China’s recent 1.8% devaluation of the yuang triggered a 2.3% drop in the Russian ruble and lowered the global price of oil to below $50 a barrel. The devaluation has worsened the value of the slumping ruble, the results of which have been described in mixed terms by China-Russia analysts. While some allege that the immediate impact…
With rapidly falling exports and huge ambitions, the Chinese Central Bank devalued its currency, the yuan/renminbi which caused major repercussions in financial markets throughout the world. Most took it as a negative sign of flagging growth throughout the global economy and it pushed oil prices, metals, and other commodities down sharply. The People’s Bank of…
The Iranian government plans to release new oil contracts by the end of 2015, according to Iranian Minister of Petroleum Bijan Zangeneh. The announcement will come at a year-end conference in London, the minister said, and will include at least 50 new oil and gas projects worth an estimated $185 billion. The contracts will form…
Kazakhstan’s national wealth fund announced the sale of a 10% stake in state energy company KazMunaiGas (KMG). The move is being described as an unusual yet necessary action given the downturn in the Kazakh economy engendered by persistently low oil prices. The transaction was seemingly made in order to increase liquidity in the state-run oil company and…
The Central Bank of Russia cut interest rates again last week, declining to further comment on additional economic easing to any sources, taking rates from 11.5% to 11% from its high of 17% earlier this year. The continuation of easing suggests that the CBR is attempting to pick up the flagging economy without letting inflation…
Kyrgyzstan will hold parliamentary elections on October 4 of this year. Currently more than 30 parties have already declared their eligibility for the elections and will compete for 120 seats in the Jogorku Kengesh, the Kyrgyz parliament and one of the most “dynamic” legislative bodies in the region. Elections in Kyrgyzstan have a relatively positive…
In a surprising move, Beijing usurped the win from Almaty to host the 2022 Winter Olympic games, making the city the first in the history of the games to host both the Summer and Winter versions. Almaty, despite receiving 40 votes from the IOC to Beijing’s 44 votes, has little experience hosting international sporting events,…
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