Bloomberg Philippine President Ferdinand Marcos Jr. said he’s open to military exchanges with China, as he sought ways to expand ties between the two nations beyond the South China Sea territorial dispute. Marcos said at a briefing Tuesday he will “find ways to work to resolve the conflicts” with Beijing when he meets with Chinese Foreign Minister Wang Yi. ...

  Bloomberg Boris Johnson was told of a complaint against Conservative MP Chris Pincher two years before promoting him, a minister said, in a major concession from the government after days of speculation about what the UK prime minister knew and when. An internal probe into Pincher’s conduct when he was a Foreign Office minister in October 2019 found he ...

Bloomberg Dozens of Venezuelan opposition figures, who turned Colombia into their unofficial headquarters in recent years, say the election of Gustavo Petro as Colombia’s first leftist president puts them at risk, and they plan to leave. Activists, party leaders, former officers and military deserters are making the move, according to seven people with knowledge of the plans. They’re afraid they’ll ...

Bloomberg Italy declared a state of emergency in five northern and central regions devastated by a recent drought, as a severe heat wave takes its toll on agriculture and threatens power supplies. High temperatures and exceptionally dry conditions have brought water levels in the Po, the country’s largest river, to its lowest in 70 years. Even amid a historically arid ...

  Bloomberg Hong Kong’s new leader, John Lee, declared the city must balance reducing travel inconvenience with limiting the spread of Covid-19, signaling a cautious virus approach. Lee said Tuesday that he’d asked Health Secretary Lo Chung-mau to assess the “evidence and statistics to see how we can, while on the one hand, contain the spread of the pandemic and, ...

  Bloomberg The European Central Bank (ECB) is exploring ways to prevent banks from earning windfall profits from the subsidised lending program it launched during the pandemic, once it raises interest rates later this month, according to a report by the Financial Times. The ECB provided €2.2 trillion of subsidized loans to banks during the Covid-19 crisis to avoid a ...

Bloomberg UniCredit SpA is considering selling its Russian unit through a structure that would allow the bank to repurchase the subsidiary if the geopolitical situation stabilizes, according to people familiar with the matter. Italy’s second-largest lender is looking at several possible deal arrangements, including one that would give it the option of buying back the unit depending on market and ...

Bloomberg Zimbabwe’s central bank plans to sell gold coins to the public from July 25 as a store of value to stabilise the nation’s tumbling currency and offer an alternative to the US dollar. The one-troy-ounce gold coins will be called Mosi oa-Tunya Gold Coin, Governor John Mangudya said. The term means “Smoke that Thunders,” a reference to Victoria Falls, ...

  Bloomberg The euro slid to a 20-year low against the US dollar as traders bet that the European Central Bank will go slower on raising interest rates as the economy risks being tipped into a recession. The common currency fell as much as 1.4% to $1.0281, its weakest level since December 2002. The losses came as money markets continued ...

  Bloomberg Barclays Plc said it will give a $1,460 pay raise to 35,000 of its UK-based staff, the latest lender to boost wages as the cost-of-living crisis deepens. Employees in customer-facing, branch and junior support roles will receive the increase to their annual pensionable salary from August 1. The bank said it will continue “to monitor the economic situation ...