NEW YORK (Reuters) – World Bank President David Malpass on Thursday said the expected cost for rebuilding Ukraine will go up “quite a bit” from the roughly $350 billion estimated earlier this year, given Russia’s targeting of Ukraine’s electricity grid and other infrastructure. He told the Reuters NEXT conference that he did not detect any …

World Bank’s Malpass: Bill for rebuilding Ukraine rising, not detecting donor fatigue Read More »

(Reuters) – Up to 2,000 staff at Intel Corp’s Irish operation have been offered three months’ unpaid leave as part of cost-cutting measures, the Business Post reported on Thursday. According to the report, workers at Intel’s manufacturing division have been offered the unpaid leave as part of a “voluntary time off” program which is being …

Intel staff in Ireland offered unpaid leave in cost-cutting drive – Business Post Read More »

By Michel Rose, Jeff Mason and Jarrett Renshaw WASHINGTON (Reuters) – U.S. President Joe Biden said that new laws that give incentives for domestic production of computer chips and renewable energy parts were never intended to exclude European allies and could be tweaked. Speaking with French President Emmanuel Macron at a joint press conference at …

Biden says can ‘tweak’ inflation act to include European countries Read More »

By Angelo Amante and Giuseppe Fonte ROME (Reuters) -Italy’s government on Thursday laid down a scheme to place a refinery in Sicily owned by Russia’s Lukoil in the hands of trustees in an effort to avoid it being shut down because of a looming embargo on Russian seaborne oil. The move comes as the European …

Italy approves decree to place Lukoil refinery under trusteeship Read More »

By Andrea Shalal NEW YORK (Reuters) -Damage from Russian attacks on Ukraine’s infrastructure are increasing the amount of aid the country needs “front-loaded” ahead of the harsh winter months, the head of the International Monetary Fund said on Thursday. IMF Managing Director Kristalina Georgieva told the Reuters NEXT conference she was confident international partners would …

Critical to ‘front-load’ aid to Ukraine as costs rise – IMF’s Georgieva Read More »

By Jan Schwartz BERLIN (Reuters) -Volkswagen has begun searching for a site for the German carmaker’s first battery cell factory in North America, its CEO announced on Thursday. Confirming an earlier Reuters story, Volkswagen CEO Oliver Blume and Canadian industry minister Francois-Philippe Champagne signed an addendum to their existing memorandum of understanding from August, agreeing …

VW confirms looking in Canada to build first North America cell plant Read More »

(Reuters) – LVMH’s Moët Hennessy and Italy’s Campari have taken full ownership of online wines and spirits company Tannico via their joint venture and plan to expand it further, the two companies said in a statement on Thursday. Italian drinks group Campari clinched an initial deal in 2020 to buy 49% of Tannico to give …

Campari, LVMH’s Moët Hennessy buy 100% of Tannico Read More »

By Sumeet Chatterjee, Stefania Spezzati and Lawrence White HONG KONG/LONDON (Reuters) -HSBC is cutting as many as 15% of its 2,000 senior operations managers worldwide, as it attempts to streamline its management ranks and reduce costs, two sources with knowledge of the matter said. The global job cuts at the London-headquartered bank will fall across …

Exclusive-HSBC shedding at least 200 senior operations managers in global cuts -sources Read More »