The Latest: Putin rules out cabinet shake-up

MOSCOW (AP) — The latest news from Russian President Vladimir Putin's end of year news conference. All times local.

12:30 p.m.

President Vladimir Putin says he says no need for a significant shake-up of his Cabinet. Speaking Thursday at a televised news conference, Putin said the Cabinet is coping well with the economic crisis and he sees no need to revamp its membership. He said drastic personnel changes would do no good.

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12:10 p.m.

President Vladimir Putin says that Russia's economy is showing signs of stabilization despite plummeting oil prices.

Putin, speaking Thursday at a news conference televised live, said that despite a GDP drop caused by a drop in global oil prices, Russia's main commodity, the nation's industries have started to rebound.

He said the nation's currencyy reserves stand at $364 billion and a capital outflow has slowed.