Alexander Morozov News
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Russia’s central bank refrained from cutting interest rates for a fifth month, signaling reluctance to deploy monetary stimulus after Vladimir Putin returned to the country’s presidency with the goal of accelerating growth.
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Russian manufacturing grew in April at the fastest pace in more than a year as output and employment rose and new orders accelerated, HSBC Holdings Plc said.
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Russian manufacturing had a “sub- par” expansion last month because of “modest” increases in new orders and output, HSBC Holdings Plc said.
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Russian manufacturing growth eased in December from an eight-month high after new orders slowed and export demand weakened, HSBC Holdings Plc said.
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Russian services industry growth accelerated in November to the fastest pace in four months, showing the economy will end the year on a “optimistic note,” HSBC Holdings Plc said.
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Kazakhstan’s tenge may strengthen more than 5 percent by the middle of next year as accelerating inflation forces the central bank to allow the currency to appreciate, HSBC Holdings Plc said.
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Traders are increasing payments to limit ruble losses faster than any other European emerging- market currency as the Irish debt crisis and China’s vows to cut inflation cause a slump in oil, Russia’s biggest export earner.
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Russia will probably refrain from cutting rates after signaling that record-low inflation won’t last once pre-election measures to curb prices are unwound.
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Belarus will become the first country outside Russia to sell bonds denominated in rubles as the government seeks to attract investors from its biggest trading partner and borrow at cheaper rates than in U.S. dollars.
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OAO Sberbank, Russia’s largest lender, raised its estimate for net income this year to as much as 120 billion rubles, finance chief Alexander Morozov said.
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