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1 hour ago

Russia signs a gas deal with Ukraine.

  Russia will supply Ukraine with 4 billion cubic meters of gas until March next year, at a cost of $4.6 billion, some of which is for previous gas deliveries. Ukraine must pay the sum up front but the EU, which also signed the agreement, will provide “unprecedented levels” of aid to help cover the cost.
5 hours ago

Citigroup is facing new probes into its currency business.

  And it’s going to be expensive. The bank took a new, $600 million legal charge against third-quarter earnings, in addition to $951 million in legal expenses it already disclosed, because of “rapidly evolving regulatory inquiries.” Those now include a criminal probe in the US, and inquiries in the U.K. and Switzerland.
October 30, 2014

Vice Media spreads its wings to Canada.

  The Brooklyn, NY-based media company (founded in Montreal) focused on the young and irreverent is spreading its provocative content to Canadian TV, mobile and digital devices in 2015. As part of its $100 million joint venture with Rogers Communications, Vice will have its own channel on country’s no. 1 cable operator, which has two million subscribers.
October 30, 2014

Lufthansa admits it’s struggling to keep up—again.

  It’s the airline’s second profit warning in less than six months. CEO Carsten Spohr said its previous forecast for 2015—of operating revenues hitting $2.52 billion—is unattainable, thanks to Europe’s economic slowdown and lower airfares driven by regional competitors like Ryanair and mideast carriers like Emirates. Ebola, political crises and worker strikes haven’t helped, Spohr said.
October 30, 2014

Shadow banking has grown to 120% of the world’s GDP.

  The murky industry, which includes hedge funds, real estate investment trusts and off-balance sheet investment vehicles, is worth $75 trillion, according to the Financial Stability Board. It grew $5 trillion in the span of one year, thanks to lenders looking to avoid regulations and investors seeking yield amid historically low interest rates. Argentina’s shadow banking sector grew the most—50% year-over-year—followed by China’s, which grew 30%.
October 30, 2014

The New York Times is doing better than it expected.

  The Grey Lady said its third-quarter loss still managed to beat Wall Street and the company’s expectations as digital revenues offset declines on the print side. Digital advertising revenue grew 16.5%; the company expected 16%. Subscribers to the NYT’s digital-only offering rose by 44,000 to 875,000, its best quarterly increase in almost two years. Still, the company is slashing jobs company-wide to contain costs.
October 30, 2014
Chart of the Moment

The US economy keeps on truckin’.

October 30, 2014

Protestors set Burkina Faso’s parliament building on fire.

  The outrage stems from the government’s attempt to allow the president in power for 27 years, Blaise Compaoré, to serve again. “October 30 is Burkina Faso’s Black Spring, like the Arab Spring,” said one activist. MPs responded to the blaze by abandoning their plans to extend Compaoré’s reign.
October 30, 2014

America’s economy grew more than expected in Q3.

  The country’s GDP grew by 3.5% in the third quarter, higher than the 3% predicted by analysts surveyed by Bloomberg. The quarterly growth caps the country’s strongest 6-month streak in over a decade; the economy grew 4.6% in Q2. Fewer oil imports have helped lower the trade deficit, while job gains and cheaper gas are boosting confidence among American consumers.

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