World Bulletin / News Desk
A proposal for a banking union in the euro zone will be made in early September, European Commission President Jose Manuel Barroso said on Thursday.
"The Commission is working intensively towards the creation of a banking union. In early September we will make a proposal for a single supervisory mechanism," Barroso said after holding talks with Greek Prime Minister Antonis Samaras. "This will rely on the European Central Bank as regards the euro area."
Barroso also said he was convinced Greece would continue in the euro zone and would get support from the European Commission as long as it continued on the path of reforms.
"We will do whatever is necessary to ensure financial stability of the euro area," he said.
Russia has banned the import of EU food products including fruit and vegetables from Poland, whose total food exports to Russia were worth around $1.5 bln last year.
Ukraine is prepared to compromise on the price until a lawsuit it has filed against Gazprom is resolved, minister Yuri Prodan said.
Finnish electricity specialist Hiekkala: 'Finland and Baltic countries have possibilities to replace the import from Russia by own capacity or Nordic import.'
The Bahraini-based Dar Group (Al-Shair and Partners) and its Egyptian subsidiary, Dar al-Handasah, were awarded the contract worth some $1.8 billion to draw up the master plan for Egypt's Suez Canal development project.
Citizens unable to pay their credit card bills can apply to Finance Ministry to have their debts expunged.
Greek Cypriot Farmers’ Union EKA general secretary Panicos Hambas said that the Russian sanctions on the Greek Cypriot export of citrus fruits could lead Turkish Cypriot farmers to export their own fruits to Russia via Turkey.
The closing off of a major export market threatens to hurt segments of the euro zone economy at a time when growth is pretty poor anyway.
Soaring Chinese demand for commodities like coal has underwritten Mongolia's rapid growth, with more than 90 percent of its exports sold to China.
Thailand avoided recession in the second quarter, the state planning agency said on Monday, but questions remain about the pace and depth of growth.
The new ban would not apply to foreign automakers' production inside Russia. Ford, Volkswagen , Ford Renault, Toyota and Hyundai Motor Co all have production facilities inside Russia.
Across Asia's low-cost garment manufacturing industry in particular, there have been more strikes as unions use a shortage of skilled workers to press for better pay and improved safety
More than eight out of ten French citizens do not trust the government of Prime Minister Valls to improve economic situation, poll shows
Argentina defaulted for the second time in 12 years on July 31 after losing a lengthy legal battle with hedge funds demanding full payment on debt
The pipeline is expected to function on an interruptible basis from September and on a firm basis from March 2015.
Ethiopian gold exports rose to 12.35 tons during the reported period compared to 12.32 in the previous year.
Argentina's enthusiasm for trade with Russia will improve Moscow's chances of filling any gaps left by its ban on European Union supplies and reduce the odds of food shortages.