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NEWS
April 10, 1990 | JOHN-THOR DAHLBURG, TIMES STAFF WRITER
Swapping soft-drink concentrate for vodka and merchant ships, Pepsico Inc. on Monday signed a $3-billion barter trade pact with the Soviets that it called the biggest, longest-running agreement ever concluded by the Kremlin with a U.S. firm. "President Bush and President Gorbachev should during their meetings have Pepsi and Stolichnaya on the table to remind them what good agreements are," said Pepsico Executive Committee Chairman Donald M. Kendall, whose experience in U.S.
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NEWS
December 21, 1991 | NORMAN KEMPSTER, TIMES STAFF WRITER
So, what do you call it anyway? As Secretary of State James A. Baker III whipped through five republics of the disintegrating Soviet Union this week, one of the most irksome problems was deciding how to refer to the country. Naming the pieces is easy. Russia is Russia; Ukraine is Ukraine. But what about the whole? Russian President Boris N. Yeltsin likes Commonwealth of Independent States. But officials of the collapsing central government still favor the Soviet Union label.
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NEWS
October 26, 1989 | MICHAEL PARKS, TIMES STAFF WRITER
The Soviet Union said Wednesday that it will shortly devalue its currency by 90% for some transactions in a bid to curtail the widespread black market speculation in hard currencies such as the U.S. dollar. The new rate of 6.26 rubles to the dollar is a fraction of the present official rate of 0.63 rubles per dollar, reflecting the ruble's limited buying power both at home and abroad. But it still does not match the current street rate of 10, 12 or often 15 rubles to the dollar.
BUSINESS
December 4, 1991 | From Times Staff and Wire Reports
Soviet Union Cuts Ruble Exchange Rate: In a desperate bid to boost its supply of foreign currency, the Soviet Union slashed nearly in half a key exchange rate for the rapidly weakening ruble. The cost of buying one dollar from Soviet state banks rose from 47 rubles to 99, said Allah Markelova, director of a currency exchange office in central Moscow. The rate now is much closer to the black market rate of 70 rubles to the dollar.
NEWS
April 10, 1990 | MICHAEL PARKS, TIMES STAFF WRITER
The Soviet government, risking serious social unrest, is planning to let its low, state-controlled retail prices double and even triple in the coming 18 months as part of a program of radical economic reforms, well-informed economists said Monday. The plans call for only half of the price increases to be covered through a system that ties incomes to inflation, according to an outline of the government's reform package; any additional pay apparently will depend on greater worker productivity.
BUSINESS
December 4, 1991 | From Times Staff and Wire Reports
Soviet Union Cuts Ruble Exchange Rate: In a desperate bid to boost its supply of foreign currency, the Soviet Union slashed nearly in half a key exchange rate for the rapidly weakening ruble. The cost of buying one dollar from Soviet state banks rose from 47 rubles to 99, said Allah Markelova, director of a currency exchange office in central Moscow. The rate now is much closer to the black market rate of 70 rubles to the dollar.
BUSINESS
November 6, 1991 | KAREN TUMULTY, TIMES STAFF WRITER
Amid reports that the Soviet Union may be on the brink of running out of hard currency to make debt payments, representatives of the West's leading industrial powers will meet in Paris today to discuss options for dealing with a potential liquidity crisis, sources said Tuesday.
BUSINESS
September 19, 1991 | KAREN TUMULTY, TIMES STAFF WRITER
As the Soviet Union's independence-minded republics press to establish their own currencies, the head of Russia's central bank contended Wednesday that the sheer mechanics of such a move would take at least two years--giving the central government time enough to cobble together a national economy. Disagreement over the currency issue is one of the biggest stumbling blocks as the republics seek to work out a plan to build a new Soviet economy.
NEWS
November 30, 1991 | CAREY GOLDBERG, TIMES STAFF WRITER
The Soviet state bank has run out of money, and the massive machine of Soviet government could grind to a halt unless Parliament unblocks new budget allotments, the bank's chairman asserted Friday. Victor V. Gerashchenko, chairman of Gosbank, told Soviet television that his staff had gathered to calculate how much was left in the treasury, and "we came to the conclusion that . . . there was no money left in the bank."
NEWS
November 18, 1991 | MICHAEL PARKS, TIMES STAFF WRITER
Russian Federation President Boris N. Yeltsin, moving boldly to implement his promised program of radical economic reforms, assumed control of key elements of the Soviet Union's financial system over the weekend. Asserting the right of the federation to control its economy, Yeltsin ordered the republic's Finance Ministry to assume the duties of the Soviet Finance Ministry, including the issuance of money and custody of the country's gold reserves.
BUSINESS
November 6, 1991 | KAREN TUMULTY, TIMES STAFF WRITER
Amid reports that the Soviet Union may be on the brink of running out of hard currency to make debt payments, representatives of the West's leading industrial powers will meet in Paris today to discuss options for dealing with a potential liquidity crisis, sources said Tuesday.
NEWS
October 26, 1991 | MICHAEL A. HILTZIK, TIMES STAFF WRITER
Alwils Barowskis is racing against time. Very shortly, he expects the Latvian government to shut down most existing free trade between Latvia and its former parent, the Soviet Union. That means the imposition of duties and import licensing rules. And that, in turn, could dry up the flow of Soviet steel and aluminum that Barowskis has been frantically buying.
BUSINESS
October 15, 1991 | KAREN TUMULTY, TIMES STAFF WRITER
The Soviet Union, reflecting the continuing rapid deterioration of its economy, has asked Western governments to commit as much as $20 billion to assuring the stability of the ruble--about double the amount it sought as recently as July. The figure was presented over the weekend here in unprecedented meetings between the Soviet Union's chief economic policy-makers and those of the world's largest industrial countries, known as the Group of Seven.
NEWS
September 23, 1991 | MICHAEL PARKS, TIMES STAFF WRITER
The Soviet Union's dramatic economic free fall is continuing at a rate that economists fear will bring widespread social unrest and new political upheavals despite the defeat of conservatives in last month's abortive coup d'etat. Inflation is now running at nearly 300% a year. Industrial production has dropped 14% compared to a year ago, foreign trade is down 30% and the overall economy is shrinking at an annual rate of 12% to 15%, according to government figures.
BUSINESS
December 14, 1989 | From Associated Press
Gold futures prices fell sharply Wednesday on New York's Commodity Exchange as the Soviet Union rejected reforms that many investors had hoped would lead to a gold-backed Soviet currency. Futures prices of silver and platinum also plunged, frustrating speculators in the increasingly volatile precious metals markets. Gold futures fell $9.80 to $10.80, with the contract for delivery in December settling $9.80 lower at $408.10 an ounce; silver finished 12.8 to 13.
BUSINESS
September 19, 1991 | KAREN TUMULTY, TIMES STAFF WRITER
As the Soviet Union's independence-minded republics press to establish their own currencies, the head of Russia's central bank contended Wednesday that the sheer mechanics of such a move would take at least two years--giving the central government time enough to cobble together a national economy. Disagreement over the currency issue is one of the biggest stumbling blocks as the republics seek to work out a plan to build a new Soviet economy.
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