Luis Saenz News
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Russian equities dropped for a fourth day as crude oil declined and preferred shares of OAO Surgutneftegas slumped. The central bank meets today to discuss interest rates.
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Russian equities fell for a third day as VTB Group, the nation’s second-biggest lender, retreated, offsetting a rally in power stocks.
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Russian equities fell the most in two weeks as crude oil, the nation’s chief export earner, retreated and OAO Mechel, the biggest coking coal producer, sank as output decreased.
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Russian stocks dropped for a fifth day, extending their biggest discount since 2009 to peers as crude traded near a four-month low and the International Monetary Fund cut the nation’s growth estimate.
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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 biggest telecommunications companies plunged on concern they risk losing market share should government-run OAO Rostelecom gain Tele2 AB’s business in the country.
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VimpelCom Ltd., Russia’s third- largest mobile provider, is trading at the cheapest-ever level versus rival OAO MegaFon on concern expansion abroad is hobbling the company’s ability to compete in its biggest market.
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The largest foreign fund manager focused in Russia said the country’s reputation is at risk after OAO Rosneft’s $55 billion takeover of TNK-BP landed the state- run oil producer in a fight with minority shareholders.
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The Moscow Exchange is accelerating plans to transition to two-day settlement of transactions as the bourse seeks to lure more foreign investors and bolster trading after its initial public offering.
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Luis Saenz, chief executive officer of the U.S. unit of Moscow brokerage Otkritie Financial Corp., has decided to leave the company after today, he said by e-mail.
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