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U.S. Approves $500 Million for Bahrain Oil Project, Despite Opposition

The financing faced criticism that it doesn’t mesh with U.S. commitments on climate change. Earlier, two climate advisers had resigned over the plan.

Manama, the capital city of Bahrain.

Handling of Sex Abuse Inquiry Poses Test for World Bank’s Ajay Banga

The bank is facing scrutiny as it debates how to compensate victims of abuse at Kenyan schools that it was financing.

Ajay Banga was selected by President Biden to bolster the World Bank’s efforts to combat climate change and inject a new sense of urgency into the institution.

Divisions Among Finance Ministers Flare Over Seizing Russian Assets

France’s finance minister, Bruno LeMaire, said there was no legal rationale for giving the Russian central bank funds to Ukraine.

Comments made by France’s finance minister, Bruno LeMaire, about the legality of seizing Russian assets came a day after the U.S. Treasury secretary, Janet Yellen, said that seizing the assets was a possibility.

Biden Announces Major New Sanctions on Russia After Navalny’s Death

The Biden administration, responding to the death of Aleksei A. Navalny, unveiled its largest sanctions package to date as the war in Ukraine enters its third year.

President Biden with Secretary of State Antony J. Blinken and Treasury Secretary Janet L. Yellen. The administration’s new sanctions were created by the Treasury, State and Commerce Departments.

A Russian Bank Account May Offer Clues to a North Korean Arms Deal

Moscow may be trying to help Pyongyang with access to the international financial system in exchange for missiles and ammunition, U.S.-allied intelligence officials suggest.

An image provided by North Korean state media in December showed Kim Jong-un with what was said to be an intercontinental ballistic missile.

Turkey’s Central Bank Chief Steps Down Amid Long Inflation Battle

The government swiftly replaced her and said the change did not reflect a policy shift for the country, where annual inflation is about 65 percent.

Hafize Gaye Erkan was Turkey’s fifth central bank chief in five years.

Bank of America Pledged to Stop Financing Coal. Now It’s Backtracking.

The changes come as Republican lawmakers step up efforts to punish businesses that consider climate change and the environment in their operations.

Demonstrators at a Bank of America branch last year calling on banks to stop financing fossil-fuel projects.

U.S. Leading Soft Landing for Global Economy

Economies all over the world are lowering inflation while avoiding serious recession — but growth in the United States stands out.

Americans have only slowly spent down the savings they amassed during the early pandemic years, so the money has continued to trickle through the economy like a slow-release booster shot.

U.S. and Europe Eye Russian Assets to Aid Ukraine as Funding Dries Up

Despite legal reservations, policymakers are weighing the consequences of using $300 billion in Russian assets to help Kyiv’s war effort.

Ukrainian forces received a delivery of artillery shells near the Kupiansk front line last month. With current funding nearly exhausted, American officials have said they are scrambling to find ways to provide aid for Ukraine.

Russia’s Central Bank Raises Rates to 16 Percent

The bank warned that its tight monetary policy would continue “for a long period” as it attempts to slow an economy in danger of overheating.

The headquarters of Russia’s central bank in Moscow.

Bank of England Keeps Interest Rates at 5.25%, a 15-Year High

The Bank of England and European Central Bank both held their benchmark rates steady. Even though inflation has been slowing, they gave no indication of when rates would start to come down.

The Bank of England held rates at 5.25 percent, a 15-year high.

Javier Milei vs. Sergio Massa in Argentina’s Election: What to Know

Par : Jack Nicas
On Sunday, voters will choose whether to elect a far-right libertarian, Javier Milei, or the center-left economy minister, Sergio Massa.

Javier Milei, left, and Sergio Massa during a debate in Buenos Aires. Polls suggest Sunday’s race is a dead heat.

Russia’s Central Bank Raises Rates to 15 Percent to Curb Inflation

The jump, from 13 percent, would bring a long period of “tight monetary conditions” in order to ease price pressures, the bank said.

The Moscow City financial center, in August.

Prospect of Prolonged Israel-Gaza War Adds Economic Havoc to Human Toll

A widening conflict would test Israel’s economic resilience while worsening an already bleak outlook for the Palestinian economy.

Israeli soldiers gathered near Urim, Israel, this week. Up to 360,000 Israeli reservists are leaving their jobs and businesses to mobilize for military duty.

Scenting Power, U.K. Business Flocks to the Labour Party

The governing Conservative Party was long seen as entrepreneurs’ natural ally and lobbyists’ most important target. With an election on the horizon, that’s changing.

Keir Starmer, center, at the Labour Party’s annual conference in northern England. As party leader, he has junked some left-wing positions and built a commanding poll lead.
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