Meat wars: Russia denies US meat ban is a revenge for Magnitsky Act

12/12/2012

Russian authorities say restrictions on US meat imports have no political motivation. Meanwhile the argument is about to become another WTO row for Russia just months after it joined the organization.

Russia needs a free market economy, rather than capitalism – Putin

12/12/2012

Russia needs to develop a free market economy based on industry and middle size business as the growth potential of a resource based economy is exhausted, President Vladimir Putin said.

India, Iran finalize rupee as trade currency

12/12/2012

The Indian rupee has been made the official currency for trading between India and Iran. It has also been decided that UCO Bank will be the official bank for transactions.

Milk consumption drops off massively in the US

12/12/2012

Americans do not drink as much milk as they used to. Milk consumption in the US has dropped 30 percent since 1975 and even 3.3 percent in the last year alone, said a new report by the Wall Street Journal.

US trade deficit widens as exports slump

12/12/2012

The US trade deficit widened in October as exports slumped as a result of a slowdown in global demand, according to data released by the Commerce Department on Tuesday.

Record low unemployment in Russia at 5.2%

12/12/2012

The number of Russians without a job has reached its lowest ever level, according to the country’s Vice Premier Olga Golodets. This is in contrast to Europe which is struggling with sky-high unemployment rates.

Last Twinkies shipment to arrive in Chicago tomorrow

12/11/2012

Twinkiegeddon is truly upon us, as Hostess confirms the last shipment of the Hostess snack cakes will arrive in Chicago tomorrow.

Japan enters into recession

12/11/2012

Japan has entered into a recession, according to revised economic data released today, the Guardian reported. Government officials said the Japanese economy shrank by 0.03 percent in the second quarter of 2012 – more than previously estimated – and then contracted by 0.9 percent in the third quarter.