Bloomberg - Evening Briefing - Raising the pressure

After more than a year of war and waves of sanctions by countries all over the world, Vladimir Putin continues to mercilessly pound Ukraine in his so-far failed attempt at conquest. Now, some of Ukraine’s key allies are considering moving closer to an outright ban on most exports to Russia, a potentially significant tightening of economic pressure. Group of Seven officials are said to be discussing the idea ahead of a summit in May, with the aim to include European Union member states in the crackdown. The approach would flip the existing sanctions regime around, with all exports banned unless exempted. 

As NATO expands northward with the accession of Finland, and perhaps later Sweden, Ukraine’s own bid to join the military alliance—considered to be among the reasons Putin attacked—continues to languish. While Ukraine’s eastern NATO allies are pushing to at least give the country a concrete roadmap toward membership, the alliance is unlikely to issue any specifics or timeline when the leaders gather in Vilnius this summer. But on Thursday, NATO Secretary General Jens Stoltenberg made a surprise visit to Kyiv, his first since the start of Russia’s invasion in February 2022. Ukraine’s “rightful place” is in NATO, he said, adding that “over time, our support will help to make this possible.” —David E. Rovella 

US President Joe Biden aims to sign an executive order in the coming weeks that will limit investment in key parts of China’s economy by American businesses. The administration, which has been debating the measure for almost two years, plans to take action around the time of the G7 meeting.

A group of US lawmakers gathered around maps in a committee room on Capitol Hill Wednesday night, gaming out possible scenarios and working through the first month of imagined fighting in a Chinese attack on Taiwan. Representative Mike Gallagher, a Wisconsin Republican, said the war game demonstrated “disastrous economic consequences” for the global economy if China attempts to seize the self-governed island by force.

Soldiers stage an attack during a military drill in Hualien, Taiwan. Photographer: Mandy Cheng/AFP/Getty Images

The recent turmoil that hit regional banks in the US didn’t rise to the level of crisis, Bank of America Chief Executive Officer Brian Moynihan said. “Crisis is too strong a word, and words like that get used a lot,” he said Thursday at Bloomberg’s Sell-Side Leaders Forum in New York. Deposit insurance, he said, “worked pretty well.”

It wasn’t too long ago that many personal finance discussions were dominated by such burning questions as: Can I juice my retirement by betting on the stock of a video game store? How about digital pictures of apes? Well, things have changed. A surge in interest rates has popped the bubbles in especially speculative corners of financial markets. Now it’s all about boring old bank savings accounts, some of which pay yields of more than 4%.

American Express set aside more money to cover souring loans, a move that weighed on first-quarter profit as inflation and higher interest rates chastened consumers. Provisions for loan losses totaled $1.1 billion in the period, more than the $890 million average estimate of analysts surveyed by Bloomberg.

California Senator Dianne Feinstein’s refusal to step down amid Democratic criticism she is jeopardizing efforts to confirm Biden’s judicial nominees may be premature. Seven nominees were moved forward this week. But Jonathan Bernstein writes in Bloomberg Opinion that the 89-year-old’s decision to stay in office despite a prolonged absence following a bout with shingles and amid questions about her memory lapses raises a deeper question.

Dianne Feinstein at the US Capitol in September Photographer: Drew Angerer/Getty Images North America

The question these days isn’t whether to shop, but where. After a brief burst of in-store activity, there are signs consumers are returning to their online spending ways, Leticia Miranda writes in Bloomberg Opinion. Though the pandemic may be heading toward a conclusion, will retailers be ready for the next wave of e-commerce?

Bloomberg continues to track the global coronavirus pandemic. Click here for daily updates.

• TikTok’s algorithm keeps pushing suicide to vulnerable kids.
• Just how rich is the US Supreme Court?
• The world is warming, so naturally water is being stolen.
• Failure of Elon Musk’s rocket shows how far SpaceX has to go.
• GOP lawyer reportedly pushes to keep young Americans from voting.
• These three US senators hate ESG in DC but love clean tech at home.
• Meet the guy who scored $250,000 in tickets off an airline error.

Imagine a financial tool that solves three problems at once—lowering greenhouse gasses, rejuvenating forests and improving the lives of the poor. That’s the promise of carbon offsets—but it’s very far from the reality. In the season’s final episode of the Bloomberg Originals series Getting Warmer With Kal Penn, we look at how carbon offset markets work—or don’t. Packed with misleading pledges and outright corporate greenwashing, the sector may need a serious revamping. 

The Hellisheidi geothermal power plant in Iceland. Startups Climeworks and Carbfix are working together to store carbon dioxide removed from the air deep underground. Photographer: Bloomberg 

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Bloomberg Design + Make: How are the world’s most creative minds responding to a world in flux? On April 25 in London, those on the cutting edge of design, manufacturing and entertainment shine a light on innovative solutions that can make the world better, smarter and more sustainable. Speakers include executives from Ingka Group and Foster + Partners. Join in person or virtually. Learn more here.