Ukrainian Prime Minister Arseny Yatsenyuk has ordered the development of a new gas pipeline project with Poland, RIA Novosti reported. The project should be realized in 2016. The pipeline will make it possible to get an additional 80 million cubic meters of gas a day, meaning that Ukraine could receive all its natural gas from EU states, Yatsenyuk said.
Ukraine’s GDP declined by 5.1 percent in the third quarter compared with a year ago, the Wall Street Journal reported. The country’s economy shrank 4.7 percent in the second quarter and by 1.1 percent in the first. Despite the accelerated pace, the decline in the third quarter was narrower than expected, the paper said, citing analysts.
Inflation in the eurozone edged up slightly in October, as a first estimate on Friday from the EU’s statistics office showed consumer prices rose by 0.4 percent, Reuters said. The previous day, data showed inflation in Germany slowing in October to 0.7 percent, its lowest reading since May. The European Central Bank’s policymakers appear divided on the likelihood of deflation in the euro area.
The Ukrainian Prime Minister Arseniy Yatsenyuk has instructed the country’s finance ministry, the National Bank of Ukraine and Naftogaz to start paying off its gas debt to Russia. The country will pay part of the accumulated Russian debt, and prepay for new supplies, RIA reports. Russia, Ukraine, and the European Union agreed a deal on Thursday in Brussels to cover Ukraine’s $4.6 billion gas debt.
The South Stream gas pipeline construction is a priority for Bulgaria and Austria, Bulgarian President Rosen Plevneliev and his Austrian counterpart Heinz Fischer said after talks on Thursday, TASS reported. “We actively support the South Stream project as an opportunity to diversify gas supply routes to Southeast and Central Europe,” Plevneliev said, adding a correct dialogue with the newly-appointed European Commission could persuade it to give a green light to resuming its construction.
Bombardier has put plans for a plane-building joint venture in Russia on hold due to political and economic conditions, Reuters said. The decision is potentially jeopardizing a large Russian order. The Canadian plane and train maker had been in talks with state-owned industrial and defense corporation Rostec to manufacture its Q400 turboprop in Russia, and sell 100 planes in the country. “We’ll see what happens over the next months,” Bombardier Chief Executive Pierre Beaudoin said.
Motorola smartphones are expected to return to the Russian market, according to representatives of Lenovo. The move became possible after the Lenovo Group said on Thursday it had completed its $2.91 billion acquisition of Motorola Mobility. Smartphones under the Motorola brand have not been officially sold in Russia for several years.