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Russian economy minister sees ‘big risks’ from low oil prices MOSCOW: There are "very big risks" that Russia's economic growth could turn negative in 2015 if oil prices remain close to present levels, Economy Minister Alexei Ulyukayev said on Friday, news agency Interfax reported. "This is of course very serious," Ulyukayev said, after warning that growth in real household income and retail sales could turn negative. "As a result there are very big risks that overall economic growth will be negative, and that investment (growth) will also turn out to be minus." In August, the ministry halved its official economic growth forecast for 2015 to 1 percent. The price of oil, Russia's major export, has plummeted in recent months, falling around almost $30 since June to around $85 per barrel. Next year's budget is based an oil price of $100 per barrel. Russia's economy is also seeing a marked economic slowdown and rising inflation as a result of Western sanctions ...

Putin says Washington no threat, but its policies harmful LAURA: Russian President Vladimir Putin said on Friday he did not think the United States was a threat to Russia but added that he thought Washington's policies were harmful to his country. "I don't think that the United States poses a threat to us," Putin told a meeting of political scholars. "I think that the policies of the ruling elite are erroneous. I am convinced that they go against our interests, undermine trust in the ...

Sri Lanka cuts taxes, boosts subsidies before snap poll COLOMBO: Sri Lanka's president cut taxes and increased salaries, subsidies and welfare spending on Friday in a populist budget ahead of a troubled bid to win a third term.Mahinda Rajapakse made no direct reference during the budget announcement to his plans to seek a third term at an election that the government says will be held in January, two years ahead of schedule.But he hinted at confidence in the polls, saying, "I can't see any ...

Ukraine elections: 5 candidates to watch KIEV: As Ukraine votes in parliamentary polls on Sunday, the candidates to watch include a pilot imprisoned in Russia, the leader of a volunteer battalion and a former minister under ex-president Viktor Yanukovych.-- NADIYA SAVCHENKOA female military helicopter pilot who fought against pro-Russian separatists in the east before being captured by them. She heads the list of the Batkyvschina (Fatherland) party led by former prime minister Yulia Tymoshenko, despite being detained in Russia.The 33-year-old has ...

Iraq's oil exports rising in October despite unrest LONDON: Iraq's oil exports from its southern terminals are holding close to a record high in October and Kurdish shipments are climbing, a further sign that fighting has not derailed an expansion of supplies from OPEC's second-largest producer. Four months after an advance by Islamic State into northern Iraq sent oil prices soaring to $115 a barrel, the unrest has not led to a reduction in Iraq's exports from the south, the main outlet for ...

Former Japan PM to meet with China's Xi: report TOKYO: Former Japanese Prime Minister Yasuo Fukuda will meet with Chinese President Xi Jinping next week, a report said Friday, as Tokyo tries to set up premier-level talks amid tensions with its giant neighbour.The reported meeting on Wednesday is happening during Fukuda's three-day visit to Beijing as a board member of a China-based international forum, Japan's public broadcaster NHK reported.The sit down, which could not be immediately confirmed, is likely to focus on clearing the ...

Firm in China's first bond default to be restructured SHANGHAI: Creditors of the firm responsible for China's first domestic bond default have approved a restructuring plan in hopes of getting their money back, in an effective bail-out seven months after the landmark event.Shanghai-based Chaori Solar Energy Science & Technology Co. in March defaulted on interest payments of 89.8 million yuan ($14.7 million) for a five-year corporate bond issued in 2012.Under the restructuring scheme, a consortium led by a unit of Hong Kong-headquartered energy group ...


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Foreign Debt $61.805bn
Per Cap Income $1,386
GDP Growth 4.14%
Average CPI 8.6%
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Exports $1.911 bln
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WeeklyOctober 23, 2014
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