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Bloomberg Russia is acting on a pledge by President Vladimir Putin to shrink the role of dollar in international trade as tensions sour between Washington and Moscow. The shift is part of a strategy to “de-dollarize” the Russian economy and lower its vulnerability to the ongoing threat of US sanctions. But while the central bank was able to quickly dump ...

Bloomberg Economic activity in the euro area’s private sector weakened further as still-solid services couldn’t make up for rapidly deteriorating manufacturing. A composite Purchasing Managers’ Index (PMI) dropped to 51.5 in July, with goods output falling for a sixth months and at the greatest extent since 2013. “The service sector continued to sustain the expansion of the overall euro-zone economy ...

Bloomberg As China turns its back on American ethanol in a lingering trade spat, Brazil is considering opening its doors to US biofuel. Brazilian authorities are debating whether to yield to Washington’s request to lift ethanol-import duties as a way of facilitating talks for a bilateral trade deal with the US. A broad trade accord would benefit many Brazilian products ...

Bloomberg High ranking officials in the Trump administration are still pushing to bail out money-losing coal plants, more than a year after an earlier proposal to revive the industry failed. Any new effort to save coal plants may find a friend in Kentucky Republican Neil Chatterjee, now chairman of the Federal Energy Regulatory Commission, the very agency that rejected the ...

Bloomberg East Capital Group, a Swedish asset manager that specialises in emerging markets, is looking for more takeover targets after buying a $3.4 billion manager in its local market. The Monyx Asset Management AB purchase, which was closed this month, reflects a consolidation trend in the industry as smaller managers struggle, according to East Capital Chairman Peter Elam Hakansson, who ...

Bloomberg India has revoked the special constitutional status of Kashmir in a move that’s drawn protests in parliament and risks worsening its already fraught security relationship with rival Pakistan in the disputed region. It took Prime Minister Narendra Modi’s government just a couple of hours to erase seven decades of autonomous state government in Kashmir, which analysts say is aimed ...

Bloomberg Egypt’s government said extremists were behind a blast that killed at least 20 people in central Cairo, one of the deadliest acts of violence by extremists in the North African nation’s capital in years. Extremists were transporting an explosives-laden vehicle for an attack when it detonated outside the National Cancer Institute, the Interior Ministry said. Forty-seven other people were ...

Bloomberg Somalian authorities executed two al-Shabaab militants who were convicted for a December attack that killed at least 13 people in the capital, Mogadishu. The men “were executed by firing squad on Monday morning,” Chairman of the Somali military court Hassan Ali Nur told reporters. The al-Qaeda-linked militants have waged an insurgency in Somalia since 2006 in a bid to ...

Bloomberg Iran is responsible for security in the Persian Gulf and is acting more vigorously to protect it, Foreign Minister Javad Zarif said, suggesting that a showdown between his country and Western powers over crucial shipping lanes could escalate. “We used to overlook some violations but no longer,” Zarif said at a press conference at the Foreign Ministry in Tehran. ...

Bloomberg Hong Kong leader Carrie Lam warned of a “very dangerous situation” as protesters moved to shut down the Asian financial hub with a general strike on Monday after a ninth straight weekend of unrest in opposition to China’s tightening grip. Demonstrators hampered the financial hub’s busy morning commute with actions that left traffic snarled, subway lines inoperable and airport ...