Economic Essentials: Russia to stagnate

  • The Bank of Russia says the country's economy will stagnate next year, forecasting 2015 growth of zero per cent; the central bank said it would therefore push back its 4 per cent medium term inflation target from 2016 to 2017. 
  • Ireland's construction sector continues to recover strongly; construction PMI for for October was 64.9 up from 61.5 in September - second fastest growing month since survey began being taken in 2000. 
  • South Korea and China have agreed to sign a free trade deal that will remove tariffs on most goods over a 20 year period (AP). 
  • 'Too Big To Fail' global banks will have to hold 16 to 20 per cent of their risk-weighted assets in bonds and equity from January 2019 under plans unveiled by the Financial Stability Board in Basel.