The crude oil price collapse has forced some Canadian oil service companies to cut their workforces, budgets, and salaries, as their energy-producing customers have been struggling with their own budget cuts and market uncertainty.
Fast-food chain McDonald’s has been accused of avoiding over €1 billion in European corporate taxes between 2009-2013. A report by a coalition of European and American trade unions has revealed the company’s alleged tax avoidance strategy.
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.
As Greece’s finance minister clashes with the EU and his German counterpart over Athens' debt to the Troika of European lenders, a German show has uploaded a YouTube video spoof of the economic standoff between them, entitled ‘V for Varoufakis’.
The Russian ruble-denominated MICEX is currently the best performing index this year, with analysts expecting the growth streak to continue, despite rating downgrades, Western sanctions and the plunge in the oil price.
Russia will continue to help Cyprus to gets over its debt crisis said President Putin after talks with Cyprus President Nicos Anastasiades in the Kremlin. Moscow has already provided the country with a €2.5 billion loan.
A preliminary estimate of China’s purchasing managers’ index (PMI) that reflects business conditions in manufacturing, shows the sector started to grow after four months of contraction, with exports remaining sluggish.
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.