MOSCOW (Reuters) -Russia’s largest lender Sberbank is quitting almost all European markets, blaming big cash outflows and threats to its staff and property following Russia’s invasion of Ukraine and Western sanctions. The move seemed inevitable after the European Central Bank (ECB) ordered the closure of the bank’s European arm, having warned it faced failure because…
LONDON (AP) — Surging energy costs have driven inflation in Europe to another record high, raising questions about when the central bank should step in to ease the pain to people’s wallets while Russia’s invasion of Ukraine rattles the global economy. Consumer prices in the 19 countries that use the euro currency increased by an…
MOSCOW (Reuters) – Foreign investors are effectively stuck with their holdings of Russian stocks and rouble-denominated bonds after the central bank put a temporary halt on payments and major overseas’ settlement systems stopped accepting Russian assets. Moscow is blocking foreign investors, who hold tens of billions of dollars worth of Russian stocks and bonds, from…
BERLIN (AP) — The organization that handles claims on behalf of Jews who suffered under the Nazis said Wednesday that Germany has agreed to extend another $720 million (647 million euros) to provide home care and supportive services for frail and vulnerable Holocaust survivors. The New York-based Conference on Jewish Material Claims Against Germany, also…
NEW YORK (AP) — The leaders of OPEC and its oil-producing allies are sticking with their plan to gradually increase oil production while Russia’s invasion of Ukraine rattles markets, reshapes alliances, kills civilians and sends the price of crude skyrocketing. The OPEC+ coalition of oil producers — made up of OPEC members led by Saudi…
By Elizabeth Howcroft LONDON (Reuters) – Stocks came under renewed pressure and oil spiked further on Wednesday, as Russia showed no signs of stopping its assault on Ukraine. A week after Russian President Vladimir Putin ordered a full-scale invasion of its neighbour, the bombardments of Ukrainian cities continued while Western nations tightened sanctions on Moscow….
LA HERRADURA, Spain (AP) — “Herders and farmers have their feet on the ground, but their eyes on the sky.” The old saying is still popular in Spain’s rural communities who, faced with recurrent droughts, have historically paraded sculptures of saints to pray for rain. The saints are out again this year as large swaths…
FRANKFURT (Reuters) – European banks opened lower on Wednesday after two days of steep losses as the crisis in Ukraine drags on, and after the European arm of Russia’s Sberbank was forced to close. An index of leading European bank stocks fell 2.2% early on Wednesday, after dropping 5.6% on Tuesday and 4.5% on Monday…
MOSCOW (AP) — As Russia’s top diplomat during the invasion of Ukraine, Foreign Minister Sergey Lavrov is embodying the Kremlin’s defiant posture with a mixture of toughness and sarcasm. While President Vladimir Putin single-handedly shapes the country’s foreign policy, Lavrov delivers Moscow’s message with a bluntness uncharacteristic of a diplomat. In the role for nearly…
By Simon Jessop LONDON (Reuters) – The corporate world remains far from being aligned with global climate goals, and in some countries has gone backwards since a landmark agreement to cap global warming was signed in 2015, data shows. Limiting the world’s temperature rise to 1.5 degrees Celsius above the pre-industrial average by mid-century was…
