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  Bloomberg An Indian court agreed to send Future Retail Ltd into bankruptcy, allowing the creditors to find a new owner for the beleaguered retailer that once operated the largest chain of department stores across the country and was the prized trophy for two retail sector giants. The National Company Law Tribunal gave its verdict on a petition by Bank ...

  Bloomberg Refuelling workers at London Heathrow airport called off a strike that was set to begin on Thursday and had threatened further disruptions at the UK travel hub. The walkout was suspended after Aviation Fuel Services Ltd made a “sustainably improved offer,” the Unite union said in a statement. The roughly 50 employees involved will now be given time ...

Bloomberg Mario Draghi resigned as Italy’s prime minister, throwing the country into turmoil and putting it on course for snap elections as soon as early October. The former European Central Bank chief delivered his decision to President Sergio Mattarella Thursday morning. The government will continue in a caretaker role to handle ongoing business but its influence will be minimal. Mattarella, ...

Bloomberg President Joe Biden says he expects to speak to Chinese leader Xi Jinping “within the next 10 days,” as the US considers whether lifting some tariffs on Chinese imports would help stem rampant inflation. Already-tense relations between the two largest economies have deteriorated over China’s refusal to condemn Russia’s invasion of Ukraine. “I think I’ll be talking to President ...

  Bloomberg The head of the US Central Intelligence Agency said Russia’s interest in buying drones from Iran for its war in Ukraine reveals the poor state of its military. “It’s true that the Russians are reaching out to the Iranians to try to acquire armed drones,” CIA Director William Burns said during a three-hour stop at the Rocky Mountain ...

Bloomberg Liz Truss has undergone a political reinvention to become the favorite to succeed Boris Johnson as leader of the Conservative party and UK Prime Minister. The Foreign Secretary campaigned for Britain to remain in the European Union before embracing Brexit with the zeal of a convert after the vote went the other way. And she’s gone from yelling slogans ...

  Bloomberg Sanctioned Russians will have to disclose their assets in European Union countries under the bloc’s latest package of measures, and failure to comply could lead to undeclared assets being seized. The measure is part of a suite of actions adopted by the EU on Thursday that also includes a ban on Russian gold imports, new trade restrictions on ...

  Bloomberg Indonesia’s central bank kept its borrowing costs unchanged to support economic growth, while signalling it wasn’t in a hurry to join the global interest-rate tightening cycle given muted domestic price gains. Bank Indonesia left the seven-day reverse repurchase rate at a record low 3.5% on Thursday, as predicted by 22 of 36 economists in a Bloomberg survey. The ...

  Bloomberg Bank of Japan (BOJ) Governor Haruhiko Kuroda emphasised his determination to stick with rock-bottom interest rates even if it means a weaker yen after the bank’s latest price forecasts left the door open to continued speculation over policy change. Recent concern that the global economy risks a hard landing as central banks rush to tackle inflation has helped ...

Bloomberg Ukraine devalued the official hryvnia exchange rate to protect its foreign-currency reserves as Russia’s invasion ravages the economy. The National Bank of Ukraine (NB) also held its main interest rate unchanged at 25% on Thursday and said that its monetary and exchange-rate policies are aimed at easing pressure on the local currency. It set the hryvnia rate at 36.5686 ...