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The World
G7 leaders meeting for a summit in the Bavarian Alps are seeking a deal to impose a “price cap” on Russian oil as the group works to curb Moscow’s ability to finance its war in Ukraine. Talks were set to continue overnight, having begun on Sunday in the luxury resort of Schloss Elmau, where leaders want to enlist a range of countries beyond the G7 to put a ceiling on the price paid for Russian oil. They hope a cap will limit the benefits of the soaring price of crude to the Kremlin war machine while cushioning the impact of higher energy prices on western economies. (Financial Times)
Boris Johnson in Ukraine pact with Macron: Boris Johnson and President Macron have agreed to hold an Anglo-French summit to improve ties after pledging to help Ukraine to mount a military “surge” against Russia. The two men’s relationship has been fraught but yesterday the prime minister jokingly referred to it as “le bromance” and said they were “100 per cent aligned”. Although Britain has previously questioned France’s commitment to Ukraine, during a bilateral meeting at the G7 summit yesterday the pair agreed that the outright defeat of Russia remained the best outcome. (The Times)
Russian missiles struck an apartment block and close to a kindergarten in the Ukrainian capital Kyiv, in strikes President Biden condemned as "barbarism" as world leaders gathered in Europe to discuss further sanctions against Moscow. Up to four explosions shook central Kyiv in the early hours, in the first such attack on the city in weeks. (Reuters)
Biden unveils US$600 billion global infrastructure plan at G7 summit to counter China’s Belt and Road. Clean energy, secure communications technology and health systems among focus areas for programme funded by grants, federal financing and private sector. Five-year arrangement updating last year’s Build Back Better World initiative meant to offer alternative to ‘debt traps’, US official says, in swipe at Beijing’s model. (South China Morning Post)
The Japanese government issued a power usage warning for the first time as sweltering temperatures in Tokyo and surrounding areas are expected to put pressure on the system as businesses reopen Monday. The Ministry of Economy, Trade and Industry is particularly urging the public in Tokyo Electric Power Co.'s service area to save electricity via measures including turning off unnecessary lights in the demand-intensive 3 p.m. to 6 p.m. period on Monday. (Nikkei Asia Review)
The U.S. convened a secret meeting of top military officials from Israel and Arab countries in March to explore how they could coordinate against Iran’s growing missile and drone capabilities, according to officials from the U.S. and the region. The previously undisclosed talks, which were held at Sharm El Sheikh, Egypt, marked the first time that such a range of ranking Israeli and Arab officers have met under U.S. military auspices to discuss how to defend against a common threat. (Wall Street Journal)
Google sent a companywide email about the historic Supreme Court ruling overturning Roe v. Wade, explaining employees in affected states can apply for relocation without explaining why. “This is a profound change for the country that deeply effects so many of us, especially women,” wrote Google Chief People officer Fiona Cicconi in an email to workers. “Googlers can also apply for relocation without justification, and those overseeing this process will be aware of the situation.” (CNBC)
After SCOTUS overturned Roe v. Wade, Apple, Meta, Google, and other tech companies announce or reaffirm policies supporting employees seeking abortion services. (Fast Company)
Economy
Sanctions push Russia to its first foreign default since the Bolshevik Revolution: Russia was poised to default on its foreign debt for the first time since 1918, pushed into delinquency not for lack of money but because of punishing Western sanctions over its invasion of Ukraine. Russia missed payments on two foreign-currency bonds as of late Sunday, according to holders of the bonds. The day marks the expiration of a 30-day grace period since the country was due to pay the equivalent of $100 million in dollars and euros to bondholders. (Wall Street Journal)
The first hints that consumer belt-tightening is passing through to corporate earnings are coming in, posing a bigger risk to US equities than stock-selling by American households, according to Goldman Sachs Group Inc.. High inflation and declining asset prices have started to strain household finances, Goldman strategists led by David Kostin wrote on Friday. They cited the 0.3% drop in retail sales in May and the record-low Michigan consumer sentiment reading for June. (Bloomberg)
Goldman Sachs is looking to raise $2B from investors to buy up distressed assets from crypto lender Celsius Network in the event of a bankruptcy filing. (CoinDesk)
A $2 trillion free-fall rattles crypto to the core. (Bloomberg)
Air Travel This Summer Is Expensive, Messy—and Booming: Staffing shortages, schedule changes and higher fares are adding new frustrations to the weather woes that often lead to travel turbulence in the U.S. during the summertime. Crowds are returning to near prepandemic levels, and flights are just about as full as they were in 2019. The number of people passing through U.S. airports Friday hit the highest level since February 2020. Pilot shortages have checked airlines’ growth ambitions, and carriers aren’t flying as much as they had hoped. Hundreds of regional jets that fly to small cities have been grounded. (Wall Street Journal)
PwC M&A survey for media and telecom: deals for the 12 months ending May 15, 2022, totaled 1,014, up 28% YoY, with a record $469B value, but the pace has slowed. (Deadline)
Technology
Recruiters say the tech job market is still red-hot, despite isolated layoffs and cautious words from execs. Recruiting and economic experts say they aren’t seeing a slowdown in the tech labor market despite some recession fears. They say layoffs and hiring slow-downs are few, leaving the market mostly unmoved. Workers are still “in the driver’s seat” experts said. (CNBC)
Apple is embarking on one of the most ambitious periods of new products in its history, with a deluge coming in fall 2022 and H1 2023 including M3 Macs. (Bloomberg)
Disney will on Wednesday launch its new cruise ship, Wish, with great fanfare from Port Canaveral, Florida, but arguably the more significant event for the company and its under-fire chief executive Bob Chapek will be a two-day board meeting that kicks off Monday. Questions about Chapek’s future at Disney emerged this year as the company became embroiled in controversy over its handling of the so-called Don’t Say Gay bill in Florida. Monday’s long-scheduled meeting come less than three weeks after Disney’s board gave Chapek a vote of confidence after a bruising few months. (Financial Times)
Congress is getting closer to some kind of agreement on how it wants to regulate data usage, but FTC Chair Lina Khan told Protocol that companies will still have to contend with her agency’s powers as well. Khan welcomed an agreement struck last week by three of the four congressional negotiators on a privacy bill, calling it “incredibly exciting to see Congress take this important step.” The FTC chair made clear, however, that she feels the agency shouldn’t pause its agenda just because of the congressional push. “While this effort is pending, we're also of course fiercely committed to using all of our existing tools, enforcement and policy — doing anything we can to make sure Americans are fully protected,” Khan said. (Protocol)
Smart Links
New York City developer launches life-science venture. (Wall Street Journal)
Every new passenger car sold in the world will be electric by 2040, says Exxon Mobil CEO. (CNBC)
Since 2018, UK consumer trust in The Times has dropped from 63% to 43%, while the BBC fell from 75% to 55%, and The Telegraph declined from 55% to 36%. (Press Gazette)
Hong Kong house sells for $111 million, the most this year. (Bloomberg)
Another week of record-breaking heat scorches much of the U.S. (Wall Street Journal)
These are the 5 best—and worst—states for women-owned businesses in America. (CNBC)
Optimism slowly returns to the tourism sector. (Statista)