Word: russianizing
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...shut down for two days on Sept. 16 after it lost 17% of its value in a matter of hours. At that point the market was down almost 60% for the year, its lowest level since early 2006, although it has since been boosted by measures taken by the Russian central bank and the Kremlin. Those measures, however, weren't enough to shore up the nation's largest investment bank, Renaissance Capital, which on Sept. 21 sold a 50% stake to the Russian oligarch Mikhail Prokhorov for $500 million. Just over a month ago, Forbes magazine, in a profile...
...year. The fount of much of the nation's newfound wealth - oil and gas - isn't affected by these banking liquidity problems. As long as the price of oil stays somewhere above about $70 per barrel, the windfall profits will continue to roll in. Moreover, only about 2% of Russian households - the very affluent - own stocks, so the market plunge won't affect the population at large...
...investment bank and brokerage firm called KIT Finance, which defaulted on its debt when the markets shut down; it was rescued by an investment arm of the state energy giant Gazprom. Other erstwhile high-flying financial firms in Russia remain at risk. According to the business newspaper Kommersant, the Russian central bank has drawn up a "red list" of 15 other second-tier banks that, like KIT, are in urgent need of financial assistance...
...question is what sort of an impact the banking sector's problems and the cascading margin calls on stock-market investors will have on the Russian economy as a whole. In such volatile times, it's particularly hazardous to make any predictions. But Russia experts say that, for the moment at least, they don't expect the troubles to blow up into a huge national economic crisis like the one of a decade ago, when the ruble collapsed and the economy contracted sharply. If anything, there will be a welcome cooling off in the economy, which has been...
...Russian authorities have responded by injecting $44 billion into the three big banks. President Dmitri Medvedev has also pledged to make a further $20 billion from the state budget available to support the stock market. However, earlier talk by other officials that some of the nation's oil windfall should be used to support the stock market has been dropped...