Financing the military offensive in eastern Ukraine is now proving to be a major economic headache for Kiev. The cost of rebuilding conflict-torn eastern Ukraine may reach $8 billion, Prime Minister Arseny Yatsenyuk has indicated. As long as the military offensive in the east continues, Ukraine has to further dig into its fast-depleting state coffers to support the operation. If the war continu [...]

One person dies as a result of suicide every 40 seconds, according to a new World Health Organization report released on Thursday, citing economic factors and noting that three times as many men as women kill themselves. “Suicide is an amazing public health problem. There is one suicide every 40 seconds -- it is a huge number,” said Shekhar Saxena, director of WHO's mental health department [...]

Russia's decision to impose a food embargo in response to Western sanctions may cost the European Union €5 billion ($6.6 billion) a year, according to an internal EU document. "The overall temporary restrictions currently applied by Russia potentially jeopardize €5 billion worth of trade," the report seen by Reuters states. [...]

Moscow's 15-month marathon of energy deals with China will boost the credit of Russian oil and gas companies and reduce Russia's reliance on European energy markets, Moody's Ratings Agency said in a note. Russia’s oil majors- Rosneft, Gazprom, and Novatek have all struck major deals with Chinese partners, which provide long-term financial stability for the companies, which are at risk of West [...]

Evidence of America's widening wealth gap since the 2007 financial crisis show that the bottom tier of US income earners is falling rapidly behind on the nutrition front. Meanwhile, the diets of higher wage earners are also sub-par. Despite government efforts to promote nutritional awareness, a 12-year study shows that eating habits in the United States remain a national concern. [...]

Growth in Germany contracted 0.2 percent in the second quarter, the first fall in over a year, stoking worries Europe's biggest economy is slowing down, as the Ukraine crisis and weaker trade drag down what was once a glowing model for the rest of Europe. The seasonally-adjusted gross domestic product (GDP) from April to June was confirmed Monday by Germany's Federal Statistics Office to have d [...]

Russian President Vladimir Putin and Chinese Vice Premier Zhang Gaoli have launched the construction of the first part of Gazprom’s Power of Siberia pipeline - which will deliver 4 trillion cubic meters of gas to China over 30 years. “The new gas branch will significantly strengthen the economic cooperation with countries in the Asia-Pacific region and above all - our key partner China,� [...]

Around 110 million Americans are now receiving welfare benefits, including food stamps, Medicaid and subsidized housing. This has prompted calls to raise the minimum wage to $10.10 an hour. A third of Americans are now on welfare benefits, prompting calls to raise the minimum wage and encourage more people to stay in work. [...]

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 [...]

A New Jersey woman who worked four jobs, who sometimes "wouldn't sleep for five days," according to a co-worker, died Monday while napping between shifts in her car on the side of the road. Maria Fernandes died in her 2001 Kia Sportage after inhaling carbon monoxide and fumes from an overturned gas container she kept in the car, according to the New York Daily News. [...]

In an interview discussing Ukraine's plans to cut off gas transit from Russia, an RT news anchor asks whether or not the August 12 vote in Kiev on sanctions against Russia will go through.From the interview:"I think, given the bellicose nature of the Prime Minister Yatsenyuk thus far and the reckless manner in which he is governing, I would certainly expect them to. Really, what Ukraine is doin [...]

"Stunningly destructive" and "dismal failure" is how Nobel laureates describe growth in the European Union after destructive austerity policies and the euro crisis. Economists are casting doubt on the effectiveness of monetary policy in the 18-member eurozone, which is yet to fully shake off recession and produce sustained growth. [...]

The Fitch ratings agency has downgraded Ukraine one step closer to default grade, as the Ukrainian currency the hryvnia hits a record low, and the economy balances on the brink of a collapse. Fitch cut the long-term local currency Issuer Default Rating (IDR) of Ukraine from B-,signifying a default risk, to CCC, where default is a real possibility, and affirmed its long-term foreign currency IDR [...]

The French government has resigned despite being formed just 4 months ago. They quit after ministers slammed President Francois Hollande's plans for taxation and cuts, while also being critical of Germany's austerity program. The statement published on Monday said the new office would be formed on Tuesday and would be in the "direction he (the president) has defined for our country." [...]

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, [...]

Sooner or later EU denial must give way to gut-wrenching reform. The longer the delay, the greater the pain for the Lost Generation. The precipice of relative poverty never looks very threatening. Thus, despite mass eurozone youth unemployment and a 12 percent rate overall, Europe retains a facade of relative prosperity. However, the UK and US economies are growing with gusto, surpassing pre-re [...]

A couple of weeks ago the German newspaper Süddeutsche Zeitung claimed that Germany was refusing to sign off the Comprehensive and Economic Trade Agreement (CETA). The simple reason being the Investor-State Dispute Settlement (ISDS) regulation which I have written about here. [...]

The European Commission said it will provide up to €125 million from Monday till the end of November to compensate food producers coping with Moscow’s food ban. “The exceptional measures announced today will include market withdrawals especially for free distribution, compensation for non-harvesting and green harvesting. [...]

As Moscow banned food imports from the West, Turkey voiced its readiness to increase its exports of agricultural products to Russia, Turkish economy minister has said. “Turkey is a major supplier of food and agricultural produce to Russia. It is ready to increase its food exports to Russia if necessary,” Turkish Economy Minister Nihat Zeybekci said in an interview with Itar-Tass. [...]

Washington has refused to allow the UN International Court of Justice (IJC) to hear Argentina's claims that US court decisions on the country's debt have violated Argentina's sovereignty. “We do not view the ICJ as an appropriate venue for addressing Argentina’s debt issues, and we continue to urge Argentina to engage with its creditors to resolve remaining issues with bondholders,” the U [...]

Inequality between the richest and poorest metropolitan areas in the US is at its highest since 1969, and could hamper the recovery of the housing market that was at the heart of the 2008 financial crisis. A report by the US Commerce and Labor Department shows that when analyzing the largest 100 metropolitan areas in the country, the disparity between the 10th most affluent region and the 90th [...]

Economists fear eurozone recovery may be derailed after German ZEW indicator plunges to 20-month low. Europe's standoff with Russia has affected the region's largest economy after economic confidence in Germany nosedived unexpectedly, fuelling fears the eurozone's weak recovery will be snuffed out. [...]