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The Latest Breaking News from World Bank

Lebanese Caretaker Energy Minister Says ‘Politics’ behind Delay of US-Backed Electricity Plan

Lebanon's caretaker energy minister said on Wednesday "politics" was behind the delay of a US-backed deal to supply his country with electricity from Jordan via Syrian territory to ease crippling power shortages. Walid Fayyad told Reuters that the World Bank, which had pledged to finance the project, was "tying it…

Asharq Al-Awsat

Ukraine says troops may have to pull back from flashpoint city

Lysychansk (Ukraine) (AFP) - Kyiv's forces may have to retreat from the eastern city of Severodonetsk, a senior Ukrainian official conceded on Wednesday, as diplomatic efforts intensified to unblock grain stuck in Ukraine's ports.

AFP

Daily Dose Ep 1067: RBI hikes repo rate, SC slams counselling committee over NEET

Tanishka Sodhi brings you the news from the Reserve Bank of India, Maharashtra, the Supreme Court, and the World Bank.

Newslaundry

From analysis to the latest developments in health,
read the most diverse news in one place.

EU agrees rules for single phone charger in blow to Apple

The EU has agreed on the text of a law to force smartphone makers to equip their devices with a single, common charging port known as USB Type-C. The deal with member states and lawmakers comes as a setback to Apple, which had argued that imposing a universal cable could…

France 24

Why more European firms are choosing Vietnam over China

A combination of geopolitical tensions and higher costs are pushing large firms to look for alternative production sites. Vietnam's strong economic performance in recent years has drawn the attention of European firms.

Bangkok Post

Russia hammers eastern Ukraine city as world seeks to lift grain siege

KYIV, Ukraine: Kyiv's forces may have to retreat from the eastern city of Severodonetsk, a senior Ukrainian official conceded on Wednesday, as diplomatic efforts intensified to unblock grain stuck in Ukraine's ports.

Bangkok Post

World Bank Projects Slow Growth, Warns of ‘Stagflation’ Risk

The World Bank on Tuesday slashed its global growth forecast by nearly a third to 2.9% for 2022, warning that Russia's invasion of Ukraine has compounded the damage from the COVID-19 pandemic, and many countries now faced recession. The bank forecast a slump in global growth to 2.9% in 2022…

Asharq Al-Awsat

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World Bank approves $1.49 billion in support for Ukraine - PM

The World Bank has approved $1.49 billion in financial support for Ukraine to help pay wages for social workers and civil servants, Ukrainian Prime Minister Denys Shmygal said on Wednesday.

Reuters

Ukrainian troops may have to retreat from flashpoint city: governor

Kyiv (Ukraine) (AFP) - Kyiv's forces may have to retreat from the eastern city of Severodonetsk, a senior Ukrainian official conceded on Wednesday, as diplomatic efforts intensified to unblock grain stuck in Ukraine's ports.

AFP

World Bank slashes China growth forecast over Covid damage

Beijing (AFP) - The World Bank has sharply slashed its annual growth forecast for China, warning in a report Wednesday that Covid disruptions could further slow recovery in the world's second-largest economy.

AFP

Zelensky defiant as Russia claims Severodonetsk gains

Kyiv (Ukraine) (AFP) - Russia claimed its forces have taken full control of residential neighbourhoods in eastern Ukraine's Severodonetsk, as President Volodymyr Zelensky vowed the "heroic defence" of the Donbas region will persist against the odds.

AFP

Why Alibaba, Nio, Chinese Peers Are Surging in Hong Kong Today

Shares of U.S.-listed Chinese companies were trading higher in Hong Kong on Wednesday morning, led by positive global cues.

Benzinga

Morning Digest | Al-Qaeda in Indian subcontinent threatens to attack India after Prophet controversy; World Bank cuts India’s economic growth forecast to 7.5% for FY23, and more

A select list of stories to read before you start your day

The Hindu

Russia claims progress in fight for Ukraine flashpoint city

Kyiv (Ukraine) (AFP) - Russia claimed Tuesday that its forces had taken full control of residential neighbourhoods in eastern Ukraine's Severodonetsk, after Kyiv said its outnumbered troops were fighting on in the key eastern hub.

AFP

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ABC News

World Bank warns recession 'hard to avoid' and Ukraine war creating a 'perfect storm'

The World Bank is warning the war in Ukraine is combining with other risk factors to create a "perfect storm" and recession will be "hard to avoid".

ABC News

Janet Yellen says US inflation at 'unacceptable levels', ASX rises but banks make big losses on rate hikes

The US Treasury secretary says North America is facing unacceptable levels of inflation. Meanwhile, the ASX regains some ground lost in yesterday's super-sized interest-rate-rise-fuelled rout, but the banks see their worst day in a year. Australian dollar rises on the RBA's super-sized interest rate increase.

Reuters

World Bank board approves $1.49 billion in new funds for Ukraine

The World Bank said on Tuesday its board of executive directors approved $1.49 billion of additional financing for Ukraine to help pay wages for government and social workers, expanding the bank's total pledged support for Kyiv to over $4 billion.

AFP

US stocks shrug off dreary World Bank outlook, yen tumbles

New York (AFP) - Wall Street stocks finished a roller-coaster session higher Tuesday, while the yen touched a fresh 20-year low against the dollar in anticipation of more US monetary tightening.

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WEKU

Russia-Ukraine war: What happened today (June 7)

A roundup of key developments and the latest in-depth coverage of Russia's invasion of Ukraine.

Crikey

World Bank slashes global growth forecast

The World Bank has lowered its forecast for this year’s global economic growth, warning that “subdued growth will likely persist throughout the decade”.

AFP

'Stagflation' risk as Ukraine war chokes global growth: World Bank

Washington (AFP) - The global economy risks falling into a harmful period of 1970s-style "stagflation," sparked chiefly by Russia's invasion of Ukraine, the World Bank warned Tuesday as it slashed its annual growth forecast.

AFP

Stocks lower as World Bank slashes global growth forecast

London (AFP) - Major stock markets fell Tuesday as investors fretted over central bank moves to rein in inflation and the World Bank cut its global economic growth forecast following Russia's invasion of Ukraine.

AFP

Stocks tumble as World Bank slashes global growth forecast

London (AFP) - Major stock markets fell Tuesday as investors fret over central bank actions against inflation and the World Bank cut its global economic growth forecast following Russia's invasion of Ukraine.

The Independent UK

World Bank dims outlook for global economy amid Russia war

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 Guardian - UK

Return to the 70s: World Bank warns of weak growth and high inflation

Stagflation feared as global economy suffers fallout from Covid pandemic and Russian invasion of Ukraine

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