Global investors are withdrawing from Russian stock markets as volatility is high in equities and currency Ruble. The continuous drop in oil price is impacting the Russian economy much as it's the main revenue source for the country. The gap between onshore and offshore traded equities is narrowing down as foreign investors are selling off.
South African largest iron ore producer Kumba cuts as many as 3900 miners after prices plunged. Kumba decided to restructure the Sishen mines to become a low cost pit configuration and as a result, about 2,633 employees of Kumba and 1,300 contractors will be affected.
Philippine's fourth quarter gross domestic product increased by 6.3% driven mainly by higher private consumption, government expenditure as well as an increase in economic activity.
The Republican Debate is going to be held in Iowa State on Thursday. The fast food workers under the banner of ‘$15 per hour minimum wage movement’ have called strike on the very day apparently due to gain media attraction. The strike has been called demanding immediate implementation of the said minimum wage rate across the country and union rights. However, the demands have already been supported by many Democratic candidates and furnished in their election manifesto.
