Here’s what you need to know
Ukraine ceded control of Mariupol to Russia. Ukrainian soldiers were ordered to abandon the steel plant that had served as the site of a months-long siege.
UK inflation hit highest level in 40 years. Soaring to 9%, the increase is in part due to escalating gas and electricity costs pushing household energy bills to record levels.
Insurance company Allianz will pay $6 billion over a massive fraud scheme. Its investment subsidiary will also plead guilty to misrepresenting the risk posed by a group of its hedge funds.
The Cannes Film Festival kicked off with a remote address from Ukraine’s president. Volodymyr Zelenskyy’s speech centered on how cinema can spread democratic ideals.
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