finances

Yandex to buy Tinkoff Bank

Russian technology company Yandex has negotiated acquisition of Tinkoff Bank with TCS Group, the parent company of the bank, TCS Group says in its statement at the London Stock Exchange. The transaction amount will be $5.48 bln or …

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Sberbank SEO expects ruble to strengthen at year end

Chief executive of Russia’s Sberbank German Gref said that the Russian ruble may strengthen at  60-62 rubles per dollar at year end. According to him, Russia's national currency is closely related to oil prices, but they …

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Russian banks receive record low net profit

Russian banks received a record low net profit of 500 million rubles in May, Russia's central bank chairwoman Elvira Nabiullina said at the State Duma. According to her, in January–May, banks earned a net profit …

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U.S. to provide additional $125 million to Ukraine

The Pentagon has notified Congress that Ukraine's government has made the necessary progress on key institutional reforms, thereby justifying an additional $125 million in new military assistance, including patrol boats armed with …

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IMF approves six monthsdebt relief for 25 countries

The Executive Board of the International Monetary Fund approved relief on debt service for 25 member countries that are eligible for support from the Catastrophe Containment and Relief Trust (CCRT), the IMF said. The approval …

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Foreign investment in Russian companies almost stops

Direct foreign investments in Russia’s non-banking sector during Q1 2020 reached only $0.2 billion, according to data from the Central Bank. For comparison, that figure in Q1 2019 was $10.3 billion, making for a more …

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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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