Reuters

South Stream "looks irreversible" - Bulgarian minister

BEIJING -- Bulgaria has not given up plans to build the South Stream natural gas pipeline, Energy Minister Dragomir Stoynev was quoted as saying on Monday.

He also described the Gazprom-led project as "irreversible," Reuters reported.

Libya has lost $30 billion due to 10 months of protests at oilfields and export terminals but has sufficient foreign currency reserves to keep the country running, a central bank official said June 6.

Putin and Obama "meet briefly, informally"

NORMANDY -- U.S. President Barack Obama and his Russian counterpart Vladimir Putin on Friday met briefly on the sidelines of D-Day anniversary celebrations in France.

This was announced by the office of French President Francois Hollande.

Prime Minister Recep Tayyip Erdoğan never ceases to amaze me. Just as I was thinking he had set a new standard in damaging the economy by attacking the Central Bank, he raised the bar by announcing a vast debt amnesty.

The ruling party is dedicated to make the presidential election in August, after which the country will have its first president elected by the public; more than an election for a new president.

ABN AMRO is pumping billions of dollars into its shipping finance business as the sector looks to recovery – just as European rivals cut their exposure due to tougher capital constraints, the Dutch state bank’s head of shipping said.

ABN AMRO has tripled its ship finance portfolio to around $7-8 billion from $2.5 billion in 2009-2010, Gust Biesbroeck told Reuters.

EC recomends Albania be granted candidate status

TIRANA -- The European Commission has recommended granting Albania candidate status for membership in the European Union.

The EC "recognizes Albania's progress and urges it step up its reforms before and after the decision of member states later in June," Reuters reported.

On the first anniversary of nationwide protests that shook Turkish Prime Minster Tayyip Erdoğan's rule, barely a thousand anti-government demonstrators marched in Istanbul on May 31.

Outnumbered by riot police, they were soon sent scurrying into side streets by tear gas and water cannon.

Fitch Ratings said in a new report on Tuesday that second-tier foreign-owned Turkish banks are well positioned to face the challenges inherent in Turkey’s volatile operating environment.

Finansbank, owned by National Bank of Greece (NBG), enjoys the highest net interest margin among the country’s four foreign-owned lenders, reflecting a business mix more focused on retail banking.

A Cyprus court has frozen the assets of three offshore entities through which Mechel’s main shareholder and chairman Igor Zyuzin owns a 67.4 percent stake in the indebted steelmaker and coalminer, Interfax news agency reported on Monday.