| Parts shortage | As Russia's invasion of Ukraine settles into a grinding war of attrition, one question more than any other will likely decide the outcome: On whose side is time? Much of what unfolds will be determined by unpredictable battlefield dynamics as Russian forces attempt a dash for territory in eastern Ukraine before heavy artillery from the US and elsewhere arrives to bolster the defenses they have to overcome. But, as Marc Champion explains, a key factor will also be — widgets.  A grave near destroyed residential buildings in Mariupol, Ukraine. Source: AFP More negotiations | After Hungary once again held up talks over the European Union's sixth sanctions package against Russia yesterday, the bloc's ambassadors may meet to try to green light the measures. As Alberto Nardelli and Ewa Krukowska report, talks over the package, which includes a ban on most imports of Russian oil to the EU, stalled when Hungary raised new or already-rejected demands. Awkward trip | Biden is likely to visit Saudi Arabia this month, as record-high US gas prices weigh on Democrats' political prospects. Jennifer Jacobs reports the visit would probably mean Biden meets the kingdom's defacto ruler, Crown Prince Mohammed Bin Salman, whom he blames for the 2018 murder of US-based critic Jamal Khashoggi in Saudi Arabia's Istanbul consulate. The prince has denied involvement. Chinese banks face growing pressure to support cash-strapped developers after months of pleas by regulators failed to boost lending to the industry. Local branches at the People's Bank of China have called for meetings with lenders in multiple cities to assess why loans have slowed, along with the difficulties faced by banks and how regulators can help, sources say. Best of Bloomberg Opinion Unfriendly reminder | China's ambassador urged New Zealand not to take its "green, clean, open and friendly" reputation for granted, as he reminded Wellington of its economic dependence on Beijing. The comments came as Prime Minister Jacinda Ardern met Biden this week, having cautioned against militarization in the region and questioned China's intentions. Explainers you can use Reforming capitalism | For a low-key former banker, Prime Minister Fumio Kishida is causing quite a stir in Japan's financial markets. As this in-depth piece lays out, his determination to tackle long-standing inequalities and climate change through a "new form of capitalism" is prompting a debate about the direction of the world's third-largest economy. Bloomberg TV and Radio air Balance of Power with David Westin weekdays from 12 to 1 p.m. ET, with a second hour on Bloomberg Radio from 1 to 2 p.m. ET. You can watch and listen on Bloomberg channels and online here or check out prior episodes and guest clips here. - Thailand's parliament will vote on an initial draft of the $93 billion budget today, a key test for coup-leader-turned-Prime-Minister Prayuth Chan-Ocha, whose coalition is strained by internal divisions.
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The US Supreme Court is waiting until the very end of its two-year term to issue more than half of the opinions slated for the period, and they'll include monumental rulings on issues ranging from abortion to allowing more guns on the streets. -
Deputy Treasury Secretary Wally Adeyemo anticipates that continued strong demand will help the economy avoid a recession, amid rising concern the US is heading toward a downturn. And finally ... As the world climbs out of the pandemic, it's become clear that women are less likely than men to return to the workforce, a failing that could shave trillions of dollars from global economic growth. As Ronojoy Mazumdar and Archana Chaudhary report, the forecast is particularly bleak in developing countries like India, where female labor-force participation fell so steeply that it's now in the same league as war-torn Yemen.  One of the first signs that greets visitors to the Pardada Pardadi campus reads: "I will select my future husband." In India, most weddings are still arranged. Photographer: Ruhani Kaur /Bloomberg | 
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