Bloomberg The US and South Korea began on Monday their biggest joint military exercise in about five years, after a hiatus on large-scale drills failed to entice North Korea’s Kim Jong Un to make concessions in disarmament talks. The drills known as Ulchi Freedom Shield are expected to involve thousands of military personnel, and will run for two weeks. ...

Bloomberg President Vladimir Putin called the car bomb that killed the daughter of Russian nationalist political ideologue Alexander Dugin a “dastardly” crime, and the Federal Security Service blamed it on Ukraine, which rejected the accusation. The car bombing that killed Darya Dugina was a “dastardly, brutal crime,” Putin said in a message of condolence to her father, a far-right political ...

  Bloomberg Raila Odinga, who narrowly lost Kenya’s August 9 presidential elections, filed a lawsuit challenging the outcome after alleging that the process had been marred by rigging and counting irregularities. None of the candidates garnered the outright majority of valid votes cast needed for victory, according to a 72-page petition filed with the Supreme Court. Based on this and ...

  Bloomberg Serbia will negotiate with Kosovo over the next 10 days to try to resolve a dispute affecting tens of thousands of local Serbs who face a September 1 deadline to change their identity cards and car plates. Kosovo’s demand that members of the Serb minority adopt documents issued by the predominantly ethnic-Albanian government in Pristina triggered tensions last ...

  Bloomberg The judge who approved the search of former President Donald Trump’s Florida estate said “intense public and historical interest” in the FBI affidavit backing the warrant justified making an effort to unseal portions of it. US Magistrate Judge Bruce Reinhart in West Palm Beach, Florida, issued a written order Monday affirming his finding from a hearing last week ...

  Bloomberg In 2017, after Citigroup Inc had paid billions of dollars in fines for rigging interest rates, manipulating currency markets and selling shoddy mortgage bonds, the Wall Street giant was still struggling to keep tabs on traders in London. Managers overseeing Citigroup’s European trading hub had hundreds of blind spots, allowing for potentially abusive transactions to go unnoticed in ...

  Bloomberg Rushing to sell Indian state-run lenders to private investors may hinder the government’s financial inclusion efforts and monetary policy transmission, staff at the country’s central bank warned. “A big bang approach of privatization of these banks may do more harm than good,” wrote staff including, Snehal Herwadkar, in a research paper. The report recommended a gradual approach to ...

  Bloomberg The European Central Bank (ECB) will stop hiking interest rates after the end of 2022, when a euro-area recession and easing price pressures will restrain monetary-policy tightening, according to HSBC. Cuts to Russian natural gas supplies and resulting surges in energy costs will drive inflation higher than previously expected, to a peak of 10% in October, HSBC economists ...

  Bloomberg Pakistan appointed a former central banker to head the monetary authority as the nation contends with one of Asia’s fastest inflation rates and faltering foreign currency reserves. Jameel Ahmad, a former deputy governor will now head the State Bank of Pakistan for a term of five years, according to a statement of the finance ministry. He will replace ...

  Bloomberg Shares of KakaoBank Corp., a South Korean online-only lender, tumbled 8.2% to a record low after one of its key shareholders raised $320 million in a block trade. Kookmin Bank offered about 14.8 million shares in a club deal, according to terms of the deal obtained by Bloomberg News. The lender sold shares at 28,704 won each, a ...