Economy
Russians shrug off sanctions on dollar, euro trading
Russians on the streets of the capital shrugged off new US sanctions on dollar and euro trading Thursday, claiming they had no need for Western currencies in their heavily targeted economy. The move cuts the group off from Western financial architecture and forced it to suspend trading in both the dollar and euro.
UK's Labour pitches for power with 'wealth creation' pledge
Britain's Labour party launched a "manifesto for wealth creation" Thursday, pledging to get the economy firing again if it wins power in next month's election after 14 years in opposition. The manifesto launch came two days after the Tories promised voters more tax cuts, in a campaign where the affordability of the main parties' spending plans have come under close scrutiny.
EU queries major porn platforms over child protection
The European Union on Thursday told three pornographic websites to explain what steps they have taken to protect children online and prevent the spread of illegal content. The European Commission demanded information about what action they have taken "to diligently assess and mitigate risks related to the protection of minors online".
European stock markets falter
European stock markets faltered Thursday following mixed showings by Asia and on Wall Street, as traders reacted to US Federal Reserve signals that it plans only one interest-rate cut this year. In the United States, the Federal Reserve left its key lending rate unchanged on Wednesday and pencilled in just one rate cut this year, down from the three expected in March.
Iconic Paris cinema shuts in sign of Champs-Elysees decline
The iconic UGC Normandie cinema on the Champs-Elysees in Paris closed its doors Thursday after 90 years -- with critics seeing another sign of tourism and fashion sucking the life from one of the world's most famous shopping boulevards.
Russian stock market suspends dollar trades after US sanctions
Russia's main stock exchange halted dollar and euro trades on Thursday after the United States hit Moscow with a new package of sanctions over its military offensive in Ukraine.
G7 to agree $50-bn Ukraine loan at Italy summit
G7 leaders were set to agree on a new $50-billion loan for Ukraine as they gathered Thursday for a summit in southern Italy, using the profits from frozen Russian assets. The European Union agreed earlier this year to use the profits from the frozen Russian assets for Ukraine, worth up to three billion euros a year.
Fire at Iraqi oil refinery injures 10: civil defence
A massive fire at an oil refinery in Iraqi Kurdistan injured at least 10 people including firefighters battling to control the blaze, which was ongoing Thursday, the civil defence agency reported. "More than 10 people were injured, mainly men from the Arbil civil defence," the agency said in a statement, noting three fire trucks were burned.
Kenya to present budget with new tax hikes
Kenya's finance minister is due to present Thursday the East African economic powerhouse's biggest ever budget, alongside a contentious finance bill that contains a raft of new or increased taxes. One of the most contentious provisions is the introduction of a motor vehicle tax set at 2.5 percent of the value of the car and the reintroduction of VAT on bread.
Economy
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