Russia’s currency edges closer to disaster

Ruble Drops to Pre-1998 Crisis Low on 6th Devaluation This Year (Bloomberg): The ruble fell below the weakest level during the 1998 Russian crisis after the central bank devalued the currency for the sixth time in seven days to protect reserves.

Deripaska, Potanin Propose Russian Metals Merger (Bloomberg): Billionaires Oleg Deripaska and Vladimir Potanin proposed merging OAO GMK Norilsk Nickel with five other Russian metals producers including Evraz Group SA to create the world’s second-largest mining company.

Shanghai glistens in the gloom (Reuters): Shanghai was the only bright spot in a gloomy week for Asia-Pacific equities as sentiment improved amid growing bank loans and hopes for a stimulus plan for China’s machinery makers.

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