Andrei Klepach News
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Russia’s economy grew at the weakest pace since 2009 in the first quarter as the euro area’s longest recession hurt demand for commodity exports and investment at companies including OAO Gazprom cooled.
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Russia’s economy probably grew at the weakest pace since 2009 in the first quarter as investment at companies including OAO Gazprom cooled and the euro area’s longest recession hurt demand for commodity exports.
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Russia’s government is split over charging the central bank to support the economy as part of efforts to revive growth, leaving President Vladimir Putin to decide, according to an official familiar with the proposals.
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OAO Russian Railways changed its 2013 cargo forecast to a decline after volumes fell for five months and the Economy Ministry lowered its industrial output target for the year, two people with knowledge of the matter said.
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Russian equities dropped, paring their gain for the week as power stocks retreated on concern the government will slow tariff increases.
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Russia’s economy will grow slower than expected in 2013 due to decelerating industrial output and investment, Deputy Economy Minister Andrei Klepach said.
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Russia is probably already in a recession and monetary policy should be eased to ignite growth, said Ksenia Yudaeva, President Vladimir Putin’s representative to the Group of 20 nations.
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Russia’s economy will face a recession risk in the autumn unless it adopts stimulus measures, Economy Minister Andrei Belousov said.
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Russian industrial production probably fell for a third month in March as Europe’s debt crisis hurts exports and investment.
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Russian President Vladimir Putin urged the government to come up with a plan to revive the flagging economy after a minister warned that a recession is possible as companies cut investment and export demand wanes.
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