World Bulletin / News Desk
Russian gas giant Gazprom saw its net profit double in the third quarter as its lucrative exports to Europe hit new records.
The state-controlled firm registered a net profit in July through September of 200 billion rubles (2.8 billion euros, $3.3 billion at current exchange rates), twice the amount it earned in the same period last year, according to an earnings statement released late on Wednesday.
The improved performance of the former Soviet gas monopoly comes as exports to Europe, from which it earns a large part of its profit, hit a new record.
While the firm has lost market share at home and Ukraine is no longer a client, the volume of Gazprom's exports to Europe hit an unprecedented 179 cubic metres last year.
Gazprom's chief executive Alexei Miller said Tuesday that record would be beaten this year and that production of gas by the group, which has slid to historical lows in recent years, would increase by 13 percent in 2017 to 470 million cubic metres.
Despite tensions with the European Union, which would like to reduce its dependence on Russian gas, Gazprom has seen its market share in Europe increase in recent years to around a third of the total.
Turkish economy minister says growth will 'most likely' surpass 7 percent in first quarter of 2018
Net profit at the Frankfurt-based group fell 79 percent year-on-year to 120 million euros ($146 million).
BIST 100 index falls by over 2 percent at close, going down some 2,600 points from previous close
Policy rate, also known as one-week repo rate, remains same at 8 percent; lending rate rises 0.75 percent points
BIST 100 increases 0.29 percent; US dollar/Turkish lira exchange rate stands at 4.0850
Local units operating in manufacturing industry work at 77.3 pct capacity in April, says Central Bank
Public sector net borrowing falls by 3.5 billion pounds in 2017-18 financial year, says Office of National Statistics
Indices for service, retail trade, construction sectors fall in current month compared with March: Official data
Data monitoring company IHS Markit also flagged a slight slowdown in France, where strikes were interrupting a resurgent boom on the back of government reforms.
Treasury reports central government debt stock in March rises around 15 pct year-on-year, reaching nearly $235 billion
Sales to foreigners amounted to 1,827, 15.8 pct rise year-on-year, according to official report
BIST 100 slips 0.15 percent; US dollar/Turkish lira exchange rate stands at 4.0460
BIST 100 rises 0.01 percent; US dollar/Turkish lira exchange rate drops to 4.0250
Fresh hopes that Donald Trump and North Korea's leader Kim Jong Un will hold a historic summit within months also provided some much-needed optimism.
The fund cautioned that investors and financial markets expect a steady approach to monetary tightening based on the belief inflation will remain relatively tame.