President of JSC "Russia"s railways" Vladimir Yakunin on Tuesday spoke at a roundtable railway reform in Russia: state, problems and prospects ", organized by the State Duma Committee on Transport, the company reported. According to him, during the period of reform since 2001, steadily meet the demand for transport with a simultaneous increase in the share of railways in the transport market. Thus, turnover in the period 2003-2008. increased by 26,6%, the share of rail transport in total freight turnover increased by 3,7% to 42,7% (including pipelines), transit through the territory of Russia increased by 75%, the share of passenger rail transport in total passenger turnover increased from 32 to 37 percent. Labor productivity in general since 2003, a 55% increase, and transportation costs in real terms decreased more than 15%. "consistently reduced traffic load on the economy - from 18,2% in 2003 to 13,8% in 2008, these data suggest the ever-growing dynamics of basic indicators of railway transport", - said Vladimir Yakunin. He stressed that the rates of JSC "RZD" fixed by the State in general, lower tariffs for industry, which has considerably reduced thef6cinvestment opportunities in infrastructure.
The reason for the correction in the commodity and global stock markets continued last week, a few. First, the corporate reporting season in the United States began rather badly: in the early days, most companies are held accountable worse than expected. Second, the tightening of capital requirements for banks in China, reflected in an increase standards of reserves for possible losses on loans. Finally, announcement of U.S. President Barack Obama plans to restrict the activities of the banking system: extending the notion of "market share" is not only the insured deposits, but on all borrowed funds, the division of business in the cash-credit and investment. However, a1000ll of these reasons are unlikely to give rise to a long and deep (more than 15%) correction. Thus, the first reason (worse than expected reporting) has somehow quietly evaporated. So, if in the beginning of last week, most companies is accountable worse than expected, then on Friday the results of 70% of companies have exceeded expectations, but yesterday all companies have reported better than expected. However, unlike last season, accounting, when predictions were frankly too low, the current expectations can not be called modest. Second, Obama"s initiative is unlikely to be implemented in the original hard version. For many it is understandable that in his attacks on the investment banking business a big part of the populist component. The fact that the crisis started in the mortgage sector and was caused by excessive activity in lending to "simple good guys" and not operations "fat cats" c Wall Street. This means that the articulated measures will not help prevent the recurrence of similar crisis. They need only one - to make unpleasant "fat cats" that will be welcomed by the poor. And the "fat cats" on Capitol Hill, too, have their own lobbyists. Finally, measures of the Chinese financial authorities also should not demonize: most of what they will, is the cessation of accelerating the growth of Chinese economy. However, the growth rate of 10% per year, is likely to persist. Summing up the foregoing, we conclude that the decline in the stock market will soon come to an end. At the same time, the paper for sale to select carefully. Thus, the likely cancellation of a number of tax incentives for Rosneft, and they were the main driver of growth faster than the market shares of all of last year. Also, we expect the resumption of the depreciation of the euro in the near future: the successful placement of government securities Greece does not solve the problem on the merits, and do not cancel the risk of further downgrade of the country. We recommend to buy Gazprom shares on the level of 173 rubles and selling euros for U.S. dollars. log in and see the material;; 9, users rated material on 4,2. Analyst Ratings
At 16.00 Moscow time the price index value RGBI totaled 130.95. Compared with the previous day"s close, it rose by 0.2 part (0.153%). Trading volume on the market of government securities amounted to 55.4 billion rubles. SU25063RMFS7 Yield on bonds with maturity in November 2011 was 7.38% (0.6 percentage points), SU26200RMFS4 on bonds with maturity in July 2013 - 7.36% (-0.02 percentage points), for bonds with SU26202RMFS0 maturing in December 2014 - 7.82% (0.04 percentage points), SU46020RMFS2 on bonds with maturity in February 2036 - 8.18% (-0.1 percentage points), SU46021RMFS0 on bonds with maturity in August 2018 g. - 7.85% (-0.2 percentage points). C corporate bond market concluded 1105 transactions in the amount of 16747.29 mi1000llion rubles. Yield on bonds RZD-10obl with maturity in March 2014 was 9.01% (0.05 percentage points), Mechel 5ob on bonds with maturity in October 2018 - 13.34% (0.2 percentage points) on the bonds RosselhB 8, maturing in November 2019 - 9.02% (0.12 percentage points), 9 RosselhB on bonds with maturity in November 2019 - 9.04% (0.14 percentage points), according to IDC South bond 2 with maturing in August 2014 - 11.99% (0.07 percentage points). C sub-federal and municipal bonds concluded 160 deals amounting to 1798.34 million rubles. Yield on bonds MGor58-on with maturity in June 2011 was 8.18% (0.24 percentage points), Mos.obl.8v bonds with maturity in June 2013 - 12.12% (-0.11 percentage points ) on the bonds YarObl-07 with maturity in March 2010 - 8.14% (0.93 percentage points), Kazan06 on bonds with maturity in December 2011 - 10.05% (-0.04 percentage points) on bonds MGor62-on with maturity in June 2014 - 8.48% (0.08 percentage points). Trading volume on the MICEX derivatives market at 16:00 Moscow time amounted to 1.47776 billion rubles. Futures on USD: trading volume - 370.83 million rubles., Quotation of the nearest futures - 30,39 rub. (0,182 rubles.), The volume of open positions - 1.44 million counter. Futures EURO: the volume of open positions - 14,5 thousand counter. MICEX Index futures: trading volume - 857.62 million rubles., Quotation of the nearest futures - 140,580 rubles. (-2490 Rub.), The volume of open positions - 3449 counter. Futures on Gazprom: trading volume - 65.9 million rubles., Quotation of the nearest futures - 18073 rub. (-326 Rub.), The volume of open positions - 1435 counter. Futures on Savings: trading volume - 84.66 million rubles., Quotation of the nearest futures - 8678 rubles. (-153 Rub.), The volume of open positions - 3528 counter. Futures Nornikel: trading volume - 85.38 million rubles., Quotation of the nearest futures - 47151 rub. (-416 Rub.), The volume of open positions - 674 contr. Lukoil futures: trading volume - 13.37 million rubles., Quotation of the nearest futures - 16502 rub. (-263 Rub.), The volume of open positions - 1413 counter. Futures on MosPrime 3M: the volume of open positions - 20 counter. In the "bond market" you can find information on issues of corporate and municipal bonds, and learn on the planned deployment, the outcome of trading on the MICEX and read the comments on the bond market. log in and see the material;; Your score will be the first! Analyst Ratings
 Our assumptions regarding the movement of American depositary receipts of Brazilian mining company Vale, presented in the preceding analysis, justified. Prices for some time stayed close to the level of 26,50, and then slowly continued their upward movement and reached the mark in 30,65, where the level of 61,8% of Fibonacci (Fig. 1). However, to break the resistance specified ADRs failed, and they rushed back to the level of 50% Fibonacci. Fig. 1 Weekly dynamics ADRs Vale   Source: Reuters  Currently the weekly chart convergence of moving averages with a period of 8 and 21 indicates a weakening of the uptrend (Fig. 1). Lines MACD indicator on the weekly chart (Figure 2) intersected, which is usually a strong enough signal to sell. However, other indicators are presented in Fig. 2, have not confirmed such an action. Thus, the line changes direction indicator is located above the DM-DM, and the line ADX, despite the reversal, had no time to drop significantly, slowing their movement. The Stochastic RSI oscillator is also on its way down met with resistance and had swept away the wave number of ardor. Nevertheless, it is worth noting divergence observed in the graphs of prices and the RSI indicator and marked in Fig. 3 purple lines. Thus, the price on the weekly schedule from November last year, continues to conquer new peaks, while the corresponding local maxima of a stochastic oscillator under consideration, on the contrary, showing a decrease. This movement is usually a sign of price stabilization, which may be follo1000wed by a strong correction.  Fig. 2 Indicators DM and-DM, ADX, MACD, RSI (weekly Dynamics)   Source: Reuters  Fig. 3 Weekly dynamics ADRs Vale and Stochastics RSI   Source: Reuters  Thus, the analysis of weekly charts of price movements of American depositary receipts of Brazilian mining company Vale can be concluded a possible correction, indicated by the convergence of exponential moving averages, the divergence of timetables, prices and an indicator RSI, and intersections of lines MACD. The closest level of support will make a mark in 26,58 (50% Fibonacci). Close to the specified value at the moment are moving average with period 21 and the centerline of Bollinger Bands (Fig. 4), which can also act as a support when moving downwards. In the case of crossing the midline of Bollinger Bands is possible to reduce to the lower limit. If the RSI indicator will turn up, and following its peak corresponding to a new high in the chart price will lie above the previous one, then we can talk about the end of the correction and extension of the current uptrend.
 Tuesday, 26 January, the stock markets of the Asia-Pacific region amid expectations tightening of monetary policy in China and to slow the growth of Chinese economy, which could lead to all the major economies of the world, finished the day with a predominantly negative dynamics. general indicator of the regional MSCI Asia Pacific Index fell 1.8% to a value of 119.42 points. Japanese Nikkei 225 has weakened to 1.78%, while the broad market indicator Topix decreased by 1,95%. Papers of the operator of the largest in the world merchant fleet Mitsui OSK Lines collapsed at 4% on concern the reduction of cargo transportation in the event of a slowdown in economic growth in China. Shares wireless phone network operator KDDI have fallen by 8,6%. The company reduced its forecast for annual profit of 255 billion yen, is expected in October, up to 225 billion yen ($ 2.5 billion), and also agreed to buy 38% stake in the television cable company Jupiter Telecommunications for $ 4 billion Quotes Jupiter Telecommunications at the same time fell 6 , 6%. Hong Kong Hang Seng finished the day by a decrease of 2,38%. Shares of the largest capitalization on the World Bank International Commercial Bank of China slipped to 3.4%, while its rival Bank of China fell 3.4%. Analysts at Goldman Sachs lowered the recommendation of the Chinese banks, which have already taken steps to reduce the volume growth of new lending. Quotes Foxconn International Holdings, engaged in the production of mobile phones on contract, abated from its asset 8,7%. Representatives of the firm reported a forecast "significant" reduction of profits in 2009, even though "encouraging improvement" in the second half of the year. Stock Indicator South Korea"s Kospi declined by 1.97%. Papers Korea Line shipping company, slid 4.4% on concern that slowing turnover in the case of "cooling" of the Chinese economy. Stock Exchange of India and Australia were closed due to national holiday. Values of the basic indexes on closing are resulted in the table: Index Country Closing (items) Delta day (items) Change day (%) Change YTD SP /ASX 200 Australia 4717,90 -32,70 -0,69% -3,14% &1000lt;tr> All Ordinaries Australia 4743, 10 -28,80 -0,60% -2,86% Ho Chi Minh Vietnam 497,90 16 , 99 3,53% 0,63% Hang Seng Hong Kong 20109,33 -489,22 -2,38% -8,06% Hang Seng H-shares Hong Kong 11410,12 -448,34 -3,78% -10,82% BSE 30 (Sensex) India 16780,46 -79,22 -0,47% -3,92% Jakarta Composite Indonesia 2578,42 -19,44 -0,75% 1,74% Shanghai A-shares China 3166,19 -78,80 -2,43% -7,89% CSI 300 China 3242,80 -85,22 -2,56% -9,31% KLSE Composite Malaysia 1283 , 02 -13,77 -1,06% 0,80 % NZSE 50 New Zealand 3209,06 20,41 0,64% -0,65% Karachi 100 &1000;lt;td> Pakistan 9662,32 -26,88 -0,28% 2,93% Straits Times Singapore 2740,33 -71,38 -2,54 % -5,43% Bangkok SET Thailand 492,39 -7,170 -1,44% -5,44 % TAIEX Taiwan 7598,81 -274,18 -3,48% -7,20% PSEi Philippines 2955,70 -12,26 -0,41% -3,18% Colombo All-Shares Sri Lanka 3591,38 36,93 1 , 04% 6,08% KOSPI South Korea 1637,34 -32,86 -1,97% -- 2,70% Nikkei 225 Japan 10325,28 -187,41 -1,78% -2,10% Topix Japan 916,40 -18,19 -1,95% 0,97%
Washington scandal surrounding the uncontrolled spending by the State Department in Iraq. The audit identified a number of cases in which officials failed to properly monitor expenditure of budgetary funds allocated to private contractors. " At the State Department called the accusations baseless. Special Inspection for Iraq Reconstruction (SIGIR) in a few months studying the contracts that state agencies concluded with private contractors. Greatest attention was paid to the activities of the U.S. State Department, who was in charge of distribution of the lion"s share of budgetary funds allocated by Washington for the reconstruction program in Iraq. As a result, inspectors found a number of cases of apparent cost overruns. Thus, the State Department during the year paid the 16 bodyguards for six America1000n contractors working in Iraq. These goals were spent $ 4.5 million, moreover, that the contractors had their own security and in addition, they did not need. on the inspection report and provided a case. In 2006, the State Department has taken on lease two generators to supply electricity to a military base in northern Iraq. Since then, for the use of equipment, the owner was paid $ 450 thousand, although the purchase of two generators would cost the state budget only $ 78 thousand in the other case it comes to renting apartments in Iraq, which also pays for the Department of State. The contract was structured so clumsily that after the conclusion of the landlord readily increased the fees from $ 12 thousand to $ 20 thousand per month for an apartment. However, the auditors drew particular attention to the biggest contract the State Department, inherited an American private security company DynCorp International. In 2004, the company received a contract for training Iraqi police. Already at the initial stage of implementation of the contract by order of the State Department on account DynCorp was transferred more than $ 1 billion at this for a long time, the validity of spending so much money and all accounting records check only one member of the State Department.
Stocks Maintain long positions in ordinary shares of "Gazprom" (GAZP RX) from the nearest to 195.0 rubles. Maintain long positions in ordinary shares "LUKOIL" (LKOH RX) with the immediate goal in 1800 rubles. Buy (1 /3 limit) ordinary shares of "Rosneft" (ROSN RX) in the case of quotations to reduce 238.0-240.0 rub. with the immediate goal of 270.0 rubles. Buy (1 /3 limit) ordinary shares of "Gazprom oil" (SIBN RX) in the case of quotations to reduce 150.0-151.0 rub. with the immediate goal of 175.0 rubles. double long positions in preferred shares of Transneft "(TRNFP RX) in the case of quotations to reduce 24800-25000 rub. with the immediate goal of 30,000 rubles. Buy (1 /3 limit) ordinary shares of Sberbank (SBER03 RX) in the case of quotations to reduce 83.50-84.00 rubles. with the immediate goal of 90.00 rubles. Buy (the remaining 1 /3 limit) ordinary shares of VTB Bank (VTBR RX) in the case of quotations to reduce the 0.0670-0.0675 USD. with the immediate aim of 0.0760 rubles. Maintain long positions in ordinary shares of FGC (FEES RX) with the immediate goal of 0,360 rubles. Buy (1 /3 limit) ordinary shares "InterRAO" (IUES RX) in the case of quotations to reduce the 0.0400-0.0405 USD. with the immediate aim of 0.0500 rubles. Buy (the remaining 1 /3 limit) of the March futures on the RTS index (VEH0) with a decrease in quotations of up to 1435-1440 points with the immediate goal in 1535 points in the event of a record profit of 1 /2 positions available. Raw Buy (the remaining 1 /3 limit), the March futures on crude oil WTI (CLH0) in the case of reduction of quotations to $ 72.00-72.50 with the immediate goal of $ 80.00 and stop loss on a mark of $ 70.70. sell (for the remaining 1 /3 limit), the March contract for natural gas (NGH0) in the case of growth of quotations of up to $ 5.95-6.00 from the immediate goal of $ 5.20 and stop loss on a mark to $ 6.30. log in and see the material;; 6; users rated material on 3,5. Analyst Ratings