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Bernard Kouchner, foreign minister of France, states that while France will support Turkey in initiating negotiations in three new areas of European Union membership, he emphasized that it is still Turkey's responsibility to meet EU conditions. French opposition to Turkey's admittance, along with Turkey's continued closed-port policy toward Cyprus, has complicated Turkey's EU membership.

Axel Springer AG has postponed the acquisition of a 29% stake in Turkish media giant Dogan Yayin Holding AS. Before the purchase, Axel had hoped that Dogan and the Turkish government would come to an arrangement over the $3.2 billion the government says Dogan owes in taxes and fines.

Austria, Bulgaria, Hungary, Romania, and Turkey agreed to allow the construction of a pipeline across each country as part of the Nabucco natural gas project. Beginning in 2014, the pipeline will deliver eight billion cubic meters of gas a year. The pipeline will have a maximum capacity of 31 billion cubic meters a year, 5% of Europe's total consumption. The Nabucco project is expected to decrease Europe's dependence on gas shipments from Russia.

Ukraine's state natural gas company Naftogaz had requested $4.2 billion from the European Union and international lenders to fund its gas purchases and avoid future disruptions in the gas supplied from Russia to other European nations. Earlier this year, Russia cut off the gas supplied through the Ukraine to Europe over a payment dispute with Naftogaz. The European Union told Ukraine it only needs $2 billion to replenish its gas reserves.

Byline: MARC CHAMPION AND GREGORY WHITE ECONOMY Russia steps up bid to join OECD, WTO BRUSSELS and ST. PETERSBURG -- Russia has promised to accelerate its membership bids for two [...]

Byline: JONATHAN WEISMAN AND MARC CHAMPION Three weeks ahead of a high-stakes meeting of the Group of 20 nations, European countries are striking an uncompromising tone against Washington, bolstering Barack [...]

Austrian banks aggressively expanded and invested in Eastern European countries following the collapse of the Soviet Union. Because of the present downturn in the global economy, if Austrian banks decided to stop funding their subsidiaries, the loss of cash would worsen the financial crisis in the local economies. Article discusses the market exposure, share value, capital raising, and reported losses and revenue in Eastern Europe of Austrian banks Bank Austria AG, Erste Bank AG, Raiffeisen Zentralbank, Osterreichische Volksbanken AG, and Hypo Alpe Adria AG.

Byline: MARC CHAMPION AND ANDREW BATSON; WALL STREET JOURNAL STAFF DAVOS/BEIJING -- The premiers of Russia and China slammed the U.S. economic system in speeches yesterday, holding it responsible for [...]

Byline: MARC CHAMPION; WALL STREET JOURNAL STAFF In the 38 years that business and political leaders have been trekking to the Swiss ski resort of Davos to talk about the [...]

Following a price dispute, Russia's OAO Gazprom cut natural gas shipments to the Ukraine, also resulting in delivery interruptions to several other European nations, as Russia accused the Ukraine of stealing gas while in transit through pipelines. Russia will resume deliveries after agreeing, along with the Ukraine and the European Union, to a team of experts to monitor the gas-delivery network. Ukraine and Russia will continue their negotiations over pricing and outstanding gas bills owed to Gazprom.

Byline: MARC CHAMPION AND JOHN W. MILLER; Andrew Osborn in Moscow contributed to this article BRUSSELS -- Russia agreed to restart gas exports to the European Union via Ukraine this [...]

Byline: MARC CHAMPION AND ANDREW OSBORN; WALL STREET JOURNAL STAFF BRUSSELS, MOSCOW -- The European Union's efforts to restore natural gas supplies from Russia stumbled yesterday, as Moscow said it [...]

Failing to agree on a new price, Russian state-owned OAO Gazprom cut natural gas deliveries to the Ukraine. Russia has now ordered the reduction of natural gas shipments via the Ukraine, accusing it of stealing natural gas in transit to other European nations. Thus far, nine countries have reported disruptions in shipments.

Byline: ANDREW OSBORN AND MARC CHAMPION; David Gauthier-Villars in Paris contributed to this article. MOSCOW, BRUSSELS -- Russian Prime Minister Vladimir Putin ordered reductions in natural gas bound for the [...]

Byline: GUY CHAZAN AND JOHN MCKINNON; Marc Champion contributed to this article U.S. Vice-President Dick Cheney will use his trip to the Caucasus this week to try to loosen Russia's [...]

Russia's OAO Gazprom and the Ukraine's Naftogaz Ukrainy have agreed to a deal that could ensure the stability of Russian gas supplies to Europe. Gazprom and Naftogaz will establish two new 50-50 joint ventures that will replace the current two, RosUkrEnergo and UkrGazEnergo. Russia will obtain a 50% share of the domestic gas market in the Ukraine, and Ukraine will pay off over $1 bil in debt.

A proposal by the European Union would prevent foreign energy firms from purchasing energy transmission assets if they also generate or supply energy. The proposal aims to prevent single-entity dominance of both supply and transmission functions, improving competition. It would also restrict Russian gas firm OAO Gazprom's plans to purchase transmission networks in Europe.

Byline: MARC CHAMPION AND CHARLES FORELLE; Guy Chazan in London contributed to this article BRUSSELS -- A proposal that could prevent Russia's natural gas monopoly from buying pipeline networks in [...]

Ukrainian President Viktor Yushchenko's decision to dissolve Parliament has frozen foreign investment decisions and threatens the nation's economic recovery. A coalition led by Mykola Rudkovsky , the country's Transport Minister, opposes Yushchenko's move.

Alexander Medvedev, OAO Gazprom of Russia reports that the petroleum giant did not cut gas supplies to the Ukraine, Moldova and Belarus, their contracts expired. After years of receiving inexpensive gas from OAO Gazprom these Eastern bloc countries would not agree to pay market prices. The petroleum giant is planning to invest $20 billion on developing pipelines with China and increasing production.

Russia has suspended crude oil exports to Europe over a subsidy dispute. While Europe has enough crude oil stocks to weather the disruption, the cutoff raises concerns about Europe's reliance on Russian oil, and on Russia's reliability as an energy supplier.

The European Union is divided over the formation of energy security policy. Last winter Russia discontinued natural gas supplies to Europe over a price dispute. Poland is threatening to block a negotiating policy unless the European Union take a hardline with Moscow.

In the power struggle between the West and the Kremlin for control of Russia and former Russian countries, Russia is winning. Through the stellar growth of the petroleum and gas industry Russia wields a winning hand as a key supplier for the United States, Western Europe and Eastern bloc countries. A recent espionage scandal in Georgia involving four military officers of the Russian army warranted a hands off message to President George W. Bush from President Vladimir Putin.

President George W. Bush of the United States has moved into better cooperation with the European Union on matters concerning Iran, climate change, energy and other issues. International relations between the European Union and the United States have created a new era of transatlantic accord. Leaders of the European Union met with Mr. Bush at a European Union summit.

The United States is seeking international sanctions and has reached an agreement to report Iran to the United Nations Security Council. Iran may be developing nuclear weapons inside the auspices of a nuclear energy program. The interpretation of the agreement differed for Russian, European Union and United States officials raising the possibility of debate on what action the United Nations Security Council may take.

At the World Economic Forum meeting in Davos, Switzerland world leaders have been simulating world economic forecasts. One of the largest threats to the global economy is the high price of petroleum due in part to decreasing oil reserves. One of the negative reverberations could be a flat stock market.

Russia's energy policy concerning natural gas supplies is causing a shift in the political landscape with former Soviet Bloc countries. With disruptions in the gas supply some former satellite countries are scrambling to find energy sources elsewhere while others are drawing closer to Moscow. The disruption in supply has been reported as due in part to explosions on the natural gas pipeline caused by Chechyn rebels.

The European Union is suffering from an internal trade dispute that could be effecting its global economic relations. There is controversy for Europe over how to respond to increased global trade competition and the question of farm subsidies. An informal summit today of the leaders of the European Union countries and international trade talks with the United States and the World Trade Organization to commence in December, 2005.

Deadly avian influenza has killed 60 people in Asia and has been discovered in Romania via poultry imports from Turkey. The European Union has banned imports of poultry and untreated feathers from Turkey. There is a limited supply of vaccines and medication to treat avian influenza in European countries should the outbreak turn into a pandemic.

The membership of Turkey in the European Union is debated with Austrian political maneuverings. Austria is trying to have the European Union agree to the opening of negotiations for membership with Croatia and using negotiations with Turkey as an example.

Angela Merkel of the Christian Democratic Union is campaigning to be leader of Germany. Ms. Merkel plans to reform labor, tax and social policies. Germany is the world's third largest economy.

European public opinion is still largely negative towards the United States after months of a public relations campaign launched by President George W. Bush. United States foreign policy is disapproved of by 72 percent of Europeans surveyed, 23 percent approve of United States foreign policy and general attitude about the United States earned a flat 50 out of 100.

The al-Manaar Center, a moderate Muslim Mosque in London, England, under the influence of Idriss Boumzough, has become a place of controversy, hosting suspected Muslim extremists. After being heckled Mr. Boumzough resigned after losing support from the center's director Abdulkarin Khalil.

The London terrorist bombings investigation has led to seven further arrests. After the July 7th attacks a police investigation was launched that led to a series of arrests and deportations. Police warned more bombings are possible although the four men suspected of the July 21st bomb attempt have been caught.

The Irish Republican Army has ordered a weapons disbanding by its members, laying the groundwork for peace negotiations with hope for an armistice in Northern Ireland. The Irish Republican Army has led the often violent struggle with Great Britain for political independence. The announcement was greeted with both hope and skepticism.

In the continuing investigation into the London terrorist bombings the British are adjusting to the idea of a long terrorist campaign. British security forces are somewhat prepared because of past experiences with the Irish Republican Army, however Islamic suicide bombings are more frightening and more difficult to root out.

Police investigation of the London terrorist bombings of last Thursday morning have produced one arrest and the raids of six homes. The British police suspect that the four men who set the bombs also died because of them, in what could be the first suicide bombing in a major Western city. Muslim extremists are implicated.

Scotland, challenged by low birth rates and a declining population, has launched 'Fresh Talent' to advertise for migrant workers, particularly from the United States, Poland and India. Other European countries are putting up immigration barriers because of fears of job competition and cultural dissolution.

Rock concerts and demonstrations are planned to protest the G-8 Summit meeting of world leaders with the goal of ending poverty in Africa. Prime Minister Tony Blair of Britain has given his support to the protestors.

European Union leaders, after a failed Summit, are becoming entrenched in their differences over political and economic policy for Europe. Tony Blair is to become the next European Union President and he has stated an intent to have Europe adopt free-market changes and reduce farm subsidies.

British Prime Minister Tony Blair and French President Jacques Chirac in a presummit meeting in Paris, disagreed on a number of economic policy issues concerning the future of the European Union. The future of agricultural subsidies is a major stumbling block as the precondition for Britain giving up the countries $5.57 billion rebate to the European Union budget. Also, agreement on European Union funding and the fate of the European Union Constitution is forecast to be put off for at least two years.

European Union leaders are in controversy over how to respond to current constitutional referendum defeats in the Netherlands and France and how to share the financing of the European Union's budget. Greater disunity could further widen political divisions, painting a bleak landscape for the Euro and the European Union. The European Union's centralized institutions are funded by approximately one percent of the total gross domestic product of the 25 member countries, or approximately $128.5 billion per year.

The Euro is falling, aided by the rejection of the European Union consitution in France and the Netherlands forecasting the low cost of exports and the spurring of the European Union's economy. A growth rate of 1.4 percent this year and two percent next year is forecast based on a projection of the Euro at $1.29.

Henri Emmanuelli thinks European Union membership is jeopardizing French jobs and is advising voters to not support the upcoming European Union constitutional referendum.

Moldova, a former member of the Russian block countries is holding elections on Sunday. President Vladimir Voronin of the Communist Party is expected to win. The government of Moldova is looking to the European Union to help remove Russian troops and to reintegrate the province of Transdniestria.