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Bloomberg Angela Merkel called Russia’s invasion of Ukraine “a profound turning point in European history.” It’s also been a dramatic wake-up call for her successor as chancellor and prompted a rapid and remarkable shift in German policy on several major fronts. Olaf Scholz — the Social Democrat who took over from Merkel in December —was widely criticized by opponents and ...

  Bloomberg China attempted to distance itself from Russia as the scale of the invasion becomes clear, with Foreign Minister Wang Yi on saying it was “absolutely imperative” for all sides to exercise restraint to prevent the conflict from “getting out of control.” “China has been following the evolution of the Ukraine issue, and the present situation is something China ...

Bloomberg At least two of China’s largest state-owned banks are restricting financing for purchases of Russian commodities, underscoring the limits of Beijing’s pledge to maintain economic ties with one of its most important strategic partners in the face of sanctions by the US and its allies. Industrial & Commercial Bank of China Ltd.’s offshore units stopped issuing US dollar-denominated letters ...

  Bloomberg Goldman Sachs Group Inc. became the latest bank to be investigated over employee communications over unapproved messaging services. The New York-based company is cooperating with the Securities and Exchange Commission and producing documents related to a probe into “compliance with records preservation requirements relating to business communications sent over electronic messaging channels that have not been approved by ...

  Bloomberg The European Central Bank will do everything in its power to safeguard the stability of prices and the financial system in the euro area, according to President Christine Lagarde. While it’s too early to judge the overall economic impact of Russia’s invasion of Ukraine, persistent uncertainty will likely drag on investment and consumption and impede growth, Lagarde told ...

Bloomberg Nigerian lenders have started exposing names of customers allegedly obtaining dollars by false pretense, to later trade them at a profit in the parallel market. Some customers have been found to be taking advantage of a lucrative 37% differential between the official and black market exchange rates by obtaining the greenback at the official rate of about 416 naira ...

  Bloomberg Bank of Nova Scotia will allow workers to come back to the majority of its Canadian offices on a voluntary basis on March 14, with a 10-week, phased return starting on April 11. Most employees will return on a hybrid basis, with different groups deciding which activities to conduct remotely or in person, according to an emailed statement ...

  Bloomberg Credit Suisse Group AG, saddled with billions of dollars in losses from the collapse of Archegos Capital Management last year, is trying to help the US Justice Department potentially build a case related to block trading against rivals Morgan Stanley and Goldman Sachs Group Inc. The Swiss firm’s push to provide assistance apparently goes beyond banks’ routine cooperation ...

Bloomberg Volkswagen AG said it will continue to explore an initial public offering of the German manufacturer’s Porsche sportscar brand as markets are roiled by Russia’s invasion of Ukraine. A listing could happen at the earliest in the fourth quarter, VW Chief Financial Officer Arno Antlitz said. The plan comes on the heels of the fighting in Ukraine, which has ...

Bloomberg Facebook parent company Meta Platforms Inc is building a digital voice assistant to help people interact hands-free with physical devices, such as the company’s Portal video-calling device and, eventually, augmented-reality glasses. Chief Executive Officer Mark Zuckerberg said the company is building the assistant in preparation for the so-called metaverse, a more immersive version of the internet that will let ...