(Reuters) – Russia’s top carmaker Avtovaz said on Monday it had appointed former transport minister Maxim Sokolov as its new president and CEO after its main shareholder Renault withdrew from the Russian market. Renault struck a deal to sell its majority stake in Avtovaz to a Russian science institute, reportedly for the symbolic sum of…
By Elizabeth Dilts Marshall NEW YORK (Reuters) – Bank of America Corp said it was raising its U.S. minimum hourly wage to $22 on Monday, a step closer to its promise of paying workers $25 an hour by 2025. The second-largest U.S. bank by assets has been steadily raising its minimum hourly wage since 2017,…
POKROVSK, Ukraine (AP) — Houses on fire. Artillery blasting through thick apartment walls. People hiding in basements without electricity, water or gas as their towns are pulverized above them. In shock, sometimes fighting off tears, civilians fleeing areas near the eastern front in the war in Ukraine described scenes of devastation as their towns and…
FRANKFURT (Reuters) -The European Central Bank is likely to lift its deposit rate out of negative territory by the end of September and could raise it further if it sees inflation stabilising at 2%, ECB President Christine Lagarde said on Monday. She was accelerating an already sharp policy turnaround, which has seen her go from…
DAVOS, Switzerland (AP) — Ukrainian President Volodymyr Zelenskyy called for “maximum” sanctions against Russia during a virtual speech Monday to corporate executives, government officials and other elites on the first day of the World Economic Forum gathering in Davos. He said sanctions need to go further to stop Russia’s aggression, including an oil embargo, blocking…
(Reuters) – The Russian rouble strengthened on Monday, heading back towards multi-year highs hit against the dollar and euro last week, supported by capital controls and an upcoming month-end tax period. At 0754 GMT, the rouble was 2.5% stronger against the dollar at 58.74, not far from 57.0750, its strongest mark since late March 2018,…
DAVOS, Switzerland (AP) — The managing director of the International Monetary Fund says a global recession isn’t in the cards but “it doesn’t mean it’s out of the question.” Speaking Monday at the World Economic Forum’s annual gathering, Kristalina Georgieva reminded the audience that the IMF is forecasting 3.6% growth for 2022, which is “a…
NEW YORK (AP) — Stocks closed higher on Wall Street Monday following seven weeks of declines that nearly ended the bull market that began in March 2020. The S&P 500 rose 1.9%, the Dow Jones Industrial Average rose 2% and the Nasdaq rose 1.6%. Banks and technology stocks made some of the strongest gains. Concerns…
JAKARTA (Reuters) -Indonesia allowed a resumption of palm oil exports from Monday after a three-week ban, but shipments were not expected to get underway until details emerge on new rules aimed at securing domestic supplies of the edible oil. The Southeast Asian country, the world’s biggest palm oil producer, halted exports of palm oil from…
By Paulo Lopes and Philip Blenkinsop SAO PAULO/BRUSSELS (Reuters) – With COVID-19 lockdowns normalising home delivery of everything from fast food to aspirin, brewers are tapping into a lucrative new sales format – delivering cold beer on demand to consumers still gathering at home with friends even as bars reopen. For Brazilian Rafael Mazaia, it…
