Economy

• Thursday, July 9th 2015 - 06:29 UTC

  Brics summit takes off in Russia with an agenda full of economic and political issues

  

  Russian President Vladimir Putin met on Wednesday with his Brazilian counterpart, Dilma Rousseff at the Siberian city of Ufa, where the Brics group summit is taking place. Previously, Putin had met with president Xi Jinping (China); Jacob Zuma (South Africa) and Indian Prime Minister Narendra Modi, the five countries that make up the group.

• Thursday, July 9th 2015 - 06:10 UTC

  Greek banks to remain closed until next Monday as ECB caps funding

  

  The European Central Bank capped the amount of emergency funding it is providing to the Greek banking sector at €88.6 billion on Wednesday, in a sign that the central bank is awaiting the outcome of this weekend’s crunch talks on Greece before deciding whether to extend a further financial lifeline to the indebted country.

• Thursday, July 9th 2015 - 05:58 UTC

  China markets' volatility slide spreading to the rest of Asia

  

  Mainland Chinese shares continued to head lower on Thursday, leading the rest of Asia down as concerns over the market's steep slide spread. The benchmark Shanghai Composite was down 3.6% to 3,380.31 points despite aggressive measures by regulators such as banning big investors from selling stocks to boost the flagging market.

• Thursday, July 9th 2015 - 02:38 UTC

  Don't panic, nothing has really changed in the oil markets

  

  Monday's 8% WTI crude decline is setting up a big opportunity for buyers. And there could be more to come. But this is driven by momentum, not by the fundamental conditions in the physical market.

• Wednesday, July 8th 2015 - 09:08 UTC

  Chinese markets' volatility edging 'panic sentiment', admit regulators

  

  Mainland Chinese shares continued to slide on Wednesday, falling more than 8% on opening. The slump came despite more moves by China's regulators to try and stabilize the recently volatile market.

• Wednesday, July 8th 2015 - 08:12 UTC

  Grexit Day next Sunday, Euro Zone members warn Tsipras

  

  Euro zone members announced on Tuesday that they have given Greece until the end of the week to come up with a proposal for sweeping reforms in return for loans that will keep the country from crashing out of Europe's currency bloc and into economic ruin.

• Wednesday, July 8th 2015 - 08:03 UTC

  Obama calls Merkel and Tsipras calling for constructive talks

  

  President Barack Obama on Tuesday analyzed the Greek situation in separate telephone calls to Greek Prime Minister Alexis Tsipras and German Chancellor Angela Merkel, the White House said. Obama began his day with a phone conversation with Merkel, followed by another call to Tsipras.

• Wednesday, July 8th 2015 - 07:50 UTC

  World Bank claims there's 'no crisis in Latin America', but poverty still prevails

  

  The World Bank’s Vice-President for Latin America and the Caribbean, Jorge Familiar, praised the region’s implementation of economic reforms, claiming that they had led to poverty reduction in the last few years, but he also warned that its pace was decreasing.

• Tuesday, July 7th 2015 - 10:00 UTC

  Chinese markets volatility continue despite government measures

  

  Chinese stocks plunged Tuesday after mixed fortunes Monday, with the benchmark Shanghai Composite Index tumbling 3.2% at opening. The Shenzhen Component Index also opened 3.4% lower and the ChiNext Index, tracking growth enterprises, opened 3.8% lower.

• Tuesday, July 7th 2015 - 07:21 UTC

  Merkel and Hollande tell Greece the door for serious proposals remains open

  

  France and Germany told Greece to come up with serious proposals in order to restart financial aid talks, raising pressure on Prime Minister Alexis Tsipras to compromise a day after his country voted overwhelmingly against more austerity