Thursday, December 18, 2014   

Moody's cautious over Sochi's legacy
(02-05 18:06)

A major international ratings agency expects the local government in Sochi, Russia, to struggle with the cost of maintaining the Olympic venues despite the massive state investment.
Moody's said in a report published on Wednesday that Sochi and the Krasnodar region have benefited from the government funding but are likely to be tight for money in the longer term.
The agency said the regions will be struggling under the weight of the cost of maintaining the venues after the games are over. There's also uncertainty whether the investment will boost tourism revenues enough.
Russian Prime Minister Dmitry Medvedev on Sunday ordered the government to come up with a plan for post-Olympic use of the venues. Some of them will be turned into shopping malls and convention centers. --Xinhua   
Other Business breaking news:
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Cautious Japanese firms holding record assets: BoJ (12-18 17:24)
German business confidence grows in December (12-18 17:23)
Swiss central bank introduces negative interest rate (12-18 17:03)
Hang Seng finishes higher, Shanghai down (12-18 16:35)
Ruble rallies in early trading on day of Putin press conference (12-18 15:42)
Nikkei soars on weaker yen (12-18 14:59)
Hang Seng up by lunch (12-18 12:35)
Fed says can be 'patient' on rate rise (12-18 12:11)
China's home prices continue to cool, declines narrowing (12-18 12:09)

More breaking news >>

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