Reserve Fund News
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The ruble sank the most in two months as oil fell and investors bet on declines after the Finance Minister supported a weaker currency.
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Rhode Island may have its credit grade cut by Moody’s Investors Service after lawmakers debated defaulting on $75 million in debt that brought a company started by former Boston Red Sox pitcher Curt Schilling to Providence.
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Russia rejected a proposal to pin some of the responsibility for ensuring economic expansion on the central bank and may use a weaker ruble to salvage growth and replenish the budget, Finance Minister Anton Siluanov said.
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The ruble climbed for a third day as Goldman Sachs Group Inc. forecast crude oil prices will support the currency of the world’s biggest energy exporter.
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Mondelez International Inc., the world’s second-biggest coffee maker, will start selling Nespresso-compatible capsules across Europe this fall, posing the sternest competitive challenge yet to the Nestle SA brand.
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Spain’s pensions taskforce, set up in April by Prime Minister Mariano Rajoy, said the government should be ready to cut benefits to protect the stability of the taxpayer-funded retirement system.
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The U.S. Securities and Exchange Commission will vote today on a proposal that would impose a floating-share value on the riskiest type of money-market mutual funds or allow them to suspend redemptions when the fund is under stress.
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Fifteen members of the U.S. House and Senate or their spouses benefited from federal farm subsidies last year, underscoring a personal stake for some lawmakers in a congressional debate that resumes this week over spending on agriculture programs.
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Los Angeles voters elected Councilman Eric Garcetti as mayor of the second-largest U.S. city, replacing Antonio Villaraigosa and inheriting a budget that relies on city unions to forgo 5.5 percent raises next year and uses about three-quarters of a reserve fund.
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Russia’s federal budget deficit will probably widen next year more than previously planned as a weaker economy risks erasing 650 billion rubles ($20.8 billion) in revenue, Finance Minister Anton Siluanov said.
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