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Party urges support for Xi as anger grows on lockdowns

Bloomberg The Chinese Communist Party’s flagship newspaper called on the nation to support President Xi Jinping’s Covid Zero strategy, showing any shift in policy is unlikely even as lockdowns in Shanghai and elsewhere threaten to hurt the economy. In a front-page commentary, the People’s Daily said Xi’s strategy to snuff out the virus has proven “correct and effective” and China ...

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French prosecutor investigates Le Pen after EU fraud report

Bloomberg The Paris prosecutor is looking into allegations that nationalist leader Marine Le Pen and several of her party members misused hundreds of thousands of euros of European Union funds between 2004 and 2017 when she was a member of the European Parliament, with just a week left before she stands in the final round of the French presidential election. ...

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Mariupol defenders hold out; missiles hit Lviv

Bloomberg The remaining defenders of Mariupol are encircled by Russian forces but have not surrendered the strategically important port city, Ukrainian officials said, as a deadly strike was reported in Lviv near the Polish border. Ukrainian troops in besieged Mariupol still held out at the giant Azovstal steelworks, one of the largest metallurgical plants in Europe. Air raid sirens were ...

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Sri Lanka must show IMF debt plan for aid

  Bloomberg When Sri Lankan officials arrive in Washington to meet with the International Monetary Fund (IMF) amid an economic and political crisis, the main question they’ll need to answer is how the country plans to manage its billions in debt. Sri Lanka is seeking up to $4 billion this year to help it import essentials and pay creditors. To ...

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Hong Kong confirms Lee as sole chief executive candidate

  Bloomberg The Hong Kong government confirmed that John Lee was only candidate nominated for chief executive, clearing the way for him to take power after an uncontested leadership election next month. Lee, 64, a former chief secretary for administration and police official, received 786 valid nominations from the roughly 1,500-member Election Committee that picks the city’s leader, the government ...

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US factory output rises more than forecast in broad advance

Bloomberg US factory production rose in March by more than forecast, marking the third straight month of gains that show steady progress for manufacturers against a backdrop of gradually improving supply chains. The 0.9% increase followed a 1.2% gain in February, Federal Reserve data showed. Total industrial production, which also includes mining and utility output, also rose 0.9% during the ...

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UK homebuilders commit $2.6bn for fire safety repairs

  Bloomberg Developers responsible for building half of the new homes in the UK have committed more than 2 billion pounds ($2.6 billion) to help fix safety issues. So far 35 developers have made commitments to fix issues on buildings that are up to 30-years old, the UK department for Leveling Up, Housing and Communities said in a statement. The ...

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Spain set to scale back its economic growth outlook

  Bloomberg Spain is set to pare back its economic growth forecast due to the impact of Russia’s invasion of Ukraine, Prime Minister Pedro Sanchez said. “It’s clear that Putin’s war in Ukraine is having an impact not only on the European economy, but also on the the global one, and that there will be a downward revision in the ...

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China jitters mount as easing calls echo across trading floors

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 ...

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