Russia lost more than $150bn in illegal outflow
Wednesday, 19 December 2012 13:08
RIA Novosti / Vadim Zhernov

RIA Novosti / Vadim Zhernov

Russia lost a whopping $151bn in black money leaving the country in 2001-2010, making it the fifth largest victim of illicit capital outflow, according to a report of Global Financial Integrity (GFI), the US financial watchdog.

The GFI found out that as much as $43.6bn illegally left Russia in 2010 in addition to $84bn of...

Saxo Bank's 'outrageous' predictions: World economy to face wild crises in 2013
Wednesday, 19 December 2012 12:02
AFP Photo / Yasuyoshi Chiba

AFP Photo / Yasuyoshi Chiba

Spain defaulting, oil falling to $50 a barrel and the DAX plunging 33% - Saxo Bank’s “outrageous predictions” for 2013 are like an economic Apocalypse.

­The Danish investment bank has published its unofficial predictions for the next year that are unlikely, but will send shock waves through the global markets if they ...

Russian banks borrow record $61bn from Central Bank
Wednesday, 19 December 2012 10:08
Russian banks borrow record $61bn from Central Bank

Russian Central Bank in Moscow (Reuters / Sergei Karpukhin)

Russian banks borrowed a record 1.9trln roubles ($61 billion) from the Central Bank of Russia during an auction aimed to boost the liquidity level of the country’s lenders.

On Tuesday the CBR provided 2.63trln roubles – the largest amount since 2009 – to the banks at the auction, Vedomosti d...

For medicinal use only?
Tuesday, 18 December 2012 17:38

THE Czech Republic already has one of the world’s most liberal approach to recreational drug possession. And it will get more liberal still: beginning next year the government will allow marijuana to be distributed by pharmacies (a Czech pharmacy is pictured above) for patients with a prescription.

Lawmakers in parliament’s lower house o...

The growing pains of Georgia's democracy
Tuesday, 18 December 2012 13:05

AFTER Bidzina Ivanishvili declared his intention to enter politics at the end of 2011, a barrage of claims and counter-claims polarised the country. Emotions ran high when Georgians went to the polls on October 1st. Given Georgia’s turbulent political history and the dominance of the United National Movement (UNM), the country’s first-ever con...

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