and rosneft fail to strike the deal this spring as team k b p shareholders claim b.p.'s russian joint venture should be the primary vehicle for exploration in the arctic. the us has come up with a last resort plants are a result of that lock over its debt ceiling the plan is hope to help the country avoid a catastrophic default that includes deficit cuts off four trillion dollars and calls for tax increases of one trillion but chief strategist of eye injury bank chris we for says there might be a gap between promises and real cuts. if the government makes too many cuts and raises taxes perhaps too severely then they could cause a double dip recession they could cause some substantial slowdown in u.s. economic activity which would of course hit the u.s. federal budgets and exacerbate the problem so they have to be very careful not to introduce to cuts to violently you're too quickly so we're very tricky balancing act and that's why i'm not expecting even the four trillion dollars cuts i really don't expect those to be put in place for a very long time i think that's what

and rosneft failed to strike the deal this spring as t n k d p shareholders claimed b.p.'s russian joint ventures should be the primary vehicle for exploration in the arctic. the board members nominated by b.p. didn't make it clear there was an opportunity for corporations which they should have done as a result b.p. didn't get to participate in this partnership and dance might have had lawsuits. speculative the markets now in the us they are strong after morgan stanley removing the smaller than expected through to the last drive in financial stocks the bank itself saw gains of around six percent at one point jobless claims did come out with a slight increase but there's still a lot of the drive coming from europe let's take a look at the european markets then chancellor merkel and french president sarkozy i really don't enjoy the approach to greece's debt crisis ahead of today's new summit with three and point eight percent of blacks almost zero percent this is the closing picture for thursday's session in russia marcus was were actually trading in the red most days but t

or rosneft failed to strike at the other spring as team play b.p. shareholders claimed russian joint venture should be the primary vehicle for arctic exploration. but us has come up with an eleven power plants a result of that lock off words that ceiling it's hoped the plan will help the country avoid a technical default that includes deficit cuts or four trillion dollars in costs for tax increases of one trillion but the chief strategist of i n g bank chris we first says there might be a gap between promises and real cuts. if the government makes too many cuts and raises taxes perhaps too severely then they could cause a double dip recession they could cause a substantial slowdown in u.s. economic activity which would of course the us federal budget and exacerbate the problem so they have to be very careful not to introduce the cuts to volunteer to quickly so be a very tricky balancing act and that's why i'm not expecting even the four trillion dollars of cuts i really don't expect those to be put in place for a very long time i think that's what w

and rosneft boy failed to strike the deal this spring as the shareholders claimed b.p.'s russian joint ventures should be the primary vehicle for exploration in the arctic. stock markets were taking a breathing poor as they welcomed president obama's news of progress on raising america's debt ceiling he's meeting with congressional leaders to discuss a new debt cutting plan and determine if it could point the way out of the impasse . there's still a long way to go in terms of the the two positions coming together however we haven't but we've got limited time for that to happen i mean yes it is good news that we've got a bipartisan gang of six with both republicans and democrats within it coming up this proposal we know that almost fifty senators listen to the proposal in detail yesterday for an hour and we know that so far none of the key players have vanished out of it have completely said no this is not the deal so it is looking optimistic but i just think you know this just this is caution with the optimism. let's take a look at how the russian markets and the wednesd

and rosneft barrel to strike the deal this spring and the shareholders claimed b.p.'s russian joint ventures should be the primary vehicle for exploration in the arctic. cheerless is a little put off the board members nominated by b.p. didn't make it clear there was an opportunity for corporations which they should have done and as a result he didn't get to participate in his partnership i'm gone she might have had losses. back of the markets this hour and the first stop it's prudent has been very volatile the day is up one dollar forty one cents light sweet this is because u.s. crude in the trees have dropped and that's pushing oil prices higher bridge is up thirty nine cents it's moved to the u.s. stock markets and they've had a very strong session bounce off the morgan stanley report of this more than expected water loss driving financial stocks for the around the globe the bank itself was up at six percent at one point jobless claims however did come out with a slight increase but there was a lot of drive coming in from europe the sake of that and chancellor merke

russia is planning to put fifteen percent of its oil champion rosneft up for sale next year it could become the biggest profit as ation deal in the nation's history on the current market conditions the stake is valued at fourteen billion dollars the government says it's also weighing plans to sell its entire stake up seventy five percent by two thousand and seventeen it also plans to divest holdings in diamond producer and bt bank raising around thirty six billion dollars. and taking a look at the markets now gold is trading at all time high as investors are looking for safe haven to you too on certainty over u.s. debt resolution and so more is also gaining it's up over one and a half percent this hour. meanwhile wrangling over the u.s. debt ceiling keeps oil in the red light sweet is losing one dollar thirty three cents this hour stocks in the u.s. open lower as the political stalemate over the nation's debt limit continues that's up to the government reported orders for durable goods fell and june the nasdaq composite in its dollar down thirty five points or one point six percent t

a look at some individual movers on the my six and majors are benefiting from gains in oil price rosneft is adding more than one percent norilsk nickel has slipped into the red despite posting a seventeen percent increase in net profit for last year the same story was no attack there earlier added seven percent on reports french to tall got a permission to buy twenty percent tax project to develop gas in siberia and mining sector politics gold is edging lower as improvements in sobering dad problems have . didn't vester appetite for gold. equities a russian have been a largely affected by the turmoil in the e.u. and the u.s. but the national capital says it's time investors look to stocks reflecting local trends what's been driving russia so far this year has really been the oil price it's been what's happening in europe what's happening in the u.s. but you know what will drive russians talks over the longer term and that's how investors should think here's what's actually happening in russia and you know reforms in the financial sector the growth of pension funds some of the reforms tha

and rosneft failed to strike a deal this spring as ten-k. b.p. shareholders claimed russian joint venture should be the primary vehicle for exploration in the arctic. chill is to the board members nominated by b.p. didn't make it clear there was an opportunity for corporations which they should have done and as a result didn't get to participate in this the ship might have had lost its freedoms it got us thinking for the us to resolve its debt problems and i finally as a raise the american that feeling could mean a default on its massive obligation that's very important so russia which holds one quarter of its international reserves and u.s. bonds joining me now to discuss the issue is jacob knell chief economist at morgan stanley russia take a welcome to the studio with us to the program thank you so much what do you think about the situation for russia should it start worrying actually i don't think so i think that the u.s. treasury secretary will allow. the u.s. to default on external obligation so if the debt ceiling doesn't get raised then w

look at some individual members of the buy six energy majors are benefiting from gains in oil drys rosneft is adding more than one percent norilsk nickel has slipped into the red despite posting a seventeen percent increase in net profit for last year while the same story was no attack earlier added seven percent on records french to tal got a permission to buy twenty percent no attempts project to build gas in siberia and in mining sector of gold is edging lower as approved in sovereign debt problems have tamed investor appetite for gold related stocks. would his in russia have been largely affected by the turmoil in the e.u. and the u.s. withdrawal nash capital says it's time investors look to stops reflecting local trans. what's been driving russia's so far this year has really been the oil price it's been what's happening in europe what's happening in the us but you know what will drive russians talks over the longer term and that's how investors should think is what's actually happening in russia and you know reforms in the financial sector the growth of russian funds pension fund thi

and rosneft failed to strike the deal this spring is ten k. b.p. shareholders claimed b.p.'s russian joint venture should be the primary vehicle for exploration in the arctic. doing now to discuss the issue is from goldberg. so much for being with us so this ruling that we've just just heard about does this really make way for a big lawsuit claiming damages one would hope not i mean this is a nightmare for b.p. isn't it you know they just pulled out of the deal with us now if they think that their troubles are over in russia and now this pops up we'll have to see you mean you would hope it's just speculative you would hope there's nothing in it if you work for b.p. you know i think so. yes but anyway do they have grounds to actually claim claim damages well it's not it's not clear at this stage all the cotton siberia's said is look they they have the right to get further evidence and to see what's actually happened at this stage it's just checking and verifying they haven't actually brought the damages yet as we understand what can they find in these documents that they're d

some individual movers on the my six and as you may viewers are benefiting from gains in oil price rosneft is it in more than one percent noris nickel has slipped into the red despite posting a seventeen percent increase in net profit for last year the same story was no attached to the earlier added seven percent on reports french to tall got a mission to buy twenty percent project to develop gas in siberia and mining sector poll his goal is and lower as improvements in so over in their problems have tainted investor appetite for related stocks. equities in russia have been a largely affected by the turmoil in the e.u. and the u.s. but draw a national bird in capital says it's time investors look to stocks reflecting local trends. what's been driving russia so far this year has really been the oil price it's been what's happening in europe what's happening in the us but you know what will drive russian stocks over the long term and that's how investors should think is what's actually happening in russia and you know reforms in the financial sector the growth of russia in the funds pension

some of the individual share moves in the mice it's all majors gaining weight strong occurs with rosneft up almost two percent so their bond is not supported by news may see a record net profit in the first half of year and one is called is also the main game. shares are up one point eight percent best selling. gazprom was considering merging its electricity generating business with another russian energy major i.e.s. holding it's a great the joint company will become the country's biggest power producer with an estimated value of at least seven billion dollars. i'm brushing all to make a purpose continue to put the financial crisis behind it it's increased sales twenty five percent year on here in the first five months of twenty eleven the results have kept pace with the growth the group saw in twenty ten when it's trying to profit boosting the snoozes agreement to assemble fourth spot in cars at its planted which lies a few hundred kilometers east of moscow c.e.o. who understands it's part of a three point investment but. first we're very happy to have been picked up the corporate body

s failed bid to partner with rosneft in the arctic exploration and that one a russian court ruling or bludgeoned authorities involved to submit documents on the preparation of the multibillion dollar deal within two weeks this will allow the shareholders to evaluate the damages. and have failed to strike a deal this spring as t.n.t. b.p. shareholders claim b.p.'s russian joint venture should be the primary vehicle for exploration in the arctic. the u.s.'s come up with a last resort plants are a result of that lock over it's that sealing the planners hope to help the country avoid a catastrophic default that includes deficit cuts or four trillion dollars and calls for tax increases of one trillion but chief strategists of eye injury bank chris weaver says there might be a gap between promises and real cuts. if the government makes too many cuts and raises taxes too severely then they could cause a double dip recession that could cause a substantial slowdown in u.s. economic activity which would of course hit the u.s. federal budgets and exacerbate the problem so they have to be very ca

and rosneft failed to strike the deal this spring as shareholders claimed b.p.'s russian joint ventures should be the primary vehicle for exploration in the arctic . but off the board members nominated by b.p. didn't make it clear there was an opportunity for corp which they should have done as a result didn't get to participate in this partnership dance might have had lawsuits . lawyers for minority shareholders say they could claim from five to ten billion dollars in losses however in ivory from goals that he believes it's too much it's going to very hard for them to really establish that there's been something that's been done that's wrong and that's led to that sort of sort of a financial loss my suspicion is this is all part of a commercial negotiation trying to get something that's the purpose of the decision the siberian court is that they've now got the permission to get further evidence. u.s. has come up with an eleventh hour plan to resolve the deadlock over instead ceiling it's hoped the plan will help the country avoid a technical default includes a d

look at some individual movers on a my six energy majors are benefiting from the gains in oil price rosneft is adding more than one percent. as slipped into the red despite posting a seventeen percent increase in net profit for last year same story was no attempt at earlier at a seven percent on reports french to tal got a permission to buy twenty percent of no tax project to develop gas in siberia well in mining sector probably is gold is edging lower as improvements in sovereign debt problems have teamed investor appetite for gold related stocks. well russian companies are getting broader access to overseas markets the federal service for financial markets has decided to allow them to list up to one hundred percent of their shares abroad well the previous limit was just twenty five percent designed to spur a local demand for stocks however officials admit the limits failed to help stead russian firms held placements using offshore vehicles when seeking to raise cash abroad and easing will not relate to strategic in a crisis. well that wraps up all the business news that we've done for you

technique some of the individual share moves in the my six oil majors gaining a bit stronger curds with rosneft up almost two percent spare bonkers that supported by news may see a record net profit in the first half of the here and foreigners gold is also among the main game and so its shares are up one point eight percent this hour. gazprom was considering merging its electricity generating business with another russian energy major i.e.s. holding its a great the joint company will become the country's biggest power producer with an estimated value of at least seven billion dollars. and brushing or to make a group has continued to put the financial crisis behind it it's increased sales twenty five percent year on year in the first five months of twenty eleven there was also kept pace with the growth the group saw in twenty ten what it's trying to profit boosting the snoozes gal's agreement to assemble full stock in cars at its wanted north korea which lies a few hundred kilometers east of moscow gas c.e.o. paul anderson says it's part of a three pronged investment part. first we are very happ

an early game of as much as four percent all majors were among the main losers amid weak accrued rosneft and half a percent down a look or lost over a third of a percent bucking the trend to produce gold game point three percent after cuz i told purchased eighty nine percent of the company to reverse takeover all the costs of ready to be capital wraps up today's trade. in terms of training well and the market remains very quiet and there's a largely not trying to be a change change their positioning you know this leave resolution of the situation in europe and the us the focus on ascension and in the morning i was was on the oil prices and a slightly more president within asia but later on i was the optimist disappeared as in reality there are no real buyers and view oil prices unfortunately not really translating into the prices over russian stocks it is a little bit but not to the extent she would hope and that's how it looks and it will end quote close to five percent think you know so basically no particularly serious momentum russia may place your bones on the foreign markets in two

movers and energy shares we're feeling better than the market obviously on still higher oil prices rosneft up one point nine percent financials were not as good down two percent not overtax managed to gain one point eight percent at the close on reports it's in talks on the purchase of a twenty five percent stake in germany's third largest gas. or story positive open today basically on the back of their. eurozone package fresh aid package for greece approved yesterday and today we've seen a range bound trading within our fortran but now in the last the market currently is looking at the resolution of their u.s. debt limit crisis situation which could calm as early as this weekend and that will certainly give the markets more.

major russian oil firms sky news quotes people close to tony hayward saying he's interested in both rosneft and bash our correspondent marina kosar a about looks at how likely such a deal would be. tony hayward canaveral have been looking soon best serve has ever since their company's float on the london stock exchange last month they raised over two billion dollars which could partly from the acquisition of super russian oil producers boston after the after worth around twelve billion dollars this makes a question of what he thought from russian side robbing you you have to send those holding company he says the emma none of the companies being talked about have made an official statement but analysts we've spoken to believe that such a deal could be possible if he has repeatedly said that he has no interest in selling out so passionate and to snap out of the say the price talked about is not enough to make a f. k. take it seriously especially since all companies are in on its core business at the same time envious of oil and natural gas corp has been in talks with passion if ever set to m

problem look at some of the individual stock movers mostly blue chips are actually in the red the rosneft down one point eight percent on a decline in crude d.t.b. down one point two five percent despite very good results financial results for the first quarter and among minors polymaths always again on the rise it's up four percent of the verses are looking for safe haven stocks such as gold. it's been an excellent year so far for russia's second largest bank of e.c.b. is reporting a record profits of nine hundred twenty million dollars for the first quarter earnings crease of seventy percent on the same period last year and well above analysts forecast provisions for bad loans hard with the bank also benefiting from improving efficiency of its operations investors are so concerned about the most troubled asset that's newly acquired bag of moscow which is still heavily weighted by bad debt however the deputy chairman of the t.v. news says the bank expects the twenty eleven to be even more profitable than previously thought. we decided to upgrade our profit forecast we were guiding invest

main movers and energy shares we're feeling better than the market obviously on the world prices rosneft up one point nine percent financials were not as good down two percent not overtax managed to gain one point eight percent at the close on reports it's in talks on the purchase of a twenty five percent stake in germany's third largest gas. or story a positive open today on the back of their. eurozone package fresh aid package for greece approved yesterday and today we've seen their range bound trading within up more translate now of the last the market currently is looking and resolution of their u.s. debt limit crisis situation which could calm as early as this weekend and that will certainly give the markets more reason to rally kevin is next with the headlines and the latest on what's going on in oslo stay with nazi. without seeing the main news story this hour in norway huge explosion a shot at the center of the capital ravaging the prime minister's headquarters police. calls the blast which has killed at least fifty make the region officials say people are still trapped in the bu