In oil markets, the US Strategic Petroleum Reserve has a reputation a little like the one the Russian armed forces used to have — vast and fearsome, a rival you’d be unwise to tangle with. Russia’s aura of military invincibility was dealt a near-fatal blow over the past month in the muddy fields of Ukraine. The Biden administration should ...

Bloomberg A period of tension between Rinat Akhmetov and Volodymyr Zelenskiy appeared to reach a boiling point just weeks ago, after Ukraine’s leader slammed its billionaire oligarchs for fleeing ahead of an imminent Russian invasion. Now, in the midst of war, Ukraine’s richest person says he’s back in the country and that the two are on the same team, setting ...

Bloomberg Ukraine president Volodymyr Zelenskiy has asked for additional military assistance in an address to Australia’s parliament, saying his country needs help now. Speaking to Australian lawmakers, Zelenskiy thanked the government for its support so far. He said the two countries were “like-minded” but added that “this is only the beginning.” Zelenskiy said if Russia is not stopped now, ”other ...

  Bloomberg Chinese authorities are considering a plan to raise several hundred billion yuan for a new fund to backstop troubled financial firms. The People’s Bank of China (PBOC) is leading the effort, seeking to shore up confidence in the $60 trillion financial system as the economy slows and a debt crisis in the property industry spreads. The stability fund ...

  Bloomberg The European Central Bank (ECB) said it is in daily contact with banks on how they’re dealing with implications from sanctions against Russia over its invasion of Ukraine. “In particular, we are assessing whether banks have implemented adequate internal governance arrangements and controls to adhere to the sanctions,” Andrea Enria, who leads the ECB’s supervisory board, said during ...

  Bloomberg Citigroup Inc agreed to sell its India retail banking business for about 123 billion rupees ($1.6 billion) cash to Axis Bank Ltd., as the US lender seeks to consolidate its operations in identified markets. Citi will sell its consumer banking businesses including credit cards, retail banking, wealth management and consumer loans, it said in a statement. The transaction ...

  Bloomberg BNP Paribas SA’s personal finance unit lost a case at France’s highest court in its dispute over swiss-franc mortgages marketed between 2008 and 2009. France’s Cour de Cassation said that the bank had not given enough information to its customers about the loans’ mechanism, according to the decision that partially overturned an earlier ruling. The loans, which were ...

  Bloomberg Stocks in Hong Kong attracted record inflows via exchange-traded funds in March, as retail investors took advantage of a historic dip and an ensuing rebound to bet on further gains. Some 60 equity ETFs tracking the city’s indexes added $4.4 billion since end-February, the most in monthly data compiled by Bloomberg going back to 2000. The Tracker Fund, ...

  Bloomberg Energy stocks dropped with oil prices as investors weighed reports that the Biden administration is considering a massive release of crude from US reserves to fight inflation. Stocks in Europe are set for the first quarterly decline since 2020. Shares in big US energy companies declined in premarket trading, while index futures mostly advanced, Treasuries held gains and ...

DUBAI / WAM Abu Dhabi Fund for Development (ADFD) has signed a Memorandum of Understanding (MoU) with the African Development Bank (AfDB), aimed at strengthening cooperation over investment in strategic sectors in Africa that would sustainably drive socioeconomic development in the continent, while also achieving the UAE’s development- financing goals for developing countries. The MoU was signed by Mohamed Saif ...