Russian PM Medvedev vows to keep economy open, hails pivot to China

(Reuters) - Prime Minister Dmitry Medvedev said on Friday that Russia would not isolate its sanctions-hit economy from the West but said improving relations with Asian countries has become a key strategy.

Russia Faces More Sanctions as Monitors Held in Ukraine

Group of Seven leaders agreed to impose additional sanctions on Russia, blaming it for stoking the conflict in Ukraine as the government in Kiev said rebels had taken international military observers hostage.

Global Growth Slows to 3.9% as O’Neill Sees Aging Labor in BRICs

Jan. 3 (Bloomberg) -- A year ago, Catherine Liu employed more than 2,000 people at her five Shanghai luggage-making factories. Now, as the dwindling supply of low-paid young workers forces wages and costs higher, she has 1,200 left.

Russia, China laud their economic bloc

MOSCOW (AP) — The member states of a security pact dominated by Russia and China pledged Monday to boost their financial and energy cooperation, despite the global economic slowdown.

China and Russia Increasing the Speed of Military Modernization

The Kremlin recently revealed that Moscow has pledged $640 billion in an effort to bring 80% of the Russian military establishment up to modern standards by 2020. Consequently, Vladimir Popovkin, deputy defense minister in charge of arms procurement, recently suggested to the media that the Russian defense ministry plans to buy around 600 airplanes and 1000 helicopters. He further stated that the Ministry was planning to fund the development of a “new liquid fuel heavy intercontinental ballistic missile to replace aging RS-18 Stilleto and RS-20 Satan”. These missiles would be able to carry up to 10 warheads with solid fuel missiles each carrying a maximum of three warheads. It was further revealed that the Russian government plans to lend $24 billion to defense companies to help prepare for bigger contracts after 2015.