IBT Staff Reporter

Drought threatens Spain's 'green gold' harvest

UniCredit raised its 2022 outlook on Wednesday after a surprisingly strong second quarter in which it cut exposure to Russia and moved ahead with a proposed share buyback it had put on hold.

Ground staff at Deutsche Lufthansa went on strike early Wednesday, prompting the cancellation of more than 1,000 flights, and adding to travel disruptions during the busy summer travel season.

Mercedes-Benz is boosting its supply chain by dealing directly with chipmakers and forming contingency plans to cut gas usage by up to 50% in Germany, it said on Wednesday, raising its full-year financial guidance after a strong second quarter.

Deutsche Bank posted a better-than-expected 51% rise in second-quarter profit on Wednesday as investment banking revenues rose, though the lender was less optimistic about the division's prospects for the full year and warned about the economic outlook.

The Federal Reserve said on Wednesday it would not flinch in its battle against the most intense breakout of inflation in the United States since the 1980s even if that means a "sustained period" of economic weakness and a slowing jobs market.

The Federal Reserve raised its benchmark overnight interest rate by three-quarters of a percentage point on Wednesday in an effort to cool the most intense breakout of inflation since the 1980s, and U.S.

The Federal Reserve raised its benchmark overnight interest rate by three-quarters of a percentage point on Wednesday in an effort to cool the most intense breakout of inflation since the 1980s, with "ongoing increases" in borrowing costs still ahead despite evidence of a slowing economy.

Sri Lanka's parliament approved the extension of a state of emergency for a month on Wednesday, a lawmaker said, in a bid to get a grip on a political and economic crisis that has forced a change of leadership.

Singapore has permitted former Sri Lankan president Gotabaya Rajapaksa to stay in the island republic for an additional 14 days, two sources familiar with the matter told Reuters on Wednesday.

Singapore has permitted former Sri Lankan president Gotabaya Rajapaksa to stay in the island republic for an additional 14 days, two sources familiar with the matter told Reuters on Wednesday.

The International Monetary Fund (IMF) said on Wednesday it would discuss with Bangladesh its loan request after the country became the third in South Asia to seek such support after Pakistan and Sri Lanka.

Bangladesh has asked to start talks on a loan from the International Monetary Fund (IMF) but will take it only if conditions are favourable, the finance minister said on Wednesday, adding its macroeconomic conditions were fine.

The top U.S. consumer watchdog plans to scrutinize the use of cryptocurrencies for real-time payments and ramp up oversight of Big Tech companies as they expand into the traditional financial sector, its director told Reuters.

Germany's BASF, the world's largest chemical company, is cutting ammonia production further due to soaring natural gas prices, it said on Wednesday, with potential ramifications from farming to fizzy drinks.

Germany's BASF, the world's largest chemical company, is considering further cuts to ammonia production due to soaring natural gas prices, two sources familiar with the matter said, with potential ramifications from farming to fizzy drinks.

New Zealand's government said on Wednesday new COVID-19 cases were trending down and it looked likely the country would avoid a feared worst-case scenario of 20,000 infections daily.

Australia sees the world's climate emergency as an opportunity to create jobs, the new Labor government said on Wednesday, introducing legislation to enshrine an emissions reduction target.

North Korea's economy shrank in 2021 for a second straight year after suffering its biggest contraction in more than two decades the previous year amid U.N.

Argentina's new economy minister told a gathering of investors in the United States on Tuesday she had begun an adjustment to government spending supported by all ruling party factions, one participant told Reuters.

Bitter harvest: Malaysian palm oil farmers face labour crunch

Japanese defence forces will participate for the first time in military exercises in Indonesia next month alongside the United States and Australia, Japanese Prime Minister Fumio Kishida said on Wednesday after talks with Indonesian President Joko Widodo.

Eye-popping: Saudi prince unveils mirrored skyscraper eco-city

Japan eSports players with disabilities shoot down stereotypes

Wall Street shares gained ground on Wednesday after reassuring earnings reports and guidance from big U.S.

Better-than-expected earnings from a raft of U.S. and European companies helped steady global stock markets on Wednesday, cutting through gloom caused by rising interest rates and the threat of an energy crunch due to Russian gas supply cuts.

Better-than-expected earnings from a raft of U.S. and European companies helped steady global stock markets on Wednesday, cutting through gloom caused by rising interest rates and the threat of an energy crunch due to Russian gas supply cuts.

Better-than-expected results at Microsoft and Google helped steady a nervous mood in stock markets on Wednesday, while bonds and the dollar were on edge ahead of a U.S.

Better-than-expected results at Microsoft and Google helped soothe a nervous mood in stock markets on Wednesday, while a cut in Russian gas flow dragged on the euro and a Federal Reserve meeting due later in the day kept bonds and the dollar on edge.