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Eastern Europe

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  • DIARY- Top Economic Events to June 4 Friday, 22 May 2015 | 8:01 PM ET

    SINTRA, Portugal- European Central Bank board member Vitor Constancio chairs session 2 on "Structural Perspectives on European Employment, Productivity, and Growth in a Global Context" at an ECB forum on Central Banking "Inflation and Unemployment in Europe"- 0800 GMT. SINTRA, Portugal- Federal Reserve Vice Chair Stanley Fischer participates in a panel...

  • Shake Shack extends run on "chicken shack" talk Friday, 22 May 2015 | 2:04 PM ET

    NEW YORK— Shake Shack's shares surged to another record high Friday, fueled in part by speculation that the hamburger chain could be thinking about dishing out chicken. Last month, a unit apparently tied to Shake Shack's parent company applied to trademark the words "Chicken Shack" for chicken sandwiches. Earlier this month, Shake Shack Inc. reported...

  • BRUSSELS/ OSLO, May 22- Norway has overtaken Russia as western Europe's top gas supplier, data from state firms shows, indicating the European Union's drive to reduce its dependence on Russian energy is bearing fruit. Norway exported 29.2 billion cubic metres to western Europe in the first quarter of this year, figures from Norwegian state operator Gassco show,...

  • *Ukraine at odds with bondholders over $23 bln debt. Ukraine is now in regular contact with a group of its largest bondholders, Finance Minister Natalia Yaresko told Reuters by telephone from Riga, striking a more optimistic note. A key sticking point has been bondholders' repeated objection to a writedown on the face value of the bonds, a' haircut' Ukraine insists...

  • Though a more subdued run for other countries meant MSCI's main emerging market index was fractionally lower on the week, China's latest gains took its surge since March to an astounding 45 percent. In contrast, eastern Europe's bourses were on course for their biggest weekly fall since March with Russia and Poland's markets suffering struggles, the latter on...

  • EU embrace of eastern partners turns lukewarm Friday, 22 May 2015 | 4:19 AM ET

    The two-day meeting in Riga underlined that the EU's relations with Russia's neighbors in Eastern Europe are moving on different tracks, with only three of them— Ukraine, Georgia and Moldova— truly pursuing deeper integration. Belarus and Armenia are seeking only limited cooperation after joining Russia's Eurasian Economic Union and Azerbaijan showed...

  • *Islamic State fighters have scored twin successes in Syria and Iraq, taking full control of the historic Syrian city of Palmyra and overrunning Iraqi government defences east of Ramadi on Thursday. *Islamic State militants have seized the last border crossing between Syria and Iraq controlled by the Syrian government, a Syrian human rights group said on...

  • MOSCOW, May 21- The International Monetary Fund sees the Russian economy shrinking by 3.4 percent in 2015, a smaller contraction than previously forecast, but said the country's public finances faced big longer-term challenges because of low oil prices. Russia's economy was tipped into crisis last summer when an existing slowdown was compounded by a sharp...

  • IMF upgrades Russia growth outlook Thursday, 21 May 2015 | 10:31 AM ET

    MOSCOW— The International Monetary Fund predicts a less severe recession for Russia and says the country's economy will return to growth in a "mild recovery" next year. Following a recent staff visit to Russia, the IMF says in a statement that it now predicts a 3.4 percent contraction in GDP this year and says "growth should resume" in 2016.. On Thursday, the IMF did not...

  • Kyrgyzstan ratifies joining Russia-led trade bloc Thursday, 21 May 2015 | 6:40 AM ET

    BISHKEK, Kyrgyzstan— The Central Asian country of Kyrgyzstan has ratified a measure to join the Eurasian Economic Union, a Russia- led trade bloc. The country's entry must then be approved by the parliaments of the other members— Russia, Kazakhstan, Armenia and Belarus. Russia pushed hard for Ukraine to join the bloc, but opponents saw it as an attempt by Moscow to...

  • Failed launches cast shadow over Russian space program Thursday, 21 May 2015 | 3:58 AM ET

    MOSCOW— Back-to-back rocket launch failures have dealt Russia one of the heaviest blows to its space industry since the Soviet collapse— with national pride and billions of dollars at stake. The setbacks threaten to erode Russia's leading position in the multibillion global launch market, in which it commands an estimated 40 percent share, and dent President...

  • DIARY- Top Economic Events to June 3 Wednesday, 20 May 2015 | 8:01 PM ET

    SINTRA, Portugal- European Central Bank forum on central banking. Speakers:- ECB President Mario Draghi and board member Peter Praet, IMF Economic Counsellor Olivier Blanchard, BoE Governor Mark Carney, Central Bank of Mexico Governor Agustin Carstens, Central Bank of Ireland Governor Patrick Honohan, Organisation for Economic Co-operation and Development...

  • Russia budget crunch shows no quick end to economic pain Wednesday, 20 May 2015 | 2:18 PM ET

    MOSCOW, May 20- Russian Finance Minister Anton Siluanov warned on Wednesday the country would face no choice but to rein in public spending over the next few years, highlighting how Russia is still in deep economic trouble even if it has dodged an immediate meltdown. Russia was tipped into crisis by last year's sharp drop in oil prices, compounded by Western...

  • Ukraine's smaller bondholders unfazed by moratorium threat Wednesday, 20 May 2015 | 12:26 PM ET

    The committee itself has not commented on the new law but Russia, which holds $3 billion of Ukraine's bonds and is its second-biggest creditor, has attacked Kiev as "unprofessional". "This is in line with what I expected, as it's been a deadlock with creditors and this way they increase their bargaining power," said Rogge Global Partners' head of emerging debt Michael...

  • *Putin says new law paves way for Ukraine default. MOSCOW, May 20- Russia on Wednesday demanded the timely repayment of all debts owed to it by Ukraine and accused Kiev of effectively preparing the way for default with a new law. Moscow, whose relations with Kiev have been wrecked by a year-long conflict in eastern Ukraine, has declined to join the debt restructuring...

  • MOSCOW, May 20- Russian President Vladimir Putin said on Wednesday a law adopted by Ukraine allowing it to miss repayments to international creditors, Russia among them, was strange and unprofessional. Putin, speaking at a meeting with government ministers, said the Ukrainian legislation was in effect about an upcoming default by Ukraine.

  • LONDON, May 20- Emerging market currencies and stocks fell on Monday, coming under pressure from a climbing dollar after better-than-expected U.S. housing data. South Africa's rand, the Turkish lira and the Israeli shekel weakened by as much as half a percent against the dollar. "There are a lot of cross currents for emerging markets, with the dollar and oil prices...

  • DIARY- Emerging Markets Economic Events to June 1 Tuesday, 19 May 2015 | 8:02 PM ET

    ANKARA- Central bank of Turkey to hold monthly monetary policy committee meeting. PRAGUE- International Monetary Fund holds a press conference at the end of its annual mission to the Czech Republic- 1315 GMT. BRASILIA- International Monetary Fund head Christine Lagarde visits Brazil to participate in a central bank seminar about inflation targeting.

  • TALLINN, Estonia— Train service between the capitals of Russia and Estonia has been suspended due to declining demand, reportedly for the first time in six decades. The Estonian railway company GoRail said European Union sanctions against Russia have led to a sharp decrease in the number of Russians visiting Estonia, making the Moscow- Tallinn route...

  • *Ukraine needs dollars, not words, from creditors- PM. KIEV, May 19- Ukraine passed a law on Tuesday that gives the government the right to halt payments to creditors as it wrangles over the terms for restructuring $23 billion of foreign debt. Ukraine is holding talks to restructure sovereign and state-guaranteed debt to plug a $15 billion funding gap, but...