finances

Russia's central bank starts preemptive FX selling

The Russian central bank has started preemptive selling of foreign currency on the market today to lower market volatility after a steep drop in the rouble, the bank said. The move is aimed at "increasing the predictability of the …

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Europe's biggest bank to cut 35,000 jobs 

Europe's biggest bank HSBC has announced it will axe 35,000 jobs worldwide as part of a major restructuring after the bank’s profits fell by a third last year. The bank is aiming to scale back its headcount from 235,000 …

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Georgia, Ukraine and Moldova ask EU for money

The Foreign Ministers of Ukraine, Georgia and Moldova signed a joint appeal to the European Commission on the importance of proper financial support for the Eastern Partnership region as a part of the following EU Multiannual Financial Framework …

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Russian government buys Sberbank

Russian Finance Ministry announced that it would purchase the central bank’s stake in Sberbank, Russia’s largest lender. The finance ministry said it would buy the central bank’s 50%-plus-one-share stake in Sberbank …

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Russian Central Bank cut interest rate further

The board of directors of Russia's Central Bank has cut its key rate today by 25 bp to 6.00% per annum amid slowing inflation. Commenting on the decision, the regulator's press service said that inflation slowdown is continuing, …

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Why Coronavirus fears hit ruble exchange rate?

The dollar exchange rate increased to 64.01 rubles at the Moscow Exchange today. As of 11:26 Moscow time, the dollar was 64.04 rubles (+0.23%), and the euro - 70. 96 rubles (+0.11%). For the last time, the dollar exchange rate …

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Sberbank CEO could resign if...

Chief executive of Russia’s Sberbank German Gref said he could leave his post if a possible shareholder change at the bank results in a switch in its strategy. Gref is confident though that …

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Google parent company now worth $1 trillion

Google’s parent company Alphabet is now the fourth U.S. company to hit a market cap of $1 trillion. Apple was the first US company to hit a $1 trillion cap in 2018, followed later that year by Amazon (which has since dropped below …

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Global debt hits new record

Total worldwide debt sat close to a record $253 trillion by the end of 2019, the Institute of International Finance estimated. This represented an increase from $250.9 trillion at the end of the second quarter of 2019. …

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Global economic growth expected at 3.4 percent in 2020

Global economic growth in 2020 is expected to grow at a modest rate of around 3.4 percent compared to its long-term average of a 21st century average of 3.8 percent per year, according to new projections by PwC, Business Review reports. …

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Putin admits what bothers him most

While working on a message from the President of the Russian Federation to the Federal Assembly, Russian President Vladimir Putin admitted that he was "very concerned about the stagnation in real incomes of the …

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