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The Eurasian Economic Union is headed for a rough start.

Officials from members of the economic alliance, which was modeled on the European Union and officially comes into effect January 1, met Tuesday in Moscow under the pain of Russia's collapsing economy and the absence of Ukraine.

Western sanctions over Ukraine and a drop in the price of oil are pushing Russia's economy into a recession that is also hurting its neighbors in the trade group.

But speaking after a meeting of the Supreme Eurasian Economic Council, Russia's President Vladimir Putin voiced optimism that the trade bloc was making headway for its members.

Putin said a joint market was being created to act on the basis of the general rules of the World Trade Organization with more than 170 million consumers and a joint GDP of more than $4.5 trillion. Many customs and administrative barriers, he said, have been eliminated and business opportunities for realization of joint investment projects have expanded significantly.

The leaders of Belarus, Russia and Kazakhstan will launch the union in January, while Armenia is in the process of joining and Kyrgyzstan plans to join next year.

Russian response

Former Ukrainian President Viktor Yanukovych was ousted from power this year in a popular uprising after he backed out of a European deal in favor of the Russian economic plan. Russia responded to Ukraine's revolution with a flood of propaganda, annexation of Crimea, and support for armed rebellions in eastern Ukraine in fighting that has claimed 5,000 lives.

Kyiv's Western-leaning leaders signed an association agreement with the European Union.

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Eurasian Economic Union on Shaky Ground at Outset

Hamas vs European Council (Case T-400/10) - Judgment Of December 17, 2014 JUDGMENT OF THE COURT (Second Chamber)

December 17, 2014 ( * )

"Common Foreign and Security Policy - Restrictive measures against certain persons and entities in the context of the fight against terrorism - Freezing of funds - Evidence base of freezing funds - Reference to acts of terrorism - need for a competent authority decision within the meaning of Common Position 2001/931 - Obligation to state reasons - Modulation in time the effects of a cancellation "

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Hamas vs European Council (Case T-400/10) Judgment 17/12/14

Fund managers in the European Union must disclose more information about how they pass on the costs of investment research to consumers, as part of an overhaul of investor protection rules.

Clients should be informed about the budgeted amount for research and the amount of the expected research charge, the European Securities and Markets Authority said in technical guidance provided to the European Commission Dec. 19 by the Paris-based group. A firm may increase its research budget only with the clients written agreement, the regulator said.

ESMAs proposed approach would raise standards and reduce conflicts of interest across Europe and ensure that payments for research are clearly distinguished from payments for trading, Daniel Godfrey, head of the Investment Management Association, said in an e-mailed statement.

The 28-nation EUs top markets regulator made public more than 1,000 pages of proposed rules that cover everything from high-frequency trading curbs to transparency requirements for bond markets and position limits for commodity derivatives, with the aim of boosting confidence in the financial system.

Research is included in trading commissions paid to investment banks by fund managers, with the cost passed on to the customer. The U.K.s Financial Conduct Authority regulator has estimated that broker commissions totaled about 3 billion pounds ($4.7 billion) in 2012, with about half coming from research fees.

Japans corporate income tax may be cut by more than 2 percentage points next year and reduced to less than 30 percent within five, Economy Minister Akira Amari said.

Amari, speaking in Tokyo Dec. 19, said he wants to accomplish the tax cuts in as few years as possible.

After a landslide election win last week, Prime Minister Shinzo Abes government is looking to pull the economy out of a mid-year recession. Company tax cuts are the centerpiece of efforts aimed at revitalizing growth and making the nation more appealing to investors.

Japans tax rate is about 35 percent, the second-highest among Group of Seven nations, according to the finance ministry.

Princess Cristina, the sister of Spains King Felipe VI, was ordered to face trial over claims she was an accessory to tax charges linked to her husband.

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Research Fee Clarity, Japan Tax Cut, T-Mobile: Compliance

MINSK, Belarus As relations between Russia and the West have deteriorated, there's one country that's reaping rewards Belarus, whose authoritarian leader was once dubbed "Europe's last dictator" by the United States and the European Union.

President Alexander Lukashenko is relishing his new role as broker of the Ukraine peace talks, and his country of 10 million people is profiting handsomely by reprocessing or simply repackaging European food banned by Moscow in retaliation to Western sanctions. In the most stunning example, exports of sea fish from the landlocked nation have doubled during the last three months a sure sign that something curious is afoot.

Food exports to Russia have been a major hard currency-earner for cash-strapped Belarus, worth $5.7 billion in 2013. This year's figures aren't available yet, but a sharp rise in imports of food from Europe signaled that the country, which is sandwiched between Russia and EU members Poland and Lithuania, quickly took advantage of Moscow's ban.

"Lukashenko hopes to turn Belarus into a bridge between the East and the West, for which both sides will have to pay," said Alexander Klaskovsky, an independent Minsk-based analyst. "Lukashenko loves a proverb: A friendly calf sucks two mothers."

With Lukashenko friendly with the leaders of both Ukraine and Russia, Belarus has been able to serve as neutral ground for peace talks over the situation in Ukraine. Both Russia and the West would like Belarus to continue playing host to the negotiations.

With Russian President Vladimir Putin now in the West's bad books, Lukashenko is no longer a prime target of criticism despite his continuing crackdown on dissent and independent media. "Belarus is undergoing a transformation from a pariah to a respectable player," Klaskovsky said.

Lukashenko is looking to take advantage of that. His government is currently in talks with the International Monetary Fund on a prospective new loan, and Lukashenko's economics minister recently attended a London conference intended to lure foreign investors.

"Lukashenko realizes that the Kremlin subsidies will dwindle significantly because of Russia's economic downturn, so he's looking for other financial sources," said Yaroslav Romanchuk, the head of Mises Research Center in Minsk.

The Belarusian leader, who has been in power for two decades, is preparing to seek re-election in a vote set for next November, and the country desperately needs cash. Next year, Belarus has to pay $4 billion in foreign debts, a significant amount for a nation that only has $5.8 billion in hard currency reserves.

"Lukashenko will make an imitation of democracy like he did every time when he badly needed cash," said Stanislav Shushkevich, Belarus' first post-Soviet leader turned opposition politician. "The West has quite a short memory."

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Belarus tries to cash in on its new role as bridge between Russia and West

Virtual clinics virtually here
The European Union has signalled it believes telemedicine is the future by granting four million euros to researchers perfecting technology that will help pa...

By: Malcolm Brabant

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Virtual clinics virtually here - Video