Treasury Likely to Prevent U.S. Investors From Receiving Russian Debt Payments

BONN, Germany-Treasury Secretary Janet Yellen said the U.S. would likely prevent U.S. investors from receiving payments on Russian debt, a decision that could push Russia toward default.

Currently, the U.S. has carved out an exemption, set to expire on May 25, in its sanctions campaign against Russia to allow for sovereign debt payments. Without it in place, banks and investors won't be able to process and receive bond payments made by the Kremlin, likely prompting Russia's first default on its foreign debts since 1918.


Beijing Probes Central Banker for Passing Tips to Bond Traders

China's top anticorruption agency is investigating a senior Chinese central banker for suspected leaking of official economic statistics, say people with knowledge of the matter, after Beijing criticized the central bank for not adequately aligning itself with the party-state.

The Central Commission for Discipline Inspection said Wednesday that Sun Guofeng, who was until earlier this month head of the monetary-policy department of the People's Bank of China, is being investigated for "suspected serious violation of laws and discipline." It didn't disclose any specifics.


Elon Musk's Pursuit of Twitter Leads to Complicated Next Steps and Legal Questions

In the classic hostile takeover, an aggressive acquirer pursues a reluctant quarry.

But Elon Musk's bid for Twitter Inc. appears headed to a bizarre place: Could Twitter force him to buy a company he might not actually want?


Chinese Energy Stocks Decline Amid Global Recession Fears

Chinese energy stocks broadly declined Thursday morning amid persistent concerns that an economic downturn in the global economy could curb demand.

China-listed shares of major oil companies PetroChina Co. and China Petroleum & Chemical Corp., also known as Sinopec, fell 1.9% and 0.7%, respectively. China Oilfield Services slid 3.7%.


Target, Walmart Earnings Selloff Puts Retailers' Inflation Pains on Display

Inflation is catching up with some of America's biggest retailers, as their recent quarterly results were pinched by higher costs on everything from products to fuel.

Investors dumped shares of Walmart Inc., Target Corp. and other big chains-notching some of the biggest declines since the market crash of 1987-amid fears that the companies wouldn't be able to pass along higher prices to consumers. It has also stoked concerns through financial markets about the resilience of companies that collectively employ millions of workers in the U.S. and abroad.


Write to paul.larkins@dowjones.com


Expected Major Events for Thursday

04:30/NED: Apr Unemployment

06:00/SWE: 1Q Industrial capacity utilization

08:00/BUL: 1Q Labour force survey

08:00/EU: Mar Euro area balance of payments

08:00/ICE: Apr Harmonized CPI

08:30/UK: 1Q Mortgage and landlord possession statistics

08:30/UK: 1Q Mortgage Arrears and Possessions data

09:00/EU: Mar Construction output

09:00/ITA: Mar Balance of Payments

10:00/UK: May CBI Industrial Trends Survey

23:01/UK: May UK Consumer Confidence Survey

All times in GMT. Powered by Kantar Media and Dow Jones.

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This article is a text version of a Wall Street Journal newsletter published earlier today.


(END) Dow Jones Newswires

05-19-22 0028ET