Dutch brewer Heineken has completed its withdrawal from Russia, 18 months after Moscow launched its full-scale invasion of Ukraine, selling its business in Russia for just 1 euro, the company announced Friday.
Heineken said it would incur a total loss of 300 million euros ($325 million) for the sale to Russian manufacturing giant the Arnest Group.
Full StoryGlobal shares were trading mixed Friday, as investors digested a blowout profit report from Nvidia and mixed reports on the United States economy.
France's CAC 40 rose 0.6% in early trading to 7,256.90. Germany's DAX added 0.4% to 15,682.35. Britain's FTSE 100 gained 0.4% to 7,365.44. U.S. shares were set to drift higher with Dow future up 0.2% at 34,220.00. S&P 500 futures were up 0.1% at 4,391.50.
Full StoryFrench President Emmanuel Macron vowed to make key economic, immigration and education reforms despite France's divisions and political challenges that have included months of protests against pension changes and recent rioting over a teen killed by police.
Macron said in a wide-ranging interview with Le Point magazine published Thursday that he will meet next week with the country's "main political leaders" for talks about issues confronting France. The talks would be aimed at proposing new bills and possibly referendums, he said.
Full StoryInterim Central Bank Governor Wassim Mansouri on Friday announced that the bank will not print Lebanese currency to cover for the state's deficit, stressing that financial regularity cannot be achieved without “passing the reforms.”
“I urge all political forces to keep the monetary authority out of political bickering, seeing as the current stalemate would negatively affect the economy and contribute to the isolation of Lebanon internationally,” Mansouri added at a press conference.
Full StoryCaretaker Energy Minister Walid Fayyad on Thursday announced that a reconnaissance permit has been granted to a consortium of international companies to conduct a 3D seismic survey of Lebanon’s offshore Block 8.
“Today is a historic day in a journey that had started in the year 2010,” Fayyad said at a press conference.
Full StoryTurkey's central bank raised its key interest rate by an aggressive 7.5 percentage points on Thursday, in a new sign of a return to more traditional economic policies under President Recep Tayyip Erdogan.
The bank hiked its policy rate to 25% as it continues to backtrack from a rate-cutting course set by Erdogan, which has been blamed for inflaming a cost-of-living crisis. Many households have been left struggling to afford rent and basic goods as inflation has surged.
Full StoryAmericans didn't let persistent inflation and lingering worries about a recession cut into summer spending on eating and drinking out.
Retails sales at restaurants and bars surged from May through July compared with a year ago, despite prices remaining relatively elevated for restaurants and bars. Sales in the sector jumped 11.8% in July and 9.5% in June from a year ago, according to the Commerce Department.
Full StoryWall Street was mixed in premarket trading early Thursday after chipmaker Nvidia reported blowout earnings, pushing Nasdaq futures higher.
Futures for the S&P 500 gained 0.6% before the bell, the Nasdaq jumped 1.3%, while Dow futures lagged, inching back 0.1%.
Full StoryCarlos Ghosn, the former rock star businessman who fell from grace and fled authorities smuggled in a music instrument box, is getting what his dramatic story deserves — a multi-part documentary series.
"Wanted: The Escape of Carlos Ghosn" is the juicy real tale of how the auto executive went from attending red carpets as the head of both Nissan and Renault to fleeing to Lebanon with the help of a former U.S. Green Beret.
Full StoryGermany plans to ease citizenship rules under legislation approved Wednesday by the Cabinet, a project that the government contends will bolster the integration of immigrants and help an economy that is struggling with a shortage of skilled workers.
The legislation passed by Chancellor Olaf Scholz and his ministers still requires approval from the lower house of parliament, where the socially liberal three-party coalition has a comfortable majority. It could take effect in January, depending on how quickly that happens.
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