Headlines

Sanctions on Russia, offset by a windfall from high-price energy exports, haven’t inflicted enough economic pain so far to hurt Moscow’s war effort or push President Vladimir Putin to the negotiating table, the Wall Street Journal reported. That resilience isn’t expected to last, with many economists predicting a deep recession later this year, a rise in poverty and a long-term degradation of the country’s economic potential.

In China, an army of college students is set to enter the toughest job market in years, as Covid-19 takes the wind out of the broader economy and Beijing’s regulatory campaigns devastate industries long attractive to the country’s young people, the Wall Street Journal reported. Wang Shusheng, a student at a university in the eastern Chinese city of Hangzhou who is set to collect his diploma next week, said he has sent his résumé to more than 250 companies in the past few weeks, including some that he submitted at 2 a.m. during bouts of anxiety.

French Finance Minister Bruno Le Maire said on Wednesday that the euro zone was "in the middle of an inflation peak" which would last until the end of the year "at least", but added there was still a lot of uncertainty, Reuters reported. Le Maire told Les Echos in an interview that he expects inflation levels to remain high until the end of 2023, adding that "even after 2023, inflation will be structurally higher than what we have been experiencing for the last few decades." Euro zone inflation rose to another record last month, boosting government bond yields.

Mexico's financial system is resilient and solid despite international economic and geopolitical volatility, the central bank chief said on Wednesday during the introduction of the monetary authority's financial stability report, Reuters reported. "The Mexican financial system maintains a solid and resilient position," the central bank said in its biannual stability report, stressing that the country meets minimum capitalization levels. Earlier on Wednesday, the U.S.

A judge declined to end exiled Chinese businessman Guo Wengui’s personal bankruptcy, siding with the Justice Department and some of his creditors who asked that a neutral party be brought in to take charge of his finances, WSJ Pro Bankruptcy reported. Judge Julie Manning of the U.S. Bankruptcy Court in Bridgeport, Conn., yesterday ordered that an independent trustee be appointed to take over Mr. Guo’s chapter 11 case and work with his creditors on a plan to pay his debts and potentially resolve civil lawsuits against him. The ruling is a blow to Mr.

A row of hulking concrete domes loom along the Danube-Black Sea Canal in Cernavoda, about two hours east of Bucharest. Two of the structures house nuclear reactors feeding Romania’s electrical grid. Two others were begun decades ago and are still waiting for completion — though, perhaps, not for long. “We have major plans,” said Valentin Nae, the site director. The nuclear complex was conceived during the regime of Nicolae Ceausescu, the Communist dictator who ran Romania for a quarter century before he was overthrown and executed in 1989. Mr.

Mallinckrodt plc on Monday announced that it expects to complete its reorganization process, emerge from Chapter 11 and complete the Irish Examinership proceedings in the coming days, according to a press release. On the effective date of emergence, all of Mallinckrodt's existing ordinary shares will be canceled pursuant to the company's reorganization plan and the Irish scheme of arrangement. Mallinckrodt expects to issue at emergence 13,170,932 new ordinary shares to its guaranteed unsecured noteholders in accordance with the provisions of the plan and the scheme.

China’s economy improved slightly in May, offering hints of a recovery that is likely to remain fragile under the continuing threat of pandemic-related lockdowns, the Wall Street Journal reported. Official data released by the National Bureau of Statistics on Wednesday showed an uptick in factory production and a smaller decline in retail sales in the world’s second-largest economy last month. Industrial production edged up 0.7% in May from a year earlier, reversing an almost 3% contraction in April, a sign that factories had resumed operations as Covid-19 curbs eased.

The future of Dubai-based crypto hedge fund Three Arrows Capital hangs in the balance as the firm faces potential insolvency after being liquidated by its lenders, The Block reported. According to well-placed sources, the investment firm — which counts the likes of options exchange Deribit and financial services firm BlockFi among its venture bets — is in the process of figuring out how to repay lenders and other counter-parties after it was liquidated by top tier lending firms in the space.

El Salvador's bet on bitcoin was slashed on Tuesday by half as the more than $100 million in the country's publicly disclosed purchases dropped more than 50% in value, Reuters reported. The 10 purchases announced by President Nayib Bukele via Twitter have a market value of just over $51 million, with the biggest single trade - 420 coins at more than $59,000 per coin - down almost 63%. Bukele has said on Twitter at least four times that El Salvador has bought a "dip", a term used by traders to mean they took advantage of a price dislocation that resets for a quick gain.