The Corbynites also understand the power of the ratchet effect: nationalising one part of the railroad will inevitably lead to the nationalisation of other parts and nationalisation of one utility will create a model for nationalisation of another.
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NATIONALISATION: A temporary nationalisation of Rusal is one of the options for helping the company, a Kremlin spokesman said on Thursday.
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Jeremy Corbyn had just unleashed Labour's latest nationalisation plan, of BT's Openreach network (business folk tend not to be keen on nationalisation).
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The big fear is that he may favour full nationalisation.
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Koimett dismissed concerns that nationalisation could lead to further mismanagement.
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One of his aides in 2016 called for its nationalisation.
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KIEV, April 18 (Reuters) - Ukraine risks default if the nationalisation of PrivatBank is overturned, President Petro Poroshenko said on Thursday, after a lower court ruled the 2016 nationalisation of the country's largest lender was illegal.
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Under Clement Attlee, nationalisation shifted ownership from private to state hands.
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The days of nationalisation and central planning seem to be over.
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Mr Macron initially scotched the deal with a supposedly temporary nationalisation.
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Some would call that the nationalisation of the wholesale money market.
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However, he said he had some "doubts" about the nationalisation option.
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Legal questions dog Labour's plans, particularly over policies such as nationalisation.
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Kolomoisky denied any wrongdoing and has challenged the nationalisation in court.
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His agenda called for outright nationalisation of swathes of British industry.
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Kolomoisky vehemently disputes that and has challenged the nationalisation in court.
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Some also face the risk of nationalisation under any future Labour government.
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A poll last year by BMG Research found that 64% support nationalisation.
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"We have a preference for opco debt, which is safer in a nationalisation event, it could be viewed as a government proxy in event of a nationalisation, in which case the price could go up," Jupiter's Richards said.
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These include nationalisation, higher taxes, extra regulations, barriers to trade and so on.
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That is a thin legal thread from which to hang a nationalisation strategy.
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A rollback of PrivatBank's nationalisation would likely lead to foreign creditors freezing aid.
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But when Corbyn talks about low-cost nationalisation, it's not all hot air.
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Nationalisation for less than full market value could trigger compensation claims by investors.
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Rome, Chamber of Deputies starts examining law decree on Bank of Italy nationalisation.
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It raises the chance of state aid, with the part-nationalisation of MPS.
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Authorities warn the IMF may freeze aid if PrivatBank's 2016 nationalisation is reversed.
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The International Monetary Fund (IMF) could freeze aid if the nationalisation were reversed.
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Any rollback of PrivatBank's nationalisation would likely prompt the IMF to freeze aid.
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After a business minister, Anna Soubry, said she would not rule out a temporary nationalisation of the assets to help secure the future of the industry, her more senior colleague Javid appeared on television to say "nationalisation was not the answer".
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"I don't call it a nationalisation, I call it an expropriation," Kolomoisky told Reuters.
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Surprisingly, Port Talbot's steelworkers seem to agree: they are distrustful of even temporary nationalisation.
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The IMF said that the nationalisation was "an important step... to safeguard financial stability".
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GERMAN ECONOMY MINISTER ALTMAIER SAYS I DO NOT CURRENTLY SEE ANY NEED FOR NATIONALISATION
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Labour have also argued for widespread nationalisation of the water, electricity and rail industries.
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UKRAINE'S PRIVATBANK SUFFERED $303 MLN OF DEPOSIT OUTFLOWS AFTER APRIL COURT RULING ON NATIONALISATION -CFO
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Some capital markets experts are sceptical about whether a nationalisation clause would make much difference.
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Glencore says it hopes to recapitalise KCC to save it from the possibility of nationalisation.
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He has promised sweeping nationalisation, higher public spending and an overhaul of the banking system.
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It would increase its stake to 60% in 1974, before completing the nationalisation in 1980.
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Another factor which may make Labour think twice about a wide nationalisation plan is the expense.
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"The nationalisation debate has taken something like 10-15 percent off the share prices," Freshney said.
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Israel's nationalisation of all water supplies has helped "integrate" policy, but may not be replicable elsewhere.
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"We are expecting the next court rulings (on PrivatBank's nationalisation) some time in July," he said.
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NGET acknowledged in the bond's prospectus that potential nationalisation could have a "material" impact on operations.
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UKRAINE COURT ADJOURNS HEARING IN PRIVATBANK NATIONALISATION CASE PENDING DECISIONS IN OTHER CASES: CENTRAL BANK REPRESENTATIVE
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This involves the nationalisation of the water system, the energy-supply network, Royal Mail and the railways.
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Aramcons pride themselves on a Westernised culture handed down from their American forefathers before nationalisation in 1980.
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They are now in "conservatorship", a type of notionally temporary nationalisation that shows few signs of ending.
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"While no-deal Brexit risks have been abated, the nationalisation risks remain firmly in place," Moya said.
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The International Monetary Fund could freeze new aid to Ukraine if the nationalisation were to be reversed.
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El Alto tends to vote for Mr Morales and cheered his nationalisation of gas reserves in 2006.
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Nationalisation has long been a central tenet of their plans, which have previously been criticised by business.
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In the 1960s a Labour government voiced frustration over this, fearing that Unionist votes would block nationalisation policies.
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Populism can emerge from the left (higher taxes and nationalisation) as much as from the right; see Britain.
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The central bank said it would appeal the ruling and that it was impossible to reverse the nationalisation.
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Shame and praise, broad rules and one-off deals, startup funds and nationalisation have all played a part.
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This would involve the nationalisation of the water system, the energy-supply network, Royal Mail and the railways.
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"It's largely down to people refusing to invest as long as the nationalisation overhang is there," said Constable.
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A lower court in Kiev earlier ruled that the 2016 nationalisation of PrivatBank, Ukraine's largest lender, was illegal.
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HRE was required to sell PBB as a condition of European Commission approval of the bailout and nationalisation.
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Nationalisation would likely be anathema to any U.S. administration, particularly a Republican one and particularly this Republican one.
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"This obviously means the risk of nationalisation is somewhat higher," said Humphrey Knight, potash analyst at CRU International.
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Mr Kolomoisky has secured a ruling in a Ukrainian court that the nationalisation of his bank was illegal.
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"There are possibilities other than a nationalisation in order to support Air France KLM," Le Maire told reporters.
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In his time, Rocard rejected the economic nationalisation espoused by Mitterrand, who allied the Socialists with the Communist Party.
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A Kiev court ruled in favour of Kolomoisky in April by declaring that the nationalisation process had been illegal.
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But given the mind-boggling complexity of these deals, simple solutions such as nationalisation have captured the public mood.
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Labour's Leave-voters strongly support Corbynite policies such as nationalisation and are generally left-wing, points out Mr Cunningham.
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In the year after nationalisation, the bank increased its note issue from 40 million livres to over a billion.
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Very few are in favour of temporary, or even outright, nationalisation, as Jeremy Corbyn, the Labour leader, has urged.
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After its nationalisation, it went on to report a €19.2bn ($24.7bn) loss for 2012, the largest in Spanish corporate history.
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Rozhkova also said Ukraine's international partners do not accept the decision to overturn the nationalisation or understand the court's reasoning.
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Rozhkova said overturning the nationalisation would derail Ukraine's $3.9 billion programme with the International Monetary Fund and rock investor confidence.
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Nationalisation will exempt Kenya Airways from taxes on engines, maintenance and fuel, allowing it to sell cheaper tickets, Pkosing said.
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The gravest scenario would be outright nationalisation of CEFC through a takeover by one of China's state-owned oil champions.
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PrivatBank's nationalisation was the culmination of a swingeing clean-up of Ukraine's financial system, backed by the International Monetary Fund.
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Prominent members of the League, the other partner in the ruling coalition, have also said nationalisation is a concrete possibility.
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The real danger is that talks fail and that, for want of a satisfactory buyer, a "temporary" nationalisation becomes permanent.
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The EBRD and the IMF backed the nationalisation of PrivatBank as part of a clean-up of the financial system.
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The issue is closely watched by investors because the International Monetary Fund may freeze aid if the nationalisation is reversed.
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Ukraine's courts, widely seen as crooked, may help him take back the bank: one Kiev judge recently ruled the nationalisation illegal.
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Lawsuits challenging the nationalisation of PrivatBank "deal irreversible damage to Ukraine's international image," the central bank said in the same statement.
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One element involves nationalisation—but, Labour says, of a different kind from that which Britain saw after the second world war.
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"It sets the SARB up for criticism in future as counter-revolutionaries and can further fuel the nationalisation debate," he added.
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Concerns that the nationalisation would be below market value dragged shares in SSE and National Grid down 1.9% and 0.6% respectively.
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Populists have their own solutions to economic hardship, which include protectionist tariffs, windfall taxes, nationalisation and any number of ruinous schemes.
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A Kiev court ruled on April 18 that the nationalisation was illegal, and the central bank has appealed against the ruling.
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In its bond prospectus, the company warned of the potential downside of nationalisation for operations, cashflows and opportunities to develop businesses.
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However, Gordon Shannon, portfolio manager at TwentyFour Asset Management, said nationalisation would put serious doubts over National Grid plc's debt repayments.
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Zelenskiy has repeatedly denied suggestions that as president he would help Kolomoisky get back PrivatBank or win compensation for the nationalisation.
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Johnson's victory lifted nationalisation fears hanging over utility stocks, boosting National Grid and United Utilities, which rose 4.5% and 6.7% respectively.
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The biggest beneficiaries are British utilities which have had Labour's nationalisation threat hanging over them, and these have rallied 8-10%.
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The central bank says overturning the nationalisation would derail Ukraine's $3.9 billion programme with the International Monetary Fund and rock investor confidence.
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Analysts say that a Labour-led government and a threat of a nationalisation of utilities would put further pressure on the sector.
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While it is not uncommon for companies in emerging markets to include provisions, the nationalisation put clause is unusual for British borrowers.
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BRITAIN'S energy market, the pride of free-marketeers after Margaret Thatcher ended decades of nationalisation in the 1980s, is under the cosh.
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"Over the last 20 to 25 years, for most national airlines the move has been to privatisation and not nationalisation," Seymour said.
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"Nationalisation is not on the agenda," Conte told reporters at a gathering of European Union leaders in the Romanian town of Sibiu.
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Old-style governments favoured nationalisation, printing money and (in some cases) rounding peasants up at gunpoint and forcing them onto collective farms.
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Nationalisation in 21974 merged 19873 steel companies but failed to restructure them sufficiently and left most mills operating to preserve local employment.
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It praised participatory democracy in Venezuela and hailed co-ops in the Basque country, while calling for the sweeping nationalisation of industry.
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Kolomoisky and Bogolyubov have challenged the justification for the nationalisation and accused the central bank of misrepresenting the state of PrivatBank's finances.
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Nationalisation will help Ukraine's efforts to comply with its IMF programme, which mandates measures to improve the health of the banking system.
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Northern's nationalisation follows that of the London to Edinburgh route, known as the East Coast Mainline, in 2018, and more could follow.
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A parliamentary commission set up to consider its future is weighing options, including forcible nationalisation or handing the asset to another owner.
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Kolomoisky is contesting PrivatBank's nationalisation in court and a hearing on one of the cases is due in Kiev on Oct. 1.
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Until 2016, PrivatBank had been owned by one of the country's wealthiest tycoons, Ihor Kolomoisky, who has challenged the nationalisation in court.
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If voters support trade tariffs, nationalisation or higher taxes on firms and top earners, then both stockmarkets and currencies are likely to suffer.
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Rozhkova said overturning the nationalisation would undermine the central bank's independence and encourage owners of other banks declared insolvent to challenge the regulator.
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Another buyer could be the Tata Group, India's biggest conglomerate, which founded Air India in 1932 before losing it in 1953 to nationalisation.
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Nationalisation in 1946 gave it more official clout, but not enough to be able to calm the markets on its own in 2008.
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"A nationalisation is not on the table, it is not necessary ... it is a less than abstract possibility," Modiano told a news conference.
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The party's deputy secretary general Jessie Duarte said the mandate of the SARB would not change as a product of the bank's nationalisation.
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The Kremlin mentioned possible 'temporary nationalisation' on Thursday, but on Friday Finance Minister Anton Siluanov said that was not an option for Rusal.
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PrivatBank's former owners Ihor Kolomoisky and Gennadiy Bogolyubov have contested the nationalisation and say the central bank misrepresented the health of PrivatBank's finances.
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In this election Labour released a manifesto that was unashamedly radical, promising everything from the nationalisation of key industries to free adult education.
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Talk of nationalisation may anyway be moot: our reporting suggests Labour may lose traditional strongholds to the governing Conservatives in next month's poll.
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Mr Mélenchon wants a salary cap, a 32-hour working week, a retirement age of 2011, nationalisation, to leave NATO and renegotiate EU treaties.
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The nationalisation has so far cost taxpayers $4.3 billion and an upcoming audit will reveal how much more might be added to the bill.
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The government insists that the nationalisation will be temporary—it simply wanted to shore up its negotiating position before its pre-emption rights lapsed.
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The government currently owns over 50 percent of the banking sector due to the IMF-backed nationalisation in December of PrivatBank, Ukraine's largest lender.
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However, Deripaska wants to keep his assets, the source at the finance ministry said, adding that nobody in government likes the idea of nationalisation.
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Fears that the nationalisation would be below market value dragged shares in SSE and National Grid down by 1.4% and 0.8% respectively on Wednesday.
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Among the main spending priorities would be a programme of nationalisation of public utilities including the railway network, Royal Mail, and gas and water.
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British shares were down 1%, with Royal Mail —- one of Corbyn's nationalisation targets — down 12% after saying it was behind schedule on turnaround plans .
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If antipathy to nationalisation is fading, however, that has less to do with newfound confidence in state competence and more with disappointment in private business.
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The former owners of PrivatBank are fighting a series of legal battles against the Ukrainian authorities over the 2016 nationalisation of the country's largest lender.
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The central bank, called the National Bank of Ukraine (NBU), said it would appeal the ruling and that it was impossible to reverse the nationalisation.
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DURING the 1960s, governments were responding to political unrest and economic challenges with nationalisation, centralised planning and public spending (financed by heavy taxes and debt).
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The main focus has been on the Labour party which, under Jeremy Corbyn, wants to return to the era marked by nationalisation and higher taxes.
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Parliament's transport committee, however, rejected that plan, recommending instead the nationalisation of the airline in a report debated by the national assembly on June 18.
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The cabinet on Monday also approved hikes in fees imposed on foreign labour licenses under a job nationalisation programme to 500 dinars from 200 dinars.
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In this campaign voters have seen the Tories move right, notably towards a hard Brexit, while Labour shifts starkly left, especially over nationalisation (see article).
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Backsliding on the nationalisation of PrivatBank could not just cost Ukraine the IMF's programme but also undermine Western willingness to support it politically and militarily.
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His main opponent, Labour leader Jeremy Corbyn, 22017, promised higher public spending, nationalisation of key services, taxes on the wealthy and another referendum on Brexit.
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The Italian government does not plan a nationalisation of the troubled lender, Il Sole 2300 Ore daily reported on Thursday, citing 2225-Star Movement sources.
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Despite Labour's decent electoral performance, nationalisation is not everywhere on the march; on June 5th Donald Trump made public his desire to privatise air-traffic control.
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Rozhkova said reversing the nationalisation would reverse the mechanism by which the state handed the bank 155 billion hryvnia ($5.88 billion) to rescue it from insolvency.
|
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What the government calls "repolonisation" is a form of creeping nationalisation, with foreign-owned banks being bought up (on a voluntary basis) by state-controlled companies.
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Guided by the thinking of Herbert Morrison, a Labour minister, post-war nationalisation relied heavily on expert groups managing industries and services in the national interest.
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When it comes to the long-term effect of the nationalisation policy, there is little evidence either way whether publicly or privately run utilities perform better.
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PANAMA'S most notorious moment as a haven for tainted cash came with the nationalisation of money-laundering in the 1980s under Manuel Noriega, a military strongman.
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With the recent nationalisation of a major Ukrainian bank and the bankruptcy of another, there is also room for organic growth in the country, he added.
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But Shevalev said PrivatBank, the central bank and the finance ministry were under attack from "certain media sources" that were "targeting the nationalisation" of the bank.
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"Many of Labour&aposs most controversial policies, such as nationalisation or increased public spending on key services, actually enjoy wide support amongst the public," he said.
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"That can be done by recapitalisation, that can be done by taking a stake, I can even use the term nationalisation if necessary," Le Maire added.
|
|
PrivatBank's headquarters were raided by police last week and a property belonging to former central bank governor Valeria Gontareva, who oversaw PrivatBank's nationalisation, was burned down.
|
|
"Listed companies fear potential changes in the retirement system, which could result in OFE nationalisation," a manager atone pension fund said, speaking on condition of anonymity.
|
|
Polls also show more than half of the public support nationalisation of rail and water companies, higher taxes on the rich and putting workers on boards.
|
|
United Utilities, which faces a threat of re-nationalisation, said underlying operating profit rose to 391.7 million pounds ($505.84 million) for the six months ended Sept.
|
|
Kolomoisky won a major victory on Thursday in his battle with the government over the bank's nationalisation as a court ruled the change of ownership was illegal.
|
|
By the 1970s Keynesianism and nationalisation had failed, leading a new generation of economists and politicians, including Ronald Reagan and Margaret Thatcher, to emphasise markets and individuals.
|
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The recent nationalisation of the nation's biggest lender, the struggling PrivatBank, has maintained financial stability, says Tomas Fiala of Dragon Capital, an investment bank based in Kyiv.
|
|
On top of the extra bonds issued by Labour to pay for nationalisation, its tax and spending plans are likely to lead to a much greater deficit.
|
|
In April the International Chamber of Commerce awarded $2bn to ConocoPhillips, an American oil company, to compensate for the nationalisation of its operations in Venezuela in 2007.
|
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"Listed companies fear potential changes in the retirement system, which could result in OFE nationalisation," a manager at one pension fund said, speaking on condition of anonymity.
|
|
"The employee-ownership programme proposed by Labour is nationalisation by the front door, back door and side door," argues one chief executive of a FTSE 250 firm.
|
|
LONDON, Nov 21 (Reuters) - Britain's opposition Labour Party unveiled its election manifesto on Thursday, including a sweeping programme of nationalisation reversing decades of pro-privatisation public policy.
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With the prospect of widespread infrastructure nationalisation under Labour, and an abrupt Brexit possible under Johnson's Conservatives, many business leaders say they face unprecedented levels of uncertainty.
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The IMF wants to ensure the nationalisation is not reversed and legislation is pending parliament's approval to prevent banks declared insolvent from returning to their former owners.
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In an emailed statement, Bogolyubov said he was seeking compensation for the nationalisation and for "untrue allegations about related-party lending, non-performing loans and misappropriation of funds".
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In cases of natural monopoly, in transport and telecommunications, nationalisation is an alternative to allowing a dominant firm to use its market power to overcharge for subpar service.
|
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This behaviour only ended in 1952 when nationalisation of the steel industry to preclude a strike was blocked by the Supreme Court, which said Truman needed congressional support.
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As he does so, his aides are rushing to give him news of the nationalisation of the Suez canal: it is a perfectly tuned piece of dramatic irony.
|
|
Asset confiscations from wealthy Saudis and the nationalisation of domestic companies could raise extra funding but risk damaging investor confidence, so the potential for such measures is limited.
|
|
"The prospect of nationalisation from a Labour government has caused investors to cool on the utilities sector," said Kathleen Brooks, market analyst at City Index, in a note.
|
|
The addition to Labour's already broad nationalisation plan for infrastructure sent BT's shares down as much as 1003%, wiping nearly half a billion pounds off its market value.
|
|
Kolomoisky, who alleges that the sale of PrivatBank shares to the government in 2016 during the lender's nationalisation was illegal, has not responded to a request for comment.
|
|
Labour has gone further, advocating nationalisation—a policy that is increasingly backed by the public, according to Mr Gove (though he thinks it would be a "terrible backward step").
|
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PrivatBank's nationalisation is part of a purge mandated by the International Monetary Fund's $17.5-billion aid-for-reforms programme, which has seen almost 80 banks closed down since 2014.
|
|
Less than a year after the 3.1-billion-euro ($3.6 billion) IPO, Bankia reported a 3 billion euro loss, prompting a 22.5 billion euro state bailout and its nationalisation.
|
|
Yet even in Louisiana—with its French-influenced legal system, 2m alligators and unique Caribbean-French-Creole-Catholic-Cajun culture—the nationalisation of politics is changing the political rules.
|
|
Susanna Camusso, secretary general of Italy's biggest union CGIL, said neither a nationalisation nor state intervention should be an option for the carrier, in an interview to la Stampa.
|
|
"Risk remains that not enough fresh equity capital turns up and subordinated bonds get bailed in as part of a nationalisation," said Dierk Brandenburg, senior credit analyst at Fidelity.
|
|
Corbyn, a veteran campaigner, will pitch his vision of a radical socialist future for the world's fifth largest economy, complete with sweeping nationalisation of rail, mail and water services.
|
|
And even in Britain, where nationalisation has long been out of favour, the Conservative government has expressed a willingness to take a 25% stake in the Port Talbot steelworks.
|
|
A sticking point for the IMF deal is how to handle fallout from the 2016 nationalisation of PrivatBank, Ukraine's largest lender which was owned by a prominent local businessman.
|
|
On top of nationalisation, Labour wants to boost this pot to £20bn and to maintain the new network via a tax on technology firms that furnish services over it.
|
|
BIRMINGHAM, England, Nov 21 (Reuters) - Britain's opposition Labour Party unveiled its election manifesto on Thursday, including a sweeping programme of nationalisation to reverse decades of pro-privatisation public policy.
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"Nationalisation is obviously a last resort, but it is something that we do not exclude," Le Maire said, comparing the current economic crisis to the Great Depression of 1929.
|
|
The banker, who was involved in that transaction, said it required bondholders, in the event of nationalisation, to reach a "critical mass" of 25 percent before demanding their money back.
|
|
It was a different story in Iran and elsewhere, where citizens grew sick of the colonial-era concessions taken by British and French firms, and a wave of nationalisation began.
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The Economic Freedom Fighters (EFF), an upstart rival that promises the nationalisation of mines and expropriation of white-owned land without compensation, has been drawing votes from poor young blacks.
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Kolomoisky has launched a number of lawsuits to challenge the nationalisation, including a move to prevent the Ukrainian authorities cooperating with external companies to investigate the reasons for PrivatBank's insolvency.
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|
Those could include either a new short-term contract with the current operators or nationalisation, through transferring the running of the network to the government-owned Operator of Last Resort.
|
|
MOSCOW, April 20 (Reuters) - Russia is not considering the temporary nationalisation of aluminium giant Rusal for now, Finance Minister Anton Siluanov was quoted as saying by Interfax news agency on Friday.
|
|
Zalm, the former Dutch finance minister who took over ABN in 2009 after its nationalisation in the wake of the global financial crisis, announced in September his intention to step down.
|
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With the Conservatives in a mess, Labour sweeps to power with a manifesto promising higher taxes on individuals and companies, nationalisation and changes to the labour market to enhance workers' rights.
|
|
PrivatBank was taken under state control last year but the nationalisation spawned hundreds of lawsuits and investigations, in what Danylyuk described as a "litmus test" for the effectiveness of law enforcement.
|
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National Grid, parent company for the main national power distributor, is earmarked for nationalisation by the Labour Party led by Jeremy Corbyn if it wins an election expected later this year.
|
|
PARIS, March 24 (Reuters) - The French government has drawn up a list of companies that may need state support ranging from a capital injection to outright nationalisation, France's finance minister said.
|
|
Swedish house prices fell 0003 percent in two years in the early 2000s, contributing to the nationalisation of what is now the region's biggest lender, Nordea, which has since been re-privatised.
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Kolomoisky and the bank's other main former shareholder, Gennadiy Bogolyubov, have challenged the justification for the nationalisation and accused the central bank, or National Bank of Ukraine (NBU), of misrepresenting PrivatBank's finances.
|
|
Aluminium prices reached their highest since 323, its raw material alumina touching an all-time peak before retreating when Russia floated the idea of a temporary nationalisation of sanctions-hit giant Rusal.
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PrivatBank's nationalisation highlights the importance of fiscal consolidation to expand fiscal headroom to absorb shocks and stabilise government debt, and the challenge of anchoring the fiscal gains of the last two years.
|
|
KIEV (Reuters) - Ukrainian Finance Minister Oleksandr Danylyuk called on the general prosecutor to be sacked on Thursday as wrangling over the nationalisation of the country's largest bank spilled out into the open.
|
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PARIS, March 17 (Reuters) - The French government is prepared to use all means to support big companies suffering in financial market turmoil, including nationalisation if necessary, the finance minister said on Tuesday.
|
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Labour is offering more public spending paid for by higher taxes on companies and the wealthy, hundreds of billions of pounds of infrastructure investment funded through borrowing, and a programme of nationalisation.
|
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Labour is offering more public spending paid for by higher taxes on companies and the wealthy, hundreds of billions of pounds of infrastructure investment funded through borrowing, and a programme of nationalisation.
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He also said that nationalisation could be one option for supporting strategically important companies brought into difficulties by the coronavirus epidemic, which is causing demand to collapse and severing global supply chains.
|
|
Now, with Labour gaining in the polls and a general election seen as more likely following a delay to Britain's European Union departure, companies and investors are taking the possibility of nationalisation seriously.
|
|
In December he finalised the nationalisation of Grasberg, the world's largest gold mine and second-largest copper mine, previously owned by Freeport-McMoRan, an American firm, and Rio Tinto, an Anglo-Australian one.
|
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Labour's offering, which Jeremy Corbyn, the party's leader, said was fully costed, had tax rises and nationalisation at its heart; a sharp move to the left compared with the party under Tony Blair.
|
|
Faced with wars, revolutions and the threat of nationalisation, the bank has chosen or been compelled to move its headquarters, or debated it, in 1941, 1946, 20073, 1986, 1990, 1993, 2008 and 2009.
|
|
Calls for tariffs on Chinese steel and a possible nationalisation of Port Talbot emanated not just from the hard-left Labour Party leadership but also from Conservative MPs and even (privately) some ministers.
|
|
Second, it must persuade voters that the best alternative to the ANC is the DA's platform of incremental liberal reform, rather than the EFF's wild promises of revolution, nationalisation and jobs for all.
|
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JOHANNESBURG, Dec 20 (Reuters) - South Africa's ruling African National Congress has adopted a resolution calling for the nationalisation of the central bank and land expropriation without compensation, a senior party official said on Wednesday.
|
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Market observers had feared PiS, which favours a bigger state role in the economy, would assume control of all current retirement savings held by the nationwide private pension scheme in a de facto nationalisation.
|
|
Dieter Helm, a professor of economics at Oxford University, says the directors of such companies may even feel a fiduciary duty to raise dividends in the next few years, given the threat of nationalisation.
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"It's a de-facto nationalisation with a strong presence by the state that can attract other investors and allow the transaction to be completed," said one of the sources, speaking on condition of anonymity.
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While references to nationalisation as an event of default in bond documentation for utility companies are not new, bankers say its specific inclusion in the Thames Water bonds shows investors are demanding extra protection.
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But Mr Danyliuk had to act by stealth, and while working on the nationalisation of PrivatBank, brought to insolvency by Mr Kolomoysky, he had to move his family to a secret location for safety.
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KIEV, April 18 (Reuters) - Ukraine risks returning to economic instability, higher inflation and currency volatility if it loses a legal case over the nationalisation of PrivatBank, Central Bank Governor Yakiv Smoliy said on Thursday.
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Corbyn and McDonnell have promised a range of sweeping economic reforms if they wrest power from May's Conservatives, including a debt-funded, 250-billion pound, 10-year investment plan and nationalisation of key industries.
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Having previously suggested full nationalisation of RBS, Labour has been rowing back from that position as it seeks to build bridges to the City of London and ease concerns about a Labour-led Britain.
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MOSCOW, April 19 (Reuters) - A temporary nationalisation of Russian aluminium giant Rusal is one of the options for helping the company which was hit by the U.S. sanctions, a Kremlin spokesman said on Thursday.
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PrivatBank's nationalisation has so far cost taxpayers $4.3 billion, but an Ernst and Young audit of the lender's 2016 annual report showed additional funds worth $1.5 billion were needed to meet capital adequacy requirements.
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Unions are on a collision course with the government over its plans for the biggest shake-up of SNCF (Societe Nationale des Chemins de Fer) since the nationalisation of the railways in the 1930s.
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But even that would be more palatable than a loan that might only be a short-term fix, and which delivers most of the reputational hit of nationalisation without sufficiently penalising the current owner.
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It is even possible, he is reported to have declared that the present Government is prepared to pay all the old Russia debts, with the exception of those contracted in connection with nationalisation schemes.
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While no parliamentary election is scheduled until 2250, lawyers involved in the discussions said the funds want analysis of how Labour's taxation, nationalisation and other policies might affect their operations or their managers personally.
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The blue-chip utility, which services 3.2 million homes and 200,000 businesses, now faces an increased risk from the re-nationalisation plan, after Prime Minister Boris Johnson won parliamentary approval for a December election.
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The regulator's calls come as water utilities face the threat of potential re-nationalisation if Britain's opposition Labour Party comes to power, as per plans laid out by the more than century-old party.
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While all the attention at the conference in 2017 was on personalities, the party also formally agreed to support a national minimum wage, expropriation of land without compensation, and the nationalisation of the central bank.
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Corbyn, a 70-year-old campaigner who won the Labour leadership in 2015 against the odds, offers a radical socialist alternative to the Western capitalist consensus complete with sweeping nationalisation and higher taxation on financiers.
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But because steel is often seen as a strategic industry, providing lots of jobs in areas where there are few other employers, governments are usually keen on propping them up, either through subsidies or nationalisation.
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The government has said that no option, including nationalisation, is ruled out for Novo Banco, but anything other than a sale would be a last-resort measure and would have to be discussed with European authorities.
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He has supported the attack on property rights and the forced investment of pension funds into chronically corrupt, bankrupt state-owned enterprises as well as the nationalisation of the central bank and of the health system.
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A nationalisation of Banca Carige is not currently an option, a commissioner in charge of the ailing Italian bank said on Wednesday, although there is some support for such a step in the country's ruling coalition.
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"That can be done by recapitalisation, that can be done by taking a stake, I can even use the term nationalisation if necessary," Le Maire added, without saying which companies could be treated as a priority.
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BIRMINGHAM, England (Reuters) - Labour leader Jeremy Corbyn unveiled his party's election manifesto on Thursday, setting out radical plans to transform Britain with public sector pay rises, higher taxes on companies and a sweeping nationalisation of infrastructure.
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BIRMINGHAM, England (Reuters) - Labour leader Jeremy Corbyn unveiled his party's election manifesto on Thursday, setting out radical plans to transform Britain with public sector pay rises, higher taxes on companies and a sweeping nationalisation of infrastructure.
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ISTANBUL, Jan 20 (Reuters) - An aide to Turkish President Tayyip Erdogan has called for the nationalisation of the country's biggest private bank, Isbank, in which the main opposition Republican People's Party (CHP) has a 28 percent stake.
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The rand extended its losses to as much as 2 percent lower in response to the proposal on the nationalisation of the bank filtering out of a closed-door session on the last day of the conference.
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The staggered nationalisation of the Arabian American Oil Company (Aramco), made up of four big American firms, in the 235s was emblematic of a wave of "resource nationalism" that has helped define the industry (see chart 23).
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LONDON, Nov 15 (Reuters) - A plan to nationalise parts of BT to provide free broadband to everyone in Britain marks the extent of the opposition Labour Party's nationalisation policy, its finance spokesman John McDonnell said on Friday.
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His election is likely to lead to the biggest test of strength between global markets and a sovereign government since François Mitterrand proposed an extensive programme of nationalisation on his election to the French presidency in 1981.
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The central bank says that reversing the nationalisation would rock investor confidence and sour relations with the International Monetary Fund, which helps keep Ukraine's economy on an even keel with a $3.9 billion aid-for-reforms program.
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LONDON, June 11 (Reuters) - Ukraine's PrivatBank shed more than $300 million of deposits after a Kiev court ruled in April that the nationalisation of the country's largest lender was illegal, the bank's finance chief said on Tuesday.
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"The situation is extremely clear...It is out of the question to see big French companies disappear... If to protect our national patrimony, we have to resort to nationalisation, we are prepared to that far," he added.
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In its manifesto launched on Thursday, Labour unveiled a plan to spend almost 83 billion pounds on a programme of widespread nationalisation and free public services with the revenue coming from taxes on high earners and corporations.
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KIEV, Dec 19 (Reuters) - A Ukrainian appeal court adjourned hearing a case on Thursday about the nationalisation of PrivatBank, pending the outcome of decisions in other cases, representatives of PrivatBank and the central bank said on Thursday.
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The Sunday Times newspaper reported over the weekend that power suppliers National Grid and SSE were shifting ownership of their British operations into offshore companies to protect against Labour leader Jeremy Corbyn's threat of cut-price nationalisation.
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Corbyn, beside a promise of another EU referendum in which he said he would be neutral, offered voters the most radical socialist government in British history with higher public spending, sweeping nationalisation and taxes on the wealthy.
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KIEV, April 18 (Reuters) - Ukraine's Deputy Central Bank Governor Kateryna Rozhkova said she saw no grounds to compensate the former owners of PrivatBank, after a lower court ruled on Thursday that the 2016 nationalisation of PrivatBank was illegal.
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And the last is from within Britain—if a Corbyn government takes the country back decades, with nationalisation at below-market prices, a financial-transactions tax, a tough line on mergers and acquisitions and possibly even capital controls.
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Andrew Fisher, the main author of the manifesto, has previously argued for the nationalisation of all banks; Andrew Murray, a former Communist Party official who advised Mr Corbyn during the election, has defended the regime in North Korea.
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The nationalisation has so far cost taxpayers $4.3 billion, but an Ernst and Young audit of the lender's 2016 annual report showed that, as forecast by the central bank, additional funds were needed to meet capital adequacy requirements.
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"Although it is too late for a Xmas IMF loan tranche release, this plus the nationalisation of PrivatBank should help secure the $2110 billion in January," Simon Quijano-Evans, a strategist at Legal & General Investment Management, told clients.
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The long-term nationalisation of Saint-Nazaire would also invite resistance to Mr Macron's plan to sell €10bn ($11.85bn) of state-owned assets, and to use the funds this raises to help mid-size firms become more innovative.
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Labour's proposed overhaul of the telecoms infrastructure, an addition to its already broad nationalisation plan, would be paid for by raising taxes on tech firms such as Alphabet's Google, Amazon and Facebook and using its Green Transformation fund.
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KIEV, Sept 19 (Reuters) - Ukraine's President Volodymyr Zelenskiy has given reassurances that PrivatBank's nationalisation will not be reversed but the situation needs to be monitored closely, the vice president of the European Bank for Reconstruction and Development said.
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On the first day of a 14-week London trial, the claimant's lawyer Richard Hill told the court that the deal saved HBOS from nationalisation but looked like a catastrophe for Lloyds within days of completion in early 2009.
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The DRC situation occupied much of the recent Investing in African Mining Indaba conference in Cape Town, with miners in attendance privately expressing fears that the DRC would ultimately move down the road to full nationalisation of the industry.
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While references to nationalisation as a default event for utility companies are not new, several lawyers said they are seeing a surge in company inquiries about inserting such clauses, as well as an increase in investment firms seeking advice.
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PRETORIA, April 19 (Reuters) - South Africa's new Finance Minister Malusi Gigaba ruled out a radical policy change on Wednesday, saying the economic blueprints of the ruling African National Congress (ANC) did not entail wholesale nationalisation of mines and banks.
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Kemble Water Finance, the holding company for Thames Water, referenced "the occurrence of a nationalisation event" in an updated prospectus for four existing sterling denominated bonds listed on the Irish Stock Exchange that were made public on April 5.
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"The information attack on Ukraine's largest bank, Privatbank linked to the 'pseudo-nationalisation' of the bank is primarily directed at clients of the bank and is an attempt to destabilize the political situation in the country," the bank said.
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Under her stewardship, the central bank has switched to a flexible hryvnia rate and launched a clean-up of the banking system that led to the closure of half of Ukraine's lenders and the nationalisation of its largest, Privatbank.
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AMSTERDAM, April 20 (Reuters) - Former shareholders in defunct oil Russian oil company Yukos said they would appeal a Dutch court's finding that they were not entitled to compensation from Russia over the bankruptcy and nationalisation of the energy giant.
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"The idea that we could have a Corbyn government, with nationalisation policies that could mean more borrowing, a more expansionary and populist fiscal stance, would be negative for the budget deficit and therefore for the pound," said Rabobank strategist Jane Foley.
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Should a nationalisation event occur - defined as a government agency acquiring all or a majority of issued shares - investors will be able, but not obliged, to declare outstanding notes and accrued interest immediately due and payable, according to the prospectus.
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Mr Corbyn is cool on Europe partly because, as a socialist, he regards the EU as a constraint on policies such as nationalisation and partly because, as a party boss, he realises that many working-class Labour voters supported Brexit.
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Days before the election, when Mr Zelensky seemed likely to win, a court in Kiev did Mr Kolomoisky a big favour by declaring the nationalisation of PrivatBank illegal; after Mr Zelensky's victory, Mr Kolomoisky announced plans to return to Ukraine.
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MOSCOW, April 25 (Reuters) - Russian Deputy Prime Minister Arkady Dvorkovich said on Wednesday that nationalisation of sanctions-hit companies in the country Is possible only if their owners propose it, but no one has suggested it yet, Interfax news agency reported.
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After British Leyland's nationalisation in 1975, he briefly backed newfangled worker participation in decision-making: "It would enable us to look objectively at some of the changes that were required, outside of being in a bargaining position," he told Marxism Today.
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"Ministers should have been ready to make use of all the options – including nationalisation – in order to save British Steel but they either don't care or wouldn't take off their ideological blinkers to save hard working people and communities," said Roache.
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KIEV, Nov 28 (Reuters) - A lawsuit by the former owner of Ukraine's PrivatBank against AlixPartners will not derail work the global advisory firm is doing for the Ukrainian central bank on the nationalisation of PrivatBank, the central bank told Reuters.
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The CBI, the leading business lobby, said a customs union would "help grow trade without accepting freedom of movement or payments to the EU", but it added: "businesses have their eyes wide open on Labour's overall rhetoric on re-nationalisation".
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Economy Minister Bruno Le Maire had given the Italians until Thursday to accept an offer for 50/50 ownership of the shipyard, brandishing the threat of a temporary nationalisation to buy time to find another solution if the offer were rebuffed.
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Government officials have been quick to stress that this does not amount to the nationalisation of KCM's assets but inevitably it has led to comparisons with the last time the Zambian state took control of its copper sector in 25.
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PARIS, March 18 (Reuters) - French banks can weather the current economic storm unleashed by the coronavirus outbreak and are in no need of nationalisation despite the recent collapse in their share prices, the head of France's central bank said on Wednesday.
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LONDON, May 4 (Reuters) - A future Labour government would offer shareholders in British water utilities a total of 20 billion pounds ($26 billion) in a nationalisation programme, compared with a current market value of around 44 billion pounds, the Sunday Times newspaper said.
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The 15% slice of Renault held by Le Maire's ministry is a vestige of the nationalisation of the company following the liberation of France, which began with the D-Day invasion, 75 years to the day before the Fiat-Renault merger collapsed.
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She made it a test of ideological purity to reject the muddled state-interventionism of her predecessors, both Labour and Tory; there was to be no return to the disastrous meddling in, or nationalisation of, companies like British Leyland under the Iron Lady.
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An initial UAH43bn (or 1.6% of GDP) in domestic bonds will be transferred to PrivatBank to be swapped for equity, thus increasing Ukraine's public debt which Fitch estimated at 74% of GDP (89% including guarantees) for 13 prior to the bank's nationalisation.
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NATIONALISATION AND INVESTMENT Labour plans to reverse privatisations begun by former Conservative Prime Minister Margaret Thatcher in the 1980s by nationalising the electricity network, rail operators, Royal Mail and water utilities, as well as BT's broadband network to provide free internet for all.
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PARIS, March 24 (Reuters) - French Finance Minister Bruno Le Maire said on Tuesday that the government was closely monitoring the situation at Air France KLM, which has been hit hard by the coronavirus crisis, and that nationalisation was not the only option.
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The new nationalisation might involve governments sitting quietly in the boardroom, grabbing a share of profits for the public purse and reminding firms not to neglect their social responsibilities, while leaving enough shares in private hands to harness the benefits of red-blooded capitalism.
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If, however, Labour was set to push through more of the economic policies favoured by John McDonnell and Jeremy Corbyn (pictured above), such as higher corporate taxes, a financial-transaction tax, nationalisation and taxes on executives, then the markets are likely to take alarm.
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A wild, credit-fuelled property boom collapsed, leaving a glut of homes in the wrong places, banks heading for nationalisation and the state—which in September 230 gave guarantees to the banks' creditors—heading for a bail-out from the EU and the IMF.
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These, together with Royal Enfield, a colonial-era brand with a cult following which has been in Indian hands since the 1950s, outcompeted Jawa, which was also under pressure at home in Europe from a botched nationalisation (and the fission of Czechoslovakia in 1993).
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DUBLIN, March 24 (Reuters) - Bank of Ireland chief executive Richie Boucher will retire later this year after almost a decade in charge of the lender he guided from the brink of nationalisation to lead a revival across the sector, the bank said on Friday.
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He did not join in the national anthem at a first-world-war commemoration; he opposes the renewal of Britain's nuclear weapons capability; he supports the restoration of many lost powers to trade unions, including secondary picketing, and the nationalisation of the energy industry.
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"We've been pointing out over the last few months that in UK equities there is a Brexit and a Corbyn discount because of the threat of nationalisation, and they've become all too real with this becoming a part of the Labour manifesto," said Andrea Cicione.
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At its conference this week Labour set out a platform of wildly far-left policies, including the expropriation of a tenth of the equity of every large company, a big round of nationalisation, the seizure of private schools' assets and a four-day working week.
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LONDON, Sept 17 (Reuters) - Ukraine's dollar-denominated government bonds fell on Tuesday amid rising political tensions in a dispute over the IMF-backed nationalisation of the country's largest lender PrivatBank in the wake of an arson attack on the ex-central bank chief's home.
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The NLFI also said it is too early to say whether the state will be able to sell De Volksbank for more or less than the 2.7 billion euros its 2013 nationalisation cost, adding that it has seen no interest from potential buyers, foreign or domestic.
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That, unions fear, will pave the way for reforms that could end a wide range of perks that SNCF employees have accrued since rail nationalisation in the 1930s - above all job-for-life contracts and a right for many of them to retire at 50 or 55.
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The last time the government made such a sustained effort to whip it up was in 2012, shortly before Xi Jinping came to power, when officials encouraged protests against Japan's nationalisation of islands it controls in the East China Sea that are also claimed by China.
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Nationalisation could help the utility cope with the state's plan to reduce France's dependence on nuclear power by phasing out some reactors, while also giving it the means to participate in the development of renewable energy, the report said, citing a person familiar with the government's thinking.
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If Corbyn defies the polls and emerges as the winner of today&aposs election, then he plans to radically change the direction of the UK. His party&aposs manifesto promises a massive programme of nationalisation of key industries as well as huge increases in public spending.
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It's also hard to see how Labour could form a coalition with smaller groups like the Liberal Democrats or the Scottish National Party without ditching large chunks of its hard-left manifesto, which envisages the nationalisation of utilities and railways as well as higher corporate taxes.
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The Headmasters' and Headmistresses' Conference, a group of elite private schools, has vowed to fight in court any attempt to do so, with the sector arguing that nationalisation would contravene the European Convention on Human Rights, which guarantees a parent's right to choose their child's education.
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CAPE TOWN, March 6 (Reuters) - South Africa's ruling ANC has delayed a motion due to be debated in parliament on Tuesday on a resolution calling for the nationalisation of the central bank but has not shelved the plan altogether, the chief whip's spokeswoman said on Tuesday.
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Hallmarks of the legislative reform, the biggest since nationalisation in 1937, include gradual phase-out of the SNCF's passenger rail monopoly, starting with competition on high-speed lines in 2020, and an end to hiring of SNCF staff on more protective job-for-life contracts than in other sectors.
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S. trade deal stoke risk appetite * BT falls on Labour nationalisation pledge * Carpetright jumps on buyout deal (Adds news items, updates to closing prices) Nov 15 (Reuters) - London's mid-cap index outperformed its European counterparts on Friday after the Brexit Party lent further clarity ahead of the Dec.
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As well as a higher income tax bill, the fund managers are concerned about the threat of nationalisation across various sectors, possible taxes on their businesses and investments, or the creation of other taxes aimed at the super-rich - even though details on some of Labour's plans remain scant.
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To justify the buy-out, Labour points to a court case over the nationalisation of Northern Rock, a bank that collapsed during the financial crisis of 2008, which in effect ruled that the government was justified in buying it at below-market prices because it was in the national interest.
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This is the first time that Thames Water or Kemble Water Finance have included a specific "nationalisation put" though an offering circular from October does make reference to the risk of renationalisation of the water industry, as well as listing change of control of the company as an event of default.
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A re-nationalisation could raise customer bills and lower investment, Britain's listed utilities Severn Trent Labour says that water bills have risen 40% in real terms since privatisation in 1989, while water companies receive more in tax credits than they pay in tax while paying out large dividends to shareholders.
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Opposition politicians have demanded that the government engineer a rescue, either by erecting high tariff walls against cheap steel imports, as America has done (see article), or by going for some sort of nationalisation, as Italy has attempted with the ill-starred Ilva plant in the heel of the country.
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Professing to be neither of the right nor left, Macron has performed a delicate balancing act to maintain harmony within his year-old LREM party and its allies, announcing tax reforms that socialist opponents say favour the rich and the temporary nationalisation of the STX shipyard to protect local jobs.
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Although unlikely, the PIO could be terminated under certain conditions that are beyond VWFS AG's control, including the impossibility of payments and settlements in Russia, nationalisation of VWBR, war or revolution, and circumstances under which none of the internationally recognised rating agencies assigns a credit rating to the Russian Federation.
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"Indeed, it is the case that a group of shareholders is agitating for the SARB's nationalisation as they believe that they are entitled to a share of the assets of the SARB and see this as an opportunity to make enormous profits at the expense of taxpayers," Kganyago told the AGM.
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S. trade deal stoke risk appetite * BT falls on Labour nationalisation pledge * Carpetright jumps on buyout deal (Adds news items, updates to closing prices) By Shashwat Awasthi Nov 15 (Reuters) - London's mid-cap index outperformed its European counterparts on Friday after the Brexit Party lent further clarity ahead of the Dec.
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That doesn't offer much of a return for investors who might worry that a Labour government would cause bond issuance to soar; bonds would be needed to fund the infrastructure plan and the nationalisation programme while it seems likely that the money raised by planned tax increases would fail to fully fund Labour's spending promises.
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Construction lobby group Seopan last year estimated that the cost of a nationalisation could be around 5.5 billion euros ($5.84 billion) The Spanish government has been trying to keep the roads open and already appealed one court ruling that would have caused two motorways backed by Abertis, Sacyr and ACS to be liquidated and closed.
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S. trade deal stoke risk appetite * BT falls on Labour nationalisation pledge Nov 15 (Reuters) - London's FTSE 100 followed global peers higher on Friday as hopes of an imminent U.S.-China trade deal were rekindled by comments from a senior U.S. official, while BT slipped after Britain's opposition party vowed to nationalise parts of the telecoms provider.
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