Floods Left Behind an ‘Ocean of Human Suffering,’ Says Pakistan PM

Standing in front of world leaders gathered in New York, Sharif asked for international support in the slow rebuilding that will follow. He said that since countries like Pakistan have emitted less than 1% of the greenhouse gas emissions that have contributed to the planet’s rapid warming, it was “entirely reasonable” for his country to expect “some … Read more

How a Bloomberg Reporter’s Family Escaped the Taliban

(Bloomberg Businessweek) — The questions were coming at me fast: “Who are you?” “Why are you here?” “Are they really Afghans?” It was after midnight in the brightly lit, busy Islamabad International Airport. I was being questioned by an official from Pakistan’s Federal Investigation Agency (FIA) and trying to quell my rising panic. As I … Read more

TikTok Owner ByteDance’s Valuation Drops Below $300 Billion

The plunge in valuation underscores worsening sentiment around China’s tech giants, which are grappling with a souring of sentiment on tech assets worldwide as well as a domestic government crackdown that’s spooked investors. Venture funding in China has plummeted, while shares in Tencent Holdings Ltd. and Alibaba Group Holding Ltd. are down about 24% and … Read more

Ford Plans Up to 8,000 Job Cuts to Help Fund Investments in EVs

The job cuts are expected to come among Ford’s salaried ranks in a variety of operational functions, according to the people familiar. They may come in phases, but are likely to begin this summer, the people said. Ford employs about 31,000 salaried workers in the US, where the bulk of the cuts are expected.

Bitcoin Tops $24,000 for First Time in a Month; Ether Rallies

(Bloomberg) — Bitcoin is gaining for the third straight day amid a broader rally in risk assets, with the digital currency rising above $24,000 for the first time in more than a month. The world’s largest digital token rose as much as 4.2% Wednesday to $24,275, the highest level since mid-June. It’s on pace to … Read more

Sunak Faces Truss in UK Run-Off to Succeed Boris Johnson

Most candidates have fallen over themselves to offer the biggest tax cuts, including Truss, whose pledges total £34 billion ($41 billion), according to Bloomberg calculations. But Sunak has stood out by warning against what he calls unfunded, “fairy tale” pledges that risk further fueling inflation. That has opened him up to attacks on his record … Read more

AOC Among Lawmakers Arrested at Supreme Court Rally

(Bloomberg) — More than a dozen US lawmakers, most from the Democratic Women’s Caucus, were arrested by US Capitol police on Tuesday during an abortion-rights rally in front of the US Supreme Court. New York Representatives Alexandria Ocasio-Cortez, Carolyn Maloney and Nydia Velazquez were among those who were arrested, as were Representatives Cori Bush, Ayanna … Read more

India Cuts Windfall Taxes on Fuel Exports as Global Prices Fall

New Delhi reduced the windfall tax on diesel and aviation fuel shipments by 2 rupees (3 cents) a liter, and scrapped completely a 6-rupees-per-liter levy on gasoline exports, according to a government notification. It also cut the tax on domestically produced crude by about 27% to 17,000 rupees a ton. Bloomberg News first reported Thursday … Read more

Oil Edges Lower as Traders Assess Stockpiles, Outlook for Dollar

West Texas Intermediate for September, the contract with the highest volume and open interest, edged lower in early Asian trading after rising more than 8% in the prior three sessions. That advance was supported by weakness in the US currency, a pipeline outage, and signs physical markets remain tight.

Retail Investors Pile into Currency Trading as Euro Slides to Parity With Dollar

Greg Doscher, a 40-year-old retail trader in Santa Barbara, California, has seen a 322% gain after pooling approximately $ 10,000 on a short position on the euro that he opened in late January. Despite soaring inflation, he argues the European Central Bank will not act as aggressively to raise rates as the US Federal Reserve, … Read more