News Summary: Russia bets billions in turn to Asia

HOST CITY TRANSFORMED: Russia has spent $20 billion preparing Vladivostok, its long-neglected Pacific port, for its turn in the world spotlight as host of the Asia-Pacific Economic Cooperation summit.

LOOKING EAST: Vladivostok's transformation, meant to impress foreign dignitaries, is part of Russia's plan to become a bigger player in Asian markets.

THE NUMBERS: Russia had been doing half of its foreign trade with the European Union. But an economic crisis there is cutting demand for Russian energy supplies. Less than a quarter of Russia's trade is with APEC, whose 21 members include China, Japan, the U.S. and other Asian economies.

Source: http://news.yahoo.com/news-summary-russia-bets-billions-turn-asia-185055784--finance.html

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