Russia cuts 2018 World Cup budget by more than $70m

The Russian government has cut its budget for the 2018 World Cup by more than $70m. When Russia won the bid to host the event, its economy was booming. But under the pressure of Western sanctions and low oil prices, the economy has suffered over the past year and concerns are high about the financial burden of the World Cup. (Daily News)

EU says fiscal targets, pensions, labour still to be agreed with Greece

Fiscal targets, pension and labour market reform and the size of the civil service are the key issues yet to be agreed between Greece and its international creditors in debt talks as Athens’ cash dries up, the European Commission said. (Reuters via Mail Online Wires)

Turkey second worst performer of Europe, Central Asia in human capital index

Turkey has regressed eight places in the latest Human Capital Index of the World Economic Forum (WEF). It now ranks 68 out of 124 countries and is the second worst in Europe, after Moldova, and Central Asia. (Hurriyet Daily News)

Spain’s wealth gap widens as economy powers ahead

Government and consumer spending helped Spain's economy power ahead in the first quarter, data showed, though evidence is also growing that the recovery has increased inequalities rather than reducing them as it has picked up pace. (Reuters via Yahoo! Finance)

German finance ministry sees economic upswing continuing in 2015

A favourable business environment should support Germany's economic upswing for the remainder of this year, the finance ministry said in its monthly report for May on Friday, despite some recent signs of growth softening. (Reuters)