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The Latest Breaking News from World Bank

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

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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

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.

ABC News

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.

Reuters

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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.

AFP

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.

WEKU

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”.

Crikey

'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.

AFP

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 Independent UK

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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

The Guardian - UK

London’s economic recovery shows ‘levelling up’ struggles; stagflation fears rise – as it happened

Rolling coverage of the latest economic and financial news

Bangkok Post

How the West should engage China

The world order is at risk of a lasting split, with the United States and its allies on one side, and China and its partners on the other. As US Treasury Secretary Janet Yellen noted at an Atlantic Council event last month, this outcome is far from desirable, and the…

Reuters

World Bank to spend $130 million on infrastructure in Solomon Islands

The World Bank plans to step up assistance to the Solomon Islands with $130 million in new funding for projects and assistance expected to be allocated to the country this month.

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Asharq Al-Awsat

‘Major Confrontation’ with Hezbollah Ahead in Lebanon, Says Geagea

The Lebanese Forces party will veto as prime minister anyone aligned with the armed Shiite Hezbollah party and stick to its boycott of government if a new consensus cabinet is formed, the party's leader said on Wednesday. Lebanon is in the throes of one of the world's worst economic meltdowns,…

Benzinga

Russia's Manufacturing Activity Moves Into Expansion Territory For First Time Since Ukraine Invasion

Russia's invasion of Ukraine proved determinantal to the smaller nation, with the World Bank estimating a 45% contraction in Ukraine's GDP in 2022. The aggressor also had to pay a price, as evidenced by a slowdown in growth.

Financial Times

Can Africa grow without fossil fuels?

As the developed world demands emissions cuts, the continent’s leaders are asking whether it is possible to industrialise on green energy alone

Benzinga

Indian Government 'Fairly Ready' With Consultation Paper on Crypto

The Indian government is fairly ready with a consultation paper on cryptocurrencies, a top government official Monday said, adding that organizations like International Monetary Fund and the World Bank have been consulted.

The Conversation

Ghana's debt: the pros and cons of borrowing abroad versus at home

A government which decides to borrow – either because it has programmed a budget deficit or needs to refinance maturing debts – faces two, non-mutually exclusive possibilities: borrow domestically in the local currency or borrow externally in a foreign currency.

Bangkok Post

Higher living costs slow local economy

Thailand's economic activity showed signs of slowing in the second quarter as a result of the higher cost of living, says World Bank Thailand.

France 24

War in Ukraine risks triggering global recession, World Bank warns

Skyrocketing energy and food prices driven by Russia's invasion of Ukraine risk sending the global economy into a recession, according to the president of the World Bank. We take a look at how economic growth has already slowed in Germany. Also, stock markets try to break out of bear market…

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