Market Vectors Russia ETF (RSX)

[orangetea]

Russia Said to Get Ready for Iran-Style Sanctions in Worst Case

(Corrects to add first reference for Russian prime minister in penultimate paragraph. For more on the crisis in Ukraine, see EXT2.)

Russian government officials and businessmen are readying for sanctions resembling those applied to Iran after what they see as the inevitable annexation of Ukraine’s Crimea region, according to four people with knowledge of the preparations.

Iran-style retaliation from the West, which would include freezing Russia’s foreign reserves, banking assets and halting lending to companies, is being treated as an unlikely worst-case scenario, according to the people who asked not to be identified as the talks are under way. Officials are calculating the cost to the economy, the people said.

Some political leaders are hoping that President Vladimir Putin will moderate his response to the crisis, the people said. A sanctions war, with Russia retaliating against the West, could wipe out 10 years of achievements in financial and monetary policy, one of them said. Such escalation could erase as much as a third of the ruble’s value, another said.

Dmitry Peskov, Putin’s spokesman, declined to comment.

The Ukraine crisis triggered the worst standoff between Russia and the West since the end of the Cold War after Russian forces seized the Crimean peninsula. German Chancellor Angela Merkel yesterday said a round of European Union sanctions is “unavoidable” if Putin’s government fails to take steps to ease tensions.

‘Get Ugly’
In Washington, U.S. Secretary of State John Kerry yesterday said at a congressional hearing that sanctions on Russia could “get ugly fast” if events justified them. Group of Seven countries called on Putin to “immediately halt” efforts to pry Crimea away from Ukraine, to reduce Russian forces to pre-crisis numbers and to allow international monitors and mediation.

The U.S. and the EU used sanctions against Iran to pressure it into negotiations over the Islamic republic’s disputed nuclear program. While almost all U.S. trade with Iran was banned after the Islamic Revolution, the West started imposing stricter penalties on energy, ports, insurance, shipping, banking and other transactions in 2010.
U.S. restrictions also apply to other countries that trade with Iran. Limited relief was granted after Iran signed a temporary accord in November, though core oil and banking restrictions were kept in place.

Three-Stage Plan
The EU announced a three-stage sanctions process against Russia last week, starting with the suspension of trade and visa-liberalization talks. Stage two includes asset freezes and travel bans for as-yet unidentified officials and would be imposed if Russia boycotts international talks on a settlement. Stage three envisages “additional and far-reaching consequences” if Russia further destabilizes Ukraine.

Britain hosted a meeting this week to compile a list of people who could be hit by sanctions. The U.S. banned visas for Russian officials and others it said were complicit in violating Ukraine’s sovereignty, while President Barack Obama also authorized financial measures.

EU foreign ministers meet March 17, a day after Crimea votes in a referendum about joining Russia, to consider asset freezes and travel bans on Russian political and business leaders they consider responsible for instigating and profiting from the events on the Black Sea peninsula.

‘Hasty, Ill-Considered’
Russia’s position is unchanged by the threat of sanctions, foreign minister Sergei Lavrov said March 4. Three days later, he cautioned Kerry against “hasty and ill-considered moves” that could hurt relations.

The government is in talks with Russian billionaires and state companies about risks they face in case of western sanctions, the people said. The Kremlin needs to know which companies are most likely to be affected by fallout including loss of access to new foreign loans and facing margin calls, they said.

Business is not yet showing too much concern about the possible sanctions, according to three top executives who took part in meetings.
The EU, Ukraine and Russia are economically dependent on each other in many regards, so strict sanctions will be hard on all sides, Putin has said.

“In the modern world, when everything is interconnected and everybody depends on each other one way or another, of course it’s possible to damage each other -- but this would be mutual damage,” Putin told reporters March 4.

‘React Immediately’
The Russian economy’s prospects in a “difficult global economic environment” was the topic of a closed meeting between Putin and senior officials yesterday in the Black Sea resort of Sochi, Peskov said by phone. Putin yesterday urged the government to ensure Russia’s “ability to react immediately to internal and external risks.”

The Russian government is also in talks with companies about speeding up state support in the form of guaranteed loans to reduce potential damage from sanctions, said two of the people. Business leaders have asked for a meeting with Russian Prime Minister Dmitry Medvedev to discuss the situation, the people said.

Medvedev’s spokeswoman Natalya Timakova declined to comment on her boss’s schedule.
To contact the reporters on this story: Evgenia Pismennaya in Moscow at epismennaya@bloomberg.net; Ilya Arkhipov in Moscow at iarkhipov@bloomberg.net

[orangetea]

Its good to revisit a senior politician's thoughts and comments at times on Russia.

The highlight in bold still holds true.

Blog post

===================

September 14, 2008

With globalization, many more ties have been forged between countries and the reliance on one another for economic purposes has made international relations much more complex than before. While in the past the major superpowers could invade the powerless nations without much repercussions, the situation has become more complicated today as we see with the case of Russia and Georgia.

As international trade becomes commonplace in today’s world, every major country would have multiple trade links with many other countries. Tensions can arise from this increased level of contact and connection between countries, creating more potential for disagreements and disputes. However, fortunately, we have not seen many of such instances evolving into full-blown wars.

This is because powers are kept in check by every other nation with vested interests, as well as economic/political organizations such as United Nations, ASEAN and BRIC etc. There has been much debate, even internally within the country, regarding the war in Iraq commissioned by the United States. In a more recent case, the South Ossetia war, we have heard how numerous parties have sounded their disapproval towards Russia’s invasion of Georgia. I have also read in a recent statement MM Lee made on Russia, during the Forbes Global CEO Conference, where he alluded to its recent invasion on Georgia – “‘If the Chinese had done that, they would have had the whole of South-east Asia agitated and no friends.’”

From the few examples above, we can see how every country’s actions are watched by everyone in the world. Unlike in domestic affairs where interventions or commentaries by external parties are minimal, such as the unstable state of politics in Bangkok of late, in international affairs the external parties such as other nations or organizations like UN will be less restrained in voicing out their opinions. Precisely because of the high degree of interdependence between countries in today’s globalized world, most countries are very watchful of their own management of international relations and take extra care in maintaining their diplomacy. In instances when this fail and where certain relations are upset, external parties would step in to control and mediate the situation.

In today’s world, economic strength is arguably far more intimidating and superior than military strength. This is again explained by the importance of international trade to almost every country’s economy. There is no doubt that the military strength still commands a level of fear in others, as evident in how several parties have been careful in negotiating with North Korea for the latter to limit their nuclear ambitions, but we are also aware of the country’s dependence on food and humanitarian aid from the UN and US, amongst several other parties.

In my opinion, power yielded from growing a strength through the economy is also likely to garner more respect than through the military. Citing MM Lee, in drawing a contrast between the way China and Russia are flexing their growing strategic muscle.

“Both are equally formidable on the economic front. But on the diplomatic front, one maintains a quiet presence while the other is more open to slugging it out.

China does not display its strength by intimidating others. Russia, on the other hand, is more ‘robust’, noted Mr Lee.

‘One is getting his act together. There’s no doubt that the world knows that China has come together. But they don’t beat their chests and threaten anybody.’

‘On the other side, really robust – you’ve got to respect us and we demand that you recognise that these are our countries. Where any Russians are is where we will be.’

He left the audience to decide who is the better strategist. I am sure you know where I stand.

With this ever-increasing significance of economic strength, we have also witnessed the shift from military towards economic warfare. The United States had imposed economic sanctions on Myanmar days before the cyclone Nargis struck the country early this year, and the impact of its action is claimed to impede U.S. humanitarian organizations and individuals from donating money directly to causes within impoverished Myanmar. In addition to Myanmar, the US had also imposed economic sanctions to a number of countries, such as North Korea, Cuba, Iran, Sudan and Syria.

In today’s globalized world, war has taken on a new economic form, although the traditional military form is likely to remain. Increasing international trade and the formation of international organizations have also had their impact on regulating power and prevented wars from being waged. However, whilst we see less of (or less large scale) military wars being fought, we have to acknowledge the evolution of warfare and be vigilant in dealing with them to minimize the damage done, whether or not they involve the loss of human lives.

[orangetea]

These are old articles, but the perspective still remains...

=================================

Interview With Lee Kuan Yew About The New Global Order (PART I)
Friday, 07 May 2010 06:52 | Written by shabait Administrator | PDF Print E-mail
Articles - Q & A

Read here for full article

...... CHARLIE ROSE: Coming out of the global economic crisis, even though the United States is the dominant country, it is forced to look to build and to engage and build coalitions on a whole range of big issues, and there is never now a guarantee of unanimous support. It’s hard to put together, for example, sanctions against Iran.

LEE KUAN YEW: Iran is a special case. Iran has oil and gas. The Chinese desperately need oil and gas. Russia’s playing a game with Iran. Russia doesn’t need oil and gas, but Russia wants to cut the U.S. down to size and remind the U.S. you need me to run the world.

With the Chinese they are doing their calculations. I think in exchange they must know if they buck the word -- once the Russians say, all right, we agree, I would bet 50/50 the Chinese will also say...

CHARLIE ROSE: So if the Russians say we’ll engage in sanctions, the
Chinese will follow.

LEE KUAN YEW: They would not want to be the odd-man out and be held responsible.

CHARLIE ROSE: What if the United States finds another partner or another supplier of energy for Iran?

LEE KUAN YEW: No, in place of Iran?

CHARLIE ROSE: Yes.

LEE KUAN YEW: Where will you find...

CHARLIE ROSE: Well, in the Middle East. In Saudi Arabia and -- not possible?

LEE KUAN YEW: No, not possible.

CHARLIE ROSE: But I had a Chinese diplomat say to me that they would welcome that, that if in fact they did not have a necessity of needing Iranian oil, they would go along with sanctions, because they don't think...

LEE KUAN YEW: They need Iranian oil, they need Arabian oil, they need Nigerian oil, they need Angolan oil...

CHARLIE ROSE: They need all the oil they can find anywhere.

LEE KUAN YEW: Yes, of course.

CHARLIE ROSE: To fuel the economic growth at 8 percent.

LEE KUAN YEW: Absolutely.

CHARLIE ROSE: Tell me about Russia and how you see Russia today?

LEE KUAN YEW: Well, look, I’m doing a little bit of business in Russia.

CHARLIE ROSE: Yes.

LEE KUAN YEW: I’m also a member of the board of governors of Skolkovo Business School, invited to join it by Medvedev, who is now the president. So I speak as one who is a semi-Russian colleague. I would say they would do enormously better if they could get their system right. Their system is not functioning and not as functional as it should be because it has gone haywire. They’ve lost control over the various provinces, and they’re trying to bring it back to the center, but it’s difficult.

CHARLIE ROSE: What do you think of the relationship between Putin and Medvedev?

LEE KUAN YEW: Everybody knows that Mr. Medvedev is a very good friend
of Putin and also knows Mr. Putin is a very powerful fellow. And Mr. Medvedev is working through very powerful men called Silovikis, who are all from the FSB.

CHARLIE ROSE: Which is the former KGB.

LEE KUAN YEW: Yes. Now, Mr. Medvedev is a highly intelligent man. He’s a good friend of Putin, and he sees no reason why he would want to clash with Putin.

CHARLIE ROSE: And Mr. Putin will return to be president another day?

LEE KUAN YEW: I would say the probabilities are high.

CHARLIE ROSE: but you also said in a speech I read that the capabilities of Russia are limited.

LEE KUAN YEW: Well, they’ve got enormous nuclear arsenal, but what else? Their army is a very different army now. The air force -- they’re building new fighters, but, I mean, their navy -- and their population is declining -- AIDS, alcohol, drugs, and pessimism. I mean, every year more Russians die than Russians are born because people are not optimistic. In America people are optimistic and say I’ll bring a child into the world. But when your life is so harsh, and from time to time it gets better when the oil price goes up, but that’s momentary, you have a different view of the future, so what’s the point of this?

....

[CityFarmer]

As expected, and the crisis continues...

Crimeans vote over 90% to quit Ukraine for Russia

SIMFEROPOL/KIEV — Russian state media said Crimeans voted overwhelmingly to break with Ukraine and join Russia yesterday, as Kiev accused Moscow of pouring forces into the peninsula and warned separatist leaders “the ground will burn under their feet”.

With over half the votes counted, 95.5 per cent had chosen the option of annexation by Moscow, the head of the referendum commission, Mr Mikhail Malyshev, said two hours after polls closed. Turnout was 83 per cent, he added — a high figure given that many who opposed the move had said they would boycott the vote.

Western powers and leaders in Kiev denounced it as a sham.
...
http://www.todayonline.com/world/europe/...ine-russia

[CityFarmer]

Crimea acted real fast, and showed its eagerness to break from Ukraine and back to Russia...

The US and EU sanctions are harmless at the moment...

Crimea acts quickly to break away from Ukraine

LONDON — A day after a contested referendum, legislators in Crimea moved swiftly yesterday to begin the process of splitting from Ukraine, with the regional Parliament declaring that Crimea is an independent state, with special status for the city of Sevastopol.

While the ballot on Sunday has been rejected in the West and by the government in Kiev, the legislators asserted that the laws of Ukraine no longer applied to Crimea and that state funds and all other state property of Ukraine in Crimea had been transferred to the new state. They also announced that the Ukrainian authorities had no power in Crimea.

In response, United States President Barack Obama imposed sanctions on 11 Russians and Ukrainians blamed for Russia’s military incursion into Crimea, including two top aides to Russian President Vladimir Putin. Mr Obama’s order freezes any assets in the US and bans travel to the 11 individuals named as responsible for the Russian move into Crimea.

Among those sanctioned were ousted Ukraine President Viktor Yanukovich and Putin aides Vladislav Surkov and Sergei Glazyev.

Separately, in a cautious initial response, the European Union imposed travel bans and asset freezes against 21 people in Russia and Crimea, while leaving open the possibility of adding harsher economic measures when EU leaders meet later this week. Those targeted include politicians responsible for calling for and organising the referendum.
...
http://www.todayonline.com/world/crimea-...ay-ukraine

[CityFarmer]

Putin's initial response to the issue...

Putin recognises Crimea as independent state
18 Mar 2014 06:25
[MOSCOW] President Vladimir Putin on Monday signed a decree recognising Crimea as an independent state following its vote to secede from Ukraine and join Russia in a referendum that has fanned the worst East-West crisis since the Cold War.

The Kremlin's official website quoted Mr Putin's decree as recognising "the Republic of Crimea... as a sovereign and independent state." It was issued "considering the expression of the will of the people of Crimea at the general Crimean referendum" on Sunday, it said.

The decree added that it entered into force from the moment of its signature and included the time stamp of 10:30 pm (1830 GMT).

Mr Putin is due on Tuesday to address both houses of parliament about the crisis following the announcement of targeted US and EU sanctions against top Russians and Ukrainians deemed responsible for the breakaway vote, as well as pro-Kremlin forces' effective seizure of the Black Sea peninsula at the start of the month.

Russia's lower house of parliament is expected to debate legislation on Friday simplifying the process under which the Kremlin can annex another part of a sovereign state.
...
Ref: Business Times Breaking News

[orangetea]

Putin's initial response to the issue...

Putin recognises Crimea as independent state
18 Mar 2014 06:25
[MOSCOW] President Vladimir Putin on Monday signed a decree recognising Crimea as an independent state following its vote to secede from Ukraine and join Russia in a referendum that has fanned the worst East-West crisis since the Cold War.

This tactic is old.....
Liken to the puppet state below.

Puppet state - wikipedia

Abkhazia - Republic of Abkhazia is sometimes considered a puppet state that depends on Russia.[17] The economy of Abkhazia is heavily integrated with Russia and uses the Russian ruble as its currency. About half of Abkhazia's state budget is financed with aid money from Russia.[18] Most Abkhazians have Russian passports.[19] Russia maintains a 3,500-strong force in Abkhazia with its headquarters in Gudauta, a former Soviet military base on the Black Sea coast.[20] The borders of the Republic of Abkhazia are being protected by the Russian border guards.[21]

South Ossetia - South Ossetia has declared independence but its ability to maintain independence is solely based on Russian troops deployed on its territory. As South Ossetia is landlocked between Russia and Georgia, from which it seceded, it has to rely on Russia for economic and logistical support, as its entire exports and imports and air and road traffic is only between Russia. Former President of South Ossetia Eduard Kokoity claimed he would like South Ossetia eventually to become a part of the Russian Federation through reunification with North Ossetia.[22]

============
http://en.wikipedia.org/wiki/List_of_WWII_puppet_states
Soviet Union

The Soviet Union had had a puppet state prior to World War II (The Tuvinian People's Republic), but they acquired many more during or as a result of the war.
Pre-WWII

Tuvan People's Republic (1921 - 1944)

Following the chaos of the Russian Revolution, on 14 August 1921, Tuva was taken from China's Outer Mongolia. Though it was only recognized by the Soviet Union and the Mongolian People's Republic, it was not officially part of the Soviet Union until 1944, when it was quietly annexed into part of the Soviet Union.[1]
During WWII

Finnish Democratic Republic (1939 - 1940)

During World War II, the Soviet Union acquired a number of territories, typically by "liberating" them, just to make them a puppet state of their own. The first was the Finnish Democratic Republic. Though it was only officially recognized by the Soviet Union, Stalin planned to use it to take over Finland. Acquired exactly three months after the Invasion of Poland, it was short-lived, lasting only one-hundred two days, until 12 March 1940, when it was merged with the Karelian ASSR.[2]

Estonian Soviet Socialist Republic (1940 - 1941, 1944 - 1991)

Before the Soviet occupation of the Baltic States, Russia signed the Soviet–Estonian Mutual Assistance Treaty, the Soviet–Latvian Mutual Assistance Treaty, and the Soviet–Lithuanian Mutual Assistance Treaty, and used them as an excuse for their invasion. Stalin invaded Estonia on 16 June 1940. By 21 July, Stalin declared it a Soviet State. It was illegally annexed on 9 August of the same year. The Soviet Union maintained it's control until 25 July 1941, when Germany gained control of it, creating the Reichskommissariat Ostland, or "Realm Commissariat Land," which was a conglomerate of the Baltic States. It stayed in German hands until 26 September 1944, when the Soviet Union recaptured it during Baltic Offensive.[3]

Latvian Soviet Socialist Republic (1940 - 1941, 1945 - 1991)

As with the Estonian Soviet Socialist Republic, Latvia was invaded on 16 June 1940. Like Estonia, Stalin claimed Latvia as a Soviet State on 21 July. It was illegally annexed on 5 August 1940. Germany successfully captured and began the occupation of Latvia on 10 July 1941. The Germans made combined it part of the Reichskommissariat Ostland. It was later recaptured by the Soviets.[4]

Lithuanian Soviet Socialist Republic (1940 - 1941, 1945 - 1991)

Lithuania was invaded by the Soviet Union on 16 June 1940. It was claimed as a Soviet State on 21 July 1940, and was illegally annexed on 3 August 1940. On 22 June 1941, Germany began occupying Lithuania, and combined it with Reichskommissariat Ostland. Germany had control of Lithuania until 28 January 1945, when it was successfully recaptured in the Baltic Offensive.[5]

Second East Turkestan Republic (1944 - 1949)

The Second East Turkestan Republic was part of China's Outer Mongolia. On 12 November 1944, three Chinese provinces rebelled, and sided with the Soviets. They remained part of the Soviet Union until 20 October 1949, when China's People's Liberation Army came over, and cut off relations.[6]
Post WWII

The Soviet Union didn't get any puppet states after WWII until November 1945, nearly two months after the wars end. But, as a result of WWII, in 1949, Germany was split in to East Germany, or "The German Democratic Republic," and West Germany, or "The Federal Republic of Germany."

Azerbaijan People's Government (1945 - 1946)

The Azerbaijan People's Government was formed on 21 November 1945. In 1941, the Soviet Union participated in the Anglo-Soviet invasion of Iran. After the Azerbaijani Democratic Party was formed in September 1945, it began a bloodless coup. On 21 November 1941, the coup was completed, and the Iranian province of Iranian Azerbaijan was in the hands of the communists. Stalin helped in the creation of the country, and made it a puppet state. After just 204 days, it was dissolved on 13 June 1946, after an agreement was reached.[7]

East Germany (1949 - 1990)

The Soviet Union was helping govern post-war Germany, along with the United States, United Kingdom, and France, with minor zones belonging to Belgium and Luxembourg. On 7 October 1949, the Soviet Union split Berlin, and with Berlin, all of Germany in to two parts: East and West Germany. East and West were reunified on 3 October 1990.[8]

[orangetea]

Editorial on Putin's tactics: Russian ambassador replies

Straits Times Mar 18, 2014

I SINCERELY hope your editorial writers watched the voting in Crimea on Sunday ("Putin's tactics an affront to all"; last Friday).

Western correspondents were allowed to monitor the process from the very beginning to the end; there was live coverage on CNN and other major channels.

The outcome was an unequivocal verdict on the 22 years of Ukraine rule.

By the way, it was not President Vladimir Putin who novelised international law with "humanitarian interventions" and the "responsibility to protect", not to mention "coalitions of the willing" to bypass the United Nations.

Leonid Moiseev

Ambassador of Russia to Singapore

[orangetea]

Nothing beats paying for your own education once you put money into this ETF

A look at the future after Putin.

This is a 2013 article.


"Russia After Putin: Inherent Leadership Struggles is republished with permission of Stratfor."

http://www.stratfor.com/analysis/russia-...-struggles

[orangetea]

By Lidia Kelly and Oksana Kobzeva

MOSCOW (Reuters) - Credit agency Standard & Poor's cut Russia's foreign currency ratings on Friday, saying further downgrades were possible if the West imposed tighter sanctions against Moscow in response to the crisis in Ukraine.

Moscow said politics had played a role in the downgrade, the first by a major agency since Russia seized Crimea from Ukraine in March and leaving the S&P rating just one notch above junk status.

Foreign investors have been pulling money out of Russia since the country's economy hit the rails last year, a process that has intensified along with western concerns about Ukraine.

S&P said outflows might now speed up further.

"The tense geopolitical situation between Russia and Ukraine could see additional significant outflows of both foreign and domestic capital from the Russian economy and hence further undermine already weakening growth prospects," the agency said in a statement.

Russia's annexation of Crimea resulted in a first wave of sanctions from the West, and both the United States and Europe have threatened harsher and more costly measures if Moscow remains involved in its neighbors' affairs.

Foreign investors have exited Russia en masse, taking $63.7 billion with them in the first three months of this year, economic growth has ebbed to a crawl and Russia's central bank has spent billions of dollars on keeping the ruble from falling too fast.

President Vladimir Putin acknowledged on Thursday that the sanctions have impacted the economy, but he also said Moscow was ready to take further moves against Ukraine if Kiev used military forces in the eastern part of the country.

On Thursday, Ukrainian forces killed up to five pro-Moscow rebels as they closed in on the separatists' military stronghold in the country's east, and Russia launched army drills near the border in response, raising fears its troops would invade.

PLAYING POLITICS?

The downgrade was the first on Russia's sovereign debt since December 2008.

Economy Minister Alexei Ulyukayev dismissed it, saying that "partially, it is kind of a politically motivated decision."

But analysts said other rating agencies were likely to follow suit, and Russia's already battered financial markets fell further on Friday.

"Russia is going backwards as reflected by developments in relations with Ukraine and the West," said Timothy Ash, analyst at Standard Bank.

"(This is)... bad for growth (long term and short term), bad for investment, bad for capital flows, and bad for broader political, economic reform and institutional reform.

"...Junk status looming any time soon?"

The central bank, which was forced in March to raise key rates by unprecedented 150 basis points to stem capital flight, is expected to keep policy unchanged at a meeting later on Friday.

S&P said its downgrade reflected risks of further outflows, cutting both long- and short-term foreign currency ratings, to BBB-/A-3 from BBB/A-2. It kept a negative outlook on the ratings.

"The negative outlook reflects our view that we could lower our ratings on Russia over the next two years should we assess the risks to Russia's creditworthiness as having increased, based on much weaker economic growth than we currently expect," S&P said.

Russia's $2.1 trillion economy grew by 0.8 percent in the first quarter in gross domestic product terms and growth is expected to come at no more than 0.5 percent in the whole of the year.

Analysts at ING said that politics could have played a role in S&P's decision, taking under consideration the tough stance on Russia from the United States.

"The main parameters of the budget and the debt burden in the Russian Federation are among the best, although, indeed, may be impaired in the event of stronger sanctions," the analysts said in a note.

Russia's debt to GDP ratio stood at around 11 percent at the end of last year, compared to more than 100 percent among countries such as Italy or Greece.

Russian shares, which have been on a downward trajectory this week, fell further on Friday, with the dollar-denominated RTS index (.IRTS) down 1.6 percent and the ruble-traded MICEX (.MCX) losing 1.3 percent to 1,283.4 points.

The ruble, which had lost nearly 8 percent against the dollar this year, was trading 0.6 percent lower on the day, both against the greenback and the euro, at 35.98 and 49.65, respectively.