July, 2022

• 16 July

  Wave of airline flight delays in 2022 mostly self-inflicted

  

  Bloomberg The share of US flight delays caused by airlines, as opposed to weather or air traffic control, has surged to the highest level on record, reflecting carriers’ struggle in the post-Covid rebound. Through April, airlines triggered about 58% of late flights so far in 2022, surpassing those that were tardy due to storms, the government’s air-traffic system and security ...

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• 16 July

  Pacific leader blasts Beijing’s botched attempt to strike pact

  

  Bloomberg China’s attempt to strike a wide-ranging economic and security pact in the strategically important Pacific region fell apart in May because of Beijing’s rushed attempts at diplomacy. The head of the Pacific Islands Forum held this week in Fiji said Chinese Foreign Minister Wang Yi had come to the region with an “outcomes document” already prepared, before any meetings ...

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• 16 July

  EU set to propose new sanctions on Russia

    Bloomberg The European Union was set to propose a new slate of penalties targeting Russia for its invasion of Ukraine, as well as actions to tighten previously approved sanctions packages, according to people familiar with the matter. The new measures, which one of the people called a “compliance and alignment package,” are expected to target Russian gold, introduce more ...

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• 16 July

  Trump’s new conspiracy suit worse than original

    Bloomberg Hillary Clinton and the Democratic Party brushed off Donald Trump’s amended lawsuit accusing them of conspiring to undermine his presidency with claims of Russian collusion as a “swollen” political manifesto devoid of facts. The revised suit “alleges a series of disconnected political disputes” that Trump has “alchemized into a sweeping conspiracy” by his foes, according to a motion ...

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• 16 July

  Divided over Russia, G-20 aims at food security, debt crises

  

  Bloomberg Group of 20 finance chiefs started official meetings in Bali Friday with an eye towards progress on food security and debt issues as tensions over Russia impeded prospects for a more sweeping agreement. Host Indonesia is pushing for G-20 members to pledge more concrete action to respond to food insecurity, including by sharing data on commodity stockpiles, and for ...

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• 16 July

  Italy on the brink as Draghi urged to rebuild unity

  

  Bloomberg With Italy on the brink of chaos, Mario Draghi has less than a week to forge some difficult compromises with the populists in his government that have reluctantly backed him for the past 18 months. The prime minister’s decision to offer his resignation plunged the euro area’s third-largest economy in a paralyzing political crisis that may end with snap ...

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• 16 July

  Putin ousts defense-industry head as Ukraine war drags on

    Bloomberg Russian President Vladimir Putin reassigned the top official responsible for military production as the Kremlin digs in for a long war in Ukraine that’s tested an industry long plagued by inefficiency and corruption. Putin released Yury Borisov as deputy prime minister overseeing the defense industry and appointed him as general director of Roscomos in place of Dmitry Rogozin, ...

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• 16 July

  Morgan Stanley hit by banking slump as recession fears loom

  

    Bloomberg Morgan Stanley’s revenue from investment banking plummeted as capital markets seized up, underlining a slow quarter for Wall Street as a dour outlook for the economy muddles the path forward. The firm’s investment-banking group posted $1.07 billion in revenue, down 55% from a year earlier, a bigger decline than the 47% drop analysts had predicted. The bank also ...

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• 16 July

  BOK joins jumbo hikers as inflation fight heats up

  

    Bloomberg The Bank of Korea (BOK) doubled the margin of its latest rate increase and promised more hikes to come, as it stepped up its battle against inflation now running at a 23-year high. The central bank joined a global wave of larger rate increases by pushing up its seven-day repurchase rate by a half-percentage point to 2.25% as ...

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• 16 July

  Argentina may offer put option on local bonds to entice buyers

  

    Bloomberg Argentina’s central bank is in talks with private lenders about adding a put option to its local bonds that would compel the monetary authority to buy back the notes if prices fall too far. Technical staff from private banks met with the central bank’s general manager, Agustin Torcassi, to discuss the possibility, according to people with direct knowledge ...

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