Resisting pressure | Russia appears on track for a much shallower recession than many forecasters initially expected this year, boosted by rising oil production that has blunted the impact of US and European sanctions over President Vladimir Putin's war in Ukraine. Economists are slashing their outlooks for the drop in output, dismissing early fears that it could be the deepest in a generation. - More than 20,000 Russian tech workers have joined an exodus to neighboring Georgia since the invasion began, seeing little future at home.
- Russia's Foreign Ministry slammed French President Emmanuel Macron's decision to reveal private telephone exchanges with Putin days before the war started for a TV documentary.
- Follow our latest coverage of the war here.
Chip tensions | The US is pushing the Netherlands to ban ASML Holding from selling mainstream technology to China that's essential in making a large chunk of the world's chips, expanding its campaign to curb Beijing's rise, sources say. If the Dutch agree, it would broaden significantly the range and class of gear now barred to China, a potentially serious blow to Chinese chipmakers. - US Secretary of State Antony Blinken plans to have a candid discussion with his Chinese counterpart Wang Yi about Russia's war at this week's Group of 20 foreign ministers' meeting in Bali, a top official said.
Getting squeezed | Soaring prices are eroding people's spending power worldwide and many worry it will get worse. Central banks are raising interest rates to curb the inflation surge, but that turns the screw on those with debts. Workers complain their wages aren't keeping up with living costs, leading to strikes in some countries. While recession calls grow louder on Wall Street, many households and businesses say the downturn is already here. Charm offensive | Leftist former President Luiz Inacio Lula da Silva lunched with some of Brazil's richest and most powerful company executives as he seeks to ease concern about policies he would implement if he defeats incumbent Jair Bolsonaro in October's election. While Lula said he would push labor law reforms and boost the minimum wage, he also reaffirmed his commitment to fiscal responsibility, a source familiar with the meeting said. Falling apart | The US said Iran's rejection of a plan to return to the 2015 international nuclear accord and raising of "extraneous demands" indicate it's not serious about talks. Efforts to restore the deal, which limited Tehran's atomic work in return for sanctions relief, are hanging by a thread. The disputed issues include Iran's demand that the US remove the Islamic Revolutionary Guard Corps from its terrorist list. - Israel's new interim prime minister, Yair Lapid, warned that continuing the status quo with Iran may lead to a nuclear arms race in the Middle East that would "threaten world peace."
Tune in to our weekly global politics Twitter Space where we'll be taking stock half way through a tumultuous year of political turbulence, pandemic, war, energy, inflation and food crises, and take a look at where we might be going. We'll be chatting from 8am ET today and you can listen here. - OPEC Secretary-General Mohammad Barkindo, 63, who steered the group through the creation of the OPEC+ oil alliance, has died in his native Nigeria, officials said.
- The House Committee investigating last year's attack on the US Capitol has scheduled its next and seventh hearing for July 12.
- The suspect in the mass shooting at a US Independence Day parade near Chicago was charged with seven counts of first-degree murder and may face "dozens" more charges, according to the local state's attorney.
- Hong Kong must not "lie flat" in its battle with Covid-19, the city's new leader John Lee said, echoing mainland China's rejection of the "living with the virus" pandemic philosophy.
- Russia has ordered the agency in charge of organizing the emigration of Jews to Israel to halt activities immediately, the Israeli government said, though the group said it's continuing to operate.
And finally ... As anti-establishment fervor spreads across Latin America, one leader has been spared: Mexican President Andres Manuel Lopez Obrador. But he can't run again, and polls suggest the man best positioned to challenge his party is a 36-year-old first-term mayor who has led Monterrey, the nation's second-largest city, for less than a year. His popularity stems mainly from his name — Luis Donaldo Colosio Riojas. The mayor's charismatic father was assassinated on the presidential campaign trail in 1994, two weeks after crying "Let's change!" Luis Donaldo Colosio Riojas. Photographer: Marian Carrasquero/Bloomberg |
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