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Erdogan threatens 'operation' against Moody’s for Turkey review

Turkish President Recep Tayyip Erdogan has pledged to deal with rating agency Moody’s following the parliamentary election after the company’s analysts placed Turkey on review for a downgrade. “God willing, we will conduct an operation against Moody’s after June 24,” Erdogan told the Ankara-based Anadolu Agency. “Moody’s is making unnecessary statements despite the fact that we are not a member ...

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Low debt & high reserves: Russia's economic strategy paying off

Despite facing years of sanctions from the US and EU, the Russian economy is growing again thanks to a winning formula of borrowing less and saving more. The sovereign debt of Russia is a fraction of that in developed countries like the UK or US. Russia’s foreign debt now stands at $ 525 billion, compared to $ 7.5 trillion in ...

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Russia World Cup to generate a staggering $6 billion for FIFA

FIFA is set to generate up to 6.1 billion from the 2018 World Cup kicking off in Russia, according to the world governing body’s financial documents. The figure is 10 percent higher compared to the revenues FIFA projected for the tournament, and $ 1.3 billion more than the earnings generated by the 2014 World Cup in Brazil, documents seen by ...

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Russia makes top 5 of Europe’s most attractive destinations for foreign investments

Investor confidence in Europe has surged in 2017 after three years of decline. Europe has attracted a record level of foreign direct investment (FDI), with Russia making the top five list, according to data from EY. The firm’s report showed that, despite a slowing growth in Europe, investor sentiment is more buoyant with 50 percent of more than 500 investors ...

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Germany slaps Volkswagen with $1.8bn fine in emissions cheating scandal

Germany has fined Volkswagen €1 billion over the auto maker’s diesel emissions cheating scandal, public prosecutors have announced. The company said it won’t be appealing the fine, one of the highest ever imposed by Berlin. The €1 billion (US$ 1.8 billion) fine was ordered by the prosecutor’s office in the German city of Braunschweig. It’s the latest move against the ...

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Russian ‘Smart City’ among finalists to host Expo 2025

The Russian city of Ekaterinburg has entered the final round of bidding to host the World Expo 2025. At the heart of Russia’s bid is the ‘Smart City’ concept proposed to be constructed before the fair. Ekaterinburg, a city of 1.5 million in the Ural Mountains, faces off against the Japanese city of Osaka and Azerbaijan’s capital Baku, after France ...

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Bitcoin’s skyrocketing growth was ‘fraud and manipulation’ – report

The record growth in bitcoin last year was actually a coordinated market manipulation, according to recent research by University of Texas Finance Professor John Griffin. Read more Griffin, who has 10 years of experience in detecting financial fraud, examined millions of transactions on cryptocurrency exchange Bitfinex. In his paper, Griffin says that the US dollar-pegged cryptocurrency tether was used to ...

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Russia & Belarus ditching dollar trade in favor of national currencies

The Belarusian Prime Minister, Andrey Kobyakov, has called for a complete shift away from the US dollar towards national currencies in Russia-Belarus trade and price-setting. “That would be great if the entire trade turnover, as well as price-formation were set in national currencies,” Kobyakov said during the session of the Council of Ministers of the Union State of Russia and ...

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Get out of jail card: Russia plans penal work option for prisoners with non-felony convictions

The Russian government is considering legislation which will allow those convicted of offences which do not constitute a felony to work instead of serving out their sentence in prison. The bill, that has been introduced in the State Duma, seeks to reduce the minimal term after which inmates can be let out early to do penal work. Under the current ...

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Russia & Saudi Arabia to talk oil on World Cup sidelines as teams meet on pitch

Russian President Vladimir Putin plans to meet Saudi Crown Prince Mohammed bin Salman at the opening of the FIFA World Cup in Russia. They plan to discuss oil, amongst other things. The world’s top crude producers are key partners in the OPEC+ deal, which is designed to prop up oil prices by cutting global output. Read more However, oil dipped ...

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