By Maya Gebeily BEIRUT (Reuters) -Lebanon’s financial crisis has been aggravated by vested interests resisting crucial reforms, the International Monetary Fund (IMF) said on Thursday, warning that no action could lead the country “down an unpredictable road”. The nearly four-year economic meltdown has cost the local currency roughly 98% of its value, seen GDP contract…
FRANKFURT (Reuters) -Volkswagen’s Audi named the German group’s strategy chief as its new CEO on Thursday, as the luxury carmaker seeks to catch up with rivals in the dash towards electrification, including in China, the world’s top car market. Gernot Doellner, who replaces Markus Duesmann, will become CEO with effect from September, Audi said, after…
By Uditha Jayasinghe COLOMBO (Reuters) -Sri Lanka is asking international bondholders to take a 30% haircut and is seeking similar concessions from investors in its domestic dollar-denominated notes as it seeks to overhaul its massive debt, its central bank governor said on Thursday. Unveiling details of the long-awaited plan, central bank governor Nandalal Weerasinghe said…
By Marie Mannes STOCKHOLM (Reuters) -Fashion retailer H&M’s shares jumped more than 17% on Thursday after its second-quarter profit beat estimates as cost-cutting measures started to bear fruit and its summer collection benefited from warmer weather in Europe. H&M, which has lagged Zara owner Inditex, has sought to raise its fashion appeal and boost its…
WASHINGTON (Reuters) – U.S. President Joe Biden’s chief economic adviser on Thursday expressed confidence that inflation would continue to improve in the second half of the year, and said it could drop to a range of 2% or slightly higher before the 2024 presidential election. National Economic Council Director Lael Brainard told an event hosted…
By Fergal Smith and Steve Scherer TORONTO (Reuters) – The Bank of Canada’s move to come off the sidelines after a five-month pause has sent a signal that some economic pain will be needed to tame stubborn inflation, leading investors to raise bets on a hard landing for the economy. The central bank is worried…
By Foo Yun Chee BRUSSELS (Reuters) -Apple will on Friday seek to fend off a revised EU antitrust charge and possible hefty fine linked to claims it prevents music streaming companies such as Spotify from informing users of other buying options outside its App Store. The iPhone maker will set out its arguments to senior…
LONDON (Reuters) – Microsoft’s appeal against Britain’s veto of its $69 billion deal to buy Activision Blizzard will go ahead as planned at the end of July after the Competition Appeal Tribunal (CAT) rejected the antitrust regulator’s request for a delay. The Competition and Markets Authority, which blocked the takeover in April, wanted the hearing…
(Reuters) – The number of German firms pushed into insolvency rose in the first half of this year at the fastest pace in more than two decades due to the energy crisis, inflation and rising interest rates, a study by credit agency Creditreform showed on Thursday. There were 8,400 corporate insolvencies in Germany from January…
WASHINGTON (Reuters) – Contracts to buy U.S. previously owned homes fell more than expected in May, dropping to the lowest level in five months as a chronic shortage of houses on the market weighed on activity. The National Association of Realtors (NAR) said on Thursday that its Pending Home Sales Index, based on signed contracts,…
