Kristalina Georgieva, the Managing Director of the International Monetary Fund, said on Thursday that global finance executives may need to get used to dealing with multiple bouts of inflationary pressures. Due to mounting pressures on energy and food prices from Russia’s war in Ukraine, China’s zero-COVID policies, which have slashed manufacturing with lockdowns, and the…
The European Commission has detailed a strategy to increase the EU’s renewable energy capacity and reduce its dependency on Russian fossil fuels, while also conceding that existing coal plants may have to be utilised for “longer than initially thought.” On Wednesday, the Commission published a statement describing the REPowerEU plan’s goals, emphasising the importance of…
Indonesia’s commerce minister said on Wednesday that he expects cooking oil prices to stabilise after a subsidised supply scheme reaches 10,000 outlets across the country. On Tuesday, the commerce ministry and state food corporation ID Food began a programme that allows low-income households to purchase up to two litres of cooking oil each day for…
Sony Group Corp., a Japanese conglomerate, said it is well-positioned to take a major role in the metaverse, or immersive virtual worlds, which analysts predict would disrupt industries and create new powerhouses. The phrase “metaverse” refers to the assumption that people will spend more time in online virtual worlds. While the concept is still emerging,…
According to media reports, Netflix is cutting off roughly 150 people across the organisation. The job losses affect less than 2% of the streamer’s 11,000 employees, with the majority of the cuts occurring in the United States. “As we explained on earnings, our slowing revenue growth means we are also having to slow our cost…
Renault is reportedly selling its majority ownership in Avtovaz (AVAZI p.MM) to a Russian science institute for one rouble, with a six-year option to buy it back, leaving the door open for the French automaker to return. To save thousands of jobs, Moscow Mayor Sergei Sobyanin announced that Renault’s plant in the city would be…
According to a majority of economists surveyed by Reuters, India’s central bank, the Reserve Bank of India (RBI), would follow up its surprise rate hike in May with another raise at its meeting next month. The scale of the move was extremely split. In April, India’s retail inflation surged to an eight-year high, staying beyond…
The amount of short-term financial assistance is still being determined, but two people familiar with the talks told Reuters that it is likely to cover Ukraine’s financial needs for two months, primarily through loans. A third official said the cash will come from the EU budget and EU countries, refuting prior speculation that the funds…
Elon Musk announced on Friday that his $44 billion cash purchase for Twitter Inc is “temporarily on pause” till the social media company provides statistics on the proportion of fraudulent accounts. Twitter shares plunged more than 20% in premarket trade, although they recovered some ground after Musk, the CEO of the electric vehicle market Tesla…
Tesla Inc has put plans to sell electric vehicles in India on hold, abandoned a search for showroom space, and transferred some of its domestic staff after failing to achieve reduced import duties, according to a report published by Reuters based on sources familiar with the matter. The decision comes after more than a year of impasse…
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