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☆ Erdogan's election lead leaves Turkey's opposition reeling and an economy on the brink
▼ + stars: | 2023-05-19 | by ( Natasha Turak | ) www.cnbc.com time to read: +9 min

Since neither candidate won more than 50% of the vote, however, the election will go to a runoff on May 28. They also reveal that despite Turkey's current economic turmoil, tens of millions of Turks still see Erdogan as their only viable leader. Supporters of Turkish President Recep Tayyip Erdogan celebrate at the AK Party headquarters garden on May 15, 2023 in Ankara, Turkey. Still, Kilicdaroglu's 44.9% of the vote is notable as the highest any opposition candidate ever received, said Orcun Selcuk, an assistant professor of political science at Luther College in Iowa, on Twitter. "The opposition clearly did not meet the expectations but it would be a misjudgment to say that opposition coordination failed.

☆ Russia's war on Ukraine latest: Russian retreats reported
▼ + stars: | 2023-05-18 | by ( ) www.reuters.com time to read: +3 min

[1/3] Ukrainian servicemen of the 128th territorial defence brigade attend a military training, amid Russia's attack on Ukraine, in Donetsk region, Ukraine, May 18, 2023. REUTERS/Bernadett SzaboMay 18 (Reuters) - Ukraine's military and Russia's Wagner private army both reported fresh Russian retreats on the outskirts of Bakhmut, as Kyiv pressed on with its biggest advance for six months ahead of a planned major counteroffensive. FIGHTING* Ukraine's military said its troops had advanced in places by more than a mile. Some of its soldiers on the front line said Russian troops were pounding supply lines to try to halt the gains. But he accused commanders of Russia's regular forces of abandoning vital ground north of the city, exposing his troops.

☆ EU takes aim at Chinese firms in proposed new Russia sanctions - sources
▼ + stars: | 2023-05-08 | by ( Gabriela Baczynska | ) www.reuters.com time to read: +5 min

A spokesman for the European Commission on Monday confirmed the proposal was sent out to member states and aimed at closing loopholes in Russia trade restrictions but declined to give detail. In what would be the EU's 11th package of sanctions against Russia since it invaded Ukraine in February, 2022, the bloc would introduce a new mechanism to cut its exports to third countries seen as involved in bypassing Russia sanctions. "It will be an empty vessels for now that can then be filled up as needed," said one EU diplomat. "The analysis... shows a sharp drop in direct exports from the EU to Russia following the introduction of sanctions in March 2022. "Both patterns are particularly pronounced for product groups partially or fully subject to the EU sanctions as well as goods that are similar to the sanctioned ones," the EBRD said.

☆ Yellen wants more World Bank reforms in coming months, eyes subnational lending
▼ + stars: | 2023-04-20 | by ( Andrea Shalal | ) www.reuters.com time to read: +4 min

Yellen told Reuters World Bank shareholders had "extremely productive" discussions last week after approving an initial round of reforms to ensure the bank can better tackle issues such as climate change, pandemics and conflict, alongside its work to reduce poverty. Now they expected the bank to take further actions on a "rolling basis," in the run up to the October annual meetings in Morocco, she said. Yellen said private sector executives told her they were upbeat that new incentives and reforms at the World Bank could free up more private capital for development goals. Malpass told Reuters the bank would draft a work plan for reforms to continue over the summer. "We'll explore additional avenues to provide resources directly from the MDBs and enable private sector capital."

☆ Ukraine investment focuses on strengthening the 'real economy,' EBRD says
▼ + stars: | 2023-04-11 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailUkraine investment focuses on strengthening the 'real economy,' EBRD saysOdile Renault-Basso, president of the European Bank for Reconstruction and Development (EBRD), says investment into Ukraine rose to $1.7 billion in 2022 as shareholders continue to support the country's real economy amid the ongoing war.

[1/4] Britain's King Charles waves as he arrives for a visit to the new European Bank for Reconstruction and Development (EBRD) in London, Britain March 23, 2023. Kirsty Wigglesworth/Pool via REUTERSPARIS, March 24 (Reuters) - Britain's King Charles on Friday cancelled a state visit to France after social unrest over President Emmanuel Macron's new pension law erupted into some of the worst street violence seen in years across the country. "The King and The Queen Consort's State Visit to France has been postponed. Their Majesties greatly look forward to the opportunity to visit France as soon as dates can be found," a Buckingham Palace spokesperson said. A Buckingham Palace source said Charles' visit to Germany will go ahead as planned.

☆ World Bank agrees $7 bln, 5-year partnership with Egypt
▼ + stars: | 2023-03-22 | by ( ) www.reuters.com time to read: +2 min

CAIRO, March 22 (Reuters) - The World Bank said on Wednesday it had approved a new $7 billion partnership agreement with Egypt for 2023-2027 with a focus on boosting private sector jobs, provision of better health and education services, and adaptation to climate change. The Country Partnership Agreement (CPF) will entail $1 billion per year from the International Bank for Reconstruction and Development (IBRD) and about $2 billion over five years from the International Finance Corporation (IFC), a statement from the World Bank said. Also on Wednesday the International Finance Corporation (IFC), part of the World Bank Group, announced that it had partnered with the European Bank for Reconstruction and Development and Egypt's Sovereign Fund to develop desalination plants in Egypt through a public-private partnership model. Egypt depends almost entirely for fresh water supplies on the River Nile, and is considered at high risk from the impacts of climate change. Reporting by Nayera Abdallah, Nadine Awadalla and Aidan Lewis, Editing by Louise Heavens, William MacleanOur Standards: The Thomson Reuters Trust Principles.

☆ World Bank agrees $7 bln framework with Egypt
▼ + stars: | 2023-03-22 | by ( ) www.reuters.com time to read: 1 min

DUBAI, March 22 (Reuters) - The World Bank approved a new country partnership framework (CPF) for Egypt for the financial years 2023-2027 providing the country with $7 billion in funds, the lender said on Wednesday. The CPF will entail $1 billion per year from the International Bank for Reconstruction and Development (IBRD) and about $2 billion during the entire CPF period from the International Finance Corporation (IFC), the statement said, adding that the programme was meant to support Egypt's efforts in green and inclusive development. Reporting by Nayera Abdallah and Nadine Awadalla, Editing by Louise HeavensOur Standards: The Thomson Reuters Trust Principles.

☆ Moldova no longer needs Russian gas, minister says
▼ + stars: | 2023-03-16 | by ( Alexander Tanas | ) www.reuters.com time to read: +2 min

Companies Gazprom PAO FollowCHISINAU, March 15 (Reuters) - Ex-Soviet Moldova is no longer receiving Russian gas or enduring the "blackmail" imposed by gas giant Gazprom over its difficulties in paying for supplies, the country's energy minister said. But when the (rest of Moldova) was getting gas, the Russian company resorted to supply cuts, to blackmail." A contingent of 1,500 Russian "peacekeepers" remain in the separatist region 30 years after a brief war pitting it against newly independent Moldova. Transdniestria channels funds from gas bills paid by domestic and industrial users to a "gas account" used to cover some of its substantial budget deficits. The sum of Transdniestria's unpaid bills for Russian gas is estimated by Moldovan officials at several billion dollars.

☆ EU extends $647 mln grant for Serbia's fast railway line
▼ + stars: | 2023-02-28 | by ( ) www.reuters.com time to read: +1 min

BELGRADE, Feb 28 (Reuters) - The European Union on Tuesday extended a 610 million euro ($647.15 million) grant to Serbia for the construction of a fast railway line that will connect southern Serbia with central Europe. The 208-kilometre line should connect the Serbian capital Belgrade with the southern town of Nis. President Aleksandar Vucic said the EU grant was the largest ever given to Serbia, which has received a total of 420 million euros in EU grants so far. "The EU is now giving us 610 million euros as a gift," said Vucic, adding that the new railway line will enable travellers from Nis to get to Budapest in less than five hours. Vucic said Serbia would provide 525 million euros for the project and would take out loans of 1.1 billion euros and 550 million euros with the EIB and European Bank for Reconstruction and Development respectively.

☆ BNP Paribas aims to raise age limit for chairman -filing
▼ + stars: | 2023-02-28 | by ( ) www.reuters.com time to read: +1 min

The French lender will put a resolution to shareholders seeking to raise the age limit of its non-executive chairman role to 75 from 72, according a formal notice filed on Monday to authorities. BNP Paribas will also ask shareholders allow the board, once the 75 age threshold is reached, to prolong the chairman's mandate by an additional year. Born in 1950, Lemierre was named BNP Paribas' chairman in 2014, replacing Baudouin Prot. He's a former president of the European Bank for Reconstruction and Development and led the French Treasury between 1995 and 2000. Reporting by Mathieu Rosemain; editing by Jason NeelyOur Standards: The Thomson Reuters Trust Principles.

☆ How a 34-year-old Ukrainian founder created scrappy business opportunities amid the chaos of war
▼ + stars: | 2023-02-25 | by ( Alexandra York | ) www.businessinsider.com time to read: +6 min

Alina Kachorovska has kept her business afloat thanks to scrappy opportunities amid the war. She's made boots for Ukrainian soldiers and focused on international expansion to sustain the brand. Kachorovska, which relied heavily on domestic direct-to-consumer sales before the war, felt a major impact from the displacement of Ukrainians. Opportunities during wartimeKachorovska employees worked from the factory to produce boots and shoes amid the war. Kachorovska first dreamed of taking her brand international six months before the war with Russia began, she said.

☆ Chinese consortium seals highway deal with Bosnia's Serb Republic
▼ + stars: | 2023-02-23 | by ( ) www.reuters.com time to read: +1 min

SARAJEVO, Feb 23 (Reuters) - A consortium of Chinese companies and the government of Bosnia's autonomous Serb Republic on Thursday sealed a 350 million marka ($190.5 million) loan deal for the construction of a section of a northern highway connecting the region with Serbia. China Overseas Engineering Group Co Ltd. and China Tiesiju Civil Engineering Group Co Ltd., with help of the China Construction Bank, will plan, build and finance the 17-kilometre-long Brcko-Bijeljina section, Serb Republic Prime Minister Radovan Viskovic said at the signing ceremony. The Serb Republic wants to build a modern highway connecting most of its territory with Serbia, its political ally and largest trade partner. It turned to Chinese investors after the European Bank for Reconstruction and Development (EBRD) declined to support the project, which it said was not vital. In August, the regional government signed a 650 million marka deal with China State Construction Engineering Corp. Ltd. (601668.SS) to build a 33-kilometre-long section of the same highway in northern Bosnia.

☆ Chile readies major earthquake insurance with World Bank
▼ + stars: | 2023-02-23 | by ( ) www.reuters.com time to read: +1 min

[1/3] A damaged car lies on debris after an earthquake hit areas of central Chile, in Coquimbo city, north of Santiago, Chile, September 17, 2015. REUTERS/Ivan Alvarado/File PhotoSANTIAGO, Feb 23 (Reuters) - Chile is finalizing a deal with the World Bank for insurance against high-intensity earthquakes that would impact the country's fiscal policy and public debt, the Finance Ministry said on Thursday. "The specific conditions of the insurance will be disclosed once this financial operation is completed, which would eventually occur in the coming weeks." The government said that studies to design different financial insurance structures with the World Bank - through the International Bank for Reconstruction and Development (IBRD)- began in June 2022. Chile is prone to earthquakes as it is located in the so-called Pacific Ring of Fire.

[1/3] A view of the destroyed village of Moshchun amid Russia's invasion, Kyiv region, Ukraine May 19, 2022. But before they can even begin to be answered, Kyiv is seeking billions just to ride out this year. After a 30% contraction in its economy in 2022, Ukraine will need $38 billion by the end of year to cover its budget deficit alone. "But to me, one of the surprises has been how the private sector has been so resilient." "Supporting Ukraine now is critical to avoid a devastating humanitarian crisis and to strengthen Ukraine for what it's doing for the rest of the world."

☆ Ukraine War to Take Sharp Economic Toll in Eastern Europe
▼ + stars: | 2023-02-16 | by ( Paul Hannon | ) www.wsj.com time to read: 1 min

A clothing and homeware store in Jelgava, Latvia, one of the Eastern European countries whose economy is expected to contract this year, according to the EBRD. Russia’s war in Ukraine will cause a sharp slowdown in economic growth across Eastern Europe this year, deterring foreign investment and lifting energy prices and borrowing costs, the European Bank for Reconstruction and Development has warned. Most of the European countries that are closest to the front line showed surprising resilience during the first year of the war. But many economies in the region are more reliant on energy-intensive factories than their counterparts in Western Europe and they could see their market share erode as their costs increase.

☆ Turkey earthquake could result in loss of up to 1% of country's GDP in 2023
▼ + stars: | 2023-02-16 | by ( Jorgelina Do Rosario | ) www.reuters.com time to read: +2 min

LONDON, Feb 16 (Reuters) - The potential economic effects of the earthquake in Turkey could result in a loss of up to 1% of the country's gross domestic product this year, the European Bank for Reconstruction and Development (EBRD) said in a report published on Thursday. "The earthquake affected to a large extent agricultural areas and areas where there is light manufacturing, so spillovers to other sectors are limited," EBRD chief economist Beata Javorcik told Reuters. Growth for Turkey, the single biggest recipient of EBRD funds, has been revised down to 3% from 3.5% in 2023, without considering the impact of the earthquake in the estimates. The bank added that growing external financing requirements and political uncertainty associated with elections in 2023 create significant economic vulnerabilities. Reporting by Jorgelina do Rosario in London Editing by Karin Strohecker and Matthew LewisOur Standards: The Thomson Reuters Trust Principles.

The quake killed at least 36,187 in southern Turkey, while authorities in neighbouring Syria have reported 5,800 deaths - a figure that has changed little in days. While several people were found alive in Turkey on Wednesday, the number of rescues has dwindled significantly. Neither Turkey nor Syria have said how many people are still missing. More than 4,000 fatalities have been reported in the rebel-held northwest, but rescuers say nobody has been found alive there since Feb. 9. Deliveries from Turkey were severed completely in the immediate aftermath of the earthquake, when a route used by the United Nations was temporarily blocked.

☆ Exclusive: World Bank may loosen loan ratio to free up $4 billion a year
▼ + stars: | 2023-02-16 | by ( Andrea Shalal | ) www.reuters.com time to read: +3 min

WASHINGTON, Feb 16 (Reuters) - The World Bank, under pressure to do more to help developing countries cope with climate change, may change its internal lending guidelines to free up $4 billion in lending capacity each year, World Bank President David Malpass told Reuters on Thursday. Lowering the equity-to-lending ratio would free up more resources at a time of mounting global challenges such as the Ukraine war, he said. The board was expected to decide on the issue by the April meetings of the bank and the International Monetary Fund. Malpass announced his resignation from the bank on Wednesday amid mounting pressure from the U.S. Treasury to move faster on reforming the bank. The World Bank had long argued against changing its capital adequacy rules, worried that doing so would undermine its AAA credit ratings, but two of the three main agencies last year said some changes were possible without tarnishing the ratings.

☆ Exclusive: World Bank's Malpass on surprise exit: Four years is a long time
▼ + stars: | 2023-02-16 | by ( Andrea Shalal | ) www.reuters.com time to read: +3 min

WASHINGTON, Feb 16 (Reuters) - World Bank President David Malpass on Thursday told Reuters he decided to leave before his five-year contract ended because he felt work was well underway on reforms aimed at expanding the bank's lending. Malpass, who was nominated by former President Donald Trump, said the end of the bank's fiscal year was a good time for a transition. Malpass will leave the bank by the end of June. Asked about suggestions he had been urged to leave, Malpass said he was leaving on his own terms and it made sense for him at this time. Malpass would not comment on whether it was time to end a longstanding tradition of having the bank's leader come from the United States.

☆ Sticky inflation prompts EBRD to trim 2023 growth outlook for its region
▼ + stars: | 2023-02-16 | by ( Jorgelina Do Rosario | ) www.reuters.com time to read: +3 min

The EBRD reduced the region's growth estimates to 2.1% from 3% for this year, even lower than the 2.4% forecast for 2022. "Also, there is still uncertainty associated with the war in Ukraine, particularly for countries that are in geographic proximity," EBRD chief economist Beata Javorcik told Reuters. Growth for Turkey, the single biggest recipient of EBRD funds, has been revised down to 3% from 3.5% for 2023, without considering the impact of the earthquake in the estimates. The EBRD estimates Ukraine's economy to grow 1% this year after a 30% contraction in 2022. "Unless there is a significant strategic change on the ground, growth in Ukraine's GDP in 2024 is likely to be sluggish, but positive at least," EBRD said.

[1/2] Visitors queue in front of the Ukraine House during the World Economic Forum (WEF) 2023, in the Alpine resort of Davos, Switzerland, January 16, 2023. It is about creating momentum and giving assurances that even during the war, Ukraine is not closed for business. "Ukraine has shown resilience in war time and business too so we have to find additional tools on how to facilitate Ukraine business to develop and foreign investment to come to Ukraine even now," she said. WAR NOT ENDING SOONZelenskiy addressed BlackRock executives and its clients in Davos via Zoom on Tuesday, a person who attended said. In Davos, an exhibition at Ukraine House reminds visitors of the scale of the destruction.

DAVOS, Switzerland, Jan 18 (Reuters) - The European Bank for Reconstruction and Development expects a record loss in 2022, primarily due to losses from its portfolio holdings in Russia and Belarus, EBRD President Odile Renaud-Basso said on Wednesday. The bank earlier reported record investments in 2022 of about 13.1 billion euros ($14.1 billion), and expects to continue investments targeted around food and energy security, Renaud-Basso said. It may make record investments in Tunisia. Renaud-Basso reiterated the bank's commitment to send 3 billion euros to Ukraine by the end of this year, particularly to help rebuild infrastructure. That would mean an expected deployment of around 1.3 billion euros in 2023, following last year's disbursement of 1.7 billion euros.

☆ 4 ways to pay for the climate crisis, according to Al Gore and other leaders at Davos
▼ + stars: | 2023-01-18 | by ( Freya Graham | ) www.businessinsider.com time to read: +6 min

Panel speakers said philanthropy is often overlooked when thinking about the climate finance gap and that it could act as vital leverage. Michael Wilkins, executive director and professor of practice at the Centre for Climate Finance & Investment at Imperial College Business School, welcomed the comments made by panelists at Davos. "Philanthropy has been crucial in research and development for climate finance and its development," Wilkins told Insider. "The private sector has to join the public sector," Gore said. The solution is not just about scaling up climate investment, though, according to Gore.

☆ Davos 2023: Russian bombing puts Kyiv's utilities under critical strain -Klitschko
▼ + stars: | 2023-01-16 | by ( John Irish | ) www.reuters.com time to read: +3 min

Kyiv's mayor Vitali Klitschko and his brother Wladimir told Reuters that Ukraine's Western allies had to speed up deliveries of air defence systems capable of downing Russian missiles. Kyiv has accused Moscow of indiscriminately targeting civilians as well as key infrastructure, threatening the winter supply of electricity, running water and central heating. We are fighting to survive," he said on the sidelines of the World Economic Forum (WEF) annual meeting in Davos. Former world heavyweight boxing champions Vitali and Wladimir are part of a broader high-level business and political Ukrainian delegation attending the WEF summit. ($1 = 0.9248 euros)Reporting by John Irish and Mark John; additional reporting Ardee NapolitanoOur Standards: The Thomson Reuters Trust Principles.

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