A US debt default would threaten “a basic anchor” of the global financial system and “must not happen,” BlackRock Inc. Vice Chairman Philipp Hildebrand warned Thursday at the Bloomberg New Economy Gateway Europe forum.
Treasury Secretary Janet Yellen said the Biden administration was prepared to accept economic costs as it sought to protect US national security interests from threats posed by China, even as she appealed to Beijing to cooperate on shared global concerns.
Europe’s response to the US Inflation Reduction Act should not disadvantage smaller EU member states, according to Ireland’s finance minister.
Prime Minister Justin Trudeau’s government agreed to subsidies that may top C$13 billion ($9.7 billion) over a decade to land a Volkswagen AG electric-vehicle battery plant, the company’s first outside Europe.
Credit Agricole SA reached a settlement with French authorities to avoid being dragged into a criminal probe over the emerging “Cum-Cum” tax scandal that’s embroiled some of its biggest rivals, according to people familiar with the matter.
Emergent BioSolutions Inc. said it will price over-the-counter Narcan, an emergency opioid overdose reversal treatment, at less than $50 per carton of two doses when it hits shelves in late summer.
NATO Secretary General Jens Stoltenberg made a surprise visit to Kyiv on Thursday, his first since the start of Russia’s invasion in February 2022. Ukraine’s “rightful place” is in NATO, he told reporters, adding that “over time, our support will help to make this possible.”
Democratic Senator Joe Manchin commended House Speaker Kevin McCarthy for putting forward a plan to cut federal spending tied to a boost in the nation’s debt limit, and said President Joe Biden is engaging in a “deficiency of leadership” by refusing to negotiate with House Republicans on a compromise.
Investment manager Letko Brosseau & Associates Inc. will vote in favor of Teck Resources Ltd.’s plan to split the company, saying it will ultimately offer more value for shareholders than a Glencore Plc takeover.
MercadoLibre Inc., the largest e-commerce company in Latin America, plans to add thousands of jobs this year as it expands its logistics business, even as global tech firms cut jobs and growth cools in the region.
