WARSAW, Poland (AP) — Poland’s prime minister faced questions Wednesday over his purchase of 4.6 million zlotys (over $1 million) in Polish treasury bonds, amid suspicions he made an investment that traditionally offers protection against inflation at a time when authorities were officially saying the inflation risk was low. Opposition lawmakers have demanded that Prime…
By Divya Chowdhury MUMBAI (Reuters) – Standard Chartered Chief Executive Bill Winters expects central banks’ fight against surging inflation, driven by structural cost pressures such as wage growth, to result in a “relatively shallow and short” recession by early next year. “I think central banks have to take this inflation problem head on,” Winters told…
(Reuters) – Microsoft Corp said on Wednesday it was making substantial cuts to its business in Russia, joining a string of companies that are reducing their exposure or pulling out of the country following its invasion of Ukraine. The company, however, said it would fulfill its existing contractual obligations with Russian customers, while the suspension…
By Dawn Chmielewski and Supantha Mukherjee (Reuters) – The audio streaming service Spotify Technology SA will host its first investor day since going public in 2018 on Wednesday, hoping to stoke Wall Street’s enthusiasm despite the slowing global economy. The company’s stock has tumbled 53% so far in 2022, worse than the 24% drop in…
LONDON (AP) — Russia’s war in Ukraine and the energy and food crises it worsened will severely drag down global economic growth and push up inflation this year, the Organization for Economic Cooperation and Development said Wednesday. China’s “zero-COVID” policies, which have further scrambled manufacturing supply chains, also are weighing on a world economy that…
(Reuters) -Spirit Airlines Inc has delayed a shareholder meeting to vote on its proposed buyout by Frontier Group Holdings Inc to June 30, after JetBlue Airways Corp sweetened a rival offer for the budget carrier. Spirit, which was originally set to vote on the Frontier deal on May 10, said on Wednesday it had not…
Spirit Airlines, the target of a budget airline bidding war, is postponing a Friday shareholder vote on whether to accept one of those buyout offers after a flurry of counter proposals from Frontier Airlines and JetBlue Airways. Spirit said Wednesday that it rescheduled the vote on its preferred offer, from Frontier, until June 30, giving…
(Reuters) – Canada’s Dollarama Inc beat estimates for quarterly sales on Wednesday as surging inflation fueled demand for the discount store’s groceries and household essentials. Top North American dollar stores are seeing an influx of consumers looking to save money as surging inflation drives up the prices of everything from edible oils to paper products…
By Tetsushi Kajimoto and Daniel Leussink TOKYO (Reuters) -Japanese policymakers held fast to their usual line on yen weakness on Wednesday, stating that rapid moves were undesirable, but confounded expectations they may escalate warnings about the sliding currency as it fell to fresh 20-year lows. “Various macro models suggest (the weak yen) is a plus…
By Leigh Thomas PARIS (Reuters) – The war in Ukraine has made the growth outlook far bleaker even though the global economy should avoid a bout of 1970s-style stagflation, the OECD said on Wednesday, slashing its growth forecasts and jacking up its inflation estimates. The world economy is set to grow 3% this year, much…
