Category: News Desk

Russia Aims To Sign Chinese Gas Deal Next Month


Russia and China are “very close” to agreeing on a multi-billion dollar natural gas contract, which will see state-owned energy company Gazprom supply Beijing with as much as 38 billion cubic metres of gas a year, claimed deputy prime minister Arkady Dvorkovich on Wednesday.

The deal, likely to run for 30 years, follows at least a decade of negotiations; and comes just as Moscow is embroiled in a political standoff with its current largest customer, the European Union, over Ukraine.

Moscow Urges Russian Companies To Delist From Overseas Stock Exchanges


Russian companies listed on foreign stock exchanges should consider delisting their shares overseas and trade in Moscow instead, First Deputy Prime Minister Igor Shuvalov was quoted as saying on Tuesday, claiming that the Moscow Exchange provided additional security amid foreign sanctions on Russian entities over Crimea.

“This is a question of economic security,” Shuvalov told reporters after a government meeting near Moscow.

US Regulators Orders Banks To Raise $68 Billion In Additional Capital


The eight largest banks in the U.S. must increase their capital levels by at least $68 billion from 2018 onwards, said federal regulators on Tuesday, in order to meet new rules designed to lessen the risk of a financial collapse.

According to Reuters, the Federal Deposit Insurance Corp. and the Treasury’s Office of the Comptroller of the Currency had voted to require those banks to raise their minimum ratio of capital to loans from 3 percent to 5 percent.

Ugandan Clinics Selling Fake HIV Certificates To Job Seekers


Private clinics in Uganda’s capital of Kampala are selling off bogus HIV negative test results in order to help people secure jobs, reported the BBC on Thursday, calling into question recent government campaigns promoting their successful fight against the disease.

During an undercover investigation held at 15 clinics, 12 were willing to give out fake negative results with a bribe of $20.

Russia Raises Ukraine’s Gas Price For Second Time In A Week


Russia’s state-owned gas producer Gazprom on Thursday announced another price hike for its sales to Ukraine, the second increase in this week alone, reported Reuters.

Italy’s Government Auctions Off Luxury Cars Online


In a move to crackdown on government waste and boost revenue, Italian authorities are putting 151 state-owned luxury cars up for sale on popular online auction site eBay.

The government first started listing cars last week, reported CNBC, which included models from BMW, Alfa Romeo, and Lancia.

Germany To Introduce National Minimum Wage In 2015


Germany’s cabinet have signed off on a bill to introduce a national minimum wage of 8.50 euros ($11.75) an hour starting next year, moving away from their traditional wage structure – in place for decades – where businesses and trade unions would agree on pay and working times in collective agreements.

The bill had been a flagship project for the Social Democrats (SPD) who currently share power with chancellor Angela Merkel’s conservatives Christian Democrats (CDU).

Russia Threatens Retaliation After JPMorgan Blocks Embassy Money Transfer


Russia’s foreign ministry has threatened to impede the operations of American diplomatic missions in the country, after U.S. bank JPMorgan Chase on Tuesday blocked a remittance from the Russian embassy in Kazakhstan to an insurance agency.

International Donors Pledge $1 Billion For Universal Education In Pakistan


The United Nations will donate $1 billion to Pakistan over the next three years to provide education to more than 7 million out-of-school children, said Special Envoy on Global Education Gordon Brown over the weekend.

Speaking at an education forum at the Jinnah Convention Centre in Islamabad, the former British prime minister said that the money had come from international donors and would go towards funding the biggest education expansion in the country’s history.

Cuba Approves New Foreign Investment Law, Aims To Bring In $2 Billion A Year


The Cuban parliament on Saturday unanimously passed a new law to open up the country to more foreign investments, promising less government control and greater flexibility for overseas investors.

According to Reuters, the new law, which will take effect within 90 days, will cut taxes on profits by half to about 15 percent, as well as eliminating a labour tax and granting new investors an 8-year exemption on the profits tax.