On path to new all-time record: Russia’s forex reserves hit 12-year high

Russian gold and foreign currency holdings have risen by over $9 billion in one week. The international funds came closer to the previous peak at the end of last month, as they climbed to the highest point in 12 years to $591.8 billion, according to the latest figures from the Russian Central Bank. The data released on Friday shows that the holdings rose by $9.1 billion. The regulator said that the increase was driven by “positive revaluation” and gold’s rally. Source RT

Renault hit by historic €7.3 billion loss as painful choices loom

French automaker Renault reported its biggest half-year loss ever on Thursday, with revenue slashed by a third as dealerships worldwide were emptied by the coronavirus crisis. The dire results underscored the challenges facing CEO Luca de Meo, who was brought in this month to revamp a company reeling from strategic missteps and the ousting of former boss Carlos Ghosn last year on financial misconduct charges. Source France24