The World Trade Organization got a surprise setback on Thursday when India, pushing for concessions on agricultural stockpiling, vetoed plans for universal customs rules. The deal could have added $1 trillion and 21 million jobs to the world economy. The July 31 deadline on the first proposal for major global economic reform in two decades - a series of customs procedures known as "trade facili [...]

The West is tightening the financial screws on Moscow, but German companies are already feeling the kickback of a slowing Russian economy and weakening ruble. Russia is Europe’s third-largest trading partner, so a spluttering Russian economy, exacerbated by the Ukraine crisis, is seriously affecting German companies. In 2013, Germany exported 36 billion euro worth of goods to Russia. [...]

Ukraine's GDP in the second quarter of 2014 has declined 4.7 percent compared to the same period in 2013, the Ukrainian State Statistics Service said on Wednesday. The contraction was more than four times the 1.1 percent fall in the first quarter. The gross domestic product of Ukraine has been falling every quarter since the beginning of 2012. Ukraine expects GDP to tumble by 6-6.5 percent this [...]

The US stock market will suffer a 20 percent or greater pullback within 12 months says Mark Cook, a legendary investor who predicted the last three major crashes including the 2007 world economic crisis. The trader didn’t specify the exact time when the market will fall. [...]

With average annual growth rates of 8.5 percent, Panama’s per capita GDP has more than doubled over the past decade. This impressive growth performance has been driven by a steady rise in public and private investment in a stable economic environment buttressed by prudent policies. In its latest assessment of the Panamanian economy, the IMF said Panama’s economy continues to grow strongly, [...]

Entrepreneurism in American has been on the decline for at least 30 years, a new report suggests, and for the first time in three decades the number of business "deaths" in the United States exceeds that of "births." The report, published on Monday this week by economists from the Brookings Institute, examines business dynamism in America — or how the process by which firms are continually bo [...]

The International Monetary Fund (IMF) has slashed its growth expectations for the world's biggest economy to 1.7 percent for the year, after a harsh winter crushed growth in the first quarter. In June, the Washington DC-based institution forecast US growth at 2 percent. The revised forecast is below last year’s 1.9 percent growth rate, and would be the slowest annual rate for the United St [...]

Stalled progress towards EU membership has shifted Turkey's economic interest, and it is now looking for closer cooperation with Russia's Customs Union, Economic Development Minister Aleksey Ulyukayev said. Ulyukayev discussed the plan with Turkish Economy Minister Nihat Zeybekci at the G20 trade ministers meeting in Sydney, Australia, over the weekend. [...]

The duty-free trade deal between Russia and Ukraine is coming to an end. Russia says fundamental changes mean that it will invoke Article 62 of the Vienna Declaration to terminate the understanding. The move comes as Russia insists it needs to protect domestic markets after Ukrainesigned the Association Agreement on June 27, which gives Kiev duty-free trade status with the European Union. [...]

The Association of European Businesses (AEB), a Moscow-based business lobby, said that new US sanctions against Russia have a more severe effect on European than on American business. The AEB says it “regrets” the US sanctions, and warns that they will stunt economic growth “not only in Russia”. [...]

A six-day tour by Russian President Vladimir Putin to Latin America ended with a long anticipated creation of the BRICS bank and the signing of energy agreements, as Russia looks to build alliances to counter Western influence. The Latin America tour started with the visit to Cuba, where Putin signed a new agreement on oil exploration in Caribbean waters which contain most of the estimated 124 mil [...]

Microsoft will cut a record 18,000 jobs next year, as the company's new CEO Satya Nadella seeks to boost efficiency, according to a company memo on Thursday. “The first step to building the right organization for our ambitions is to realign our workforce. [...]

Soaring house prices and persistently high levels of household debt could drive Britain's economy back into recession, the Bank of England's governor has warned. Challenged by Treasury select committee MPs on the subject of Britain’s financial stability, Mark Carney admitted the threat of a UK property bubble posed the most substantial risk to the state’s economic recovery. [...]

America’s public debt will rise to 106 percent of GDP in the next 25 years, a level seen just once in US history - just after World War II, the US Congressional Budget Office (CBO) warned. US debt has skyrocketed to over $17 trillion, and is now about 74 percent of total gross domestic product, the CBO said on Tuesday. [...]

One hundred French celebrities have launched a campaign against the upcoming TAFTA deal between the US and Europe. The protesters say the new treaty will lower economic standards and bring a large influx of GMO products from the US. The petition dubbed: “Everyone against TAFTA” started on June 10 and has gathered over 5,500 signatures so far. [...]

Western support will allow more IMF and European lending to prop the Ukrainian currency so the Ukrainian oligarchs can move their money safely to British and US banks, economist and author Michael Hudson told RT's Truthseeker. The basic principle to bear in mind is that finance today is war by non-military means. [...]

The euro crisis may have eased recently, but companies and countries in the common currency zone still aren't investing enough to fuel growth. The best solution, a Berlin economics institute argues, is to establish an EU-wide investment fund. Among economists, Marcel Fratzscher is considered to be particularly creative. [...]

Shanghai is considered to be the frontrunner between Russia, China, India and South Africa to become home to the new BRICS bank, media reports. The bank is an attempt by emerging economies to challenge the US-based global lending institutions. Four of the BRICS countries – China, Russia, India and South Africa [...]

Ukraine is the land where time has stood still and the consequences of what has been sown are now being reaped as anarchy is unleashed upon its rotting corpse. Just over a year ago, in rather more peaceful times, I was on a train from Kharkov to Simferopol, sharing a cabin with two Russian gents from the Far Eastern outpost of Nakhodka and, breaking the monotony of long distance rail commutation, [...]

Americans avoiding US taxes and stashing cash abroad are in trouble from July 1, when a new law forces institutions hiding money to report on their clients. The law will make business with Americans harder, but the US hopes it will raise billions. The US Foreign Account Tax Compliance Act, or FATCA, comes into force on July 1 and requires foreign banks to hand over data on clients to the US Intern [...]

Russia will start settling more contracts in Asian currencies, especially the yuan, in order to lessen its dependence on the dollar market, and because of Western-led sanctions that could freeze funds at any moment. [...]

In this episode of the Keiser Report, Max Keiser and Stacy Herbert are joined in the first half by Russell Brand to talk about the austerity headlines. They chat about the UK government’s expanding debt and growing deficit, despite the alleged austerity and GDP expanding thanks to heroin addiction and prostitution. [...]