Finance

Ukraine named worst performing economy in 2015- The Economist
Ukraine has the fastest falling economy of 2015 according to the British periodical The Economist. The country has seen its GDP shrink by 6.5 percent since last April, with countries like Libya and Macau performing better. The Ukrainian economy showed the most significant deepening recession compared to the rest of the world, according to the data, published on Wednesday by the head of the anal [...]
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Finland: Exhibiting strain of northern independence
Finland has struck a blow for genuine exceptionalism in Europe. Anti-NATO parties dominated polls while Euroskeptic cred was championed not only by the longstanding anti-EU party, but also, uniquely within the eurozone, by the Social Democratic party. Depending on your perspective, Finland may conjure recollections anywhere from Sibelius’ exquisitely lyrical Karelia Suite to the speedy monosy [...]
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Journalists’ killings: Western media blind spot on what’s happening in Kiev
The recent killings in Ukraine are reported in Western media in a completely distorted way says investigative journalist Tony Gosling. It's a dangerous situation that may provoke further killings and less reporting of certain points of view, he told RT. Opposition journalist Oles Buzina was killed near his home in Kiev on Thursday. Ukraine's President Petro Poroshenko has ordered a full investi [...]
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BRICS Development Bank won’t rival China-led AIIB, but complement – CBR head
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 [...]
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TTIP vs Democracy: London activists to resist controversial EU-US trade deal
Hundreds of political activists will gather in London on Saturday to protest a controversial EU-US trade agreement campaigners warn will enhance corporate power, and promote the privatization of vital public services. The trade deal, known as the Transatlantic Trade and Investment Partnership (TTIP), is currently being negotiated behind closed doors in Brussels. It has been the subject of heate [...]
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Russian ruble seen as world’s best performing currency, hits 2015 high
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. [...]
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Europe to start €1.14trn “easy money” program on March 9 – ECB President
The European Central Bank will kick off its monthly €60 billion purchases of government bonds and private sector assets next Monday, said the head of the ECB Mario Draghi. "We will on 9 March 2015 start purchasing euro-dominated public sector securities in the secondary market. We will also continue to purchase asset-backed securities and covered bonds which we started last year,"Draghi told [...]
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IMF aid package pushes Ukraine gas prices up 280%
Ukraine has agreed to increase the cost of gas to consumer by 280 percent, and 66 percent for heating, as part of the IMF terms for getting extra financial aid, says Valery Gontareva the head of the National Bank of Ukraine. "From now on, in accordance with our joint program with the IMF, the tariffs will see rather a sharp increase of 280 percent for gas and about 66 percent for heat," said Go [...]
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“Ukraine’s economy in backwards drive, feeds tensions and discontent”
Tuesday protests outside the president's offices in Kiev are just a part of a bigger picture of discontent grasping Ukraine, journalist Neil Clark told RT. With the economy worsening, former Maidan allies are now angered and splitting up. Is this a small pocket of discontent or are we seeing something wider here? [...]
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Ukrainian hryvnia in free fall after Central Bank scraps currency support
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. [...]
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Globalization is barbarous, multinationals rule world – Marine Le Pen
Globalization is a barbarity, believes Marine Le Pen, the leader of France’s far-right National Front party, adding that now the world is in hands of multinational corporations and large international finance. “Globalization is a barbarity, it is the country which should limit its abuses and regulate it [globalization],” Le Pen wrote on her Twitter account. [...]
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Ukraine in “full-blown financial crisis” – National Bank head
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 [...]
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Saudi Arabia braces for $39bn deficit to cut wages due to low oil prices
The number one crude oil exporter, Saudi Arabia, has projected a $39 billion deficit in 2015. The impact of lower oil prices, along with the decision not to cut production, is putting pressure on the country’s finances. The figure was part of the endorsed 2015 budget, which was made public in a statement read out on state-run television on Thursday. [...]
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Russia’s richest man first to bring foreign assets back home
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 [...]
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How diamond diplomacy adds sparkle to Indo-Russian ties
Direct trade between India and Russia in rough diamonds is a diplomacy gem which was a Russian initiative buttressed by some quick decision-making by Prime Minister Narendra Modi. The matter has been under discussion through the diplomatic channels between the two countries for quite some time and came up in a brief discussion between visiting Russian President Vladimir Putin and Modi during th [...]
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Putin: Nuclear projects core of cooperation between Russia and India
When President Putin makes his lightning one-day visit to India, the main thing on his mind will be power. He'll be discussing nuclear cooperation and energy when he meets Prime Minister Modi. “Nuclear energy cooperation is one of the pillars of our strategic partnership. We concluded two inter-governmental agreements in this field in 2008 and in 2010,” Putin said in an interview with India [...]
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Kiev’s military ‘requests’ for US aid leaked by Ukrainian hacker group
Ukraine's anti-government CyberBerkut hacker group published documents allegedly showing Kiev's detailed demands for money from the US military, and Washington agreeing to giving them support. According to hacktivists, who made the documents public on Tuesday, the Ukrainian military have recently been asking for and being promised financial support from the United States, worth hundreds of thou [...]
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Frankfurt begins first European direct settlements in Chinese yuan
European companies now have the opportunity to settle trading accounts in Chinese yuan. The Bank of China in Frankfurt has become the first to operate European yuan clearing. Trading costs will be cut as there will be no dollar exchange first. More than 10 German regional and international banks including Deutsche Bank, Commerzbank, DZ Bank AG, and Landesbank Hessen-Thueringen Girozentrale, hav [...]
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Russian ruble continues recovery, as oil back to $80
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. [...]
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