Business  May 29, 2015
Cash-strapped Ukraine inches toward crucial debt deal
UkraineUkraine's finance minister on Friday said Kiev and its private creditors would next week launch direct debt restructuring talks that could save the war-torn country from a devastating default.Natalie Jaresko's announcement came as the ex-Soviet state's pro-Western leadership races to meet a late June deadline by which it must find a way to save $15...  Full Story
Oil slides on strong dollar, supply glut worries
Oil prices sank this week to one-month lows on the back of the strong dollar and global supply glut fears, ahead of the OPEC cartel output meeting next weekOil prices sank this week to one-month lows on the back of the strong dollar and global supply glut fears, ahead of the OPEC cartel output meeting next week.The rising greenback makes dollar-denominated commodities more expensive for holders of other currencies. That tends to dent demand and prices.Meanwhile the Organization of the Petroleum Export...  Full Story
Russia to ban fish imports from Latvia, Estonia
Russia is to ban fish imports from the Baltic states of Latvia and Estonia, its food safety watchdog said Friday, citing violationsRussia is to ban fish imports from the Baltic states of Latvia and Estonia, its food safety watchdog said Friday, citing violations.Officials from Russia's food safety regulator Rosselkhoznadzor met veterinary officials from the Baltic states on Friday and told them "imports of fish products from Latvia and Estonia to Russia will be halted shortly,...  Full Story
Hungary PM wants to make EU 'better', but not leave it
Hungarian Prime Minister Viktor Orban (pictured) said he wants to improve the European Union but not leave the bloc, as his British counterpart David Cameron courts European capitals for EU reformHungary's prime minister said on Friday he wanted to improve the European Union but not leave the bloc, as his British counterpart David Cameron courted European capitals for EU reform."I am ready to criticise the EU on any issue, and I am ready to debate with European bureaucrats, but I am firmly opposed to, and we should fight, anybody who would ...  Full Story
US says all parties need to move on Greece
US Treasury Secretary Jacob Lew during a press conference at the G7 finance ministers and central bank governors meeting in Dresden on May 29, 2015Greece and its creditors need to move if the debt-wracked country is to remain in the eurozone, the United States said Friday, as Athens' European partners insisted there was still a lot of work to do."All parties need to move," US Treasury Secretary Jacob Lew told a briefing after a meeting of Group of Seven finance ministers and central bank chie...  Full Story
G7 nations push for 'code of conduct' for bankers
German Finance Minister Wolfgang Schaeuble (L) and the German Federal Bank chief Jens Weidmann give a press conference at the end of the G7 finance meeting at Palace Residenzschloss in Dresden, Germany, on May 29, 2015The finance ministers and central bank chiefs of the world's wealthiest nations are pushing for a "code of conduct" for banking professionals, the head of the German central bank, Jens Weidmann, said Friday.The Bundesbank chief said the Group of Seven nations -- Britain, Canada, France, Germany, Italy, Japan and the United States -- were "encouragi...  Full Story
Turnaround as Bank of Cyprus sees 29-mln-euro Q1 profit
Bank of Cyprus, the east Mediterranean islandBank of Cyprus, the east Mediterranean island's largest lender, on Friday posted a 29-million-euro ($32-million) post-tax profit in the first quarter.Profit after tax attributable to the owners of the bank compares with a loss of 337 million euros in the last quarter of 2014.BoC said it had reduced emergency liquidity assistance (ELA) in Q1 by 500 ...  Full Story
Cyprus tourism income rises 15% with surge in arrivals
Tourists enjoy Nissi Beach on the southeast coast of Cyprus on August 3, 2010Recession-hit Cyprus recorded a 15 percent hike in key tourism revenue in March, the first rise in income this year, official data showed on Friday.Tourism income on the Mediterranean holiday island reached 65 million euros ($71 million) from 56.5 million euros in the same month last year.This was helped by a 25.7 percent surge in tourist arrivals ...  Full Story
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