On Tuesday, the arbitral tribunal issued a much-anticipated ruling in the Philippines’ South China Sea case against China. The tribunal ruled overwhelmingly in favor of Manila, determining that the extent of several major elements of Beijing’s claim and its efforts to enforce it were unlawful. While the ruling itself was quite clear and decisive, its implications are much less …

  Bloomberg The Bank of England left its key interest rate at a record low and signaled it’s readying stimulus for August as the economy reels from Britain’s decision to quit the European Union. The nine-member Monetary Policy Committee, led by Governor Mark Carney, voted 8-1 to keep the benchmark at 0.5 percent, with only Gertjan Vlieghe saying the outlook …

  Bloomberg New Zealand’s central bank said it will issue an unscheduled assessment of the economy next week, prompting traders to increase bets on an interest-rate cut in August. The assessment, which will be published on July 21 and won’t include a review of the official cash rate, is being made because of a longer-than-usual period between policy decisions, the …