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Russia to Spend 9 bn Euros to Tackle Financial Crisis

The economy minister of recession-hit Russia on Thursday pledged nearly $10 billion to tackle the country's financial crisis, as the low oil price weighs heavily on growth. 

Alexei Ulyukayev earmarked 750 billion rubles (nine billion euros, $9.8 billion) in anti-crisis measures, of which 310 billion rubles are loans to regional authorities already allocated in the 2016 budget.

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Cyprus, Israel, Greece Close Ranks on East Med Energy Cooperation

Cyprus President Nicos Anastasiades was Thursday hosting a three-way meeting with Israeli Prime Minister Benjamin Netanyahu and his Greek counterpart Alexis Tsipras focused on energy cooperation between the Mediterranean states.

With Cyprus, which lies just 100 kilometers (60 miles) from the Syrian coast, on the fringes of a region wracked by conflict, the three countries say cooperation holds the key to regional stability.

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Spain Registers Record Unemployment Drop in 2015

Spain's unemployment rate registered a record fall last year, dropping nearly three percentage points to 20.90 percent, according to statistics published Thursday that confirm the country's economic recovery.

Spain exited recession in mid-2013 after five years of economic turbulence sparked by the collapse of a property bubble in 2008 which left millions of people out of work.

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Kuwait Projects Record Deficit on Falling Oil Income

OPEC member Kuwait projected a record budget deficit for the fiscal year starting April 1 on the sliding price of oil, the finance ministry said on Thursday.

The shortfall for the 2016-2017 fiscal year is estimated at 11.5 billion dinars ($38 billion) due to a sharp decline in oil revenues, the ministry said on its Twitter account. 

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Oil Down in Asia on U.S. Stockpiles Jump

Oil prices tumbled in Asia Thursday after U.S. commercial crude stockpiles climbed to a record level, further stoking worries about a global oversupply of the commodity.

Prices had closed higher over the past two trading days, buoyed by hopes of stimulus measures in the eurozone and Japan, but analysts said any rally is unlikely to be supported because of the long-running supply glut.

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Deutsche Bank Confirms Huge 2015 Loss

Deutsche Bank on Thursday confirmed a net loss of 6.8 billion euros last year, as Germany's top lender was weighed down by enormous restructuring costs, risk provisions and lower income.

Losses in the fourth quarter alone amounted to 2.1 billion euros ($2.3 billion), said Deutsche Bank, which had already published most of its financial results last week.

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Deal to be Done Thursday for Peugeot to Return to Iran

A deal which will see French carmaker Peugeot return to the Iranian market will be signed Friday during the visit to France of Iranian President Hassan Rouhani, a French government source said.

Peugeot and its French partner Citroen will work with Iran's Khodro to produce 200,000 vehicles a year using parts manufactured in Iran.

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Saudis Battle for Oil Market Supremacy

By abandoning the tight rein it held for decades on the oil market, OPEC heavyweight Saudi Arabia launched a battle for control that sent crude prices plummeting.

It has been a painful fight, experts say, but with its vast resources the Gulf kingdom is showing no signs of giving up.

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Bundesbank: Germany Brings Home More Gold

The German central bank, or Bundesbank, said Wednesday that it brought home last year more of its gold reserves from overseas storage.

"The Bundesbank successfully continued its transfers of gold last year," the central bank said in a statement.

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New IMF Tranche Takes Cyprus Bailout to One Billion Euros

The International Monetary Fund on Wednesday approved the disbursement of 126.3 million euros ($137.4 million) to Cyprus after the eurozone member passed its ninth and penultimate review of its bailout programme.

"Completion of the review would make about 126.3 million euros available to disbursement, which brings total disbursements under the program to about one billion euros," said the IMF.

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