By Uditha Jayasinghe COLOMBO (Reuters) – Sri Lanka’s new government will release the 2023 budget on Monday focused on boosting revenue, implementing tax reforms and fiscal consolidation to secure an IMF bailout package to help the country recover from its worst financial crisis in decades. Soaring inflation, a weakening currency and low foreign exchange reserves…
FRANKFURT (Reuters) – The insurer Allianz said on Thursday that a deal to sell a majority stake in its Russian operations was delayed as it awaits regulatory approval. Allianz said that the financial hit of around 400 million euros ($401.36 million) to profit from the deal would now occur in the fourth quarter of this…
By Stella Qiu SYDNEY (Reuters) – Asian share markets pulled back on Thursday and the dollar held its overnight gains before the big test of a U.S. consumer inflation report, while market sentiment took a dive as the likely collapse of a major crypto exchange spooked investors. With no final results available from the U.S….
(This story contains language some readers may find offensive in paragraph 2) By Angus Berwick and Tom Wilson (Reuters) – On Tuesday morning, Sam Bankman-Fried, owner of cryptocurrency exchange FTX, caught his employees off-guard with a somber message. “I’m sorry,” he told them. “I fucked up.” The reason for the mea culpa: His announcement half…
By Neil Jerome Morales and Enrico Dela Cruz MANILA (Reuters) -The Philippine economy grew at a faster-than-expected clip in the third quarter, but the government said the recovery is not without risks given rising interest rates and soaring inflation that could crimp consumer spending. Underpinned by pent-up domestic demand, the economy expanded 7.6% in the…
By Leika Kihara TOKYO (Reuters) -Bank of Japan (BOJ) Governor Haruhiko Kuroda said on Thursday any future debate on an exit from ultra-loose monetary policy will centre on the pace of increase in short-term interest rates and adjustments in the bank’s massive balance sheet. Kuroda brushed aside the chance of a near-term interest rate hike,…
SAO PAULO (Reuters) – Brazilian electric utility Eletrobras posted on Wednesday a third-quarter loss of 88,000 reais ($16,967.45), down from the 965 million reais profit it saw one year ago. Adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) slipped 36% to 3.197 billion reais. Net operating revenue reached 8.033 billion reais, down 13%. The…
By Hannah Lang and Angus Berwick NEW YORK (Reuters) -FTX Chief Executive Officer Sam Bankman-Fried told employees he was exploring all options for his firm after a deal with cryptocurrency exchange Binance collapsed on Wednesday. The proposed deal between Bankman-Fried and rival Binance Chief Executive Officer Changpeng Zhao of Binance had been the latest emergency…
By Sabrina Valle and Ruhi Soni HOUSTON (Reuters) – U.S. oil producer Occidental Petroleum Corp on Wednesday increased by about 22% its estimated investment for the world’s first large-scale direct air capture (DAC) project and disclosed plans to build others. The Houston-based company now expects to spend $1.1 billion on the project under construction in…
WASHINGTON (Reuters) -U.S. President Joe Biden said on Wednesday he thinks Twitter’s top boss Elon Musk’s relationships with other countries was worthy of being looked at. Biden was asked at a news conference whether he thought Musk was a threat to national security and if his acquisition of Twitter with help from a Saudi Arabian…
