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. [...]

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 [...]

Settlements in yuan between China and Russia have increased ninefold in annual terms between January and September 2014, says the Chinese Ministry of Economic Development. "The settlement in national currencies between China and Russia in bilateral trade amounted to about 2 percent in 2013. [...]

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 [...]