Eastern Europe
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George Osborne's attempt to slash £11.5bn off public spending in election year has run into cabinet trouble, after ministers identified only £2.5bn in cuts to their budgets.
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*Several dealers doubt China will raise import duty. LONDON/ BEIJING, May 22- A slide in sugar prices driven by excess supplies may be given fresh impetus soon with China, one of the world's top importers, likely to cut back on purchases after a sharp jump in stocks. "If China were to continue to buy large tonnages of sugar, that would be a bullish signal.
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*Israel hopes gas finds will strengthen diplomatic hand. TEL AVIV, May 22- Israel's newfound natural gas reserves will boost its regional clout and could help it improve ties with neighbouring states in need of new energy sources, Energy Minister Silvan Shalom said.
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SEOUL/ BEIJING- North Korea sent one of its top military officials as a "special envoy" from its leader Kim Jong- un to Beijing on Wednesday, accompanied by a high-powered delegation in what appeared to be a bid to mend frayed relations with its most important ally.
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While Europe has shale plans of its own, there is as yet no unified EU policy. The reserves will be far harder to extract than in the United States and the final cost to consumers is likely to be substantially higher so Europe will not be able to free itself of dependence on gas imports from Russia any time soon.
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MOSCOW, May 22- Igor Kim snapped cast-off assets from foreign banks pulling out of Russia and now the banker says he wants to expand into Europe. Kim, 47, emerged with his partners as an asset consolidator after the global crash of 2008 forced Western banks to downsize, buying the Russian commercial banking units of Barclays, WestLB, Morgan Stanley and Santander.
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May 22- Foreign banks that once treated Russia as an undiscovered country where easy money could be made are now finding it a cut-throat market tougher than some bargained for.
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MOSCOW, May 22- Foreign banks that once treated Russia as virgin land where easy money could be made are now finding it a cut-throat market tougher than some bargained for.
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*Copper imports have doubled since Sterlite smelter closure on March 30. India's biggest smelter, owned by Sterlite Industries, was shut on March 30 after local residents complained of emissions that led to breathing difficulties, forcing top copper users to rely on rival Hindalco Industries for almost all their copper needs.
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LONDON, May 21- The European Commission is asking oil traders across the continent to provide evidence of market abuse to determine whether companies sought to manipulate prices reported to leading price-setting agency Platts.
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WASHINGTON- Two senior White House aides knew weeks ago that a probe of the Internal Revenue Service had found that the U.S. tax agency had inappropriately targeted conservative groups, but did not tell President Barack Obama, a White House spokesman said on Monday.
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*Ukraine's potholed roads sign of economic, political woes. KIEV, May 21- As the snow and ice began to melt in Ukraine this spring, exposing fresh cracks and potholes in the roads, hundreds of motorists gathered outside a government building carrying unusual burdens.
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GENEVA, May 20- Leaders of the multibillion-dollar global business aviation industry see signs of recovery from four years of recession, they said on Monday, but they appealed to governments to ease the way ahead by cutting taxes and red tape.
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*Corn sags on expectations of record planting report. *Wheat prices the lowest since April 3. CHICAGO, May 20- U.S. grain and soybean futures traded mostly lower on Monday, pressured by a pickup in planting around the U.S.
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A bank and savings institution in the Czech Republic was closed and all deposits frozen pending a fraud investigation by the Czech central bank and ministry of finance.
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NEW DELHI- India and China will study new ways to ease tensions along their ill-defined border, Chinese Premier Li Keqiang said on Monday in his first foreign trip since taking office, which comes just weeks after a military stand-off between the Asian giants in the Himalayas.
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*Nigeria says to cut domestic debt over 3-5 years. LAGOS, May 20- Nigeria will increase the amount it borrows overseas to around 40 percent of all debt over the next three to five years, from 12 percent currently, to lower its funding costs, the head of the debt office said on Monday.
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LONDON, May 20- U.S. corn futures were lower for new crop contracts on Monday, weighed by a pick-up in planting progress in the United States, while tight supplies boosted old crop prices.
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LONDON, May 17- The coveted investment grade rating has arrived in Turkey and foreign capital may follow- possibly a lot of it. An investment grade rating, which Moody's gave Turkey on Thursday, potentially opens Turkey to more conservative funds. "This could bring a whole new investor base to Turkey," says Tim Ash, head of emerging markets research at Standard Bank.
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WASHINGTON, May 18- Cybersecurity professionals know a myriad of ways hackers can try to wreak havoc on critical infrastructure or infiltrate corporations to steal or spy, but it is the fear of the unknown that some say keeps them up at night.
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LONDON/ WASHINGTON, May 17- A European probe into possible oil price manipulation expanded with the investigation of a small niche trading house in the Netherlands and a key U.S. senator on Friday called for the Justice Department to join the investigation.