WASHINGTON (AP) — The World Bank has sharply downgraded its outlook for the global economy, pointing to Russia’s war against Ukraine, the prospect of widespread food shortages and concerns about the potential return of “stagflation” — a toxic mix of high inflation and sluggish growth unseen for more than four decades. The 189-country anti-poverty agency…
By Maggie Fick and Radhika Anilkumar LONDON (Reuters) -AstraZeneca on Friday delivered forecast-beating profits and sales in the second quarter as a strong performance by its blockbuster cancer drugs offset the loss of COVID-19 vaccine sales. Shares in the Anglo-Swedish drugmaker, which has a strong line-up of cancer, metabolic and rare disease drugs, rose as…
AMSTERDAM (Reuters) – Billionaire Bill Ackman said on Friday he would seek to delist investment firm Pershing Square Holdings and move record label Universal Music Group away from Amsterdam, following attacks on Israeli soccer fans. In a statement on X, Ackman said Pershing Square’s board had already been considering the move and “events in Amsterdam…
By Carolina Mandl NEW YORK (Reuters) – Two hedge funds have placed bets that bonds issued by life insurance company Lincoln National Corp will fall or that its default risk will increase, due to their concerns about the company’s commercial real estate (CRE) exposure. Investors have been on high alert for losses in CRE. That…
By Ananya Mariam Rajesh (Reuters) -Constellation Brands’ Modelo Especial was the top-selling beer brand in the United States for a second consecutive month in June, after first dethroning Anheuser-Busch InBev’s Bud Light in May. Bud Light, which held the top spot as the most-sold beer in 2022 and in the first four months of this…
By Anirban Sen and Milana Vinn NEW YORK (Reuters) – Private equity firms Francisco Partners and TPG Inc have ended talks to acquire New Relic Inc after they failed to secure enough debt financing and could not meet the business software company’s valuation expectations, people familiar with the matter said. The demise of the deal…
The Asian Development Bank has downgraded its forecasts for growth in the region, citing the war in Ukraine, rising interest rates to combat decades-high inflation, and China’s slowing economy. The Manila, Philippines-based lending agency revised its estimate for growth in developing Asian economies to 4.3%, down from an earlier forecast of 5.2%. Growth in 2023…
By Milana Vinn NEW YORK (Reuters) -Ed Wehle, a senior Barclays Plc technology banker, has resigned to join U.S. rival Citigroup Inc in New York, according to an internal memo seen by Reuters, adding to an exodus of top investment bankers from the London-based bank. An investment banking veteran of nearly three decades, Wehle will…
By Andrew Osborn MOSCOW (Reuters) -Russia’s Foreign Ministry summoned the U.S., British and Canadian ambassadors for a dressing down on Tuesday after they condemned the conviction of an opposition politician on treason charges. A Moscow court jailed Kremlin critic Vladimir Kara-Murza – who holds Russian and British passports – for 25 years on Monday after…
LONDON (Reuters) – The boss of Britain’s antitrust regulator said blocking Microsoft’s acquisition of ‘Call of Duty’ maker Activision Blizzard was the right decision for the UK after both companies said it sent the wrong message to the global tech industry. The Competition and Markets Authority (CMA) blocked the deal on Wednesday, saying it could…
