The kingdom’s Public Investment Fund has been investing more in businesses that benefit from a transition away from fossil fuels, mirroring Saudi Arabia’s wider strategy to diversify its economy away from a reliance on crude sales. By Vivian Nereim and Matthew MartinBloomberg Saudi Arabia’s $430 billion sovereign wealth fund plans to
The British government held an emergency meeting with small power suppliers on Tuesday, and by the late afternoon Igloo, Green, Ampower, Utilita and NEO Energy had posted notices on their websites saying they were closed to new business. By Rachel Morison, William Mathis and Todd Gillespie and Isis AlmeidaBloomberg A raft of small U.K.
The images of hundreds of employees with boxes in their hands marching out of the New York City headquarters of Lehman Brothers after the company declared bankruptcy on September 15, 2008 became one of the enduring images of the global financial crisis, a visual shorthand for how an industry-leading firm
Lebanon’s annual inflation rate is the highest in the world, according to Bloomberg data. By Ainhoa Goyeneche and Dana KhraicheBloomberg Lebanon’s annual rate of inflation has risen to the highest of all countries tracked by Bloomberg, surpassing Zimbabwe and Venezuela, as the financial meltdown in the Middle East nation worsens. The
A new report by Nigeria’s National Bureau of Statistics and the United Nations Development Programme illustrates how the coronavirus pandemic has had an outsized socioeconomic impact on Nigeria and the livelihoods of its citizens. A new report published on Tuesday offers a grim assessment of how the COVID-19 pandemic has
The world has never been more threatened or more divided, United Nations Secretary-General Antonio Guterres told nations of the world on Tuesday as he kicked off the 76th General Assembly session, urging all 193 member states to “wake up” and realise that solidarity is the only way out of disaster.
Cash-strapped China property developer Evergrande Group missed interest payments to at least two of its largest bank creditors, sources tell Bloomberg. By Bloomberg NewsBloomberg China Evergrande Group missed interest payments due Monday to at least two of its largest bank creditors, taking the cash-strapped developer a step closer to one of
New York City, the United States – The United Nations’ budget is not growing but the challenges it faces are. As it kicks off its annual high-level General Assembly session in New York City on Tuesday, the 193-member organisation will try to unify an international community struck by a deadly
India’s investment bankers are set for their most rewarding year as local initial public offerings head for an all-time high despite the devastation brought about by a deadly Covid-19 wave. Listings in Mumbai have already raised $10.2 billion this year, according to data compiled by Bloomberg. Banks steering those offerings
India’s plan to tighten rules on its fast-growing e-commerce market has run into internal government dissent, memos reviewed by Reuters news agency show, with the Ministry of Finance describing some proposals as “excessive” and “without economic rationale”. The memos offer a rare glimpse of high-stakes policy-making governing a market already