NEWS IN BRIEF

Commerzbank CEO to exit early

FRANKFURT: Manfred Knof will step down as Commerzbank CEO earlier than planned, Germany’s second biggest lender said Wednesday, amid talk of a potential takeover by Italian rival UniCredit. Knof, 59, will leave the Frankfurt-based bank at the end of September, said a group statement. He will be replaced by Commerzbank’s chief financial officer Bettina Orlopp, who will become the first woman to lead the bank. Commerzbank said this month that Knof had decided not to extend his contract beyond the end of 2025.—AFP

Orban aims to lift growth above 3%

BUDAPEST: Hungary is aiming to lift economic growth into the 3 percent to 6 percent range next year, Prime Minister Viktor Orban said on Wednesday, as his cabinet grapples with a weaker-than-expected recovery from last year’s inflation-led recession. In power since 2010, the veteran nationalist has struggled to revive Hungary’s economy from last year’s downturn following a surge in inflation to more than 25 percent in the first quarter of 2023, the highest levels in the European Union. -- Reuters

Thailand kicks off ‘digital wallet’

BANGKOK: Thailand’s government on Wednesday launched the first phase of its flagship $14 billion stimulus handout scheme, which will eventually see an estimated 45 million people receive 10,000 baht each, saying it would spark economic activity. The initial phase will see 10,000 baht distributed in cash to 14.5 million welfare card holders and disabled people, and is expected to be complete by the end of the month. “Cash will be put into the hands of Thais and create a tornado of spending,” Prime Minister Paetongtarn Shinawatra said at an event to mark the program’s start. – Reuters

Taleban want to attend BRICS summit

KABUL: Afghanistan’s Taleban government is keen to join the BRICS economic forum, a spokesman said on Tuesday ahead of the group's summit in Russia. The summit of emerging economies that includes Brazil, Russia, India, China and South Africa will meet on October 22-24 in the southwestern Russian city of Kazan. "Countries with major resources and the world's biggest economies are associated with the BRICS forum, especially Russia, India, and China," said Hamdullah Fitrat, a government deputy spokesman. – AFP