KYIV, Ukraine-Finland said Sunday it would seek parliamentary approval to join NATO as Kyiv's forces began a counteroffensive toward the eastern city of Izyum, which Ukrainian officials said was aimed at disrupting Russian supply lines into the Donbas region.
Finnish President Sauli Niinistö said the government would apply for membership in the North Atlantic Treaty Organization subject to approval by parliament, which is widely expected, in the coming days.
Russian Invasion Intensifies Role of New U.S.-EU Tech Council
A new forum for the U.S. and European Union to settle differences on trade and technology policy has taken on added significance following Russia's invasion of Ukraine, with supporters positioning it as a model for broader cooperation among free-market democracies.
Ukraine Launches Counteroffensive to Disrupt Russian Supply Lines
KYIV, Ukraine-Ukraine began a counteroffensive toward the eastern city of Izyum aimed at disrupting Russian supply lines into the Donbas region, officials said, as Ukrainian forces continued clearing villages north of Kharkiv and Russian President Vladimir Putin warned his Finnish counterpart that joining NATO would risk damaging relations with Moscow.
Why It's So Hard to Keep Russian Diamonds and Gold Out of the U.S. Despite Sanctions
Russian gold and diamonds could still be sold in the U.S. despite being sanctioned, lawmakers and industry participants say, unless companies and governments tighten their controls.
In theory, U.S. and European sanctions have outlawed the sale of gold and diamonds from Russia. In practice, Russian gems and precious metals are likely still entering Western markets, these people say, often via a hard-to-police global web of middlemen.
Nations Aim to Secure Supply Chains by Turning Offshoring Into 'Friend-Shoring'
WASHINGTON-As war and the pandemic expose the fragility of supply chains, the U.S. and its allies are pursuing a new kind of global trade, one that confines commerce to a circle of trusted nations. Fans call the shift "friend-shoring."
The new strategy is a departure from economic globalization of recent decades, when businesses bought and made products where costs were low and free-trade policies made moving goods around the world cheaper and faster.
Yellen Seeks to Win European Support for a Tax Deal Congress Hasn't Approved
WASHINGTON-Treasury Secretary Janet Yellen wants to clinch the European Union's approval of a global minimum tax on the profits of large corporations, hoping to smooth out Poland's objections to approving the plan in meetings next week.
But the larger threat to the agreement's future may rest closer to home, in Congress, which hasn't yet approved the plan Ms. Yellen negotiated.
UK Housing Market Sentiment Is Positive Despite Stabilization Signs
The U.K. housing market showed signs of stabilizing in April following two years of frenzied activity, however buyer and seller confidence remained high, according to new data from OnTheMarket PLC.
Measuring more than 120,000 consumer responses, the property sentiment index found around 76% of active buyers and 82% of sellers were confident they would carry out a property transaction within the next three months, in line with figures reported in February and March, the online property portal said.
Somalia's Parliament Picks Former Leader, Hassan Sheikh Mohamud, as President
Somalia's lawmakers voted Sunday to bring back a former leader, Hassan Sheikh Mohamud, and oust President Mohamed Abdullahi Mohamed, whose attempts to delay elections and remain in office beyond his term alienated the U.S. and other Western countries.
Mr. Mohamud's election to a four-year term comes as Somalia, which sits on the tip of East Africa, faces profound threats poorly addressed by the country's divided leaders. Al-Shabaab, the local al Qaeda affiliate, has gained ground in rural areas of Somalia and carried out devastating attacks in Mogadishu, the capital. The country is experiencing drought that has left some six million people facing acute food insecurity and 1.4 million children under the age of five with acute malnutrition, according to the United Nations.
Lebanon Votes for New Government in First Election Since Economic Collapse
BEIRUT-Lebanese voted Sunday to choose a new government in the country's first parliamentary election since the onset of a once-in-a-century economic collapse and since the deadly 2020 Beirut port explosion sparked widespread demands for accountability from those in power.
The stakes are high for the tiny Middle Eastern country. A new government must negotiate an urgent economic rescue package with international donors and institutions, while navigating a deeply divided political system.
U.A.E. Names Mohammed bin Zayed as New Leader Following His Half-Brother's Death
The United Arab Emirates named Mohammed bin Zayed al Nahyan as its new president following the death of his half-brother, elevating the Abu Dhabi crown prince after nearly a decade as de-facto ruler of the U.S. partner.
The leadership change is likely to have few short-term political or economic implications for the U.A.E., as Sheikh Mohammed for years has steered the country's domestic and foreign policy, alongside a cadre of powerful brothers and other leaders of the federation.
Israeli Police Launch Probe Into Melee at Shireen Abu Akleh's Funeral
TEL AVIV-Israeli police launched an investigation into a violent melee that took place before the funeral of a prominent Palestinian-American journalist, amid growing international condemnation of officers who fought with casket bearers trying to march to a Jerusalem church.
Israeli officials have said officers who struck pallbearers Friday were seeking to carry out a plan agreed upon with the family of Shireen Abu Akleh, the 51-year-old Al Jazeera journalist killed last week as she covered an Israeli military raid in the West Bank, to have the body transported in a vehicle.
Renault to Sell Russian Business, AvtoVAZ Stake
France's Renault SA said Monday that it has agreed to sell its business in Russia and its stake in Russian auto maker AvtoVAZ.
Renault said it will sell all of Renault Russia to the city of Moscow and the 67.69% interest in AvtoVAZ to NAMI, a state-backed automotive research and development center.
GLOBAL NEWS
China's Economic Activity Cooled Sharply in April
BEIJING-China's economic activity cooled sharply in April, official data showed Monday, as the stringent Covid-19 control measures locked down cities and disrupted businesses.
Retail sales, a gauge of China's consumption, fell 11.1% on year in April, widening from a drop of 3.5% in March, the National Bureau of Statistics said. The result was also much lower than the 5.4% decline expected by economists polled by The Wall Street Journal.
China PBOC Cuts Mortgage Rate Lower Limit for First-Home Buyers
China's central bank cut the lower limit on mortgage rates for first-home buyers, a move that could revive the property market and support the cooling economy.
The People's Bank of China said Sunday that it would allow commercial banks to reduce their mortgage rates by up to 20 basis points from the current floors, while keeping the minimum mortgage rates for second-home buyers unchanged.
Jeff Bezos Criticizes Joe Biden in Twitter Spat Over Inflation
Amazon.com Inc. founder Jeff Bezos criticized the Biden administration in two tweets over the weekend for tying the corporate tax structure to rising inflation.
The tweets were spurred by one from President Biden on Friday, which said: "You want to bring down inflation? Let's make sure the wealthiest corporations pay their fair share."
Investors Stay Put, Because They Can't Think of Better Options
Even the worst markets are supposed to have havens. Some unnerved investors are wondering if this one doesn't.
The S&P 500 is down 16%, its worst start to a year since 1970, according to Dow Jones Market Data. But assets of all kinds are also falling. Gold, typically considered a haven, has swung into the red. Bonds are typically another shelter, but this year they are falling alongside stocks, an unusual tandem that reflects investors' uncertainty.
India Bans Wheat Exports, Putting More Pressure on Global Food Supplies
NEW DELHI-India said it would ban wheat exports, in a move that will add to global inflationary pressure and further strain global food supplies that have been disrupted by the war in Ukraine.
"The food security of India, neighboring and other vulnerable countries is at risk," India's Directorate General of Foreign Trade said in a notice on Friday explaining the ban.
Rising Food Prices Roil Developing World
Soaring food prices are triggering shortages and protests across the developing world as disruption from the Ukraine war adds to existing strains on global supplies of grains, meat and other foodstuffs.
India on Saturday invoked a rare ban on wheat exports to help tame domestic prices, a move likely to exacerbate global strains. The country is the world's second-largest wheat grower, behind China. Late last month, Indonesia halted the export of certain types of palm oil in an effort to lower soaring prices of cooking oil at home.
Individual Investors Step Back From Options Bets
Options trading by individual investors is fading, the latest sign that the stock market's speculative fever has broken.
Those individual investors had embraced options as a way of riding the stock market's momentum that drove shares of companies from Apple Inc. to Nvidia Corp. to new heights. Now, the Federal Reserve's move to raise interest rates to tame inflation has thrown that dynamic into reverse, sending the prices of stocks skidding.
Shanghai Lays Out Covid-19 Reopening Plan as China Cancels 2023 Soccer Tournament
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05-16-22 0546ET
