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(MENAFN - AFP) Russia's central bank announced Monday it would intervene less in the foreign exchange market to support the ruble as it works toward letting the currency float freely by the end of the year.

Despite considerable turbulence in the markets due to the crisis in Ukraine and Western sanctions against Russia, the central bank said it had widened the range in which ...

 
(MENAFN - AFP) Russian state oil giant Rosneft, despite tightening Western sanctions, said Monday it had started exploring for oil in a joint project with Norway's Statoil.

The two companies "started exploration operations at the Pingvin License PL713 prospect in the Norwegian section of the Barents Sea," Rosneft said in a statement.

The test well will descend 422 metres ...

 
(MENAFN - AFP) The European Commission on Monday announced a series of exceptional measures to help growers hit by a Russian ban on fruit and vegetable imports.

The products in question are in full harvesting season, with little hope of finding alternative markets to replace demand from Russia in time, the Commission said.

The 125 million euros ($170 million) of measures ...

 
(MENAFN - AFP) Foreign direct investment (FDI) into China dropped by more than a sixth year-on-year to a two-year low in July, the government said Monday, but denied any link to Beijing's multiple probes into foreign companies.

FDI - which excludes investment in financial sectors - fell 16.95 percent in the month to $7.81 billion, the commerce ministry said, its lowest since ...

 
(MENAFN - AFP) China has accused Mercedes-Benz, a unit of German car giant Daimler, of price-fixing, state media reported, amid an anti-monopoly investigation into foreign carmakers.

Pricing authorities in the eastern province of Jiangsu have collected evidence that Mercedes-Benz controlled prices of its spare parts and maintenance services, the official Xinhua news agency ...

 
(MENAFN - AFP) World oil prices fell sharply on Monday, handing back pre-weekend gains on easing supply worries in both Ukraine and Iraq, dealers said.

US benchmark West Texas Intermediate (WTI) for delivery in September dropped $1.01 to $96.34 a barrel.

Brent North Sea crude for October sank $1.25 to $102.28.

The oil market had surged late on Friday after Kiev ...

 
(MENAFN - AFP) European stock markets rebounded strongly Monday on international efforts to help dampen the tensions between Russia and Ukraine as well as in Iraq, traders said.

Frankfurt's DAX 30 index rallied 1.34 percent to stand at 9,214.19 points in midday deals.

In Paris, the CAC 40 jumped 1.06 percent to 4,218.77 points and London's benchmark FTSE 100 index won ...

 
(MENAFN - AFP) Not many teenagers would feel safer in a shark-infested sea than in their own neighbourhood, but Luxolo Ponco does.

His home is in the violent Khayelitsha township in Cape Town, but he has found refuge a short walk down a dusty road and over the dunes, at Monwabisi beach.

"When the gangs fight I come here to surf and I feel safe," he says.

Safety ...

 
(MENAFN - AFP) Their marriages were arranged for cash, but some of the Vietnamese women who have found unlikely Prince Charmings in remote Chinese villages say they are living happily ever after.

"Economically, life is better here in China," said Nguyen Thi Hang, one of around two dozen women from Vietnam who have married men in Linqi.

The township is a patchwork of ...

 
(MENAFN - AFP) Thailand dodged recession as its economy grew 0.9 percent in the second quarter, data showed Monday, after the military ended months of political deadlock with a coup and promised to unshackle state spending.

Between April and June the economy grew 0.9 percent after shrinking a revised 1.9 percent in the first quarter, the National Economic and Social Development ...

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