Bloomberg - Evening Briefing - New Russian sanctions

Bloomberg Evening Briefing

U.S. President Joe Biden and European allies are to meet Thursday in Brussels, where they are expected to announce both new sanctions against Russia over its invasion of Ukraine and fresh measures designed to keep the Kremlin from sidestepping existing penalties. The moves are expected to cap a day of diplomacy that will see Biden attend an emergency NATO summit, a meeting of the Group of 7 and a session of the European Council. In addition to sanctions, the U.S. and partner nations are to unveil a new action aimed at “enhancing European energy security and reducing Europe’s dependence on Russian gas,” National Security Adviser Jake Sullivan said. A key issue among some allied nations is how far to go in restricting Russian fossil fuel, given their reliance on it.

Lines of pre-dug graves at a cemetery on the outskirts of Odesa, Ukraine, on March 17. The Russian military’s southern advance has been slowed by fierce resistance in Mariupol, Ukraine’s easternmost port city, and Mykolayiv, the gateway to Odesa in the west. Photographer: Jonathan Alpeyrie/Bloomberg

In Ukraine, United Nations authorities say confirmed civilian deaths exceed 900, though they add that the real number is likely much higher. Ukrainian authorities say thousands of civilians have been killed by Russian soldiers.

After Biden warned Monday of intelligence indicating Russia was contemplating a cyberattack on the U.S., Sullivan added details about NATO’s position on such a threat. A cyberattack by Russia on a member country could trigger a collective response from the U.S. and its allies, but not necessarily a military one, he said.

In Russia, Vladimir Putin’s government expanded a draconian law targeting the publication of what the Kremlin considers “fake” news while continuing efforts to block factual reporting on the war from abroad. Meanwhile, Russian authorities sentenced imprisoned opposition leader Alexey Navalny—long the chief political enemy of Putin—to another nine years behind bars after what the U.S. called a “sham trial.” 

Bloomberg is tracking the coronavirus pandemic and the progress of global vaccination efforts.

Here are today’s top stories

China’s top Russia envoy urged Chinese business people in Moscow to seize economic opportunities created by Putin’s war on Ukraine, a strategy that could help soften the blow for the Kremlin when it comes to international sanctions. Ambassador Zhang Hanhui on Sunday told about a dozen business heads to “fill the void.” 

Biden’s warning of unspecified consequences if China supports Russia has smaller Asian nations worried they’ll be subject to similar penalties for maintaining neutrality over Putin’s war.

Beijing announced 2.5 trillion yuan ($393.3 billion) in tax cuts this month—the fifth year of such reductions, which cumulatively add up to more than 9.7 trillion yuan. The Chinese Communist Party has apparently embraced a school of thought more commonly associated with U.S. conservatives: supply-side economics.

As a potential new wave of coronavirus infections (courtesy of the BA.2 subvariant) looms with infections on the rise again in New York City, the Biden administration is warning that it doesn’t have enough money to pay for a second round of vaccine booster shots. Both Moderna and Pfizer-BioNTech are seeking regulatory approval for just such a shot, as some fear protection from the first booster of mRNA vaccines may be waning. Key Republicans in Congress however are slowing efforts to further fund the vaccines. Here’s the latest on the pandemic.

U.S. stocks rebounded Tuesday while the selloff in Treasuries deepened. Both Federal Reserve hawks and doves are joining Jerome Powell’s call to move forward on raising interest rates to curb high inflation. The Fed Chair’s speech on Monday explicitly put a half-point hike on the table as a possibility for May. Here’s your markets wrap

Mohamed El-Erian argues in Bloomberg Opinion that the Fed risks slipping further into a no-win interaction with markets that is more familiar to developing countries than to a systemically important central bank. 

Mohamed El-Erian Photographer: Giulio Napolitano/Bloomberg

Otto Toto Sugiri was already a multimillionaire after selling his company to Indonesia’s largest telecom operator. Then he spotted a once-in-a-lifetime opportunity. Now Sugiri, 68, is not just a multimillionaire. He’s one of the world’s richest people with a fortune estimated at $2.5 billion.

What you’ll need to know tomorrow

China’s Military Has Been Growing—Fast

With major advances in missile technology, naval forces and intelligence, China is well on its way to becoming by mid-century what President Xi Jinping calls a “world-class” military power. Even now, China has matched or exceeded the U.S. and Russia in some respects. While the Pentagon struggles with a military industrial complex that makes the most expensive weapons in history, China has been more utilitarian. America buys weapons like Lockheed Martin’s wildly expensive, initially defective F-35 fighter. Beijing buys weapons that are much cheaper—including missiles that can sink America’s vaunted aircraft carriers—while developing next-level arms like hypersonic missiles.

A military vehicle carrying a DF-21D carrier-killer missile, bottom, and other Chinese equipment near Tiananmen Square in Beijing.

Older messages

Ten million people

Monday, March 21, 2022

Bloomberg Evening Briefing View in browser Bloomberg Russia's invasion has driven 10 million people—almost one-quarter of Ukraine's population—from their homes, according to the United Nations.

Hoping inflation goes away

Saturday, March 19, 2022

Bloomberg Weekend Reading View in browser Bloomberg Follow Us Get the newsletter To tackle soaring inflation, central banks have kicked off a campaign of interest rate hikes aimed at stabilizing prices

China’s juggling act

Friday, March 18, 2022

Bloomberg Evening Briefing View in browser Bloomberg Russia repeated its threat to target arms convoys sent by NATO allies as the Kremlin again fired missiles into the far west of Ukraine, near the

Biden’s warning for China

Thursday, March 17, 2022

Bloomberg Evening Briefing View in browser Bloomberg US President Joe Biden will try to persuade Xi Jinping to ratchet up pressure on Vladimir Putin to end the war on Ukraine. Biden will tell Xi by

‘War criminal’

Wednesday, March 16, 2022

Bloomberg Evening Briefing View in browser Bloomberg President Joe Biden said the US would send Ukraine drones as well as thousands of anti-aircraft and anti-tank missiles, a pledge of a robust new

🤓 Should you cash in on Coinbase?

Sunday, May 22, 2022

Brits are numbing the pain | China says "cut" | TOGETHER WITH Hi Reader, here's what you need to know for May 23rd in 3:04 minutes. 💥 You – yes, you – are invited to the first-ever NFT

🚀 Navigating a new market

Sunday, May 22, 2022

Plus, announcing a16z's investment in Locale! ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌

Longreads + Open Thread

Saturday, May 21, 2022

Regulatory Arbitrage, Mean Reversion, Replication, Bees, Specialization, Snap ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌

The Best Colleges in America Right Now

Saturday, May 21, 2022

And the best college is... ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ May

Home Depot just crushed earnings. We visited a store and saw first-hand why.

Saturday, May 21, 2022

Rising home prices are good for Home Depot's business because homeowners invest in improving their homes. View in browser Business Insider Business Insider Business Insider Subscribe Business

Bright side of a bad week

Saturday, May 21, 2022

Bloomberg Weekend Reading View in browser Bloomberg Follow Us Get the newsletter US recession warnings are mounting in some quarters as the ties that bind the global economy look to be unraveling. Wall

Elon tweets, Tesla twists

Friday, May 20, 2022

Bloomberg Evening Briefing View in browser Bloomberg Tesla is limping to the finish line, as the stock's 14% decline this week makes it the second-biggest drag on the S&P 500 Index over the

In Search of Stability

Friday, May 20, 2022

Plus: Banking in the 70s, Goldman Sachs, Block ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌

We'd love to hear from you!

Friday, May 20, 2022

Here's a quick survey to share your feedback. ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌

26 billionaires, including Elon Musk and Jeff Bezos, paid just a fraction of the taxes the average American owes

Friday, May 20, 2022

A new analysis finds that Elon Musk had an average tax rate of just 2.1% on his wealth growth from 2013 to 2018. View in browser Business Insider Business Insider Business Insider Subscribe Business