Merkel Will Not Absolve More Greek Debt

The German Chancellor stated that there had already been voluntary debt forgiveness.  Greek debt currently stands at 315 billion euros, about 175% of GDP. According to Open Europe, 60% of Greek debt is owed to the Eurozone, 10% to the IMF, 6% to ECB and the rest to other sources, including foreign banks.

"Stabilising Inflation" Behind Russian Rate Cut to 15%

The Russian Central Bank has announced a rate cut from 17% to 15%, following which the rouble fell 2% against the dollar, making the dollar worth about 70 roubles. The IMF forecasts the Russian economy will contract by 3% in 2015 and 1% in 2016.

Wartsila to Build LNG Import Terminal Northern Finland

The terminal will be built close to the port of Tornio, in Lapland. Wartsila is a mechanical engineering company headquartered in Helsinki - it deals in power plants, ship power and services. Wartsila also used to manufacture ships including icebreakers which might prove crucial for Arctic oil exploration.

The Commercial Aspects of Olefins

Olefins are hydrocarbons with chemical structure C[n]H[2n].  Ethylene and Propylene are the two most commercially important olefins used in the production of plastics.

GlobalData is one company that covers olefins, in particular the ethylene industry.

US Strategic Petroleum Reserve Takes $35bn Hit from Falling Oil Prices

The SPR of the United States is the largest such supply of oil in the entire world, maintained by the US Department of Energy (inventory can be tracked here). It was developed in 1975 after supplies were cut off due to the oil embargo in 1973 (the "first oil shock") which brought the price oil from $3 to $12. The next oil shock ("second oil shock") came in 1979.

Its value has fallen fifty percent in only six months. The price paid for the oil averages at around $30 per barrel. In 2005, the US released oil from the SPR in the wake of Hurricane Katrina, and later in 2011 in the wake of the Libyan civil war.

Lithuania Prepares to Join the Euro in January 2015

The IMF has declared this is proof of the success of Lithuania's economy.

This leaves a few European currencies still not in the Eurosystem; these include Hungarian forint, Polish zloty, Scandies, Sterling, Croatian kuna and Czech Koruna, amongst others.

Aviva agrees to take over Friends Life at 15% premium to Friend's stock price

The deal is Mark Wilson's first since taking over as CEO of Aviva in 2013. He has a Bachelors in Management from the University of Waikato.