Poland's new finance minister gave no exact date for the entry to the euro zone, saying, it depends on the global economy. Jacek Rostowski said at a news conference that the government wants to meet the euro entry criteria in a "few years," but that when Poland starts using the euro "will depend on external factors."

European employers were warned Tuesday to live wth strong euro, as higher oil prices and a borrowing crisis cast a shadow over the euro zone's economic growth.

EU officials acknowledged Monday that the economy of the 13-nation euro area may grow by only 2 percent next year as forecast by the International Monetary Fund, but sounded unworried about the future.

European Union will keep Europe open to free trade on condition that others will do the same and combat counterfeiting - a clear swipe at China.

Ending a one-day summit, the 27 EU leaders also called for international efforts to limit the fallout from a banking crisis that looks set to brake economic growth in the EU next year.

Swedish wireless equipment maker LM Ericsson on Saturday said it had penned a deal to buy a majority of Nortel Networks ' North American wireless business for $1.13 billion.

The Stockholm-based group said the purchase is on a cash and debt-free basis and covers the older CDMA and newer LTE wireless businesses of Nortel's Carrier Networks unit, The Associated Press reports.

Russian economists consider the current economic crisis will last long. Almost all experts predict that the Russian economy will continue to decline this year. Optimistic specialists expect this recession to stop in 2010.

A number of negative factors have emerged in the Russian economy lately, which will only exacerbate the economic situation in the country, analysts believe. They include the ongoing decline of consumer demand and the reduction of investments in the fixed capital.

A recovery from the worldwide economic slump will occur in East Asia only after it has begun in the United States, the Singapore ambassador to the U.S. said Tuesday.

Protectionist measures won't help recovery in either the U.S. or east Asia, Chan Heng Chee told an audience at the Clinton School for Public Service. She said free trade "is a win-win situation that benefits both countries."

China ’s announcement overnight that it will allow companies to settle international trade claims in yuan shows how serious the Chinese authorities are about building a local currency market.

China will allow companies to use the yuan to settle cross-border trade and let them keep their entitlement to export tax rebates, seeking to reduce the reliance of importers and exporters on the U.S. dollar.

Russia will soon resume the production of world’s largest commercial heavy transport plane An-124-100 Ruslan, RIA Novosti news agency reports with reference to the administration of Aviastar-SP Enterprise, which produced the plane before.

The historic conference in Bretton Woods ended on July 22, 65 years ago. The members of the conference agreed to establish a system of payment based on the US dollar and established the dollar peg with gold. The conference also resulted with the establishment of the International Monetary Fund and the World Bank.

There can be no winner in the dispute between Canada’s Magna and Belgium’s RHJ International for Germany’s automotive giant Opel. If the talks between the General Motors and the bidders end with no results, the car-maker may go bankrupt, Germany's Frankfurter Allegemeine Zeitung newspaper wrote.

Russia intends to preserve trade preferences for Belarus despite the switch of world energy prices, Prime Minister Vladimir Putin told parliamentary group leaders on Sunday. Belarus is the only country enjoying preferences in trade with Russia, he said. “Thanks to the low price Belarus pays for Russian crude and petroleum products, it has become a leading exporter of oil and gas derivatives to Europe...”

Russian economists consider the current economic crisis will last long. Almost all experts predict that the Russian economy will continue to decline this year. Optimistic specialists expect this recession to stop in 2010. A number of negative factors have emerged in the Russian economy lately, which will only exacerbate the economic situation in the country, analysts believe. They include the ongoing decline of consumer demand and the reduction of investments in the fixed capital.

The fallout from the U.S. housing crisis can be easily sustained by the world economy without cutting borrowing costs.

The United States has already lowered its benchmark rate twice because of worries about a slowdown, while the Bank of England made a quarter-point cut Thursday. The ECB held steady.

Europe should learn lessons from the near-collapse of British mortgage lender Northern Rock in the wake of the U.S. credit crisis. But he said he saw "no chance" of a single European supervisor being appointed to watch over banks that do business in several European nations. EU Internal Market Commissioner Charlie McCreevy called instead for a college of supervisors to watch each of the dozens of banks spread over several of the EU's 27 nations.

European employers were warned Tuesday to live wth strong euro, as higher oil prices and a borrowing crisis cast a shadow over the euro zone's economic growth.

EU officials acknowledged Monday that the economy of the 13-nation euro area may grow by only 2 percent next year as forecast by the International Monetary Fund, but sounded unworried about the future.

The recession in Russia will run deeper and longer than it appeared even a few months ago, the World Bank concluded in a report released Wednesday, underscoring the impression that Russia has been one of the countries hit hardest in the downturn.

A study released on Monday showed that Russia had become a powerhouse of overseas investment.

The study, by the Skolkovo Moscow School of Management and New York's Columbia University, found that the top 25 Russian companies in terms of foreign assets have a total of US$59 billion in foreign assets.

European Union will keep Europe open to free trade on condition that others will do the same and combat counterfeiting - a clear swipe at China. Ending a one-day summit, the 27 EU leaders also called for international efforts to limit the fallout from a banking crisis that looks set to brake economic growth in the EU next year.

Gazprom has entered an agreement with Azeri national energy company SOCAR to purchase Azeri gas at a price of $350/thousand cubic meters. Initial volumes of 500 mcm for 2010 are modest, but Gazprom is allegedly to be a preferential buyer (whatever that means) for gas from the second stage of the immense Shan Deniz field.