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Russia Seeks for a New Currency
BRIC leaders will discuss new reserve currencies at the summit but called for caution in the currency debate, saying it was in no-one's interest to ruin the dollar. He said new reserve currencies were inevitable.
Russia May Reduce Investments in U.S Treasuries
Russia currently has about $140 billion worth of investments in U.S Treasuries. First deputy chairman of Bank Rossii, Alexei Ulyukayev, announced that some reserves were going to be moved into International Monetary Fund debt. On May 26, Finance Minister Kudrin said that Russia will purchase $10 million of IMF bonds from the reserves while China may buy about $50 billion, according to Dominique Strauss-Hahn, IMF's Managing Director.
Russian GDP Shrinks 7 Percent
The Russian economy shrank by 7 percent in the first quarter according to Deputy Economic Development Minister Andrei Klepach.
Russia: Gas Output Dropped Sharply in March
Gazprom's March gas production slumped by one-quarter from a year ago as demand shriveled in Europe and at home and buyers delayed purchases in hopes that prices would fall.
Russian Food Retailer to Expand Aggressively
Regional food retailer Magnit reported better-than-expected 2008 results for net income and revenue on Wednesday, and it pledged to carry its aggressive expansion plan into 2009.
Russian Home Building on the Rise
The number of homes completed in the first two months of this year surpassed the number in the same period last year, Regional Development Minister Viktor Basargin said Monday.
French Alstom to Buy Stake in Russian Train Maker
French engineering giant Alstom said Tuesday that it had agreed to acquire a 25 percent stake in train maker Transmashholding for an undisclosed total amount.
Central Banker Sees Interest Rate Cut in Russia
The Central Bank has been taking flak from all sides lately over its insistence on maintaining what critics call "crippling" and "bankrupting" interest rates, a policy endorsed by the prime minister to keep lenders operating above the level of inflation.
Russia: Sargut Buys 21% of MOL for $1.8 Billion
Cash rich oil producer Surgutneftegaz agreed to buy 21 percent of Hungarian refiner MOL from Austrian oil and gas company OMV for 1.4 billion euros ($1.8 billion).
Russia to Double its Issue of Bonds
The Finance Ministry will sell 529 billion rubles ($15.7 billion) of treasury bonds this year and issue 50 percent to 100 percent more bonds in 2011 and 2012, Finance Minister Alexei Kudrin said Wednesday, as the government looks for ways to finance a growing budget deficit and increase liquidity in its ailing financial system.
Russia: Budget Slashed for Repatriation Program
The government plans to slash spending on a program aimed at attracting Russians home from abroad due to a disappointing response since the first people started to return in 2007, the Federal Migration Service said Thursday.