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Showing posts from August 7, 2014

Russia bans fruit, veg imports from U.S., EU, Australia, Canada and Norway

Russia will ban fruit, vegetables, meat, fish, milk and dairy imports from the United States, the European Union, Australia, Canada and Norway, Prime Minister Dmitry Medvedev told a government meeting on Thursday.

"There is nothing good in sanctions and it wasn't an easy decision to take, but we had to do it,"
Medvedev said. The ban is valid from Aug. 7 and will last for one year, he said.

Medvedev also said that the country was considering a ban of transit flights for European and US Airlines to the Asia-Pacific region.

Medvedev said western sanctions were a “dead-end track”, but Russia has been forced to respond to the measures taken by the western countries.

Alcohol imports from both the EU and the US will not be restricted.

“We are actually speaking of an embargo on imports of whole categories of products from countries which have introduced sanctions against Russian organizations and individuals,”
Medvedev said.

Medvedev believes the year-long embargo Russia is imposing w…

GLOBAL MARKETS : Europe's Crisis Puts France and Italy in the Spotlight

Europe's economic downturn is following a relatively coherent path. 

First, it affected some of the eurozone's smallest and most peripheral economies (Greece, Portugal and Ireland). 

Then it moved to larger economies (Spain, and to a certain extent the Netherlands and Finland), and now it is particularly concentrated in the second and third largest economies in the continental bloc, France and Italy. 

These will be the two key countries to watch in the final months of 2014 and throughout 2015, because the debate about the future of the eurozone will be focused on them.

On Aug. 6, the Italian statistics office announced that the country has fallen back into recession, after two consecutive quarters of gross domestic product contraction (-0.1 percent in the first quarter, and -0.2 in the second). Italy had briefly emerged from a two-year recession in the final quarter of 2013, but only in a technical sense (it barely grew by 0.1 percent). This means that the Italian economy has not…