Russia's ruble approaching record lows

MOSCOW - The Russian ruble is reaching record lows in the last trading session of the year, battered by declining oil prices.

See Full Article

The ruble dropped 1.3 per cent in early morning trading on Wednesday to 73.2 rubles, its lowest level in a year. The national currency lost 40 per cent of its value last year and is now 20 per cent down compared to a year ago.

The Russian economy has been suffering from the effects of Western economic sanctions and oil prices, the backbone of the country's economy, which are currently hovering around 11-year lows.

The Russian economic development minister on Tuesday said the government is not so much concerned about the drop in the value of the ruble but rather its high volatility, making budget planning difficult.



Advertisements

Latest Economic News

  • Car makers concerned about Trump, says Canadian innovation minister

    Economic CTV News
    OTTAWA -- A Liberal cabinet minister says he's hearing concerns from auto makers about negative effects on their industry from a Donald Trump presidency. Economic Development Minister Navdeep Bains says he's had conversations with concerned automakers at the recent Detroit auto show and during his current visit to the World Economic Forum in Davos, Switzerland. Source
  • Trump uncertainty may be 'golden moment' for Canadian firms to invest: expert

    Economic CTV News
    OTTAWA - A well-known trade expert is pitching the counter-intuitive idea that widespread uncertainty tied to president-elect Donald Trump's protectionist vows has likely created a once-in-a-lifetime investment opportunity for companies. Export Development Canada's Peter Hall says he's been advising business leaders to consider swooping in on investment opportunities here and abroad while others sit idle from fear over the trade and tax changes being floated in the U.S. Source
  • Trump pays $25 million to settle Trump University cases

    Economic CTV News
    SAN DIEGO -- President-elect Donald Trump has paid $25 million to settle three lawsuits against his now-defunct Trump University, signalling that a judge's approval of a settlement agreement remains on track for March 30. Trump Entrepreneur Initiative LLC paid the money into escrow ahead of Wednesday's deadline, said plaintiff attorney Jason Forge, who represented people who took seminars that promised to teach success in real estate. Source
  • Manufacturing sales top expectations for November, gaining 1.5 per cent

    Economic CTV News
    OTTAWA -- Canadian manufacturing sales topped expectations in November as they climbed 1.5 per cent in the month to $51.8 billion. Economists had expected a gain of 1.0 per cent for the month, according to Thomson Reuters. Source
  • NewLeaf cancels more flights amid 'schedule change'

    Economic CBC News
    Budget flight company NewLeaf has cancelled more flights in Ontario, B.C., Alberta and Nova Scotia for the next few weeks. According to a memo sent to passengers, four flights — all on Sundays — have been cancelled, effective Jan. Source
  • U.S. ends probe of fatal Tesla crash without recall: AP source

    Economic CTV News
    WASHINGTON -- U.S. safety regulators will end an investigation into a fatal crash involving electric car maker Tesla Motors' Autopilot system without seeking a recall, a person briefed on the matter said Thursday. The National Highway Traffic Safety Administration scheduled a call Thursday about the investigation. Source
  • U.S. ends probe of Tesla fatal crash without seeking recall

    Economic CTV News
    WASHINGTON -- Tesla Motors Inc. won't face a recall or fine as a result of a fatal crash involving its Autopilot system, but U.S. safety regulators are warning auto manufacturers and drivers not to treat semiautonomous cars as if they were fully self-driving. Source
  • Genworth follows CMHC's lead and hikes premiums for mortgage insurance

    Economic CBC News
    Genworth Canada, the largest private mortgage insurer in Canada, has matched the CMHC's move earlier this week to hike the premiums it charges homeowners to insure their mortgages. On Monday, the housing agency raised its mortgage premiums across the board in response to new federal regulations aimed at increasing the amount of cash the CMHC has on hand to hold against their mortgages. Source
  • North Dakota landowners sue over Access easements

    Economic CTV News
    BISMARCK, N.D. -- A group of about two dozen North Dakota landowners is suing the developer of the disputed Dakota Access oil pipeline for alleged deceit and fraud in acquiring land easements. Already, landowners in Iowa await a state judge's ruling in another easement case regarding the $3.8 billion, four-state pipeline. Source
  • Saudi Arabia says compliance to oil output cut 'very strong'

    Economic CTV News
    DAVOS, Switzerland -- Saudi Arabia's energy minister says there's been "very strong compliance" by OPEC and non-OPEC oil countries to the production cuts agreed on in December. Speaking at the World Economic Forum at the Swiss ski resort of Davos, Khalid al-Falih said producers have gone "extra miles" and the majority have exceeded their agreed cuts. Source