Winston Churchill once said, “I feel lonely without a war.” He also badly missed the loss of empire. Churchill’s successor – the ‘Empire of Chaos’ – now faces the same quandary. Some wars – as in Ukraine, by proxy – are not going so well.
The people’s republics of Donetsk and Lugansk will introduce a multi-currency financial system using the US dollar, euro and yuan. This is to shield against the free fall of the domestic currency, the hryvnia, and the “economic blockade” by Kiev.
In an era of wanton government economic illiteracy, the latest case of ‘Kickcanistan’ mentality from Europe’s government caste has led to a political fudge ignoring economic reality allowing victory bleats by politicians with policies doomed to failure.
The latest Moody's downgrade of Russia's sovereign debt rating is based purely on “factors of a political character,” Russia's Finance Minister said, claiming the agency’s exorbitantly negative forecasts are “unrealistic” and without parallel.
The Russian ruble has been the best performing emerging markets currency in February, adding 12 percent since the beginning of the month. Higher oil prices coupled with a Ukraine ceasefire agreement and stabilization in Debaltsevo has inspired investors.
Coca-Cola Hellenic (HBC), the second biggest bottler of Coca-Cola products, has announced an 11.4 percent drop in fourth quarter profit, warning of further severe market decline in its biggest market Russia.
EU Trade Commissioner Cecilia Malmstrom’s visit to London to promote the EU-US Transatlantic Trade and Investment Partnership (TTIP) has been met with protest, as MPs say more transparency is needed to address public concern.
Public support for Greece across Europe is predictable as other countries are suffering just as much, says Leonidas Chrysanthopoulos, a former Greek ambassador. It’s a message to EU leaders who have been distant from people they are supposed to serve.
Central banks across the world have purchased a record 477.2 tons of gold in 2014 as an attempt to reduce the influence of the US dollar amid global financial instability, according to World Gold Council.