News
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World Bank nudges up Latin America growth forecast to 2.3% but warns of skills shortage
The World Bank expects Latin America and the Caribbean’s economy to expand 2.3% in 2025, a slight uptick from 2.2% in 2024, with growth projected to reach 2.5% in 2026.
Milei stages rock concert as Argentina's economy falters
Argentine President Milei launched his new book with a rock concert-style event at Buenos Aires' Movistar Arena on October 6, performing anthems before nearly 15,000 supporters as his administration faces political and economic turmoil.
World Bank projects growth upturn for Western Balkans from 2027
But region needs to focus on job creation and reforms to catch up with average EU living standards within the next 40 years.
Iran's foreign minister calls for return to diplomacy after missile accusations
Iranian Foreign Minister Abbas Araghchi accused Israeli Prime Minister Benjamin Netanyahu on October 7 of attempting to manufacture an "imaginary threat" from Iran.
Hungary's forint falls 1% after economy minister criticises interest rates
Hungary's forint falls 1% after Economy Minister Marton Nagy criticises high real interest rates, reigniting debate over possible rate cuts as central bank maintains 6.5% rate unchanged since September 2024 to control inflation.
Kenya converts $3.5bn China Exim railway loans into yuan, saving $215mn annually
Kenya’s Treasury said the switch aims to hedge against US dollar volatility and align repayment flows with Chinese import and project spending, which are largely yuan-denominated. The currency swap immediately reduces near-term debt-service costs.
Romania's Electrica seeks shareholder approval to borrow €1bn for acquisitions
State-controlled electricity utility group is eyeing acquisitions including Distribuție Energie Oltenia, currently owned by Macquarie.
Georgian authorities jail organisers of failed “peaceful revolution”
Tens of thousands gathered peacefully on Tbilisi’s central Rustaveli Avenue on October 4, while a smaller group attempted to storm the presidential palace on the instruction of rally organisers.
Austria and Slovenia advocate qualified majority voting to unblock EU enlargement
Dropping unanimity requirement could accelerate the accession process for Ukraine, Moldova and potentially Western Balkans, but faces opposition from within the EU.
Fighting in Mozambique’s gas-rich Cabo Delgado region forces 22,000 to flee amid health collapse, UN warns
The region, home to multibillion-dollar liquefied natural gas (LNG) projects, has repeatedly been targeted by militants believed to be linked with the Islamic State.
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Turkey tops Europe in income inequality, union report warns
Findings suggest while economy continues to expand on paper, benefits are not reaching large segments of society.
Nigeria’s president approves $2.6bn bond to clear GenCos’ debts
President Bola Tinubu has approved a NGN4 trillion ($2.6bn) bond to settle long-standing debts owed to power producers and gas suppliers, aiming to inject liquidity into Nigeria’s electricity sector.
350,000 jobs lost as Turkey’s textile and garment industry hits rocks
$8bn in revenues up in smoke as orders shift to lower-cost rivals in Asia, North Africa.
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Claudia Sheinbaum’s first year tests Mexico’s new direction
President Claudia Sheinbaum’s first year in office has been marked by a combination of political stability, expansive social policies and cautious diplomacy, all set against the backdrop of a slowing economy and growing institutional concentration.
Poland and Baltic states deride former German chancellor Merkel for Ukraine war comments
Angela Merkel’s comments on Eastern European resistance to her diplomatic overtures towards Moscow before Russia’s 2022 invasion of Ukraine triggered strong reactions in Poland and the Baltic states.
Rifts on show at EU-Western Balkan summit in Albania
Differences apparent over EU reform as well as friction between Serbia and Kosovo.
Russia struggles to restore gas payments to Moldova’s separatist Transnistria region
Russia is seeking a new intermediary to facilitate payments for natural gas deliveries to Transnistria after European banks reportedly blocked financial transfers routed through Dubai.
Babiš in talks with far-right and anti-green parties after Czech election win
Prague is likely to get the most Eurosceptic government yet seen as ANO leader Andrej Babis confirms talks with far-right SPD and anti-green, Eurosceptic Motorists for Themselves.
Donald Trump nominates Orthodox Jewish businessman as ambassador to Hungary
Landa is the son of parents who emigrated from Czechoslovakia after WWII, where his father had served as a rabbi. In a 2010 speech, he described his family as having Hungarian Hasidic roots.
Turkey’s Halkbank takes stock market hit as US Supreme Court chucks out Iran sanctions-busting appeal
Lender argued that as state bank it has sovereign immunity from 2019 indictment.