Bloomberg Pakistan is cutting electricity to households and industry as the cash-strapped country can no longer afford to buy coal or natural gas from overseas to fuel its power plants. The South Asian nation is struggling to procure fuel from the spot market after prices of liquefied natural gas and coal surged to records last month as the war …

Bloomberg Investors have a clear message to China’s policy makers: more stimulus is needed, and quickly, to reignite a stalled recovery in markets. The People’s Bank of China (PBOC) decision to give lenders a modest cash boost was met with declines in equities on Monday. And with data showing consumer spending took a dive in March, weighing on sentiment, traders …

  Bloomberg US equity futures fall on Monday, while Treasury yields rise, as a jump in energy costs highlighted inflation concerns and cracks in China’s Covid-19-afflicted economy dimmed the growth outlook. US index futures followed a decline in Asia-Pacific stocks, which were sapped by Japan and China. Markets in Australia, Hong Kong and much of Europe remain shut for Easter. …

Bloomberg Europe can reduce energy dependence on Russia quicker than previously estimated, Mario Draghi said in an interview with Corriere della Sera. “Diversification is possible and feasible relatively quickly, shorter than we imagined just a month ago,” the Italian prime minister said after reaching an agreement to increase gas imports from Algeria. “We have gas in storage and will have …

Bloomberg President Emmanuel Macron vowed to end the use of fossil fuels in France if re-elected, eight days before he faces far-right leader Marine Le Pen in a run-off election. Speaking at a campaign rally in the southern city of Marseille, Macron said he would appoint a minister of energy planning whose mission “would be to make France the first …

Bloomberg Gazprom PJSC’s average daily exports to key foreign buyers so far in April fell to lowest in three months, as warmer weather and lower spot prices started to lure European clients away from Russian gas. The gas giant exported an average of 407 million cubic meters a day to countries outside the former Soviet Union in the first 15 …

  Bloomberg Jeep, the iconic American SUV brand, wants to convince the world it’s going green, even if it doesn’t yet have the electric vehicles to show it. The itinerary of Christian Meunier, the global head of Jeep, shows the two worlds the brand is straddling. For a few days, he was off-roading in Moab, Utah, in electric concept versions …

  Bloomberg UK regulators have warned banks against carrying out complex pension plan deals that are structured to delay any hit to capital reserves, a broadside that analysts say could affect Barclays Plc. The Prudential Regulation Authority (PRA) said in a statement that lenders should avoid entering into agreements that defer the impact of pension scheme contributions as they could …

  Bloomberg Wells Fargo & Co. announced a $210 million effort to expand racial equity in residential lending after a Bloomberg News investigation found the bank approved Black homeowners seeking to refinance mortgages in the pandemic at a far lower rate than White ones. The firm, the biggest mortgage lender among US banks, is committing $150 million beyond its usual …

  Bloomberg Morgan Stanley and Citigroup Inc. shares outperformed their peers on stronger-than-expected results after five of the six largest US banks reported first-quarter earnings this week. Both banks’ shares posted initial advances of at least 3.5% before paring their gains amid a broader market pullback. The move higher was bolstered by big gains from their fixed income and equities …