Russians flock to stores to pre-empt price rises

Russian consumers flocked to the stores Wednesday, frantically buying a range of big-ticket items to pre-empt the price rises kicked off by the staggering fall in the value of the ruble in recent days.

As the Russian authorities announced a series of measures to ease the pressure on the ruble, which slid 15 percent in the previous two days and raised fears of a bank run, many Russians were buying cars and home appliances in some cases in record numbers before prices for these imported goods shoot higher.

The Swedish furniture giant IKEA already warned Russian consumers that

Russia plans new measures to stabilise the rouble

Russia is planning new measures aimed at stabilising its financial markets after the rouble's slump against the dollar.

The country's central bank said that if necessary, it would provide additional capital to Russia's banks and financial companies.

It also said it would hold more foreign exchange auctions if needed.

Russia's rouble has regained ground from Tuesday's all-time low, although trading remains edgy and volatile.

It extended its gains against the dollar after the

Falling oil price sets up winners and losers amid economic turmoil

Plunging oil prices are not proving a sole negative for the Nigerian economy, as new investors prepare to capitalise on cheaper assets amid an economic turmoil that threatens to bankrupt at least five states.

From bankers to oil barons and profligate Nigerian state governors who refused to save for the proverbial rainy day, the 45 percent slump in crude oil this year presents opportunity as well as pitfalls.

“Nigerian oil assets are much cheaper now and present a good time to

Rouble turmoil leads to Apple halting online sales in Russia

Technology giant Apple says it cannot sell products online in Russia because the rouble's value is too volatile for it to set prices.

The company stopped sales of its iPhones, iPads and other products in the country after a day in which the currency went into free-fall.

The rouble has lost more than 20% this week, despite a dramatic decision to raise interest rates from 10.5% to 17%.

Early on Wednesday, the rouble was

FG slashes oil price assumption by 11 per cent to $65 per barrel

The Federal Government has slashed the oil price assumed in its 2015 budget by 11 percent to $65 a barrel from $73, in light of lower world oil prices, a Finance Ministry spokeswoman said on Thursday.

It was the second time in a month the benchmark has been cut, after initially being lowered from $78 a barrel.

Other oil exporting countries including Russia and Mexico have said they expect oil prices to be lower next year than assumed in their budgets, which may be revised.

The spokeswoman gave no further details but said Finance Minister Ngozi Okonjo-Iweala was working on a statement. No time was given for when the statement would be issued.

Nigeria depends on oil for around

Oil steadies below $73 after hitting five-year low

Brent crude oil steadied below $73 a barrel yesterday, although Russian and Nigerian currencies remained under pressure on persistent doubts over their central banks’ ability to provide support.

With Brent crude trading at about $72, breaking a five-day losing streak, the rouble staged a brief rally but headed lower again, losing 1.4 percent against the dollar.

naira-Dollar

Unease is growing about the Russian central bank’s absence from

Russia warns of recession in 2015

The Russian government has warned the economy will fall into recession next year as Western sanctions, in response to its role in eastern Ukraine, and falling oil prices begin to bite.

Russia's economic development ministry estimates the economy will contract by 0.8% next year.

It had previously estimated the the economy would grow by 1.2% in 2015.

Russia's reliance on tax revenues from the oil industry makes it particularly sensitive to price movements.

Household disposable incomes are also forecast to decline by as much as 2.8%, compared with a previous estimate that they would grow by 0.4%.

The sharp revision in Russia's economic forecast is the

Rouble falls as oil price hits five-year low

Oil prices fell to a five-year low on Monday, sending the rouble tumbling, while fears over slowing manufacturing activity in Europe and China undermined global confidence.

The Russian currency slid as much as 6% against the dollar to a new record low.

The rouble was on track for its biggest one-day fall since Russia's 1998 currency crisis.

Brent crude sunk as low as $67.53 a barrel, the cheapest it has been since October 2009.

It later regained some ground to trade just above $70 a barrel, while US crude was at $66.34 a barrel, having hit an intraday low of $63.72 - the lowest since July 2009.

Oil prices have fallen by more than