Good afternoon. Here is the information you need to know today. Ukraine's finance minister is expecting the need for emergency war-risk insurance. A strong U.S. jobs report provided a green light to the Federal Reserve to raise rates. Sweden's alcohol monopoly loses its legal dispute with an e-retailer. Ukraine's finance minister spoke in an exclusive Bloomberg TV interview about the need to attract investments and we'll bring you the latest from the region. Ukraine's wartime defense spending will remain at a high level next year, highlighting the need for allies to provide war-risk insurance to help attract investments, said Finance Minister Sergiy Marchenko: “We need investment now - we can't wait till the war is over, otherwise we won't get the initial push for this victory.” The EU's sanctions against Russia will gradually deepen and have a longer-term impact on Moscow's economy, according to the bloc's executive branch. The country's industrial and technological capabilities have been deteriorating. Ukraine is planning to nationalize one of the country's systemically important financial institutions, Sense Bank, from its Russian owners, according to people familiar with the matter. Its nominal owner, ABH, said nationalization will result in the losses of bondholders and shareholders. Ukraine's invasion has brought Poland's president from the fringes of European politics into the center, but he may have already missed the chance to stay there. Let's look at the risks facing Andrzej Duda. Meanwhile, Volodymyr Zelenskiy has embarked on a diplomatic mission to NATO countries ahead of next week's summit to pursue the path to joining the military alliance.
The U.S.’s June payroll growth rate of 4.4% exceeded expectations of a slower pace of job gains, adding complexity to rate hike expectations this year. The slowdown in hiring and downward revisions to employment numbers over the past few months were not enough to relieve the Fed's concerns, according to Bloomberg Economics. Six more women have come forward claiming Crispin Odey sexually assaulted or harassed them, extending his abuse timeline by five decades, the Financial Times reported. Apple plans to slowly roll out its $3,500 Vision Pro headset early next year and require those buying at the store to make a reservation, according to people familiar with the matter.
KLM said it may have to adjust its operations after the Dutch government was given the green light to limit the airline’s capacity at Amsterdam’s Schiphol Airport. Madrid is preparing for the hottest day of all time, with a forecasted temperature of 43.4 degrees Celsius on July 11, according to Global Forecast System.
Mohamed El-Erian writes that the UK is in the midst of a justified rate fever that will subside before deteriorating severely, posing significant risks and unexpected consequences. It also highlights the urgent need for policies beyond the limits of the Bank of England.
Once a astronaut, a scientist and a U.S. president, Barbie is about to become a movie star. In Businessweek, we discuss the bet Mattel is making on the adventure. We spoke to the CEO of a Moroccan pharmaceutical company who is trying to change the drug and vaccine supply in Africa. Plus, we look at how mobile payments are bringing power to the world’s poorest regions.
It's become easier to deliver a bottle of Merlot to a Swedish summer cottage, and Sweden's state alcohol monopoly Systembolaget isn't happy about it. The country’s highest court ruled that Danish online wine retailer selling to Swedish households and businesses is okay. This is bad news for Systembolaget, which has held an exclusive right to sell alcoholic drinks in Sweden since it was founded in 1955.
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