Long before the war in Ukraine, India’s Prime Minister Narendra Modi decided that international card networks could be used as instruments of statecraft — and that he should channel the rising economic power of his country’s 1.4 billion people to resist the dominance of Visa Inc, Mastercard Inc and American Express Co. “Everyone cannot go to the border for ...

  The Federal Reserve is in a deep hole of its own making as its top policy committee meets to announce the start of a long-anticipated cycle to raise interest rates. Inflation is at a 40-year high and still accelerating, the Fed’s inflation-fighting credibility is damaged, and it has lost control of the monetary policy narrative. Add to that the ...

  Bloomberg Bermuda’s Civil Aviation Authority removed all aircraft tied to Russia from its airworthiness registry, exposing hundreds of jetliners owned by foreign leasing firms to devaluation. “International sanctions on the aviation sector have had a significant impact on the ability to sustain safety oversight on Russian-operated aircraft,” the authority said on its website. The agency said it’s “unable to ...

  Bloomberg Australia and the Netherlands started legal proceedings against Russia over the downing of Malaysia Airlines Flight MH17, more than seven years after the deadly crash. The move, at the International Civil Aviation Organization, comes after Russia “unilaterally” ended negotiations with the two countries and comes as well as the national prosecution of four suspects in the crash, according ...

  Bloomberg Navi Technologies Ltd, the fintech startup founded by technology billionaire Sachin Bansal, has filed initial documents for a 33.5 billion-rupee ($440 million) initial share sale, a sign India’s technology startup industry hasn’t fully lost IPO momentum. Navi’s IPO will consist entirely of new shares, according to its draft prospectus, meaning that all proceeds will be plowed directly back ...

  Bloomberg South African carrier Comair Ltd remained grounded after being suspended indefinitely by the country’s aviation regulator pending a review of concerns raised about safety. The operator of IAG SA-owned British Airways (BA) flights in the country and the domestic low-cost airline Kulula has provided a response that is being reviewed, the Civil Aviation Authority said. The ruling follows ...

Bloomberg Prada SpA reported a rebound in full-year earnings but said the war in Ukraine makes it difficult to predict results this year. Operating profit rose to 489 million euros ($535 million) in 2021, the company said. That beat the average analyst estimate of 419 million euros and was back above pre-pandemic levels. The luxury-goods industry is bracing for a ...

  Bloomberg It has survived 150 years of changing fashion, seen off the hippies and spared many men the dilemma of deciding what to wear, but the pandemic proved the final nail in the coffin. The men’s suit has officially been retired from the male wardrobe. That’s the sartorial verdict of the UK Office for National Statistics (ONS), which has ...

Bloomberg US officials say Russia has asked China for military assistance for its war in Ukraine, a sign that the Biden administration is increasingly concerned about the role Vladimir Putin’s most powerful diplomatic partner could play in the conflict. A US official, speaking on condition of anonymity to discuss delicate matters, did not specify what kind of equipment Moscow had ...

Bloomberg A London mansion owned by members of Russian billionaire Oleg Deripaska’s family has been occupied by protesters opposing the invasion of Ukraine, sparking a confrontation with police. The group made their way into the home on Belgrave Square — one of the city’s most affluent districts, according to a member of the group, who declined to give his name. ...