Yaroslav Lissovolik News
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Russia left its main interest rates unchanged for an eighth month, brushing off government calls for lower borrowing costs and repeating an incremental cut to seldom used rates after inflation accelerated last month.
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The ruble climbed the most in more than a month versus the dollar as the prospect of an Irish bank bailout buoyed investor appetite for riskier assets and oil prices rebounded from a four-week low.
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Russia’s economic expansion will accelerate this year from 2010 even after gross domestic product grew more slowly than estimated in the third quarter, Deputy Economy Minister Andrei Klepach said.
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The European Union backed Russia’s bid to join the World Trade Organization, saying 2011 entry for the world’s largest energy producer remains a possibility.
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Russia’s central bank may refrain from monetary tightening for the first time since November as inflation slows and Europe’s debt crisis threatens to sap a rebound in global economic growth.
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Russia’s central bank removed a reference to interest rates being adequate, pitting banks including Morgan Stanley against market consensus in predicting an increase in borrowing costs.
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Russian stocks headed for their biggest gain in almost two weeks after Deutsche Bank AG said former Yukos Oil Co. billionaire Mikhail Khodorkovsky has a “50-50” chance of winning an early release and after a report showed German business confidence unexpectedly rose.
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Russian stocks gained for a second day as oil climbed after Alcoa Inc. kicked off the U.S. earnings season with better-than-expected sales, boosting appetite for riskier assets.
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Russia is urging Group of 20 policy makers to remove barriers to long-term investment in developed countries to help emerging economies counter capital inflows as the U.S. pumps $600 billion into its economy.
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The ruble rose to its strongest level in two weeks against the central bank’s dollar-euro basket as oil prices nearing $90 a barrel and easing U.S. monetary policy buoys demand for Russian assets.
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