Announcement

Collapse
No announcement yet.

BRICS Summit.

Collapse
X
 
  • Filter
  • Time
  • Show
Clear All
new posts

  • BRICS Summit.

    El-Erian Says Summit Shows `Rebalancing' as BRICS Buy IMF Bonds
    Share | Email | Print | A A A

    By Joshua Goodman and Michael Forsythe

    June 12 (Bloomberg) -- Leaders of Brazil, Russia, India and China will probably use their first summit next week to press the case that their 15 percent share of the world economy and 42 percent of global currency reserves should give them more clout.

    For U.S. President Barack Obama and Federal Reserve Chairman Ben S. Bernanke, that’s a warning. For investors, it may be an opportunity.

    Brazil and Russia joined China this week in saying they would shift some $70 billion of reserves into multicurrency bonds issued by the International Monetary Fund. While the moves aren’t an effort to “topple the dollar,” according to Mark Mobius, executive chairman of Templeton Asset Management Ltd., they increase the relevance of the four largest emerging economies, which account for only 6 percent of the MSCI AC World Index.

    “The rebalancing of relative economic power is not only alive but gaining momentum,” said Mohamed El-Erian, chief executive officer of Pacific Investment Management Co., adviser to the world’s largest bond fund. “Average investors need to make sure that they are not hostage to an outdated conventional wisdom that underexposes them to this phenomenon.”

    The meeting is primarily designed to focus on economic issues. Among the topics in the Ural Mountains city of Yekaterinburg, where Bolsheviks executed Tsar Nicholas II in 1918, will be the financial crisis, reshaping the IMF, climate change and the future of dialogue among the so-called BRIC countries, He Yafei, a vice foreign minister at China’s Ministry of Foreign Affairs, told reporters on June 9.

    IMF Votes

    The worst recession in the industrialized world in more than 50 years has emboldened emerging markets to demand a bigger say in the global financial system. That fight begins at the IMF, which developing countries say doesn’t reflect the shift in economic power. Brazil, the world’s 10th-largest economy, has 1.38 percent of the IMF board’s votes, less than the 2.09 percent for Belgium, an economy one-third the size.

    The IMF, created as World War II was ending, gives more power to such countries as the U.S., which holds 16.77 percent of the votes.

    The June 16 gathering of the BRICs is the biggest show of unity yet in their bid to win more financial influence -- while they take jabs at the U.S. Russian President Dmitry Medvedev said on June 5 that using a mix of regional currencies as a global reserve rather than the dollar would help stabilize the world economy.

    About the Deficit

    To Mobius, who oversees $20 billion of emerging-market assets at the Singapore-based Templeton asset arm, the real focus of the BRIC agenda is the U.S. 2009 projected $1.85 trillion deficit and $787 billion economic-stimulus plan. They’re both sparking fears among creditors that the dollar will fall and inflation will accelerate, shrinking the value of BRIC dollar holdings.

    International reserve assets held by the BRICs, excluding gold, total $2.8 trillion, according to data compiled by Bloomberg.

    “The BRICs are putting the U.S. on notice that there has to be a cutback on spending and get their house in order,” Mobius said in a telephone interview from Geneva.

    “This isn’t an effort to topple the dollar,” he said. “Any attack on the dollar will hurt them. But they want to make sure this kind of mess doesn’t happen again.”

    Kirk’s Warning

    Representative Mark Kirk, co-chairman of the congressional U.S.-China Working Group, joined three other Republicans this month in drafting a letter to Bernanke urging him to stop buying Treasury debt. That raises the money supply and could spark inflation and erode the value of foreigners’ Treasury holdings, Kirk said. He visited China last month and met with officials including People’s Bank of China Governor Zhou Xiaochuan.

    “I strongly urge the chairman to end the purchase of Treasury bills so that this BRIC conversation goes nowhere,” Kirk, an Illinois Republican, said in an interview.

    Bernanke told Congress on May 5 that the Fed’s actions to boost credit and keep interest rates near zero were necessary to support the economy for now, and that the central bank planned to change course at the “proper moment.”

    The BRICs may overtake the combined $30.2 trillion gross domestic product of the Group of Seven nations by 2027, said Jim O’Neill, the London-based Goldman Sachs Group Inc. chief economist who coined the term for the four countries in a 2001 report. That is a decade sooner than he had forecast.

    BRIC Trade

    Chinese trade with the other three countries grew twice as fast as that with the U.S. between 2003 and 2007, fueled by exports of consumer products to India and imports of iron ore from Brazil.

    This year, China replaced the U.S. as Brazil’s largest trading partner, and last month the two countries signed a $10 billion financing deal to help state-controlled Petroleo Brasileiro SA develop 5 billion to 8 billion barrels in offshore-oil finds.

    Russia probably will sign a contract in coming months to sell oil to China that may be priced in rubles, said Chris Weafer, chief strategist at UralSib Financial Corp. in Moscow.

    Benchmark stock indexes in the four countries have risen on average about 60 percent this year, compared with a 4.6 percent advance for the Standard & Poor’s 500 Index. Still, there is room for more gains, O’Neill said.

    Mobius said he recommended big companies in the retail and commodity industries that will benefit from increasing income levels and faster development, even after their prices have jumped this year.

    Share Increases

    Beijing-based PetroChina Co. Ltd., China’s second-largest oil refiner, has climbed 38 percent. Mumbai-based Tata Motors Ltd., India’s biggest truckmaker, has risen 131 percent. Sao Paulo-based homebuilder Rossi Residencial SA has doubled, and gas producer OAO Novatek of Tarko-Sale, Sibera, is up 186 percent.

    “Investors need to start thinking about them as something more than a luxury risk market,” O’Neill said.

    The countries attending the summit have sharp differences in governance, size and economic weight, with varying commitments to free trade, open markets and political pluralism. India, the world’s second-most populous country, has been a democracy for six decades, while China, the most populous, has been a Communist state for that long.

    All except Brazil possess nuclear weapons; only Russia belongs to the Group of Eight industrial nations. Russia and China are permanent members of the United Nations Security Council, while Brazil and India want to be.

    ‘Perfectly Capable’

    Montek Singh Ahluwalia, deputy chairman of the nation’s Planning Commission, said in April that India would be “perfectly capable of contributing” to the IMF’s bond program. Still, newly re-elected Prime Minister Manmohan Singh may want to win U.S. favor, said Sebastien Barbe, Hong Kong-based head of emerging-market strategy at Calyon, the investment-banking unit of France’s Credit Agricole SA.

    “Links with the U.S. are something the new government in India would like to support,” Barbe said. “India may try not to get too high profile at this meeting.”

    Among bilateral deals that may be discussed is India’s desire for a stake in the Sakhalin-3 oil and gas project in Russia as it tries to secure energy to fuel the world’s second fastest-growing major economy. “There are discussions but nothing final yet,” R.S. Butola, managing director of ONGC Videsh Ltd., Oil & Natural Gas Corp.’s overseas investment arm, said in a June 8 interview.

    ‘Increase the Voice’

    For China, which had $767.9 billion in U.S. Treasury securities at the end of March, making it the biggest foreign holder, the meeting is a way to “increase the voice and representation of emerging economies,” vice minister He said at a briefing on President Hu Jintao’s goals for the summit.

    BRIC leaders have met on the sidelines of international conferences in the past, and foreign ministers met in Yekaterinburg in May 2008.

    “As dynamic emerging-market countries begin playing a welcome and greater role in strengthening the international system and assuming stepped up responsibilities, we look forward to working with them on exploring areas of common interest,” said U.S. Treasury spokeswoman Natalie Wyeth.

    In past meetings, there were some communications snafus. When Brazilian President Luiz Inacio Lula da Silva and China’s Hu met in April during the Group of 20 summit in London, an English translator was needed to bridge the language gap between Mandarin and Portuguese.

    Brazil has only nine diplomats in Beijing, the same number it has in Chile, an economy 5 percent of its size. By contrast, the U.S. has 300 Americans working at the embassy in Beijing.

    “There’s a great deal of ignorance about each other,” said Marco Aurelio Garcia, who is traveling to the summit as Lula’s top foreign-policy adviser. “What we share is a commitment to seek out new vocations in a world economy in transition.”

    To contact the reporters on this story: Joshua Goodman in Rio de Janeiro at [email protected]hael Forsythe in Washington at [email protected]
    Last Updated: June 11, 2009 18:38 EDT
    “the misery of being exploited by capitalists is nothing compared to the misery of not being exploited at all” -- Joan Robinson

  • #2
    BRIC's Inaugural Summit

    BRIC nations gather for inaugural summit

    Brazil, Russia, India and China make push for more economic clout

    14 June [Globe&Mail] The new world order is moving from theoretical abstraction to geopolitical and economic reality.

    Tomorrow in the central Russian city of Yekaterinburg, president Dmitry Medvedev will host counterparts from Brazil, India and China, marking the first time the leaders of these emerging powers will assemble for talks.

    The summit, scheduled for one day, turns an academic grouping by an economist in 2001 to highlight the hyper-development of the biggest emerging markets into a real geopolitical force to rival the richer developed countries that dominate the Group of Eight.

    It is unlikely leaders as diverse in their priorities as Mr. Medvedev and Brazil's Luiz Inacio Lula da Silva will make any significant decisions in one meeting. Still, the political will necessary to make common cause shows these countries will demand a greater role in the global economy, a stance that could influence everything from trade flows to the supremacy of the U.S. dollar. ....

    The agenda of tomorrow's meeting reflects what unifies these countries: growing economic clout. The leaders intend to discuss the global recession, overhaul of the financial system and alternatives to the U.S. dollar as the world's reserve currency. Lower on the work plan are issues such as nuclear non-proliferation and climate change. ....

    Comment


    • #3
      Both SOC and BRIC summits are being hold at the same time too




      BRICs won't mull new reserve currencies - Kremlin
      Mon Jun 15, 2009 8:19am IST

      BRICs won't mull new reserve currencies - Kremlin | Reuters

      MOSCOW (Reuters) - Leaders of Russia, China, India and Brazil do not intend to discuss new global reserve currencies at their first summit in the Urals city of Yekaterinburg on Tuesday, a top Kremlin aide said on Sunday.

      "We will hardly be discussing the new reserve currencies," Sergei Prikhodko told reporters. "As far as practical issues are concerned, we will speak more about the possible ways to reform international financial institutions."

      Brazil, Russia, India and China are trying to strengthen their clout as the producers of 15 percent of global output by building up their BRIC grouping into a powerful world player.

      Russia, holder of the world's third largest foreign exchange reserves, has called for the world to become less dependent on the dollar and suggested that the yuan and the rouble could become reserve currencies in the future.

      Concerns that dollar's role as the dominant reserve currency has contributed to global financial instability has been discussed by BRIC's top security officials, who met in Moscow last month to prepare the summit.

      Brazilian Strategic Affairs Minister Roberto Mangabeira Unger told Reuters last month the summit was due to discuss the role of the U.S. dollar, strengthening the G20 group, reshaping the world trade regime and reform of the United Nations.

      "We don't want a European-style central bank made global. We don't want a global Brussels," he said, adding that the International Monetary Fund's Special Drawing Rights were an option as long as the issuer's powers were limited.

      Russian Finance Minister Alexei Kudrin said on Saturday the dollar's role as the world's main reserve currency was unlikely to change in the near future

      "It is hard to say that in the next few years this system will change significantly," Kudrin told reporters after a meeting of finance minister of the G8 (Group of Eight) leading economies in Italy.

      © Thomson Reuters 2009 All rights reserved
      “the misery of being exploited by capitalists is nothing compared to the misery of not being exploited at all” -- Joan Robinson

      Comment


      • #4
        BRIC Should Add Indonesia to Become BRIIC, Morgan Stanley Says
        Share | Email | Print | A A A

        By Arijit Ghosh

        June 15 (Bloomberg) -- Indonesia’s economic growth may accelerate to 7 percent from 2011, providing a case for its inclusion in the so-called BRIC economies along with Brazil, Russia, India and China, Morgan Stanley said.

        A win for President Susilo Bambang Yudhoyono in the July 8 elections as projected by polls may help attract investors. Political stability and buoyant domestic demand will help boost expansion in the $433 billion economy, Morgan Stanley said in a report dated June 12 which compares Indonesia with India.

        Southeast Asia’s largest economy may grow 60 percent in the next five years to $800 billion due to a stable administration, lower capital costs and a government plan to spend as much as $34 billion to build roads, ports and power plants by 2017, Morgan Stanley said. Inclusion in the BRIC nations may increase Indonesia’s standing among developing countries as they seek more influence over global financial policies.

        “What this means for the investor community is that they need to need to look at this asset class more seriously,” Chetan Ahya, a Singapore-based economist at Morgan Stanley, said in an interview today. Political stability, improved government finances and “a natural advantage from demography and commodity resources are likely to unleash Indonesia’s growth potential.”

        Indonesia may expand as much as 4 percent this year, making it the fastest-growing major economy in Southeast Asia, according to the International Monetary Fund. Morgan Stanley expects 3.7 percent growth this year.

        Presidential Election

        Yudhoyono may win an overall majority in next month’s election, avoiding the need for a second round of voting in September, polls show. Yudhoyono’s Democrat party won more than 25 percent of seats in parliamentary elections this year, becoming the only party to be able to nominate a presidential candidate without seeking outside support.

        The 2009 parliamentary election results “suggest continued stability in this democratic political framework and is a critical factor in unleashing Indonesia’s growth potential,” Ahya said. “Coincidently, the India story has also recently been given a ‘fillip’ from the strong political mandate of the Congress-led coalition in the 2009 general elections.”

        Indian Prime Minister Manmohan Singh’s Congress party won the most seats in parliament since 1991 in results announced last month.

        Leaders of the BRICs nations may use their first summit on June 16 to press the case that their 15 percent share of the world economy and 42 percent of global currency reserves should give them more influence over policies.

        Developing countries say their votes in the IMF, founded at the end of World War II to promote global trade, don’t reflect the shift in economic power. Brazil, the world’s 10th-largest economy, has 1.38 percent of the IMF board’s votes, less than the 2.09 percent for Belgium, an economy one-third the size.

        The BRICs may overtake the combined $30.2 trillion gross domestic product of the Group of Seven nations by 2027, said Jim O’Neill, the London-based Goldman Sachs Group Inc. chief economist who coined the term for the four countries in a 2001 report. That is a decade sooner than he had forecast.

        To contact the reporter on this story: Arijit Ghosh in Jakarta at [email protected]
        Last Updated: June 15, 2009 01:04 ED
        “the misery of being exploited by capitalists is nothing compared to the misery of not being exploited at all” -- Joan Robinson

        Comment


        • #5
          I think as this is the very first BRIC meeting, what will be discussed are the more urgent and significant ones ahead of the coming G8 meetings.

          BRIC to discuss crisis response, IMF reform at summit
          15 June YEKATERINBURG (Reuters) - Leaders of Russia, China, India and Brazil will discuss the reform of international financial institutions at their debut summit on Tuesday in the Russian city of Yekaterinburg, the Kremlin said on Monday.

          It said in a statement that the four countries, known by the BRIC acronym, would discuss "prospects for dialogue between the Group of Eight and traditional partners" on reform ahead of the G8 summit in Italy in early July.

          BRIC countries want to increase their representation in the IMF, where the majority of quotas are currently controlled by developed nations. They are aiming for an agreement on IMF reforms by January 2011.

          Russia currently has 2.7 percent of IMF votes, and is unlikely to see its quota increased even under a proposed reform. China holds 3.7 percent, Brazil 1.4 percent and India 1.9 percent.

          BRIC states are trying to strengthen their clout as the producers of 15 percent of global gross domestic product by building up the grouping into a powerful world player. The Kremlin said the four will issue a communique after the summit.

          The four are also among the world's seven biggest holders of international reserves. They have expressed worries about the economic stimulus programmes in developed nations, fearing they may threaten their savings by driving up future inflation.

          Kremlin foreign policy adviser Sergei Prikhodko said on Sunday that BRIC countries were unlikely to discuss a new reserve currency but the reform of the IMF is closely linked to the currency discussion. ....

          Comment


          • #6
            If I understand correctly, at least China and Brazil will be signing trade deals between their countries to be exclusive of the dollar?
            In the realm of spirit, seek clarity; in the material world, seek utility.

            Leibniz

            Comment


            • #7
              During Lula's recent visit to China (May2009), he secured a 10 Billion dollars (measured USD by pay by Yuan) loan to be used in Oil production for Chinese customers. There is also a 70 Billion Yuan currency swap deal in the work to boost trades between the two nations. Current swap is sorta like a "line-of-credit" which both sides can draw so any value change in the dollar will not impact trades between both sides.



              Other Latin American countries are also strengthening ties with China. Peru signed a free trade agreement last month, wrapping up more than a year of talks. In March, the central banks of Argentina and China agreed to a three-year, $10 billion currency swap. China recently put $4 billion into a Venezuelan development fund in exchange for oil shipments and Ecuador announced deals for $1 billion of investment.
              “the misery of being exploited by capitalists is nothing compared to the misery of not being exploited at all” -- Joan Robinson

              Comment


              • #8
                I think BRICS is a unimportant framework to China.China attend the meeting stem from the ritual.

                China has so many difference viewpoints from others,and so many difference economical scale from others,and different level and structure of trade.

                The most important, China support the leader position of dollar,because China has much more dollar reserve ,dollar property,dollar debenture than others,and the US is most important buyer of Chinese goods, they can not oppose the dollar,that will be against themselves.But Russia and Brazil not.

                So,I think,nothing will be achieved. Nomeetings or frameworks can affect the dialogue with US.
                Last edited by Tomluter; 16 Jun 09,, 08:52.

                Comment


                • #9
                  Got this from CFR today.


                  PACIFIC RIM: CHINA-SCO LOAN

                  China Daily reports Beijing to Russia and four Central Asian states at yesterday's Shanghai Cooperation Organization regional summit. The loan is intended to help those states ride out domestic financial turmoil.






                  China offers $10 billion loan to SCO
                  (Agencies)
                  Updated: 2009-06-16 15:13



                  Chinese President Hu Jintao attends the small-sized group meeting of the leaders of Shanghai Cooperation Organization (SCO) member states and observers in Yekaterinburg, Russia, on June 16, 2009.[Xinhua]

                  YEKATERINBURG, Russia -- President Hu Jintao says China will extend a $10 billion loan to a regional group that also includes Russia and four Central Asian states.


                  Hu spoke at a summit of the Shanghai Cooperation Organization (SCO) in Russia. He said the loan is intended to shore up the struggling economies of its members amid the global financial crisis.

                  Founded in 2001, the SCO consists of Kazakhstan, China, Kyrgyzstan, Russia, Tajikistan and Uzbekistan. Mongolia, India, Pakistan and Iran are observers of the organization.

                  At the annual summit, the leaders will discuss important issues including how to tackle the international financial crisis and how to expand cooperation in political, economic, security and other areas among its member states.
                  “the misery of being exploited by capitalists is nothing compared to the misery of not being exploited at all” -- Joan Robinson

                  Comment


                  • #10
                    guess who is coming to dinner.



                    Ahmadinejad attends summit in Russia

                    By VLADIMIR ISACHENKOV – 7 hours ago

                    YEKATERINBURG, Russia (AP) — Russia welcomed Iranian President Mahmoud Ahmadinejad Tuesday on his first trip abroad since his bitterly disputed re-election, a show of support for a leader facing major protests at home and questions from the West about the legitimacy of the vote count.

                    Ahmadinejad arrived in the Ural Mountains city of Yekaterinburg and sat down for talks at a summit of the Shanghai Cooperation Organization, which comprises Russia, China and four Central Asian nations. Iran has observer status in the grouping, widely seen as a counterbalance to U.S. interest in the region.

                    Ahmadinejad also talked briefly with Russian President Dmitry Medvedev on the sidelines of the summit, Medvedev's spokeswoman Natalia Timakova said. She said thery pledged to continue economic and humanitarian ties as well as contacts between the two nations.

                    Taking his turn speaking at one of the summit meetings, Ahmadinejad said that "America is enveloped in economic and political crises, and there is no hope for their resolution."

                    "Allies of the United States are not capable of easing these crises," he said, speaking through an interpreter.

                    He did not mention the Iranian election or unrest.

                    A senior Russian diplomat hailed Ahmadinejad's visit as evidence of strong ties between Russia and Iran.

                    "It's quite symbolic that the Iranian president arrived in Russia on his first foreign visit since re-election," Deputy Foreign Minister Sergei Ryabkov said at a briefing. "We see that as a sign that the Russian-Iranian relations will advance further."

                    Ahmadinejad had been expected to arrive Monday and meet with Russian President Dmitry Medvedev on the sidelines of the summit. He postponed the trip for one day amid persistent street protests in Iran following his re-election Friday in a vote his main opponents claim was rigged. Iran's state radio says at least seven people died in clashes in Tehran.

                    Ryabkov said the election was Iran's internal affair, but he endorsed Ahmadinejad as the victor.

                    "We welcome the fact that the elections have taken place, and we welcome the newly re-elected Iranian president on the Russian soil," he said. "We see this visit as a reflection of partner-like, neighborly and traditionally friendly relations between Moscow and Tehran."

                    U.S. President Barack Obama said Monday he does not know who rightfully won the Iranian election, and the European Union Monday said an Iranian probe into alleged election fraud must answer all complaints made by opposition protesters.

                    Copyright © 2009 The Associated Press. All rights reserved.
                    “the misery of being exploited by capitalists is nothing compared to the misery of not being exploited at all” -- Joan Robinson

                    Comment


                    • #11
                      All this hand wringing by China about the dollar is pretty silly. The problem for China is not that world trade is conducted in dollars. It is that it wants to keep Yuan low with respect to the dollar to maintain a trade surplus with the US. Even if tomorrow all the world trade is conducted in Yuan, if China wants to maintain its trade surplus, it would have to buy dollars to keep the Yuan down.

                      The only way China can get out of this "problem" is to convince others (esp the US govt) to issue bonds in another currency which it doesn't control. That would be totally idiotic from the US point of view and the US is not going to do it.

                      Comment


                      • #12
                        The problem for China and for that matter the rest of the world is how to move from a single-country-based denomination i.e. the US dollar to a basket of currencies or non-country-based truly international currency without crashing the US dollar in the process.
                        Everyone is resigned to loosing their shirts as regards the US dollar but wants to manage the landing rather than crashing and burning.
                        You're not going to see anything immediate, simply less and less reliance over a 5 - 10 year period.
                        You may notice the financial markets are more interested in what Alexei Kudrin has to say than Geither who gets laughed at in Beijing.
                        In the realm of spirit, seek clarity; in the material world, seek utility.

                        Leibniz

                        Comment


                        • #13
                          I excerpt below comments related to the Summit, as well as the reserve currency and the dollar.

                          Brazil, Russia, India and China form bloc to challenge US dominance
                          17 June [Times] ...The first summit of heads of state of the BRIC countries — Brazil, Russia, India and China — ended with a declaration calling for a “multipolar world order”, diplomatic code for a rejection of America’s position as the sole global superpower. ...

                          The BRIC bloc brings together four of the world’s largest emerging economies, representing 40 per cent of the world’s population and 15 per cent of global GDP. The leaders set out plans to co-operate on policies for tackling the global economic crisis at the next G20 summit in the US in September. ...

                          The declaration also satisfied a key Kremlin demand by calling for a “more diversified international monetary system”. President Medvedev is seeking to break the dominance of the US dollar in financial markets as the world’s leading reserve currency. ...

                          He favours the establishment of more regional reserve currencies, including the Russian rouble and the Chinese yuan, to prevent economic shocks. Mr Medvedev said: “The existing set of reserve currencies, including the US dollar, have failed to perform their functions.”

                          The declaration made no specific mention of the dollar, an indication of China’s reservations about the Russian idea. Beijing holds almost $2 trillion in foreign currency reserves and a large portion of US debt. ....

                          Comment


                          • #14
                            Yup, China "worries" about the dollar but keep quiet, the hard reality is that China needs G8 much greater than BRIC.





                            Iran and Russia nip at US global dominance
                            At conference in Siberia, leaders of Russia, China, India, and Iran float idea of new 'supranational' currency. China offers $10 billion to neighbors.
                            By Fred Weir | Correspondent of The Christian Science Monitor

                            Iran and Russia nip at US global dominance | csmonitor.com
                            “the misery of being exploited by capitalists is nothing compared to the misery of not being exploited at all” -- Joan Robinson

                            Comment


                            • #15
                              Russia may be in BRIC, but it is under financial pressure. Its economy has not been doing well.

                              Russia’s Economy May Contract 6.6% This Year, UniCredit Says
                              June 16 (Bloomberg) -- Russia’s economy will contract 6.6 this year after a record 9.8 percent plunge in the first quarter, UniCredit SpA economist Vladimir Osakovsky said, revising a previous forecast for a 3.3 percent decline.

                              Russia will see a “substantial” recovery in the second half of 2009 and a 0.5 percent growth next year, Moscow-based Osakovsky wrote in a research note e-mailed today. ...

                              Comment

                              Working...
                              X