With Russia's economy battered by economic sanctions and plunging oil prices, President Vladimir Putin has allowed the central bank to administer strong medicine, sharply raising interest rates even as it freed the rouble to float.
Europe
Fashion chain Gap in deal with online retailer Zalando
Gap Inc (GPS.N) has struck a deal with Europe's largest dedicated online fashion retailer Zalando (ZALG.DE) to sell its core brand from next May, hoping to reach more consumers, particularly in markets where it has no physical stores.
RenaissanceRe to buy Platinum Underwriters for $1.9 billion
RenaissanceRe Holdings Ltd (RNR.N) said it would buy fellow Bermuda-based reinsurer Platinum Underwriters Holdings Ltd (PTP.N) for about $1.9 billion to boost its U.S. business.
Countdown to missed opportunity for EU economy
The countdown has begun to what threatens to be a missed opportunity to revive Europe's stalled economy. When European Union leaders meet on Dec. 18-19 under new management, they have a chance to launch a joint assault on the economic stagnation and high unemployment that are fuelling disenchantment and anti-EU protest among voters.
Lufthansa says it has gained market share in Germany
Germany's largest airline Deutsche Lufthansa (LHAG.DE) has won a bigger slice of its domestic market in recent months, its chief executive told newspaper Sueddeutsche Zeitung.
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Aviva's potential 5.6 billion pound ($8.8 billion) purchase of Friends Life reflects a need to consolidate and cut costs in Britain's insurance industry, fund managers said.
Swiss authorities have given Darwin Airline until the end of January to answer more questions about Etihad Airways' plans to buy a third of the Swiss airline before it gives the deal the green light.
SGL Group, the materials supplier for carbon fiber reinforced parts in BMW's electric cars, is in talks with several other carmakers to supply carbon fiber for a wider range of automotive components, its chief executive said.
ThyssenKrupp would consider a sale of the group's military submarine business under certain conditions, the German steel maker's chief executive told daily Sueddeutsche Zeitung.
A panel of national representatives reviewed OPEC's oil market outlook for 2015 this week, OPEC sources said, preparing the ground for a policy-setting meeting next week that will decide how to address a looming oversupply of crude.
Europe is not at risk of sliding into "full deflation" but the current rate of inflation is dangerously low, European Central Bank Vice President Vitor Constancio said on Saturday.
A 1914 watercolour by Adolf Hitler fetched 130,000 euros ($161,000) at auction in the German city of Nuremberg on Saturday, the auctioneers said.
Telecom Italia (TLIT.MI) will examine a possible tie-up between its Brazilian unit Tim Participacoes (TIMP3.SA) and local group Oi (OIBR3.SA), it said as it announced the sale of mobile phone masts for more than 900 million euros ($1.1 billion).
European Central Bank President Mario Draghi threw the door wide open on Friday for more drastic measures to prevent the euro zone from sliding into deflation, promising to use whatever means necessary as China also acted to boost its sagging economic growth.
