Germany's second-largest bank, Commerzbank, is planning to cut between 4,000 and 6,000 jobs. The lay-offs are part of a larger trend of scaling back among German banks.
The Russian Central Bank responded resolutely to the panic selling of the ruble. But a base rate of 17 percent won't help much unless there is a drastic change in Kremlin policy, says Andrey Gurkov.
Chinese Premier Li Keqiang is meeting with leaders of eastern and southeastern European countries at the fourth CEE-China summit. The group seeks to expand economic cooperation and China is set to benefit.
Russia's currency has continued its plunge against the dollar and euro, despite a massive interest rate hike by the country's central bank. After a brief rebound, the ruble has fallen to a new all-time low.
EU lawmakers have selected a German to keep the eurozone's biggest banks on a tight leash and prevent another financial crisis. Elke König is respected and feared for her strong moral values.
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