- Russia’s economy will grow at a slower rate than expected this year as banks hoard cash and curb lending amid the biggest financial challenge the government has faced since it defaulted and devalued the ruble in 1998.Foreign investors have pulled $50 billion out of Russia since the country invaded its pro-Western neighbor Georgia last month, according to BNP Paribas.The war, plunging commodity prices and the seizing up of global capital markets culminated in a 25% plunge in Moscow’s benchmark Micex Index over three days last week.
- Norsk Hydro ASA, Europe’s second-largest aluminum producer, said the outlook for the lightweight metal is “uncertain” because of the global financial crisis.Market turmoil will curb short to medium-term economic growth, Hydro said.Aluminum demand in North America will drop as much as 5% this year.
- China and Iraq will conclude a $3 billion oil agreement next week, citing a spokesman from the Middle EastA Chinese delegation will visit Baghdad to sign the accord that will allow China National Petroleum Corp., China’s biggest oil company, to develop the field for 20 years, citing Assem Jihad. nation’s oil ministry.
Referans: - Orders for Turkish car parts have dropped 30% as the global financial crisis cuts domestic and export demand.Car producers and parts manufacturers have started to fire workers and reduce production.
Haaretz: - Israeli Finance Ministry officials say economic growth may slow to between 2% and 2.5% next year, and some say it may fall below 2%.The unofficial expectations compare with the 3.5% estimate the ministry used for forecasting tax revenue in the 2009 budget.
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