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  • Kazakhstan currency plunges after free-float decision Thursday, 20 Aug 2015 | 6:55 AM ET

    MOSCOW— Kazakhstan currency plunged by over 20 percent against the dollar on Thursday after the government decided to move to a free float to cope with big swings in global currencies and commodity prices. The collapse follows a slump in the price of oil, Kazakhstan's main export, and drops in the value of the currencies of the country's main trading partners,...

  • ALMATY, Aug 20- The tenge lost more than a quarter of its value on Thursday as Kazakhstan fired the latest salvo in an emerging market currency war, ditching a trading band stretched to breaking point by sharp falls in crude and commodities prices. Prime Minister Karim Masimov said floating the tenge would recover ground that oil-dependent Kazakhstan has lost...

  • UPDATE 2-Kazakhstan floats tenge, currency tumbles Thursday, 20 Aug 2015 | 3:15 AM ET

    ALMATY, Aug 20- Kazakhstan's under-pressure tenge lost more than a quarter of its value on Thursday after the oil producing central Asian nation, hit by a sharp fall in world crude prices, introduced a freely floating exchange rate for the currency. Acting against a backdrop of devaluation and depreciation in the currencies of some of its major trading partners...

  • DIARY- Emerging Markets Economic Events to Sept 2 Wednesday, 19 Aug 2015 | 8:02 PM ET

    JAKARTA, Indonesia- Federal Reserve Bank of San Francisco releases text of speech of President John Williams before the Bank Indonesia-BIS Research Conference in Jakarta- 0645 GMT. SEOUL, South Korea- Federal Reserve Bank of Minneapolis President Narayana Kocherlakota speaks before the "Macroeconomic Policy and Price Measurement Issues in a Low Inflation...

  • Gazprom Neft, Russia's third-largest oil producer owned by state-run gas producer Gazprom, said that due to abundant supply and technological developments oil prices may have returned for a prolonged period to the $30- $40 per barrel range seen before the commodities boom of the 2000 s. Some oil projects won't be viable at such low prices but most of those won't...

  • MOSCOW, Aug 19- Four private banks with friendly ties with the Kremlin are emerging as big winners from Russia's economic crisis, helping out dollar-starved companies at a time when large state lenders are hampered by Western sanctions. The four, FC Otkritie, Promsvyazbank, Credit Bank of Moscow and B&N Bank, were relatively minor players only a few years ago.

  • LONDON, Aug 19- Some major emerging currencies took a breather on Wednesday after a bruising few days, but many smaller ones were still suffering, while stocks hit fresh multi-year lows on reverberations from the weakening yuan. Russia's rouble ended six straight days of losses to gain 0.2 percent against the dollar, while South Africa's rand matched those...

  • Russia hits French chain Auchan with food inspections Wednesday, 19 Aug 2015 | 5:46 AM ET

    The inspections come at a time of tension between France and Russia over the extension of European Union sanctions and France's decision to cancel a deal to provide warships to Russia. Inspections are underway across all of Auchan's stores in Moscow with the support of prosecutors, said Anna Popova, head of the state consumer protection agency...

  • Carlsberg slashes 2015 earnings forecast after Q2 decline Wednesday, 19 Aug 2015 | 4:52 AM ET

    COPENHAGEN, Denmark— Danish brewer Carlsberg has lowered its full-year earnings forecast after declining beer sales in Russia and Ukraine hurt second-quarter profits. Carlsberg, which had previously forecast single-digit growth in operating profit in 2015, said Wednesday it now expects a slight decline, citing "challenging market conditions" in Eastern...

  • MOSCOW, Aug 17- Vladimir Yakunin, the powerful head of Russia's state railways and an old friend of President Vladimir Putin, is to leave his post to become a senator, a rare and unexpected reshuffle in the Kremlin's inner circle. The move, revealed while Yakunin was on holiday, appeared to be a significant demotion for a man who has known Putin since they set up a...

  • BERLIN, Aug 18- The United States' securities watchdog is helping German prosecutors to investigate the alleged payment of bribes by Ford to speed the passage of containers through Russian customs, a source at the U.S. carmaker said on Tuesday. Ford and Schenker, the freight business of state-owned German rail company Deutsche Bahn, have been under...

  • MOSCOW— One of Russian President Vladimir Putin's oldest political allies appears set to leave his post as head of Russian Railways, the country's largest employer, for a position with less influence. In a farewell message to Russian Railways staff published Tuesday by Russian agency Tass, Yakunin said "the country's leadership" would decide his future.

  • WARSAW, Poland— The CEO of Poland's national airline, widely credited with turning around the company, unexpectedly announced his resignation Tuesday. The spokesman for the Polish treasury ministry, Emil Gorecki, said Sebastian Mikosz' resignation was accepted, but was a surprise as talks are underway with a potential investor for the airline, LOT.

  • Russian police bust $30 million contraband cheese ring Tuesday, 18 Aug 2015 | 5:14 AM ET

    The arrests are part of a government campaign to enforce a ban on imports of Western cheese and other agricultural products imposed a year ago in retaliation for U.S. and European Union sanctions on Russia. Police said the ring, whose operations began in March, had been supplying "as cheese a product made from cheese rennet whose import into Russia is forbidden."

  • The move would be a significant demotion for Yakunin who has headed Russian Railways- a huge state corporation with more than $40 billion in annual sales- for ten years and known Putin since they founded an elite housing cooperative together in St Petersburg in the 1990 s. He will represent Russia's Kaliningrad region- an exclave sandwiched between Poland and...

  • *Russia's once-booming car industry hit by economic crisis. After a decade of annual sales growth in excess of 10 percent, the Russian car industry is now a victim of an economic crisis fueled by lower oil prices and Western sanctions over Moscow's role in the Ukraine crisis. Domestic car sales have halved from their peaks in 2012-2013 when during some months the...

  • *Russia, South Africa, other emerging CDS keep rising. LONDON, Aug 17- An emerging market rout kept Russia's rouble, Malaysia's ringgit, Turkey's lira and Israel's shekel under fire on Monday, as another 1 percent drop for EM stocks left them at an almost four-year low. Russia's rouble also touched a six-month low as another drop in oil prices- crude is Russia's'...

  • WARSAW, Aug 17- Polish President Andrzej Duda said banks should bear the responsibility for solving the issue of Swiss franc mortgages because they made huge profits on them, but a solution must not destabilise the banking sector. Poland is one of the last countries in eastern Europe to tackle a foreign currency mortgages problem, described by central bank...

  • Aug 14- U.S. authorities are asking counterparts in Europe to seize about $1 billion in assets related to an investigation into three telecom companies and intermediaries close to the daughter of Uzbekistan's president, the Wall Street Journal reported on Friday. Vimpelcom Ltd, Mobile TeleSystems and TeliaSonera AB are under scrutiny from the U.S....

  • *Kiev wants deal this week. KIEV/ LONDON, Aug 14- Restructuring talks between Ukraine and a group of its largest creditors were to continue on Friday, a source close to the process said, after no deal emerged in two days of negotiations over $19 billion of Ukraine's debt. A $40 billion international bailout package depends on Kiev plugging a $15 billion funding gap...