Interesting and Humour - page 775
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Which way to mow?) And from a distance, it really is Monroe.
Grannies sitting in the courtyard were mistaken for an opposition rally
No joke
A horse and his wife to the hut.
A boa constrictor and his wife to the castle.
Cod with her husband to the castle
A hare and his wife to the castle
She-wolf and his wife in the castle
In the hut - husband and wife
In the tower - one-liners
In the castle - husband and wife untitled
And the end is already breathing through the window
Kyiv-Chop highway today
18 December 2012 17:23
Goldman Sachs (GS) has not included Russian equities in its top GEM (Global Emerging Markets) list for 2013 despite the fact that they are still relatively cheap, Goldman Sachs Chief Economist for Russia and CIS Clemens Graf said at a meeting with journalists.
"The Russian equity market at the moment is quite difficult to predict, so we cannot recommend it to investors as an attractive market for investment. Currently, we believe that the Chinese and Indian stock markets are more attractive than the Russian one. Changes in the regulation of a number of industries in Russia create a certain lack of clarity about their future prospects. For example, there is uncertainty about regulatory changes in the Russian power sector. It's also difficult to assess the attractiveness of Russian gas investments, as we don't fully understand the strategy of Gazprom," Graf said.
At the same time, the Goldman Sachs economist said that the Russian debt market, in his opinion, will look better than the stock market next year amid a fairly strong ruble and low inflation.
"We think the rally in the Russian debt market will continue in 2013," he added.
Graf forecasts that the ruble will strengthen to 29 rubles/$1 by the end of 2013 and to 28.7 rubles/$1 by the end of 2014. Meanwhile, the GS economist further expects the ruble to weaken to 30.4 rub/$1 by the end of 2015 and to 32.4 rub/$1 by the end of 2016.
Inflation in the Russian Federation is assumed to be 5.8% in 2013.
The Russian economy will grow by 3.8% next year and accelerate to 4.7% in 2014, according to GS economist estimates.
These forecasts are based on a projected Brent crude oil price of $105 at the end of 2013 and the end of 2014, $100 at the end of 2015 and $85 at the end of 2016 (long-term forecast in current prices excluding inflation).
"The current high oil prices are a consequence of supply-side problems and not caused by demand growth. We believe that the upside potential of oil prices is limited at the moment and they are at their peak levels. In the meantime, we do not expect a sharp decline in oil prices in the next few years either," Graf said.
http://alex-oil.livejournal.com/1282363.html#cutid1