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Tuesday, 21 June 2016

Russia to sell part of Rosneft to China, India, GBP posts biggest gain in eight years as polls show Brexit more unlikely

The GBP posted its biggest gain in eight years yesterday as a series of polls showed the UK is more likely to vote on Thursday to stay in the EU. The results showed risk appetite was “back with a vengeance” writes the FT’s (paywall) Dave Shellock. Still, all fears weren’t quelled as the European Central Bank’s top policymakers are set to meet today to discuss ways to “ensure that a possible British exit from the EU would not snuff out the eurozone’s tentative economic recovery,” according to the FT (paywall).

Russian President Vladimir Putin is considering selling part of Russia’s Rosneft to China and India to meet spending commitments “before his possible re-election bid in less than two years,” writes Bloomberg. “Russia has been seeking buyers for 19.5 percent of state oil champion Rosneft OJSC and is now indicating for the first time it would prefer a joint deal with the two nations driving growth in global energy demand,” two people familiar with the matter said. Officials in Moscow expect to raise at least USD 11 bn from the sale — a privatization record for the country. However, Kremlin spokesman Dmitry Peskov told reporters on Monday there was “no single preferred option” for the agreement.

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