Climate change from Moscow’s perspective

Over Northern Siberia (CC BY-NC Klaus Stiefel)

Statoil to sell 20 per cent stake in Trans Adriatic Pipeline.

Ukraine will legalize gambling.

The new board of Budapest Stock Exchange.

Russia

In the midst of Climate Conference in Paris (taking place from November 30th to December 11th), there is an interesting article written by Tom Balmforth on the website of Radio Free Europe. Balmorth is trying to explain why Russia is so unambitious in setting climate goals and cutting emissions. Do you remember 2003, when Vladimir Putin asked about his perception of rising temperatures, said: “at least we would spend less on fur coats”. Well, the standpoint has changed almost decade later. But not very much. In 2009 Russia approved a national Climate Doctrine – which laid the ground for future climate policy. And in 2013 Vladimir Putin issued a decree in which he envisioned cutting Russia’s anthropogenic greenhouse gas emissions by 2020 to 25 per cent below the level of 1990. Now Russia reiterates this intention – claiming it wants to reduce emissions by 25 per cent below the level of 1990 by… 2030.

Environmentalists call this “unambitious and insufficient”.

Everyone knows the Soviet Union was a bad polluter. Why does Russia neglect the climate problems? Why is Russia not afraid of melting of Arctic ice and hundreds of dangerous meteorological occurences? Balmorth shows changing climate gives Russia many opportunities: warmer temperatures can make the Arctic easier to develop and less hostile to work in, there can be better access to energy resources now difficult to extract and shorter winters can reduce energy consumption and improve conditions for agriculture in the north.

But Balmorth cites Aleksei Kokorin, the head of the WWF Russia, who claims “that overall, the proposals that countries have submitted for the Paris conference are entirely insufficient for the summit to succeed in its aim of preventing global temperatures from rising more than 2 degrees Celsius by 2050”.

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Albania

Statoil is about to sell 20 per cent stake in Trans Adriatic Pipeline. The shares will go to Italian gas infrastructure company Snam. The transaction is worth EUR208m. Snam revealed “the agreed purchase price is equal to EUR130m, as the Italian company will also enter in the term credit facility agreement currently granted by Statoil to TAP for a nominal amount of EUR78m” and that “the total consideration will be adjusted at closing” – SEENews The Corporate Wire reports. The transaction is to close by the end of 2015. “TAP project scope includes an approximately 870 km long pipeline, which will start from the tie-in with the Trans-Anatolian Gas Pipeline (TANAP) portion of the Southern Gas Corridor project, at the Greece/Turkey border. The pipeline will then go through Greece and Albania, to eventually cross subsea the Adriatic Sea to end in Puglia, in Italy, where it will connect to the Italian natural gas network”, says SEENews.

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Ukraine

Just a week after the city council of Prague (Czech Republic) banned gaming bars, the Ukrainian Ministry of Finance said that it will legalize gambling. The officials drafted a bill that regulates the economic activity of casinos, bookmakers and online gambling. A special National Service in the field of gambling will be created. It will implement the state policy on gambling practices and will issue licences. In 2014 the Ukrainian Ministry of Finance has developed a mechanism for increasing by UAH1bn the revenues from state lotteries and gambling in 2015.

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Hungary

A few days after the takeover of Budapest Stock Exchange by the Hungarian National Bank (MNB) the Board of Directors of BSE announced a special meeting for December 16th  during which new members of the Board will be presented. “The agenda of the December 16th meeting also includes the amendment of the statute governing the management of the BSE, the announcement reveals”, writes Budapest Business Journal.

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What’s up in indexes?

The 1st of December was better for CEE indexes. Five of them improved their results compared with November 30th. Nevertheless the sharpest growth was only plus 0.86 per cent (OMXV).

BUX (of Budapest) grew by 0.33 per cent on Tuesday, December 1st. It closed at 23846.61 index points. The previous close (Monday) was at 23768.60 index points. From year-end it’s up 43.36 per cent.

The Bucharest Stock Exchange was closed on Tuesday, December 1st because of the national holiday (The Great Union Day). But the day before it closed at 7029.42 index points (Monday, November 30th), being up 0.75 per cent from year-end.

PX (of Prague) lost 0.55 per cent, decreasing to 969.08 index points. The previous close (Monday) was at 974.40 index points. From year-end it’s up 2.36 per cent.

WIG20 (of Warsaw) fell by 0.09 per cent closing at 1923.94 index points compared with Monday’s close – at 1925.72 index points. From year-end it lost 16.93 index points.

OMXT (of Tallinn) was up 0.36 per cent. The index grew from 890.90 index points Monday to 894.08 index points Tuesday, December 1st. From year-end it’s up 18.41 per cent.

OMXR (of Riga) is losing again. After Monday’s fall (minus 0.52 per cent), it dropped by 0.40 per cent on Tuesday, December 1st. It closed at 583.83 index points while the previous close was 586.18 index points. From year-end it’s up 43.09 per cent.

OMXV (of Vilnius) gained 0.86 per cent climbing from 482.78 index points Monday to 486.94 index points Tuesday. From year-end it’s up 7.63 per cent.

SAX (of Bratislava) stood flat (0 per cent change) at 303.31 index points while closing on Tuesday, December 1st, compared with Monday’s close. From year-end it’s up 36.43 per cent.

SOFIX (of Sofia) gained 0.30 per cent. It increased from 435.56 index points Monday to 436.87 index points Tuesday. From year-end it dropped by 16.32 per cent.

UX (of Kyiv) lost 1.11 per cent closing at 708.22 index points. The previous close was at 716.19 index points. From year-end it dropped by 31.46 per cent.

CROBEX (of Zagreb Stock Exchange) was up 0.04 per cent on Tuesday, December 1st. It closed 1680.86 index points. The previous close was at 1680.19 index points. From year-end it dropped by 3.70 per cent.

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