate, has won Arcticgas, Urengoil and the 20% stake of Gazpromneft shares by submitting the highest bid of $5.83bn at today's Yukos assets auction. There were 26 bids submitted, with Rosneft and Eni's aggressive bidding sidelining Novatek's representative early during the session. Gazprom announced earlier today that it had secured a call option to purchase the 20% Gazpromneft stake from Eni, thus giving the markets an indirect signal on the likely outcome of the proceedings. The option may be executed in one to three years; we see it as a positive development for Gazpromneft, which will now inherit a significant Western minority shareholder and may likely continue its independent business life. The outcome of the auction is a slight positive for Gazprom, which for now has managed to avoid overpaying for the stake in its subsidiary, and also indirectly strengthened its ties with the Italian energy concern, improving its business outlook on one of Europe's largest markets.
Aton
Eni, via its Enineftegaz affiliate, has won Arcticgas, Urengoil and the 20% stake of Gazpromneft shares by submitting the highest bid of $5.83bn at today's Yukos assets auction. There were 26 bids submitted, with Rosneft and Eni's aggressive bidding sidelining Novatek's representative early during the session.
Gazprom announced earlier today that it had secured a call option to purchase the 20% Gazpromneft stake from Eni, thus giving the markets an indirect signal on the likely outcome of the proceedings. The option may be executed in one to three years; we see it as a positive development for Gazpromneft, which will now inherit a significant Western minority shareholder and may likely continue its independent business life.
The outcome of the auction is a slight positive for Gazprom, which for now has managed to avoid overpaying for the stake in its subsidiary, and also indirectly strengthened its ties with the Italian energy concern, improving its business outlook on one of Europe's largest markets.
