World Bulletin / News Desk
Russia's highest court ruled on Monday that a hard-won deal to join the World Trade Organization (WTO) that will oblige Moscow to cut import tariffs and open up key sectors in its economy to foreign investment was in line with the constitution.
The ruling, issued by the Constitutional Court in a unanimous decision from its headquarters in St Petersburg, clears the way for a final parliamentary vote to ratify entry into the 155-member global trade rules club.
That vote will take place on Tuesday with a majority of lawmakers expected to rubber-stamp accession. The original deal was clinched last December after 18 years of often-difficult talks.
Russia, whose $1.9 trillion economy is the largest outside the WTO, would become a full member 30 days after ratification.
The court's ruling quashed a case brought by lawmakers from the opposition Communist and Just Russia parties who had unsuccessfully argued that the ratification procedure and parts of the accession deal were unconstitutional.
Recently elected for a third presidential term, President Vladimir Putin had long appeared ambivalent over WTO entry but warmed to the process after Russia's economy was hit hard by the global recession of 2008-09.
According to a World Bank study, the growth uplift that Russia could expect from joining the WTO could be 3.3 percent over the medium term and as much as 11 percent in the long run.
Under the deal, Russia would gradually cut average import tariffs to 7.8 percent from 10 percent and open up investment in sectors such as telecommunications, while shielding its banking sector from overall foreign control.
Russia managed to protect hefty subsidies to promote its domestic auto industry and negotiated a long transitional period for reducing state aid to farmers.
Nobel Ilac will use the loan to expand production and improve quality of medicines
The company said the deal would make Total the second-largest operator in the North Sea, with substantial operations in Britain, Norway and Denmark.
Volatility eased as traders focused on the world economy and corporate earnings after a week dominated by the dramatic spike in tensions over North Korea, which triggered a global sell-off before prices bounced back Monday.
Investors greeted the more conciliatory tone after US stocks dropped three days in a row last week on President Donald Trump's vow of "fire and fury" if North Korea continued to pursue its nuclear weapons and ballistic missile programs.
The ultra-conservative kingdom has moved to diversify its traditionally oil-dependent economy following a sharp fall in crude prices.
In its monthly report on the global oil market, the International Energy Agency said, however, that it believes the supply glut is easing, partly because demand is growing faster.
US stocks have been in retreat since President Donald Trump Tuesday issued a fiery warning to North Korea to halt its nuclear program.
The move by one of Japan's best-known firms greatly reduces the chance of an embarrassing delisting from the Tokyo Stock Exchange (TSE).
London's benchmark FTSE 100 index weakened by 0.5 percent to 7,503.39 points.
The approval by the European Commission comes just over two months after the European Central Bank -- which took on the role of the eurozone's banking supervisor in 2014 -- allowed the sale to go ahead for a symbolic fee of one euro.
BP, Chevron, ExxonMobil, Shell and Total have all published results in recent days, showing they pocketed $23 billion in net profit in the first half fo the year.
Higher cereal, sugar and dairy prices pushed food price index by 10.2 percent annually in July