Uzbekistan

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Prayers for a sudden return to dovish monetary policies have been answered, and now investors are living with the aftermath: a world awash with $8.6 trillion in negative-yielding debt, Bloomberg News reported. That’s one reason money managers are wading once more into the fringes of fixed-income markets across the globe. Consider the action over the past week: Serial defaulter Ecuador managed to sell $1 billion in new bonds even as the government is in talks for International Monetary Fund financing.

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Russia's No. 1 telecoms operator MTS said on Wednesday its Uzbek subsidiary had applied for bankruptcy, Reuters reported. The phone operator had been fighting to restore its Uzbek business after a court revoked its license to operate in August as part of dispute involving a criminal case against local MTS managers and a back-tax claim. MTS was ordered to pay $600 million in fines by an Uzbek court in November.
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