Japan is considering the introduction of noise-making devices for near-silent hybrid cars following safety fears from vision-impaired pedestrians.
"Vision-impaired people feel that hybrid vehicles are dangerous", a transport ministry official told AFP.
The top-selling hybrid vehicles run almost without any sound when they change from fuel to battery mode.
The ministry of transport has brought together a panel that will draw up a report by the end of the year.
The panel is considering forcing manufacturers of hybrid cars to introduce a sound-making function that alerts passersby to the presence of a vehicle.
"Blind people depend on sounds when they walk, but there are no engine sounds from hybrid vehicles when running at low speed," the transport ministry official said.
The world's most popular hybrid, the Prius, was launched by Toyota in 1997.
Paul Nolasco, a spokesman for Toyota Motor in Tokyo, told the BBC it had no immediate plans to add noise-making devices to the hybrid vehicles.
"But if it becomes a social concern, it is something we will have to address", Mr Nolasco added.
Monday, July 6, 2009
Social plans at core of Indian budget
The biggest risk the government faced was disappointing voters.
But with this self-styled populist budget, it will have done almost all the things it promised to.
At the heart of what it announced is the belief that India needs to drive domestic demand if it wants to return to an economic growth rate of more than 9%.
It also wants to ensure that any growth is inclusive, and not exclusive to the country's richer, urban Indians.
With this in mind, the main focus of the budget has been on rural development and there is a raft of new economic and social development plans.
Rural debt
The government has decided to more than double spending on its successful rural employment scheme, which guarantees 100 days of work to everyone who wants it.
To run alongside this, it has set up a task force to look again at the problem of farmers' debts that have led to thousands of suicides in the countryside.
At the same time, the government will also try to create jobs by expanding and improving the country's road and infrastructure systems.
According to the finance minister, spending on infrastructure will rise to 10% of gross domestic product over the next few years.
These changes have been well received by economists and commentators in India.
The government's attempts to tweak and simplify the tax system, provide food guarantees to some of India's poorest people and reduce the burden of national policies such as fuel subsidies have also been greeted positively.
Market fears
On the face of it, the government seems to have hit the bull's-eye with this budget.
Unfortunately, it's not as simple as that because there are a number of large issues that have not been addressed.
India's stock markets have dropped on the news and bonds have seen a sell off. This is due to fears over the size of the budget deficit and the impact the spending plans will have.
The government now expects its budget deficit to hit 6.8% in the next year, higher than it had previously forecast and at a level that will make many investors and economists nervous.
There are fears that if the deficit is not brought under control, then rating agencies could downgrade India.
One of the ways India had hoped to cut the shortfall in spending was to step up its privatisation of state-owned firms, and many observers were expecting more details of how it would do that in today's budget.
However, the finance minister did not outline any clear path for asset sales, nor did he explain when he would allow greater foreign ownership of companies in key industries such as banking and insurance, or bring an end to the state subsidy system.
'Juggling'
The government said it would give more details at a later date, saying it would not fix itself to dates, preferring to react when the right opportunity presented itself.
The government has argued that in times of economic difficulty it needs to spend more, pointing to the US and UK as prime examples of nations buying their way out of trouble.
While India is in a far better position than many other nations, it still has the tricky task of juggling fiscal prudence with the needs of its population.
And while this budget doesn't have all the answers, for many experts it at least manages to have a decent go at most of them.
But with this self-styled populist budget, it will have done almost all the things it promised to.
At the heart of what it announced is the belief that India needs to drive domestic demand if it wants to return to an economic growth rate of more than 9%.
It also wants to ensure that any growth is inclusive, and not exclusive to the country's richer, urban Indians.
With this in mind, the main focus of the budget has been on rural development and there is a raft of new economic and social development plans.
Rural debt
The government has decided to more than double spending on its successful rural employment scheme, which guarantees 100 days of work to everyone who wants it.
To run alongside this, it has set up a task force to look again at the problem of farmers' debts that have led to thousands of suicides in the countryside.
At the same time, the government will also try to create jobs by expanding and improving the country's road and infrastructure systems.
According to the finance minister, spending on infrastructure will rise to 10% of gross domestic product over the next few years.
These changes have been well received by economists and commentators in India.
The government's attempts to tweak and simplify the tax system, provide food guarantees to some of India's poorest people and reduce the burden of national policies such as fuel subsidies have also been greeted positively.
Market fears
On the face of it, the government seems to have hit the bull's-eye with this budget.
Unfortunately, it's not as simple as that because there are a number of large issues that have not been addressed.
India's stock markets have dropped on the news and bonds have seen a sell off. This is due to fears over the size of the budget deficit and the impact the spending plans will have.
The government now expects its budget deficit to hit 6.8% in the next year, higher than it had previously forecast and at a level that will make many investors and economists nervous.
There are fears that if the deficit is not brought under control, then rating agencies could downgrade India.
One of the ways India had hoped to cut the shortfall in spending was to step up its privatisation of state-owned firms, and many observers were expecting more details of how it would do that in today's budget.
However, the finance minister did not outline any clear path for asset sales, nor did he explain when he would allow greater foreign ownership of companies in key industries such as banking and insurance, or bring an end to the state subsidy system.
'Juggling'
The government said it would give more details at a later date, saying it would not fix itself to dates, preferring to react when the right opportunity presented itself.
The government has argued that in times of economic difficulty it needs to spend more, pointing to the US and UK as prime examples of nations buying their way out of trouble.
While India is in a far better position than many other nations, it still has the tricky task of juggling fiscal prudence with the needs of its population.
And while this budget doesn't have all the answers, for many experts it at least manages to have a decent go at most of them.
Tuesday, June 30, 2009
Shareholders to elect new AIG directors at meet
AMERICAN International Group, the insurer rescued by a series of federal bailouts, is set to pad out its shrinking board tomorrow when a new slate of directors stands for election at its annual meeting.
The nominees will help rebuild a board decimated in the past year by seven resignations, one retirement and three other directors not standing for re-election.
The meeting, to be held on Wall Street, will be the first public opportunity for shareholders to vent frustration since the insurer's financial implosion last year.
Shareholders were all but wiped out as AIG recorded $US99 billion ($1.2 trillion) in losses last year, largely stemming from a financial product unit's foray into risky derivatives. Shares have plummeted to just above $US1 following the dilutive effect of the Government's move to take majority ownership.
AIG had delayed its annual meeting, usually held in May, to allow time to reshuffle directors. The board that emerges will feature many new faces.
Apart from George Miles and Morris Offit, who have served as directors since 2005, the 11-member board will have been entirely elected within the last year.
Related Coverage
Ex-AIG chief accused of swindle
The Australian, 17 Jun 2009
AIG CEO to step down, no severance
NEWS.com.au, 22 May 2009
AIG exec quits via newspaper
Perth Now, 26 Mar 2009
Senator gave nod for AIG bonuses
The Australian, 20 Mar 2009
AIG chief faces the music
Perth Now, 19 Mar 2009
Joining the board since 2008 were Suzanne Nora Johnson, a former Goldman Sachs vice-chairman; Dennis Dammerman, former General Electric Co finance chief, and Ed Liddy, chief executive and chairman, although he plans to stand down as soon as successors are found.
The rest of the board will be comprised of nominees: Harvey Golub, Laurette Koellner, Christopher Lynch, Arthur Martinez, Robert S. (Steve) Miller and Douglas Steenland.
The new board reflects the muscle wielded by federal authorities since taxpayers ponied up billions of dollars to keep AIG afloat. Trustees appointed to have oversight of the Government's 80 per cent stake in AIG wanted to shake up the board to raise corporate governance standards, they said last month.
At least seven of the new directors were recommended by either the US Treasury or the trustees.
In a May statement, Mr Liddy said "adding these individuals to the AIG Board will help AIG achieve its goals of maximizing the value of AIG's core businesses and repaying US taxpayers."
Mr Dammerman, tapped by government officials to join AIG's board last November, is leading the search for a new chairman and CEO.
The nominees will help rebuild a board decimated in the past year by seven resignations, one retirement and three other directors not standing for re-election.
The meeting, to be held on Wall Street, will be the first public opportunity for shareholders to vent frustration since the insurer's financial implosion last year.
Shareholders were all but wiped out as AIG recorded $US99 billion ($1.2 trillion) in losses last year, largely stemming from a financial product unit's foray into risky derivatives. Shares have plummeted to just above $US1 following the dilutive effect of the Government's move to take majority ownership.
AIG had delayed its annual meeting, usually held in May, to allow time to reshuffle directors. The board that emerges will feature many new faces.
Apart from George Miles and Morris Offit, who have served as directors since 2005, the 11-member board will have been entirely elected within the last year.
Related Coverage
Ex-AIG chief accused of swindle
The Australian, 17 Jun 2009
AIG CEO to step down, no severance
NEWS.com.au, 22 May 2009
AIG exec quits via newspaper
Perth Now, 26 Mar 2009
Senator gave nod for AIG bonuses
The Australian, 20 Mar 2009
AIG chief faces the music
Perth Now, 19 Mar 2009
Joining the board since 2008 were Suzanne Nora Johnson, a former Goldman Sachs vice-chairman; Dennis Dammerman, former General Electric Co finance chief, and Ed Liddy, chief executive and chairman, although he plans to stand down as soon as successors are found.
The rest of the board will be comprised of nominees: Harvey Golub, Laurette Koellner, Christopher Lynch, Arthur Martinez, Robert S. (Steve) Miller and Douglas Steenland.
The new board reflects the muscle wielded by federal authorities since taxpayers ponied up billions of dollars to keep AIG afloat. Trustees appointed to have oversight of the Government's 80 per cent stake in AIG wanted to shake up the board to raise corporate governance standards, they said last month.
At least seven of the new directors were recommended by either the US Treasury or the trustees.
In a May statement, Mr Liddy said "adding these individuals to the AIG Board will help AIG achieve its goals of maximizing the value of AIG's core businesses and repaying US taxpayers."
Mr Dammerman, tapped by government officials to join AIG's board last November, is leading the search for a new chairman and CEO.
Saturday, June 27, 2009
ASIC is investigating us, bank admits
THE Bank of Queensland was forced into a climb-down yesterday when it admitted the corporate regulator was investigating its role in the failure of Storm Financial just a day after the bank denied to investors that such an inquiry was under way.
The Herald understands the reversal was a result of pressure applied by the Australian Securities and Investments Commission when it discovered the bank had made a statement to the ASX that it was not under investigation.
Intense negotiations took place between bank officials and ASIC yesterday over the wording of a follow-up clarification that represented an about-face to what the bank said on Thursday.
In that statement the bank, whose chief executive is David Liddy, said it was not under formal investigation by ASIC. The regulator has been looking into the affairs of Storm and the activities of the banks that lent to the company and its customers following the collapse of the financial planner into administration in January.
However, the bank said yesterday that late on Thursday it became aware of a "specific investigation" by ASIC.
The short two-sentence statement offered no further explanation as to how the bank had been so confident to deny such an investigation only to change its mind in the course of one trading day. A bank spokeswoman refused yesterday to add anything further to its statement.
Yesterday's developments emerged as it became clear that ASIC itself had only last week publicly outlined the scope of its investigation.
In parliamentary committee hearings, the ASIC chairman, Tony D'Aloisio, said repeatedly that investigations into Storm and its financiers were continuing.
He said 10 days ago: "These investigations extend to possible action to recover compensation under Section 50 of the ASIC Act against all involved, including financiers."
The stance adopted by the Bank of Queensland is in sharp contrast to that taken by the Commonwealth Bank, which has accepted that it made mistakes in dealing with Storm and that it would right any financial problems suffered by its customers as a result of its errors.
However, the Bank of Queensland yesterday stood by the other parts of Thursday's statement that its position was rather different to Commonwealth's in that it only extended home equity loans worth $105 million to 319 customers.
They then used the money to invest in their Storm-related sharemarket portfolios, which subsequently greatly fell in value, leaving them in debt to the bank.
The bank also denies any improper or dishonest practices in its dealings with Storm's clients or any misleading or deceptive conduct.
However, the bank is about to face a legal challenge by lawyers acting for customers who say the bank let them down in their dealings with Storm.
Damian Scattini, a principal with Slater & Gordon, said the bank's correction to its earlier statement raised questions about how effectively it had investigated the claims of its customers.
"It's just one of the statements in their release that ought to be corrected," Mr Scattini said.
The Herald understands the reversal was a result of pressure applied by the Australian Securities and Investments Commission when it discovered the bank had made a statement to the ASX that it was not under investigation.
Intense negotiations took place between bank officials and ASIC yesterday over the wording of a follow-up clarification that represented an about-face to what the bank said on Thursday.
In that statement the bank, whose chief executive is David Liddy, said it was not under formal investigation by ASIC. The regulator has been looking into the affairs of Storm and the activities of the banks that lent to the company and its customers following the collapse of the financial planner into administration in January.
However, the bank said yesterday that late on Thursday it became aware of a "specific investigation" by ASIC.
The short two-sentence statement offered no further explanation as to how the bank had been so confident to deny such an investigation only to change its mind in the course of one trading day. A bank spokeswoman refused yesterday to add anything further to its statement.
Yesterday's developments emerged as it became clear that ASIC itself had only last week publicly outlined the scope of its investigation.
In parliamentary committee hearings, the ASIC chairman, Tony D'Aloisio, said repeatedly that investigations into Storm and its financiers were continuing.
He said 10 days ago: "These investigations extend to possible action to recover compensation under Section 50 of the ASIC Act against all involved, including financiers."
The stance adopted by the Bank of Queensland is in sharp contrast to that taken by the Commonwealth Bank, which has accepted that it made mistakes in dealing with Storm and that it would right any financial problems suffered by its customers as a result of its errors.
However, the Bank of Queensland yesterday stood by the other parts of Thursday's statement that its position was rather different to Commonwealth's in that it only extended home equity loans worth $105 million to 319 customers.
They then used the money to invest in their Storm-related sharemarket portfolios, which subsequently greatly fell in value, leaving them in debt to the bank.
The bank also denies any improper or dishonest practices in its dealings with Storm's clients or any misleading or deceptive conduct.
However, the bank is about to face a legal challenge by lawyers acting for customers who say the bank let them down in their dealings with Storm.
Damian Scattini, a principal with Slater & Gordon, said the bank's correction to its earlier statement raised questions about how effectively it had investigated the claims of its customers.
"It's just one of the statements in their release that ought to be corrected," Mr Scattini said.
Dollar pushes higher
HE Australian dollar closed higher today as an improved appetite for risk on financial markets lifted demand for growth assets such as the local currency.
At 5pm (AEST), the local currency was trading at $US0.8043/46, up 0.63 per cent from Thursday's close of $US0.7993/96.
It was the highest close on the local session since June 12 when it finished at $US0.8149/54.
During the day, the unit moved between $US0.8025 and $US0.8076.
Westpac Banking Group senior currency strategist Sean Callow said the Australian dollar continued its rally from Thursday's offshore session on improved risk appetite on financial markets.
The Dow Jones Industrial Average ended up 2.08 per cent, while the broad-market Standard & Poor's 500 added 2.14 per cent.
The domestic currency started local trade at $US0.8026/28.
"It made sense for the Aussie to get some support from a pretty strong close to US stocks,'' Mr Callow said.
"It got some support from strong risk appetite in the US and it has carried on.''
With Asian equity markets positive in the past few days, Mr Callow said there was underlying demand for the Australian dollar.
Related Coverage
Wall St surge pushes Aussie
Perth Now, 12 Jun 2009
Dollar's strong run ends
The Australian, 13 May 2009
Dollar rises on risk appetite
The Australian, 6 May 2009
Dollar closes lower on US worries
NEWS.com.au, 28 Apr 2009
Asia carry trade picks up
The Australian, 22 Apr 2009
Equity markets in Asia reflected an uplift in appetite for risk on financial markets, with the Australian All Ordinaries Index closing up 1.25 per cent and Japan's Nikkei index ending 0.83 per cent higher.
"People are maybe a little less concerned about a substantial pull back in global risk appetite and equity markets,'' Mr Callow said.
"For the short term at least people are buying the little Aussie.
"Partly, the Asian growth story has not been shaken too badly in recent days.''
Economic events due for release in the US during Friday's offshore trade (AEST) include the core personal consumption expenditure price index for May and the final report of the University of Michigan's Consumer Confidence index for June.
Mr Callow forecasts the Australian dollar to trade between $US0.7990 and $US0.8115 during Friday's offshore session.
At 5pm (AEST), the local currency was trading at $US0.8043/46, up 0.63 per cent from Thursday's close of $US0.7993/96.
It was the highest close on the local session since June 12 when it finished at $US0.8149/54.
During the day, the unit moved between $US0.8025 and $US0.8076.
Westpac Banking Group senior currency strategist Sean Callow said the Australian dollar continued its rally from Thursday's offshore session on improved risk appetite on financial markets.
The Dow Jones Industrial Average ended up 2.08 per cent, while the broad-market Standard & Poor's 500 added 2.14 per cent.
The domestic currency started local trade at $US0.8026/28.
"It made sense for the Aussie to get some support from a pretty strong close to US stocks,'' Mr Callow said.
"It got some support from strong risk appetite in the US and it has carried on.''
With Asian equity markets positive in the past few days, Mr Callow said there was underlying demand for the Australian dollar.
Related Coverage
Wall St surge pushes Aussie
Perth Now, 12 Jun 2009
Dollar's strong run ends
The Australian, 13 May 2009
Dollar rises on risk appetite
The Australian, 6 May 2009
Dollar closes lower on US worries
NEWS.com.au, 28 Apr 2009
Asia carry trade picks up
The Australian, 22 Apr 2009
Equity markets in Asia reflected an uplift in appetite for risk on financial markets, with the Australian All Ordinaries Index closing up 1.25 per cent and Japan's Nikkei index ending 0.83 per cent higher.
"People are maybe a little less concerned about a substantial pull back in global risk appetite and equity markets,'' Mr Callow said.
"For the short term at least people are buying the little Aussie.
"Partly, the Asian growth story has not been shaken too badly in recent days.''
Economic events due for release in the US during Friday's offshore trade (AEST) include the core personal consumption expenditure price index for May and the final report of the University of Michigan's Consumer Confidence index for June.
Mr Callow forecasts the Australian dollar to trade between $US0.7990 and $US0.8115 during Friday's offshore session.
Thursday, June 25, 2009
BP names Svanberg as new chairman
Oil giant BP has appointed the chief executive of Swedish telecommunications company Ericsson as its chairman to replace Peter Sutherland.
Carl-Henric Svanberg will join the oil giant's board in September and take over as chairman on 1 January 2010.
BP chief executive Tony Hayward said that Mr Sutherland would be "a hard act to follow".
"He has been an outstanding chairman, guiding BP through one of the most successful periods in its history".
'International stature'
Ericsson said that, under Mr Svanberg's seven-year leadership. the firm had "become the industry's most profitable company and its market position has been tremendously strengthened".
He joins BP at a challenging time, with almost 40% of shareholders having rejected the company's remuneration report at this year's annual meeting.
Analysts say he also needs to expand the company's presence in emerging markets such as China and India.
Mr Hayward said he was confident that he and Mr Svanberg would "work effectively together on the next phase of BP's progress".
"He is a businessman of international stature who is recognised for his transformation of Ericsson," he said.
Mining target
In April, consultancy firm PIRC advised investors to vote out Mr Sutherland because of his role as non-executive director of the Royal Bank of Scotland - however he was re-elected with more than 95% support.
His departure was expected last year but was delayed by the decision not to proceed with the appointment of the initial favourite, Paul Skinner, the then-chairman of mining firm Rio Tinto.
It was reported that Mr Skinner withdrew from the role because of investor unease over Rio's plan to sell a chunk of the firm to Chinese state-owned Chinalco - a deal that was later dropped by Rio.
American mining and energy executive Paul Anderson, currently on BHP Billiton's board, had been seen as one of the frontrunners for the role of chairman at BP.
Carl-Henric Svanberg will join the oil giant's board in September and take over as chairman on 1 January 2010.
BP chief executive Tony Hayward said that Mr Sutherland would be "a hard act to follow".
"He has been an outstanding chairman, guiding BP through one of the most successful periods in its history".
'International stature'
Ericsson said that, under Mr Svanberg's seven-year leadership. the firm had "become the industry's most profitable company and its market position has been tremendously strengthened".
He joins BP at a challenging time, with almost 40% of shareholders having rejected the company's remuneration report at this year's annual meeting.
Analysts say he also needs to expand the company's presence in emerging markets such as China and India.
Mr Hayward said he was confident that he and Mr Svanberg would "work effectively together on the next phase of BP's progress".
"He is a businessman of international stature who is recognised for his transformation of Ericsson," he said.
Mining target
In April, consultancy firm PIRC advised investors to vote out Mr Sutherland because of his role as non-executive director of the Royal Bank of Scotland - however he was re-elected with more than 95% support.
His departure was expected last year but was delayed by the decision not to proceed with the appointment of the initial favourite, Paul Skinner, the then-chairman of mining firm Rio Tinto.
It was reported that Mr Skinner withdrew from the role because of investor unease over Rio's plan to sell a chunk of the firm to Chinese state-owned Chinalco - a deal that was later dropped by Rio.
American mining and energy executive Paul Anderson, currently on BHP Billiton's board, had been seen as one of the frontrunners for the role of chairman at BP.
Gazprom seals $2.5bn Nigeria deal
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Page last updated at 11:33 GMT, Thursday, 25 June 2009 12:33 UK
E-mail this to a friend Printable version
Gazprom seals $2.5bn Nigeria deal
Gazprom building
Gazprom could increase its power over European supplies
Russia's energy giant Gazprom has signed a $2.5bn (£1.53bn) deal with Nigeria's state operated NNPC, to invest in a new joint venture.
The new firm, to be called Nigaz, is set to build refineries, pipelines and gas power stations in Nigeria.
Analysts say the move could further strengthen Russia's role in supplying natural gas to Europe.
The agreement comes during a four-day tour by Russian president Dmitry Medvedev of Africa.
As well as forming Nigaz, Russia is keen on developing a trans-African pipeline to transport Nigerian gas to Europe.
This could further reinforce Gazprom's already-strong influence over Europe's energy supplies.
'Commodity-rich'
"Russia has a number of goals [in Africa], one of which would be to take part in a growing competition for resources and markets on the continent - mainly with China," said Yaroslav Lissovolik, head economist with Deutsche Bank in Moscow.
Sergei Novikov, a spokesman for Rosatom, Russia's state-run civil nuclear energy agency, said the Nigaz deal would lay the foundations for building nuclear power reactors in Nigeria.
Nigeria has previously said it would like to develop a nuclear power plant to address its energy shortages.
Before visiting Nigeria, Mr Medvedev spent time in Egypt.
He is also visiting Namibia and Angola - which are rich in natural resources - during his trip, as he seeks to promote Russian business interests.
"Part of the agenda is to push Russia's credentials as a representative of commodity-rich developing countries with such forums as the G8 and the G20," said Ural Sib bank's chief strategist Chris Weafer said in a note to investors.
Europe
Middle East
South Asia
UK
Business
Market Data
Economy
Companies
Health
Science & Environment
Technology
Entertainment
Also in the news
-----------------
Video and Audio
-----------------
Have Your Say
In Pictures
Country Profiles
Special Reports
Related BBC sites
* Sport
* Weather
* On This Day
* Editors' Blog
* BBC World Service
Page last updated at 11:33 GMT, Thursday, 25 June 2009 12:33 UK
E-mail this to a friend Printable version
Gazprom seals $2.5bn Nigeria deal
Gazprom building
Gazprom could increase its power over European supplies
Russia's energy giant Gazprom has signed a $2.5bn (£1.53bn) deal with Nigeria's state operated NNPC, to invest in a new joint venture.
The new firm, to be called Nigaz, is set to build refineries, pipelines and gas power stations in Nigeria.
Analysts say the move could further strengthen Russia's role in supplying natural gas to Europe.
The agreement comes during a four-day tour by Russian president Dmitry Medvedev of Africa.
As well as forming Nigaz, Russia is keen on developing a trans-African pipeline to transport Nigerian gas to Europe.
This could further reinforce Gazprom's already-strong influence over Europe's energy supplies.
'Commodity-rich'
"Russia has a number of goals [in Africa], one of which would be to take part in a growing competition for resources and markets on the continent - mainly with China," said Yaroslav Lissovolik, head economist with Deutsche Bank in Moscow.
Sergei Novikov, a spokesman for Rosatom, Russia's state-run civil nuclear energy agency, said the Nigaz deal would lay the foundations for building nuclear power reactors in Nigeria.
Nigeria has previously said it would like to develop a nuclear power plant to address its energy shortages.
Before visiting Nigeria, Mr Medvedev spent time in Egypt.
He is also visiting Namibia and Angola - which are rich in natural resources - during his trip, as he seeks to promote Russian business interests.
"Part of the agenda is to push Russia's credentials as a representative of commodity-rich developing countries with such forums as the G8 and the G20," said Ural Sib bank's chief strategist Chris Weafer said in a note to investors.
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