The laws of the global economy should be written by the United States and not by the likes of China according to President Obama, as concern over China's influence is growing. Washington hopes a Pacific free trade pact will curb Beijing's investment bank. "When 95 percent of our potential customers live abroad, we must be sure that we are writing the rules for the global economy, not a country [...]

The BRICS New Development Bank and the Asian Infrastructure Investment Bank (AIIB), both seen as alternatives to US – led institutions, will not compete, but rather complement each other, said the head of the Central Bank of Russia Elvira Nabiullina. Nabiullina made the statement Thursday in Washington where she is attending the spring meetings of the International Monetary Fund and World Ban [...]

Rogue investors who ignored the negative hype about Russia, are smiling from ear to ear after the ruble gained about 6 percent this week. The ruble surged 6 percent this past week, opening Monday at 56.55 and closing at 53.5 on the Moscow Exchange on Friday. In the last month alone, the ruble has appreciated by more than 20 percent. [...]

Austria, Spain and South Korea have been approved as founding members of the Asia Infrastructure and Investment Bank (AIIB), the Chinese Finance Ministry announced Saturday. A founding member of the bank has the right to help write its rules and Saturday’s additions bring the number of prospective founders to 41. The exact number of founding members will be finalized on April 15. [...]

The US may no longer be in control of the global economy, warned former Treasury Secretary Lawrence Summers, urging Washington to regain dominance by honoring commitments and stopping its own hypocrisy. China’s establishment of the Asian Infrastructure Investment Bank (AIIB), and Washington’s failure to stop its traditional allies from joining, was a development without precedent since the [...]

The Russian ruble has hit 55.3 to the dollar Monday, its highest value this year. The currency has become the best performer during the first three months of the year, after it finished 2014 as one of the biggest losers. The ruble gained above one percent against the US dollar, standing at 55.3 and at 60.8 to the euro at the closing on Moscow Exchange on Monday. [...]

Athens is currently trying to negotiate a new bailout deal with its Troika of creditors, but if that falls "Plan B" could reportedly involve getting rid of the euro and cutting off its banking system from the European Central Bank. [...]

The $17.5 billion loan approved by the IMF won't save Ukraine from hopeless poverty; instead, it will inflict a blow on the country's population already living on the breadline, said the ex-head of the National Bank of Ukraine Sergei Arbuzov. None of the options proposed by the IMF would improve the economy, said Arbuzov to Izvestia, adding that the biggest mistake made by the government was wo [...]

Austria’s decision to wind down Heta Asset Resolution AG sent ripples through the financial system, causing credit rating downgrades in Austria and bank losses in Germany: "It’s a mini-Greece going off in the heartlands of Europe." Here are some [...]

Ukrainian supermarkets have imposed rationing of basic products after the drastic fall in the value of the hryvnia. The currency has lost 70 percent of its value causing people to stockpile food and buy electronics as a hedge. Restrictions apply for goods such as cooking oil, flour and sugar, Ukraine’s news agency UNN reports Wednesday. [...]

The hryvnia lost 34 percent against the US dollar after the head of the central bank signaled it can no longer support the currency with regular interventions and will allow greater fluctuations. The hyrvnia hit a historic low of 24.5 per 1 USD. “Get used to market volatility," National Bank of Ukraine (NBU) Governor Valery Gontareva told reporters in Kiev on Thursday. [...]

The Russian government has submitted a bill to lawmakers to ratify the BRICS bank. The New Development Bank will have assets of $100 billion from Brazil, Russia, India, China and South Africa and rival the World Bank and International Monetary Fund. [...]

A British couple have been left stranded in New York City for the next three months with a £130,000 ($200,000) medical bill after their son was born 11 weeks earlier than expected. Katie Amos, 30, and her fiancée Lee Johnston, 29, were not prepared for their son Dax to be born at Lenox Hill Hospital in Manhattan during a Christmas trip to the city. The couple had planned the trip as a last ho [...]

Ukraine's GDP shrank by 7.5 percent from January till November 2014, as foreign exchange reserves fell to their lowest level since 2009, and inflation jumped to 21 percent by November, admits the head of the Ukraine's National Bank, Valeriya Gontareva. The country’s foreign exchange reserves shrank to $9.9 billion, as Kiev gave Naftogaz an estimated $8.6 billion to buy gas and settle state gu [...]

Tycoon Alisher Usmanov has become the first Russian businessman to bring the controlling stakes of his key assets, mobile phone operator Megafon and iron ore producer Metalloinvest, back to Russia, after President Putin urged companies to de-offshore. "This step is related to the announcement by President Vladimir Putin of pursuing the de-offshorization of the Russian economy and the introducti [...]

The Russian currency remains volatile Wednesday, after it suffered its own "Black Tuesday" losing about 20 percent during the day. It had been a rollercoaster morning, with the ruble falling on the opening of Wednesday trading, and within 40 minutes rebounding, only to relapse later in the morning. [...]

US stock futures fell along with shares in European companies exposed to Russia, as the ruble and crude oil slid to new record lows on Tuesday. The Russian ruble lost over 20 percent against hard currencies on Tuesday. At its worst the ruble plummeted to 75 against the US dollar, and traded at almost 100 to the euro on the Moscow Exchange. [...]

The BRICS Bank marks a major step to de-dollarization, and a new monetary system. It should replace the western-dominated “predatory casino scheme” that has contributed to world wars and “economic terrorism,” says former World Bank economist Peter Koenig. “A ‘BRICS system’ would offer a healthy alternative to the highly indebted and defunct dollar system, where money is printed at [...]

Moscow and Riyadh both want to see oil prices react to market forces, and not to geopolitical muscle flexing, Russian Foreign Minister Sergey Lavrov, said Friday. “Saudi Arabia and Russia believe that pricing should be market-oriented and let supply and demand play the decisive role. [...]