News from Around the World

Mario Draghi declares victory in battle over the euro

From his corner office on the 40th floor of the European Central Bank’s gleaming twin tower headquarters in Frankfurt, Mario Draghi sums up how the ECB has been transformed during his presidency. “[The building] embodies our values,” says the 72-year-old Italian, with a touch of pride. “Transparency and independence.”

African Development Bank commits to coal-free financing

NAIROBI — The African Development Bank will no longer finance coal projects, bank president Akinwumi Adesina announced this week at the U.N. Climate Action Summit. It was the first public announcement by the bank committing to end financial support for coal.

“Coal is the past, renewable energy is the future,” Adesina told the audience. “For us at the African Development Bank, we are getting out of coal.”

IMF Approves Bulgaria’s Kristalina Georgieva as New Chief

WASHINGTON—The International Monetary Fund formally approved Bulgarian economist Kristalina Georgieva to be its next leader.

The IMF’s board of executive directors on Wednesday voted to select Ms. Georgieva for the role, effective Oct. 1. Currently the No. 2 official at the World Bank, she will take over from Christine Lagarde, who has been selected as the next president of the European Central Bank.

‘Secret’ IMF Meeting With Erdogan’s Foes Draws Government’s Ire

The International Monetary Fund got caught in the political cross-fire in Turkey after what government officials called its “secret” meeting with opposition party representatives and dissident economists on Saturday in Ankara.

On a visit as part of the fund’s Article IV consultation, an annual economic assessment of each of its member countries, top IMF officials met with representatives of CHP and IYI opposition parties, according to reports over the weekend.

US Federal Reserve intervenes for third time to ease money market strains

Pressure is mounting on the Federal Reserve to ease the strain on US money markets after the central bank was forced to intervene on Thursday for the third time using a type of operation it last resorted to during the financial crisis a decade ago.

Fed Steps Into Repo Market to Control Soaring Rates

The Federal Reserve Bank of New York said it would carry out up to $75 billion of transactions known as repurchase agreements on Tuesday to relieve funding pressure in overnight money markets.

Strains developed Monday in short-term financing markets that suggested the central bank could lose control of its benchmark federal-funds rate. 

Merkel Rejects Growing Calls to Fend Off Slowdown With More Spending

Chancellor Angela Merkel rejected growing calls at home and abroad to fend off an economic slowdown with increased spending, saying that the problem wasn’t a shortage of money for investment.

Asian markets gain ahead of ECB meeting

Asian markets mostly gained in early trading Wednesday, ahead of expected further monetary easing by the European Central Bank.

China’s exports to the US are falling sharply as Trump escalates the trade war

China’s exports unexpectedly fell in August as shipments to the United States slowed sharply, pointing to further weakness in the world’s second-largest economy and underlining a pressing need for more stimulus as the Sino-U.S. trade war escalates.

Georgieva closes in on top IMF job as no challengers seen: sources

WASHINGTON (Reuters) - Bulgarian economist Kristalina Georgieva was expected to be the only candidate considered to lead the International Monetary Fund as a nomination deadline drew to a close on Friday, two people familiar with the process said.