Bloomberg India is expected to push back against an anticipated effort by Chinese President Xi Jinping to use this year’s Brics summit as a platform to highlight his efforts to build an alternative to the US-led global order, Indian officials with knowledge of the matter said. The virtual event, which Beijing is hosting this week, is set to bring together ...

Bloomberg Italy’s biggest party is set to splinter over the country’s support for Ukraine, just as Prime Minister Mario Draghi defended in parliament his government’s stance on the conflict. Foreign Minister Luigi Di Maio may soon quit the Five Star Movement and set up a new parliamentary group of his own, in a clash with party leader Giuseppe Conte, according ...

  Bloomberg South Africa’s main opposition party has asked the US Federal Bureau of Investigation to probe whether President Cyril Ramaphosa was involved in money laundering, after it emerged that foreign currency had been stolen from his game farm. “Specifically, we have requested that the FBI considers investigating the source of the funds and whether the money was brought into ...

  Bloomberg Corporate distress in Europe’s biggest markets is near a two-year high as inflation and higher interest rates squeeze indebted firms. Companies in Germany, the UK, France, Spain and Italy are the most distressed since August 2020, according to the Weil European Distress Index. The study aggregates the data from more than 3,750 listed European firms. “If this upward ...

  Bloomberg President Joe Biden reiterated that a US recession isn’t “inevitable” following a conversation with former Treasury Secretary Lawrence Summers, who sees a significant chance the country will find itself battling stagflation. “I was talking to Larry Summers this morning, and there’s nothing inevitable about a recession,” Biden told reporters at Rehoboth Beach, Delaware. “I think we’re going to ...

  Bloomberg Swiss watch exports to China plunged for the second month in a row as the Covid-19 lockdowns battered demand. Shipments to China slumped 65% in May, the Federation of the Swiss Watch Industry said on Tuesday. Still, strong appetite for timepieces in the US and Europe offset that decline and helped total exports rise 14% to 2 billion ...

  Bloomberg Tesla Inc is cutting its salaried workforce by about 10% over the next three months, resulting in an overall reduction of some 3.5% in total headcount as hourly staff numbers are still expected to grow, Chief Executive Officer Elon Musk said. “We grew very fast on the salaried side,” Musk said in an interview with Bloomberg News editor-in-chief ...

  Bloomberg UK train services were brought to a near standstill on Tuesday after workers started the country’s biggest rail strike in more than three decades, with union leaders and government at odds over issues such as pay. A proposal from 13 train operating companies was turned down on Monday, National Union of Rail, Maritime and Transport Workers General Secretary ...

Bloomberg Oil held onto Friday’s sharp losses as traders weighed whether aggressive US monetary policy tightening will lead to a recession that would stymie consumption. Brent traded near $114 a barrel after shedding more than 5% as escalating concerns about the pace at which the Federal Reserve is raising rates rattle financial markets. Trading was thin on Monday due to ...

  ABU DHABI / WAM The Ministry of Energy and Infrastructure announced the fact that the UAE has joined the International Partnership for Hydrogen and Fuel Cells in the Economy (IPHE), a new achievement added to the UAE’s long track record as a pioneer in the field of energy. The agreement was signed remotely by Sharif Al Olama, Under-Secretary of ...