Bloomberg - Evening Briefing - Financial consequences

Bloomberg Weekend Reading

Western leaders rolled out financial penalties against Russia for its invasion of Ukraine, with sanctions targeting major banks, companies and the assets of Russian oligarchs. U.S. President Joe Biden also announced new export curbs. But western allies spared Vladimir Putin’s oil exports and didn’t block Russian access to SWIFT, the global bank messaging system. European countries remain concerned about their supply of natural gas, much of which comes from Russia. “The West is financing Putin’s war” by buying Russian natural resources, Javier Blas writes in Bloomberg Opinion. As the West seeks to further isolate the Kremlin and Putin, China said bilateral trade would continue as normal.

What you’ll want to read this weekend

A prolonged war could deliver a blow to the global economy and slow the normalization of central bank policy. Russia is a major exporter of energy and raw materials that the world needs, as inflation is stoked by shortages of everything from wheat and fertilizers to aluminum. Biden has raised the prospect of the U.S. releasing more oil from its strategic reserves to quell rising energy prices.

U.S. President Joe Biden

Photographer: Oliver Contreras/Sipa

Russia’s war on Ukraine predictably whipsawed markets this week. Commodities surged, with Brent crude topping $105 a barrel and European natural gas soaring. Stocks and bonds from Russia went into free-fall and Russian oil was being offered at a record discount. John Authers writes in Bloomberg Opinion though that markets are pricing in Putin’s eventual success in decapitating Ukraine’s democratic government and installing a puppet regime.  

Biden said he will nominate U.S. Circuit Judge Ketanji Brown Jackson to be the first Black woman on the Supreme Court. While her successful confirmation wouldn’t change the Republican-appointee supermajority that controls the high court, her arrival may very well change its tenor, Noah Feldman writes in Bloomberg Opinion.

A potential Porsche IPO has been a hot topic for years, and Volkswagen has given investors more to chew on: Europe’s biggest car maker announced it was preparing to list its most lucrative asset. The move to set Porsche free illustrates the upheaval in the auto industry as attention turns towards electrification. And while the adoption of autonomous vehicles hasn’t been rapid, the Waymo AV depot in San Francisco may  give a hopeful glimpse into the future.

The Porsche Taycan

Photographer: Krisztian Bocsi/Bloomberg

The coronavirus pandemic upended the wedding industry, from a rash of postponements to a rush of celebrations, with budgets soaring and weekend venues booked months in advance. For couples who scrapped plans or waited for availability, there’s a new Covid-era trend: Saying your “I dos” on a weekday.

What you’ll need to know next week

What you’ll want to read in Bloomberg Green

The Environmental Crisis of Too Much Clothing

More clothing is being produced than ever and the endless supply of sneakers, pants, jackets and tops comes with a heavy price for the planet. Fashion accounts for up to 10% of global carbon dioxide output—more than international flights and shipping combined. Polyester, which has overtaken cotton as the leading textile in the industry, accounts for one-fifth of all plastic produced globally each year. Though fast fashion is often seen as the culprit, luxury brands are involved too

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Kyiv under siege

Friday, February 25, 2022

Bloomberg Evening Briefing View in browser Bloomberg Vladimir Putin's invasion forces attacked Kyiv on Friday, but their advance across Ukraine reportedly faced stiffer resistance as western

‘Barbaric attack’

Thursday, February 24, 2022

Bloomberg Evening Briefing View in browser Bloomberg Capping months of repeated denials and alleged attempts at false-flag provocations and propaganda, all eerily predicted by US intelligence, Russia

Battle formations

Wednesday, February 23, 2022

Bloomberg Evening Briefing View in browser Bloomberg President Joe Biden expanded sanctions against Russia with new US penalties hitting the builder of the Nord Stream 2 gas pipeline and its corporate

Biden’s warning shot

Tuesday, February 22, 2022

Bloomberg Evening Briefing View in browser Bloomberg After months of Kremlin denials that tens of thousands of troops massed on Ukraine's borders telegraphed an intent to invade, US President Joe

America keeps on spending

Saturday, February 19, 2022

Bloomberg Weekend Reading View in browser Bloomberg Follow Us Get the newsletter America's consumption boom is still running at full-throttle with retail sales surging in January by the most in 10

America’s ‘domestic terrorism’

Tuesday, May 17, 2022

Bloomberg Evening Briefing View in browser Bloomberg The Biden administration is poised to fully block Russia's ability to pay US bondholders after a deadline expires next week, a move that could

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Tuesday, May 17, 2022

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A Fond Farewell

Tuesday, May 17, 2022

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I saved over $1 million for retirement by age 48. Here are 5 strategies I followed religiously to make it happen.

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No matter how difficult it was, Tanya Taylor says she always contributed the maximum amount to her employer-funded retirement plan each year. View in browser Business Insider Business Insider Business

Do you know when the best time to invest is?

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The Daily StockTips Newsletter 05.17.2022

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It's time to get rid of managers. All of them.

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What would happen if a company completely got rid of middle managers... Read on Insider.com INSIDER INSIDER Subscribe INSIDER FEATURED ARTICLE ECONOMY It's time to get rid of managers. All of them.

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BankUnderground posted: " Timothy Munday How easy is it to understand this sentence you are currently reading? How easy it is to understand this sentence that has dependency arcs that are longer

Putin’s new warning

Monday, May 16, 2022

Bloomberg Evening Briefing View in browser Bloomberg Vladimir Putin has already warned Sweden and Finland against joining NATO, a move both nations are moving toward in response to his invasion of