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The World
Volodymyr Zelensky’s chief of staff hit back at remarks by Emmanuel Macron in which the French president said it was important not to “humiliate” Russia over the war in Ukraine. Macron said maintaining dialogue with Vladimir Putin was crucial “so that the day when the fighting stops we can build an exit ramp through diplomatic means”. As Russian air strikes on Kyiv resumed for the first time since April, Andriy Yermak responded, saying: “Some countries are proposing not to ‘humiliate’ Russia. At the same time we are being shelled: our cities, people.” (Financial Times)
Britain is sending cutting-edge rocket systems to Ukraine that can strike targets 50 miles away as part of efforts to help the country defend itself against a new onslaught from Russia. The multiple-launch rocket systems (MLRS) come with precision-guided rockets. The rockets are deployed with pinpoint accuracy and the steel blast-fragmentation cases are designed for low collateral damage. (The Times)
U.S. will allow two companies to ship Venezuelan oil to Europe: Italian oil company Eni SpA and Spain's Repsol SA could begin shipping Venezuelan oil to Europe as soon as next month to make up for Russian crude, five people familiar with the matter said, resuming oil-for-debt swaps halted two years ago when Washington stepped up sanctions on Venezuela. (Reuters)
Oil jumps after Saudi Arabia hikes crude prices; France in talks with UAE to replace Russian oil supplies. (Reuters)
Rosneft will pay a record dividend for 2021 off the back of surging crude prices, even as Russia’s state oil champion faces increasing problems because of western sanctions. (Financial Times)
South Korea and the United States fired eight surface-to-surface missiles off South Korea's east coast after North Korea launched a barrage of short-range ballistic missiles on Sunday, a South Korea defense ministry official said. The action is a demonstration of "the capability and readiness to carry out precision strike" against the source of North Korea's missile launches or the command and support centers. (Reuters)
The latest Covid-19 wave in the U.S. has shifted westward, hitting places like the San Francisco area, while pressure eases in recent Northeast hot spots. The Western U.S. region, which includes mountain and coastal states, has recently eclipsed the Northeast to have the nation’s highest rate of known cases per 100,000 people, a Wall Street Journal analysis of CDC data shows. Recent increases in parts of the West come amid declines in the Northeast. (Wall Street Journal)
Hong Kong official warns of rising Covid-19 infections as clusters at bars grow. Outbreaks tied to four bars all grow with one linked to Shuffle nightclub in Lan Kwai Fong expanding by 27 cases. (South China Morning Post)
Supreme Court has 33 opinions remaining in one-month sprint to end controversial term. As the Supreme Court rounds the final weeks of the term it has yet to decide an unusually high number of cases including disputes over abortion, gun rights, religious liberty, immigration and the environment -- issues that deeply divide the public and exacerbate the ideological split on the 6-3 conservative-liberal court. (CNN)
‘We’re in trouble’: Electric rates in Texas have surged over 70% as summer kicks in. Natural gas prices have soared, and gas-generation plants produce the most electricity in the state — and set the market rate. (Dallas Morning News)
Gen Z workers want mission-driven jobs; a big paycheck would be nicer. Student-loan debt, inflation and other financial worries are testing young workers’ social consciences. Benjamin Nitzani imagines a future doing legal work for clients and causes he’s passionate about. The new law-school grad is a member of Generation Z or, as he describes it, “a generation of social-justice warriors.” First, though, he wants to get paid. (Wall Street Journal)
Economy
The value of IPOs in the US and Europe has fallen 90% this year as the Ukraine war and rising inflation and interest rates have forced businesses to shelve plans to go public. Just 157 companies raised a total of $17.9bn in the first five months of 2022, compared with 628 that raised $192bn in the same period last year. Globally, the value of IPOs dropped 71% — from $283bn to $81bn — in the period and the number of listings fell from 1,237 to 596. (Financial Times)
Two China investment banks to cut Hong Kong staff by 30%. (Bloomberg)
President Joe Biden’s commerce chief said it “may make sense” to lift tariffs on some goods as a way to tame the hottest inflation in almost four decades. “Steel and aluminum -- we’ve decided to keep some of those tariffs because we need to protect American workers and we need to protect our steel industry; it’s a matter of national security,” Gina Raimondo said. (Bloomberg)
Germany's inflation rate reached 7.9% in May. May's inflation was thus up by roughly one-tenth over the already record-breaking rate in April this year. It's the highest rate of inflation since German reunification and a level similar to that seen in 1973/1974 following the oil crisis. (Deutsche Welle)
Analysts raise Argentina 2022 inflation forecast to 72.6%. (Reuters)
Macy’s, Gap and other clothing stores are stuck with the wrong items: Shoppers shifted spending from casual clothes and home items, catching some retailers off guard and leaving them with excess goods. (Wall Street Journal)
What dominated the World Economic Forum: Executives are worried about a slowdown; Leaders are grappling with an energy transition that many predict will not be easy; Crypto, the metaverse and space landed in Davos; The war in Ukraine war cast a pall over the event. (NYT Dealbook)
Technology
Apple's 33rd annual Worldwide Developers Conference is set to kick off today. Like the 2020 and 2021 events, it will be held in a digital-only capacity, so it is free for all developers worldwide to attend. The keynote event will give us our first look at new operating system updates, including iOS 16, iPadOS 16, macOS 13, tvOS 16, and watchOS 9, plus rumors suggest we could see some new hardware. (MacRumors)
Though Apple Inc.’s Worldwide Developers Conference likely won’t include a debut of its next big thing—a powerful mixed-reality headset—the device will still cast a shadow over the event. What certainly will be at the conference are significant updates to the company’s core operating systems: iOS, iPadOS, watchOS, tvOS and macOS. This year’s event is likely to usher in a wider-than-usual breadth of new features. The iPhone’s iOS 16 is set to get a new lock screen with widgets, the Apple Watch will get a new low-power mode and upgrades to watch faces, and the iPad will get revamped with a focus on pro users. (Bloomberg)
Google launches Google TV for iOS, after moving the Movies and TV section from the Play Store to the Google TV app, letting users use their phone as a TV remote. (TechCrunch)
CNN enters the Post-Jeff Zucker Era: Chris Licht, the new CNN chairman, is encouraging a more nuanced approach to coverage. Some at the network are skeptical. A month into his tenure as the new leader of CNN, Licht is starting to leave his mark on the 24-hour news network he inherited in May from its prominent former president, Jeff Zucker. So far, the Licht Doctrine is a change from the Zucker days: less hype, more nuance and a redoubled effort to reach viewers of all stripes. (New York Times)
Smart Links
Demand ‘falls off cliff’ for CFA financial analyst qualification. (Financial Times)
LeBron James, welcome to the Billionaires Club. (Wall Street Journal)
Tube strike to cripple capital for 24 hours. (The Times)
Diabetes drug leads to notable weight loss in people with obesity – study. (The Guardian)
These are the 10 best cities in the U.S. for recent college graduates. (CNBC)