- Economic bloc for the East?
Russian President Vladimir Putin defended a pact by four former Soviet republics to create a single economic zone as being “in the national interests” of all the countries concerned.
- Commissioner: WTO failure ‘unsustainable’
European Union farm ministers meeting in Taormina, Italy, on Sept. 21 unanimously agreed to support a multilateral approach to trade negotiations favored by the EU, despite the collapse of the World Trade Organization talks in Mexico.
- Lukoil gets U.S. support for new Baltic port
The Overseas Private Investment Corporation signed a deal Sept. 22 committing itself to guarantee financing of a $130 million loan for Lukoil to build an oil export terminal on the Gulf of Finland.
- Bush-Putin honeymoon fading ahead of summit
When U.S. President George W. Bush hosts Russian counterpart Vladimir Putin this week at his Camp David retreat, the media will focus on how the two men keep bilateral ties on track after their brief honeymoon period after the September 11 attacks faded.
- Oil terminal project moves on
The construction work on the new oil terminal of leading Russian oil company LUKoil, which began one year ago, is proceeding very rapidly in Vysotsk.
- Putin and Lukashenko reach currency accord
Russian President Vladimir Putin and his Belarusian counterpart Alexander Lukashenko smoothed feathers over the introduction of a common currency and a heated dispute over gas at a summit meeting.
- BP launches new venture in Russia
British oil giant BP launched its new multibillion-dollar joint venture in Russia on Sept. 12 but said the success of the merger with the Russian oil firm TNK depended on how the latter adapted to Western business practices.
- Leaders reach Saudi- Russian accord on oil
Saudi Arabia's de facto ruler, Crown Prince Abdullah bin Abdul Aziz, wound up a historic three-day visit to Russia last week in which the world's two largest oil exporters signed a key cooperation agreement.
- Ryanair warns over future of low-cost air travel
Faced with the prospect of being forced out of a second regional airport in Europe, the low-cost airline Ryanair warned Sept. 8.
- Finland set to exempt Estonia from offshore rules
Finnish Finance Minister Antti Kalliomaki meeting with his Estonian colleague, Tonis Palts, on Sept. 5 said Finland would not apply rules regulating business with low tax-rate countries to Estonia.
- Foreign investment in Eastern Europe at record high
Foreign investment in Central and Eastern Europe rose by 15 percent in 2002 to reach a record high even as world investment flows remained in the worst slump for 30 years, the United Nations.
- Estonia speeds ahead with Internet access
It will literally be a two-speed Europe when eight former communist nations join the European Union next year.
- Russia exercises grip on Baltic ports
As Estonia, Latvia and Lithuania look westward and make plans to join the European Union and NATO next year, cargo ports, which function as a key sector of the Baltic states’ economy, remain dependent on Russia.
- Ericsson may leave Sweden if euro rejected
Swedish telecommunications giant Ericsson threatened to move both its production and headquarters out of Sweden if Swedes reject the euro in a Sept. 14 referendum.
- Tourism hopping on Bulgaria’s Golden Beach
At a time when many people are afraid to travel due to terrorist threats, there is at least one tourist destination thriving — the former communist state of Bulgaria.
- Ryanair fined for misleading ads
A Danish court ruled on June 27 that Ryanair, the Irish low-cost airline, had engaged in illegal advertising and ordered the carrier to pay a fine of 20,000 Danish kroner (2,700 euros).
- Finnish high-tech giveth, high-tech taketh away
High-tech has propelled Finland onto the world stage, boosting wealth and welfare, but Finns are now learning that cutting-edge industries are the first to feel the pain when the economy goes wrong.
- Finnair sales down, SARS to blame
Finnair, Finland's national carrier, recently reported a slump in numbers of passengers, blaming SARS for wreaking havoc on its Asian routes.
- Russian men turned on by anti-impotence drug
"Why is the lion the king of the animals? Because of his tufty tool. And what makes a man really a man? You know perfectly well," reads the latest innuendo-laced commercial launched by a Russian pharmaceutical firm.
- Swedes rethink nuclear power
Swedish support for nuclear power is on the rise for the first time since 1980, when Swedes voted in favor of phasing out the country's 12 nuclear reactors, a new study shows.