strongThe Ruble Devaluation Continues/strongbr /br /The ruble fell the most in nine years against the euro this week after the central bank widened its trading band twice and allowed the currency to fall by a further 3.8 percent, following last week's 1 percent devaluation. The currency retreated to a maximum of 5.8 percent over the week, although it recovered somewhat and was up 0.1 percent again today (Friday) over yesterday, trading at 39.1772 per euro at midday in Moscow. The currency has now fallen 16 percent against the dollar since the start of August, and added another 1.3 percent to its losses today, hitting 27.8412 per dollar and falling 1.1 percent (to 33.1020) against the currency basket which is targeted. The ruble thus lost 3.9 percent to the basket this week, in the process experiencing its sixth weekly drop.br /br /br /strongForeign Exchange Reserves Continue To Decline/strongbr /br /br /Russia’s ...

The ruble fell the most against the euro in nine years this week after the central bank widened its trading band twice to allow the ruble to fall by a further 3.8 percent, after a allowing 1 percent devaluation last week. The currency retreated a total of 5.8 percent over the week, although it was up 0.1 percent today (Friday) over yesterday at 39.1772 per euro at midday in Moscow. The currencyt has also now fallen 16 percent against the dollar since the start of August, adding a further 1.3 percent to hit 27.8412 per dollar today and falling 1.1 percent to 33.1020 against the currency basket. The ruble thus lost 3.9 percent to the basket this week, making for its sixth weekly drop.br /br /br /strongForeign Exchange Reserves Continue To Decline/strongbr /br /br /Russia’s currency reserves fell $1.6 billion to $435.4 billion during the week to 12 December. When ...

strongWall Street Journal and Financial News/strongbr /br /By Jason Corcoranbr /br /15 December 2008 br /br /Fund managers have called the bottom too oftenbr /The investment horizon has experienced so many false dawns over the past 18 months that investors could be forgiven for regarding any rose-tinted outlook as a mirage.br /br /Every time the stock market suffers another steep drop, fund managers and investment sages pronounce that the market bottom is in sight and now is the time to buy.br /br /Fundamentals, technical signs and precedents may have backed up some of their theories but subsequent slumps in valuations have not borne out their views.br /br /Ken Kinsey-Quick, head of multi-manager strategies at UK asset manager Thames River Capital, said: “The problem with predictions is that no one has a perfect crystal ball. Anyone making a prediction is taking a risk which gives them about a 30% chance ...

Dow Jones Newswires and Financial News br /br /Jason Corcoran in Moscowbr /08 December 2008 br /br /br /Deutsche Bank is cutting 30% of staff from its global markets division in Moscow where it has been the biggest and most successful bulge bracket bank during Russia's capital markets boom.br /br /Up to 30% of its Moscow-based global markets staff are expected to lose their jobs, double the proportion of employees being cut across Deutsche Bank's global markets business as part of a worldwide redundancy programme.br /br /Bankers working in sales, trading and research in Moscow were made redundant last week with more layoffs expected this week, according to two sources inside the bank.br /br /One said: "We have been told 30% has been earmarked across the board." The second said: "Ten of the research guys have gone."br /br /A Deutsche Bank spokesman in Moscow said the job losses represented 2% ...

strongFinancial News/strongbr /br /Jason Corcoran in Moscow br /08 December 2008 br /br /Increasing competition from new entrants and sharp falls in equity prices are driving down the margins of Russia’s sub-custody banks.br /br /The recent arrivals of Sweden’s SEB and France’s Société Générale, plus the increasing participation of Russian banks such as VTB and Gazprombank, are forcing fees downward but bringing greater segmentation and opportunities for niche providers.br /br /Natalia Sidorova, head of securities services at ING Wholesale Banking in Moscow, said: “Margins are decreasing, which is inevitable in a busy market like Russia driven by competition. Fees used to be about 20 basis points but have come down significantly in recent years.”br /br /Serhiy Berezhny, head of trust and securities services at Deutsche Bank, agreed but said high fees could still be charged depending on the volume of client assets. br /br /He said: “Different clients are ...

strongFinancial News /strongbr /br /By Jason Corcoranbr /br /24 November 2008 br /br /emLetter from Moscow/embr /Gambling in casinos has been a popular pastime in Moscow since the fall of communism but a more recent fad is desperate speculation on the currency markets. A slide in the value of the rouble and a deposit run at banks that is gathering momentum has loaded the dice in favour of a punt on the dollar.br /br /The on-off love affair with the greenback dates back to 1998 when a rouble devaluation wiped out people’s savings. Those lucky enough to have withdrawn their money in time transferred funds into dollars. br /br /Popular as Russia’s leaders are, its citizens have learnt not to take any chances by keeping faith with the rouble. Russians are rushing to protect their wealth in global currencies, having seen the stock market plunge by 70%, inflation hovering at ...

strongFinancial News/strongbr /br /Jason Corcoran in Moscow br /28 November 2008 br /br /br /Swedish fund manager East Capital has cut its personnel by a fifth following a 70% slide in its core equity market of Russia over the past two months.br /br /The 40 jobs cuts from East Capital's overall headcount of 225 indicate how the financial crisis in Russia is spreading from investment banks to the buyside. br /br /The Stockholm-based manager said 20 jobs in Sweden would be affected and the remainder in its international offices in Moscow and elsewhere in the CIS. br /br /A statement from East Capital said: "Like many others in these turbulent times, we are carrying out an organisational review…We need to adapt to the new reality."br /br /Hedge funds operating throughout Russia and the CIS are cutting their headcounts and slashing costs following sharp falls in equity prices and increases ...

strongThe Guardian - Comment is Free /strongbr /br /emA slide in the value of Russian currency has led many to cash out their modest savings and punt for either dollar or eurobr / /embr /br /strongBy Jason Corcoran/strongbr /br /guardian.co.uk, Wednesday November 19 2008 20.00br /br /The financial crisis is quickly transforming Russia into a nation of desperate currency speculators due to a slide in the rouble's value and a deposit run gathering pace at the banks. br /br /For many ordinary Russians, it's a game of roulette as they cash out their modest savings and punt for either dollar or euro.br /br /The cards are stacked in favour of a dollar bet as Russians have a love affair with the greenback dating back to last financial crisis in 1998, when a rouble devaluation wiped out their savings. br /br /Pensioners tuning into national TV last week may well ...

Russia's foreign-exchange reserves have been declining rapidly since mid August, and with the money which is flowing out may go almost a decade of economic stability which they brought. Russia's international reserves, which are the third-biggest after China's and Japan's, have now fallen $161 billion, or 27% percent, since 8 August, and decreased by $17.9 billion to $437 billion in the week to 5 December. Investors have pulled $211 billion out of the country since August, according to BNP Paribas.br /br /br /But just how difficult this is proving to be was illustrated only this morning as Russia’s central bank devalued the ruble for the second time in a only a week, and the ruble fell as much as 1.3 percent (to a four-year low of 37.5015 per euro) following the decision by Bank Rossii to widen the trading band against the basket of dollars and euros used by the ...

Dow Jones International NewsBy Financial News reporters 17 November 2008Just a year after they were engaged in a frantic war for the best talent, investment banks in Russia have started slashing hundreds of jobs and cutting pay.Lay-offs at two of the country's largest domestic investment banks - Troika Dialog and Renaissance Capital - are approaching 1,000, and cuts will end up being substantially deeper than had previously been declared, according to bankers in Moscow.Troika Dialog has begun cuts expected to total 500, or 35% of its overall staff, according to two bankers at the company. The bank was unavailable for comment. Renaissance Capital will cut 25% of its employees, according to an internal memo sent to staff, which represents about 375 of their overall staff of 1,500. However, bankers there said the figure will be higher.A Rencap spokesman ...