By David Lawder MANDEVILLE, Jamaica (Reuters) -World Bank President Ajay Banga wants to focus on improving the development lender so that he can earn the right to press member countries for more capital, as the new chief looks to expand its role in fighting climate change, pandemics and other crises. Banga said in an interview…
(Reuters) – Odey Asset Management (OAM) is fighting for survival after a media report alleging sexual misconduct by its founder Crispin Odey, one of Britain’s best-known hedge fund managers, prompted its banks and investors sever ties with the firm. OAM said in a letter dated Thursday, and seen by Reuters, that it is in “advanced…
FRANKFURT (Reuters) – The European Central Bank revised up its inflation projections for the next three years on Thursday and said it expected price growth to stay above its 2% target until the end of 2025. It raised its 2023 and 2024 projections for inflation excluding volatile energy and food, which the ECB watches closely,…
SAO PAULO (Reuters) – Brazilian President Luiz Inacio Lula da Silva said on Thursday his country’s economy will grow at least 2% this year, “maybe even more,” echoing upbeat forecasts from his economic team after a better-than-expected performance in the first quarter. Lula, speaking in an interview with a pool of radios from Goias state,…
AMSTERDAM (Reuters) – Uber said on Thursday it will shut its food delivery business in Italy and exit Israel, where it has not built sufficient market share. The moves were “in line with our efforts to focus on markets where we have opportunities for sustainable growth”, a company spokesperson said. CEO Dara Khosrowshahi has said…
By Nevzat Devranoglu ANKARA (Reuters) -Turkey will take steps to lower inflation and will follow free market rules as it acts to raise competitiveness and productivity, Vice President Cevdet Yilmaz said on Thursday after chairing a meeting of a key economic coordination board. Since his election victory last month, President Tayyip Erdogan has appointed a…
FRANKFURT (Reuters) – The European Central Bank raised interest rates for the eighth successive time as expected on Thursday and signalled further policy tightening, as it battles high inflation. The ECB has now increased borrowing costs by a combined 4 percentage points in a year, its fastest pace on record, but a peak is now…
By Uditha Jayasinghe COLOMBO (Reuters) -Sri Lanka’s economy shrank 11.5% in the first three months of 2023, official data showed on Thursday, as the country remained in the grip of its worst financial crisis in decades. The downturn was driven by high inflation and high interest rates, the rising cost of components, as well as…
(Refiles to correct name in paragraph 15) By Laurie Chen BEIJING (Reuters) – A senior employee of the Beijing-based Asian Infrastructure Investment Bank (AIIB) said on Thursday he was advised to flee the country after resigning from the bank in protest over what he alleged was Chinese Communist Party influence. Bob Pickard, a Canadian national…
(Changes headline, lead and paragraphs 2, 8 and 9 to show plan is for production of electric motorcycles, not motorcycle batteries) MANILA (Reuters) – China’s Yadea Group Holdings, one of the world’s biggest electric two-wheeled vehicle makers, plans to invest about $1 billion in an e-motorcycle factory in the Philippines, the country’s investment promotions agency…
