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Business

Oil soars 17 percent in biggest one-week rally in years
The price of both US crude and Brent oil leaped dramatically during this week’s trading. Brent crude gained over 15 percent while US West Texas Intermediate (WTI) soared 17 percent. The sharp rise is attributed to positive dynamics in the world’s stock markets and news of shrinking crude supplies.
  • Decline in Russian economy slows
    In July, Russian economy grew 0.1 percent, says the Ministry of Economic Development in its monthly review. However, yearly performance is far from good.
  • Import of sanctioned products to Russia drops by half
    In the first six months of 2015, the import of banned products has fallen by nearly half to $6 billion, according to Friday's report from Russia's Ministry of Economic Development.
  • Motorola may return to Russian market in October
    Motorola, once the mobile phone sales leader in Russia, could be coming back to the market. Current owner China's Lenovo is considering the move, and is already in negotiations with retailers, Russian daily Kommersant reports.
  • Fake Goldman Sachs bank found in China
    Famous for making fake iPhones, Louis Vuitton bags and Rolex watches, China managed to surprise the world once again. A Goldman Sachs (Shenzhen) Financial Leasing Company was found operating in the country without any connection to the US investment giant.

Business snaps

  • US consumer spending up 0.3% in July

    US consumers increased their spending moderately in July, as wages and salaries made their biggest jump in eight months, AP reported. Spending rose 0.3 percent in July, helped by purchases of big-ticket items, the Commerce Department said Friday. June’s result was revised up to a matching 0.3 percent gain.

  • Oil prices soaring Friday following 10 percent surge

    Crude prices are gaining on Friday after a 10 percent surge the day before. Brent crude was up 3.78 percent, trading at $49.36 per barrel, while US benchmark WTI was up 4.56 percent at $44.50 per barrel, as of 15:50 GMT.

  • Russian ruble finishes strong against major currencies

    The ruble gained over 7 percent against the US dollar and 10 percent against the euro this week. The Russian currency was trading at 65.69 rubles to the US dollar and at 73.71 to the euro, as of 15:00 GMT on Friday.

  • European stocks mixed before the weekend

    European markets were mixed on Friday with London's FTSE up 0.3 percent, Germany's DAX losing 0.05 percent and the CAC 40 in France 0.64 percent lower, as of 14:53 GMT.

  • Wall Street flat in Friday trading

    The Dow Jones Industrials Average was up 0.3 percent, while the S&P 500 and the Nasdaq were down a fraction of a percent in early trading on Friday, as of 1445 GMT.

  • Russian markets up in Friday trading

    Moscow’s RTS Index was up two percent in Friday trading after gaining over 6 percent the day before, while the MICEX was up over one percent, as of 14:40 GMT.

  • Greece’s economy grew by 0.9% in Q2 – stats agency

    Greece’s economy grew slightly faster than previously forecast in the second quarter of the year, AP reported. The country’s statistics agency said Friday the economy grew 0.9 percent compared to the first three months of the year, faster than 0.8 percent the previously estimated. According to seasonally adjusted data, the economy grew by 1.6 percent compared with the same quarter last year, which is slightly higher than the initial estimate of 1.4 percent.

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