Bloomberg Business

The S&P 500 is off to a great start this year. Meme stocks are rip-roaring. Crypto is busting higher. Does that mean it’s time to take on more risk? One Wall Street veteran, who’s sticking with a resolutely defensive stance, says not so fast.

UK Conservative Party Chairman Nadhim Zahawi acknowledged being “careless” with his tax affairs and said he settled a bill over shares in a polling company he co-founded, seeking to defuse a controversy threatening to knock Rishi Sunak’s government off course.

Editor’s Note: Welcome to Credit Weekly, where Bloomberg’s global team of reporters will catch you up on the hottest stories of the past week while also offering you a peek into what to expect in credit markets for the days ahead.

There’s growing concern that the bond market has written down inflation risk too far.

Elon Musk said he will revamp the size and frequency of advertisements that appear on Twitter and plans to roll out a higher-priced subscription model that allows for zero ads.

Illegal mining will be eliminated in Brazil, President Luiz Inacio Lula da Silva told journalists after visiting an institution for indigenous healthcare in Boa Vista, Roraima state, in the Amazon region.

US Treasury Secretary Janet Yellen expressed confidence that restrictions on Russian sales of crude oil can be expanded to refined petroleum products in February, while acknowledging that the task will be more complicated.

European Central Bank Governing Council member Olli Rehn said “there are grounds for significant increases” in the key interest rate in the winter and early spring, reiterating comments he’d made earlier in the week.

Nigeria’s central bank will allow citizens to swap old naira notes for redesigned bills from Jan. 23 to boost adoption and circulation of the new currency before the old bills cease to be legal tender at the end of the month.