Economy of Russia
Russia sees 3 pct cut in GDP, rosier than others
Russia's economy ministry said on Jan. 31 it expected gross domestic product to fall 3 percent this year, more optimistic than many analysts' forecasts of a 4-5 percent drop.
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Turkish Lira slides to new record low against dollar
The Turkish Lira tumbled to a new record low today, down to 2.426 against the dollar upon the expectation of a forthcoming rate cut by the Central Bank and the Fed's announcement of a positive trend in the U.S. economy.
Banking authorities also say the rise in the U.S. dollar has triggered the surprising rate cut by the Russian Central Bank today.
Russia's Gazprom profits plunge 61%, hit by Ukraine row
Russia's gas giant Gazprom on Jan. 29 said its third quarter profits plunged 61 percent as supplies were suspended to Ukraine, one of its main customers.
S&P Downgrades Russia's Credit Rating to `Junk`
The US rating agency Standard & Poor's (S&P) has downgraded Russia's credit rating to junk, which is below investment grade.
Russia's credit rating has been lowered to such a level for the first time in a decade, Bloomberg reports.
Having a rating of BB+, Russia is on a par with Bulgaria and Indonesia, which makes it difficult for Moscow to borrow money from investors.
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S&P cuts Russia credit rating to 'junk'
Standard and Poor's stripped Russia of its investment-grade rating on Jan. 26, cutting it to "junk" status with a warning of weak growth.
"The downgrade reflects our view that Russia's monetary policy flexibility has become more limited and its economic growth prospects have weakened," the ratings agency said in a statement announcing the one-notch cut to a 'BB+' rating.
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Russian Companies Interested in Building Hydraulic Structures in Bulgaria - Ambassador Isakov
Russia's Ambassador to Bulgaria Yuriy Isakov has emphasized the need for innovative approaches to developing economic and trade relations between the two countries.
Isakov met Monday with Bulgaria's Economy Minister Bozhidar Lukarski.
Turkish exports reach all-time high in 2014
The 2014 exports of Turkey increased some 4 percent last year, reaching $157.6 billion, a record in the history of the modern republic, according to figures released by Turkish Exporters' Assembly (TİM) on the first day of the new year.
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Obama Suggests Putin Made 'Strategic Mistake'
US President Barack Obama has said Russia's President Vladimir Putin made a "strategic mistake" when he annexed Crimea, in a move that was "not so smart".
Those thinking his Russian counterpart was a "genius" had been proven wrong by Russia's economic crisis, he said in an interview for the US' National Public Radio.
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Russian economy suffers first major shrinkage since 2009
Russia's economy shrank sharply in November and the ruble resumed its slide Dec. 29 as Western sanctions and a slump in oil prices combined to inflict the first contraction in GDP since the global financial crisis.
Gazprom reduces natural gas supplies to Romania by 30pct; Gerea says there aren't any problems
Gazprom has reduced by 30 per cent the natural gas supplies to Romania, but Energy Minister Andrei Gerea maintains that no problems have been registered so far and the reduction ranges within the contract provisions.