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Bloomberg Sri Lanka will this week elect a new president, who would need the support of both lawmakers and protesters in order to pull the bankrupt country out of its worst economic crisis. Legislators in the 225-seat parliament will on Tuesday submit nominations for the post, left vacant after President Gotabaya Rajapaksa fled to Singapore and resigned. Voting is due ...

  Bloomberg Former Pakistan premier Imran Khan called for early national elections after his party swept the by-elections in the country’s most populous state, underscoring the risks the government faces as it seeks a bailout from the International Monetary Fund. Khan was ousted in April following a protracted political drama that saw Shehbaz Sharif take over as prime minister. Since ...

Bloomberg Clear dividing lines over the economy emerged as the UK’s leadership race turned personal in the second of three debates to determine who will succeed Boris Johnson as prime minister. Front-runner and former Chancellor Rishi Sunak accused Foreign Secretary Liz Truss and former Defence Secretary Penny Mordaunt, his two closest rivals, of “socialism” as he attacked their plans to ...

  Bloomberg Bulgaria’s president will give the Socialist Party a mandate to form a new government in a last-ditch bid to avoid triggering the fourth election in less than two years. It’s the European Union member’s final chance to quickly quell a political crisis that ousted Prime Minister Kiril Petkov’s four-party coalition in a no-confidence motion last month. But the ...

  Bloomberg China’s central bank injected additional liquidity into the financial system for the first time since June as a growing mortgage-payment boycott and a virus flareup leads to a sense of crisis. The People’s Bank of China (PBOC) boosted the size of its daily short-term cash operation to 12 billion yuan ($1.8 billion) from 3 billion yuan, resulting in ...

  Bloomberg The European Central Bank’s (ECB) battle to restore its credibility with the financial markets just got a whole lot harder. After a week marked by a fresh crisis in Rome, MLIV readers warn Italian debt risks hitting the danger zone once more — just as a near-imminent recession intensifies the epic plunge in the euro to levels not ...

  Bloomberg Nordea Bank Abp’s profit beat estimates in a turbulent second quarter for financial markets, as demand for loans and rising interest rates herald higher income from lending for the biggest Nordic bank. Second-quarter net income rises 2.8% from a year earlier, to 1.05 billion euros ($1.1 billion), according to a statement on Monday. Analysts polled by Bloomberg had ...

Bloomberg India’s foreign exchange reserves dropped to their lowest in 15 months as the central bank probably stepped up its intervention to support the rupee that is testing new lows amid foreign capital outflows. The reserves falls by $8.06 billion to $580.3 billion, data released by the central bank showed. This is the second straight week of decline and comes ...

  Bloomberg Latin American central banks may need to extend already long and deep rate hiking cycles to shore up battered currencies that are threatening financial stability, Goldman Sachs Group Inc. analysts said in a report. The region’s currencies, notably the Chilean and Colombian pesos, “are still vulnerable to an intensification of recession fears, a deterioration of economic activity in ...

  Bloomberg Citigroup Inc is collecting a windfall from tumultuous international markets, even as a dimming economic outlook and Russia’s invasion of Ukraine pose billions of dollars in risks. The bank’s second-quarter profit soared past analysts’ estimates, driven by unexpectedly large hauls from currencies, commodities and interest-rates trading and its shuttling of corporate money over borders. Net income amounted to ...