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Bloomberg President Joe Biden will speak on Friday with Chinese President Xi Jinping, as the US leader looks to shore up global pressure on Russia to halt its war in Ukraine. “This is part of our ongoing efforts to maintain open lines of communication,” White House Press Secretary Jen Psaki said in a statement. “The two leaders will discuss managing ...

  Bloomberg President Vladimir Putin warned he would cleanse Russia of the “scum and traitors” he accuses of working covertly for the US and its allies, as the government steps up pressure on domestic critics of his war against Ukraine. Facing economic meltdown three weeks into the invasion, the Russian leader accused the West of wanting to destroy Russia in ...

Bloomberg China’s foreign ministry endorsed remarks by its envoy to Ukraine, in which Beijing delivered some of its most supportive comments yet towards the war-torn country. Ambassador Fan Xianrong had told Lviv Governor Maksym Kozytskyi during a meeting that China was a “friendly country for the Ukrainian people” and would “never attack Ukraine,” according to a summary posted on the ...

Bloomberg The US and Mexican governments are preparing for a surge in undocumented migrants heading for their border in the coming months after faster inflation in key countries in Central America added to economic hardship. Officials from the administrations of Presidents Joe Biden and Andres Manuel Lopez Obrador in recent days discussed their concern about the impact that rising food ...

  Bloomberg Kenyan presidential candidate Raila Odinga will target improved debt repayment terms for the East African economy, saying existing obligations of almost $100 billion may force the nation to seek help from the International Monetary Fund (IMF). The growing debt “puts Kenya in the group of the most debt-distressed middle and lower-income developing countries now being forced into IMF ...

  Bloomberg Indonesia’s central bank left its policy rate unchanged, seeking to sustain its recovery while keeping a close eye on core inflation and the impacts from the war in Ukraine on the global economy. Bank Indonesia kept the seven-day reverse repurchase rate at 3.5% on Thursday, as predicted by all 29 economists in a Bloomberg survey. The rate has ...

  Bloomberg The UK will examine why access to business finance appears to be a “major barrier” for ethnic minorities, making it easier to spot racism or unconscious bias in bank lending. Boris Johnson’s government will work with lenders to understand the underlying problems after earlier research showed that the design of programs can influence demand from the ethnic minorities. ...

  Bloomberg Mexican regulators need to break up an effective monopoly in the country’s credit card payments network that is benefiting big banks and hobbling startups in Mexico, said a new study commissioned by a group of financial technology firms. While regulators across Latin America have helped financial startups gain ground, Mexico is letting the country’s largest banks set the ...

  Bloomberg Standard Bank Group Ltd., Africa’s biggest lender by assets, plans to raise as much as 300 billion rand ($20 billion) by 2026 to help fund renewable energy projects, even as it remains open to supporting fossil fuels. The Johannesburg-based lender pledged to achieve a net zero carbon emissions target from its own operations by 2040 and from its ...

  Bloomberg Like they did after the 2008 crash, the UK’s two economic policy heavyweights are playing good cop-bad cop. It’s just that this time they’ve swapped roles. In the years following the financial crisis, the Bank of England (BOE) stuck resolutely to easy money while fiscal policy got tough when Chancellor of Exchequer George Osborne imposed swingeing budget cuts. ...