LATEST NEWS : MegaFon Shifts Cash to Hong Kong Dollars on Sanction Risk

OAO MegaFon (MFON), billionaire Alisher Usmanov’s wireless operator, said it has been shifting cash holdings into Hong Kong dollars, a move people say metals producer OAO GMKNorilsk Nickel (GMKN) is also undertaking, as the U.S. and Europe ratchet up sanctions against Russia. MegaFon decided to keep about 40 percent of its cash in Hong Kong dollars given the global […]

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LATEST NEWS : Gold Set for Weekly Gain on Haven Demand Amid Iraq Tumult

Gold futures capped a second straight weekly gain as escalating violence in Iraq boosted demand for the precious metal as a haven. Silver posted the longest rally in almost four months. Crude oil jumped to the highest in more than eight months on concern that a civil war looms in Iraq, OPEC’s second-biggest producer. Gold gained 6 […]

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LATEST NEWS : Gold Set for First Back-to-Back Weekly Gain Since April

Gold was little changed near the highest in more than two weeks as investors weighed whether escalating violence in Iraq will increase demand for the precious metal as a haven. Gold rallied this week while oil extended gains today and European equities fell as Iraq’s Shiite-led government struggled to retain control of Sunni-majority regions, after army units […]

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Gold Declines as Traders Book Profits After Advance

Gold declined in New York, trimming a monthly advance, as some traders booked profits after prices climbed to a 17-week high and amid speculation a weaker yuan may hurt demand fromChina. Gold is the third-biggest gainer, after coffee and lean hogs, in the Standard & Poor’s GSCI gauge of 24 commodities this year on speculation haven demand […]

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Yellen Leads Fed Damned Every Way by Emerging Market Angst

Janet Yellen is discovering that when it comes to providing monetary stimulus, theFederal Reserve is damned byemerging markets when it does and damned when it doesn’t. Sixteen months after she used a Tokyo gathering of global policy makers to defend her institution against criticism it was purchasing too many assets, Fed Chair Yellen attends this week’s Group of […]

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Emerging-Market Shakeout Putting Reserves Into Focus: Currencies

Foreign-exchange reserves are emerging as the latest battleground between traders and developing nations trying to stem the worst rout in their currencies since 2008. Nations with the smallest reserves to fend off currency speculators will continue to see their exchange rates under pressure, options prices show. Of the 31 major currencies tracked by Bloomberg, traders […]

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Kazakhstan Devalues Amid Outflows From Emerging Markets

Kazakhstan’s central bank devalued the tenge by the most since 2009 as reduced bond buying by the U.S. Federal Reserve sparks capital outflows from emerging markets and the currency of its main trading partner weakens. continue reading at bloomberg.com

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World Bank Sees Record Demand for Political Risk Insurance

Investors’ demand for insurance against political risk is on track to match last year’s record as instability persists in the Middle East and disputes in Latin America erode confidence, the World Bank said. Investment insurance for developing economies by a group of the main public, private and multilateral providers reached $45 billion by mid-2013, according to the bank’s Multilateral Investment Guarantee […]

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Iran Agrees to Deal With Powers to Curb Nuclear Work

Iran’s accord with world powers to limit its nuclear program in exchange for as much as $7 billion in relief from sanctions left Presidents Barack Obama and Hassan Rouhani the task of selling the deal to critics. By agreeing to curtail its nuclear activities, Iran won an easing of certain sanctions on oil, auto parts, gold and precious metals […]

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IMF Sees Business-Loan Losses of EU250 Billion in EU Banks

“Banks in Spain, Italy and Portugal face about 250 billion euros ($338 billion) in potential losses on their business loans over the next two years, the International Monetary Fund said. About one-fifth of combined corporate loans is at risk of default in the three economies, which are forecast to contract this year, according to the […]

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