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With gold prices hitting all time highs should Russia to be thinking of selling some of its reserves?

Russian Duma holds budget hearing as oil slide threatens funding basis Russia’s federal budget for 2009 could go into deficit as the price of Urals crude falls below $70/BBL, sharply cutting revenues of the world largest energy exporter. The drop comes as the State Duma is holding a second...

World financial system needs to be revised – Sarkozy EU leaders, who are meeting in Brussels, say the current world banking system needs an overhaul. French President Nicolas Sarkozy says that it’s vital to hold talks on the revision of the world financial system by the...

Sochi Olympic preparations await brunt of funding crisis Russia’s biggest investment project, the 2014 Sochi Olympics, isn't yet facing a lack of funding despite the current financial crisis according to the Olympic construction coordinator in Sochi. However the new deputy...

Click here for details of your free apartment on Costa del Sol! “Buy one, get one free” sounds more like a supermarket offer, but Malaga developers Salsa Immobiliaria are giving away a one-bedroom apartment east of Malaga to anyone who buys a $US 1.1 million town house...

Did PM Brown save British banks? Only months after damning British Prime Minister Gordon Brown for economic incompetence, the British press is presenting him as the saviour of the western world, or at least the western economic system.

Global sell off continues on Russian markets amidst further trading halts The RTS and Micex have taken a further hammering on Thursday with falls of more than 7% in Mid afternoon before trade was halted on the RTS at 14.30 Moscow time. The slump comes in the wake of renewed concern about the...

U.S. investments become millstones for Russian steelmakers Russian metals companies could face losses due to the weak performance of their production plants in the United States. Amid slumping demand, the metal giants are preparing to cut output to support prices.

Giant Turkmen gas field could bring Nabucco into play Independent advisory firm GCA says a gas field in Turkmenistan could hold the 4th largest gas deposits in the world. The field could hold enough to supply its current customers in Russia and China as well as become a...

It must be raining cents in Washington The penny has dropped and U.S. leaders have followed Germany and several other European countries in buying government stakes in banks to boost public confidence and prevent a rush by depositors to stuff their savings...

Rosinter Restaurants sees Net profit slide to $1.3 million in 1H 2008 Russian restaurant group Rosinter Restaurants Holdings has posted a Net Profit for 1H 2008 of $1.3 million under IFRS.

Financial crisis: what no one wants to admit It’s the financial crisis that has affected all of us in one way or another. However, it now looks like we may just be getting over the worst of it.

Government bail out leads to longer term questions on States role in economy The Russian government’s plan to offer over $50 billion from state coffers to help companies refinance foreign debts will benefit large corporations. But, smaller players may have to rely on their own resources or...

Downturn may not come to rental property The price of commercial real estate in Moscow grew 5% in September to over $6500 per square meter. The figure comes at a time when Russia's residential real estate market is widely expected to slow down or even dip next...

TNK-BP posts 1H 2008 Net Income of $4.72 Billion Russian British oil major TNK-BP has posted a Net Income for 1H 2008 of $4.72 Billion under U.S. GAAP.

Aeroflot posts 1H 2008 Net Profit of $72 million Russia’s air flagship, Aeroflot, has seen Net Profit for the first half of 2008 fall 55% year on year to $72 million under IFRS.

Global stock rebound flows through to Russia Russia’s RTS and Micex stock exchanges have surged in Tuesday trade, tracking gains made in nearly all major world markets in the wake of concerted global attempts to address the crisis of funding and confidence in the...

Russian Government stumps up for energy refinancing Russia is ready to support its energy giants – as a part of its financial bailout strategy. The government has responded to a request from Rosneft, Gazprom, Lukoil and TNK-BP for funds to refinance their...

Ratings downgrade puts focus on banks and ratings agencies The rating outlook for 13 Russian banks has been downgraded by international rating agency Standard and Poor's. The Government says this will not affect its plans for helping cash-strapped banks, as banking industry...

Global coordination to financial market chaos still carries risks for Russia Russian President, Dmitry Medvedev, has signed a package of laws aimed at stabilising the Russian financial system. This follows attempts made by worldwide governments to get the global economy back on track.

Russia to help Iceland overcome the crisis Iceland has asked Russia for a loan of around €4 billion to stabilise the country's financial system. The talks on the loan are due to start in Moscow on Tuesday.

Let the market do its job Amid the financial turmoil, the U.S. President George W. Bush daily delivers his views on the nation’s crippled economy. Those who hope to succeed him in office claim only they know how to get America off its knees. But...

Crisis survival guide The UK is heavily reliant on its financial sector, and the financial crisis has been affecting its people more than other Europeans. Even the Queen is feeling the crunch and is forced to strict control of her budget.

Russian markets fall as Government responds Russia’s two stock markets fell further on Monday despite government intervention aimed at helping overcome the global financial crisis. At the close of trading, the markets were in the red, with Micex losing 3.48 per...

Automakers shape for life in the slower lane Russia's number two automaker GAZ says it will reverse its sliding market share, as buyers downsize in the credit crunch. The news comes as the head of luxury car manufacturer Audi reveals sales growth in Russia has...

G7 members act to head off global financial meltdown Finance leaders met over the weekend to deal with the ongoing crisis engulfing the global financial system. EU countries said they will take big stakes in banks and guarantee lending between banks for up to 5 years.

Russian markets resume trading Russian markets, which were suspended last week, have opened again on Monday. The country's two stock exchanges, the MICEX and the RTS, did not open for full trading on Friday following instructions from the financial...

Russians feel impact of financial crisis The effects of the world financial crisis are being felt by people in almost all areas of Russian society. Bank loans are not being given, jobs are being cut, and people are suffering from stress and worries about their...

Will financial crisis turn G7 into G14? The world's financial storm continues to rage forcing the Group of Seven of the world's most powerful economies to look further afield for help. Key players are now recommending expanding the group to G14, which would...

Nightmare on Wall Street as U.S. debt hits record high The United States has the highest level of foreign debt in the world, which has nearly doubled during the Presidency of George W. Bush. The country’s national debt has also just reached its ultimate high.

Russia works out anti-crisis measures with G7 Russia has been invited to participate in a G7 summit for the first time ever as financial experts try to find a way out of the global economic crisis. Officials from most of the world's leading economic powers met in...

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