The Russian ruble continued its fight back on Friday to move above 46 against the US dollar, as the price of Brent crude slid over the $80 per barrel threshold. The US dollar has fallen to 45.62 rubles Friday at 3PM Moscow time on the Moscow Exchange. The euro has fallen to 56.69 rubles. [...]

Doing away with the US dollar and switching to ruble and yuan payments will significantly increase Russia and China's say in energy and financial markets, Vladimir Putin has said, adding that the first deals are already underway. In short the President said the US dollar has no future, and that the ruble and the yuan have better long-term prospects. [...]

The Bank of Russia took another step towards a free float ruble by abolishing the dual currency soft peg, as well as automatic interventions. Before, the bank propped up the ruble when the exchange rate against the euro and dollar exceeded its boundaries. "Instead, we will intervene in the currency market at whichever moment and amount needed to decrease the speculative demand,” the bank’s [...]

Hope is a strange beast. Without it life becomes devoid of meaning. Without meaning, existence becomes a chore. Europe's youth lack hope, as an entire generation become victims of political ineptitude and older leaders who simply don't seem to care. Generational struggles have always existed, and angry kids decorated them. From James Dean’s red-jacketed firebrand in ‘Rebel Without a Cause� [...]

Senior EU officials insist that Britain must pay a €2.1 billion surcharge by December, and have the backing of France and Germany, despite Prime Minister David Cameron’s insistence that he won’t pay. Cameron stated flatly on Friday that Brussels “had another thing coming” if they thought they were going to get the €2.1 billion (US$2.7 billion) demand by the deadline. [...]

Six years after the Lehman disaster, the industrialized world is suffering from Japan Syndrome. Growth is minimal, another crash may be brewing and the gulf between rich and poor continues to widen. Can the global economy reinvent itself? A new buzzword is circulating in the world's convention centers and auditoriums. It can be heard at the World Economic Forum in Davos, Switzerland, and at the [...]

An investigation concerning the use of federal civil forfeiture law by local law enforcement agencies across the United States has exposed problems with a routine but rarely discussed police tactic. After obtaining 43,000 reports from agencies across the United States, journalists at the Washington Post wrote over the weekend that the budgets of police departments and drug task forces are being [...]

The Ukrainian economy, weakened by war, needs additional funding from sources beyond the International Monetary Fund (IMF) to stay afloat, the fund's head Christine Lagarde has said. The IMF’s December estimate of the cash needed has turned out to be insufficient following the continued conflict in the country. [...]

An extended period of calm on the bond markets has led many to conclude the euro crisis is over. But German central bank head Jens Weidmann says in an interview that the coast still isn't clear and that there is still great need for reforms. SPIEGEL: Mr. Weidmann, you are notorious for being a tough critic of European Central Bank President Mario Draghi. But the euro crisis seems to be over, la [...]

MPs’ staff, travel and accommodation costs reached £103 million last year, up from £99 million the previous year and £95 million in 2009 – the peak of the parliamentary expenses scandal. More than £80 million was spent on staff salaries and £11 million on office costs. The bill for accommodation, covering hotels, rented homes and utility bills, was £6.9 million, while £4.5 mill [...]

Christine Lagarde, head of the International Monetary Fund (IMF) has urged Germany to increase spending to spur the eurozone's flagging economic recovery, and said that a number of structural reforms are needed to revive the bloc’s growth. "We think that public or private investment (in Germany) to finance infrastructure would be welcome," Lagarde told French daily Les Echos in an interview o [...]

Russian Prime Minister Dmitry Medvedev has said the state-owned oil giant Rosneft could receive more than $40 billion in financial aid from the Russian government. The country’s largest crude producer may receive up to $40.6 billion (1.5 trillion rubles) in assistance from Russia’s National Welfare Fund. [...]

Argentina will receive the first tranche of yuan worth up to $1 billion in a massive currency swap with China before the end of this year. The deal will boost the troubled economy's foreign reserves. It comes as part of a loan worth $11 billion signed in July by Argentina's President Cristina Fernandez de Kirchner and Chinese counterpart Xi Jinping during hisLatin America tour- shortly before t [...]

The European Central Bank unexpectedly cut interest rates to 0.05% from 0.15% in a strong response to combat deflation. The move comes as the EU is struggling to boost its stagnating economy, which Draghi. “Growth recovery was losing momentum,” ECB President Mario Draghi said at the news conference after the announcement was made to cut rates further. [...]

A federal judge on Thursday said oil giant BP acted with gross negligence ahead of the catastrophic 2010 spill in the Gulf of Mexico, paving the way for the corporation to pay perhaps billions of dollars in fines. “BP’s conduct was reckless,” United States District Judge Carl Barbier wrote in a decision handed down early Thursday from a federal courthouse in Louisiana. [...]

The cost of getting rid of US citizenship has quadrupled to $2350, up from $450. The changes will come into effect on September 6th and the State Department says it is necessary to cover the real cost of processing an application to lose citizenship. The price hike marks a sharp u turn from 2010 when the State Department decided on the $450 fee “in order to lessen the impact on those who need [...]

The International Monetary Fund has given a green light for Ukraine to receive the second tranche of financial assistance totalling $1.39 billion, meaning more austerity measures for the already struggling economy. “The Executive Board of the International Monetary Fund (IMF) today completed the first review of Ukraine’s performance under an economic program supported by a Stand-By Arrangem [...]

The British government will press other European nations at a meeting in Brussels on Saturday to block Russia from using the SWIFT banking network, Bloomberg reported, in what could be a dramatic expansion of sanctions. The British government will press other European nations at a meeting in Brussels on Saturday to block Russia from using the SWIFT banking network, Bloomberg reported, in what c [...]

Whether buying bread, filling a pharmacy prescription, getting a haircut or going to the doctor, some residents of Montreuil, France, are rejecting the euro in favor of "La Peche", a local community currency. In France, local currencies are growing in popularity as trust in state institutions erodes. An elaborate coupon system lets locals pay for services and goods with special local banknotes, [...]