Explainer: Why is Turkey blocking Swedish and Finnish NATO membership?

STOCKHOLM, Jan 24 (Reuters) – Swedish and Finnish hopes of quickly joining NATO have run into an obstacle in the form of objections by Turkey, which holds veto powers over accession to the military alliance. The three nations reached an agreement on how to proceed in Madrid last June, but Turkish President Tayyip Erdogan has … Read more

China offers Sri Lanka debt moratorium, IMF help still in doubt

China offers debt service relief in 2022, 2023 Sri Lanka sources unclear if China letter will be enough for IMF Broad agreement between IMF, China on Zambia could provide clues NEW DELHI/COLOMBO, Jan 24 (Reuters) – The Export-Import Bank of China has offered Sri Lanka a two-year moratorium on its debt and said it would … Read more

India makes inroads into Sri Lanka under China’s long shadow

COLOMBO/NEW DELHI, Dec 27 (Reuters) – When Sri Lanka slid into its worst economic crisis in seven decades leading to deadly riots and alarming shortages of fuel, food and medicines earlier this year, its giant northern neighbor stepped into the breach. India provided about $4 billion in rapid assistance between January and July, including credit … Read more

Pacifist Japan unveils biggest military build-up since World War Two

TOKYO, Dec 16 (Reuters) – Japan on Friday unveiled its biggest military build-up since World War Two with a $320 billion plan that will buy missiles capable of striking China and prepare it for sustained conflict, as regional tensions and Russia’s Ukraine invasion stoke war fears. The sweeping, five-year plan, once unthinkable in pacifist Japan, … Read more

Biden says US is ‘all in’ on Africa’s future

WASHINGTON, Dec 14 (Reuters) – President Joe Biden announced an agreement aimed at bolstering trade ties between the United States and Africa on Wednesday after years in which the continent took a back seat to other US priorities as China made inroads with investments and trade. “The United States is ‘all in’ on Africa’s future,” … Read more

Hungary vetoes EU aid for Ukraine, bloc delays decision on funds for Budapest

Hungary against 18 bln euro EU loan to Kyiv, OECD minimum tax Other 26 EU countries to finance Ukraine in a different way Ministers delay decision on funds worth nearly 9% of Hungary’s GDP BRUSSELS, Dec 6 (Reuters) – Hungary vetoed an 18 billion euro ($19 bln) loan to Ukraine from the European Union on … Read more

Bankers bet billions on new wave of debt-for-nature deals

More countries linking debt costs to conservation goals Seychelles, Belize, Barbados among those to strike deals Ecuador swap could be biggest yet at $800 million Cape Verde, Sri Lanka and others are also exploring deals SHARM EL-SHEIKH, Egypt, Nov 17 (Reuters) – The Galapagos Islands, whose thousands of unique species inspired Darwin’s theory of evolution, … Read more

UK faces record hit to living standards as tax hikes loom

Britain facing record living standards hit UK economy in recession, set to shrink in 2024 Almost half of 55 billion-pound belt-tightening from tax rises Budget watchdog sees 7% hit to living standards IFS think-tank says bulk of the hit to come after 2024 LONDON, Nov 17 (Reuters) – Britain faces a record hit to living … Read more

Lula’s honeymoon with Brazil markets ends amid spending plan fears

BRASILIA, Nov 10 (Reuters) – Brazilian President-elect Luiz Inacio Lula da Silva’s brief honeymoon with financial markets looked finished on Thursday, as he pushed for more room to grow social spending without setting long-term fiscal rules or naming his top economic policymakers . Brazil’s currency and benchmark Bovespa stock index (.BVSP), which rose last week … Read more

Lula narrowly defeats Bolsonaro to win Brazil presidency again

SAO PAULO, Oct 30 (Reuters) – Luiz Inacio Lula da Silva narrowly defeated President Jair Bolsonaro in a runoff election on Sunday that marked a stunning comeback for the leftist former president and the end of Brazil’s most right-wing government in decades. Brazil’s Supreme Electoral Court declared Lula the next president, with 50.9% of votes … Read more