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UK prime minister Boris Johnson is reportedly refusing to resign. Members of his cabinet have urged him to step down amid an ongoing leadership crisis. Nearly 40 ministers have resigned this week (see more below).
EU lawmakers agreed to call some nuclear and gas energy projects “green”… Greenpeace immediately announced legal action. Meanwhile, France is nationalizing nuclear energy giant EDF amid a European energy crisis.
…while Dutch airline KLM has been accused of “greenwashing.” Environmental groups allege it rolled out a misleading advertising campaign that marketed flying as sustainable. In other airline news, British Airways is canceling over 10,000 flights due to staff shortages.
Beijing has established a vaccine mandate. Residents will need to show proof of vaccination to enter certain public venues starting next Monday (July 11).
Russia has made $24 billion in energy sales to China and India. The purchases have helped offset the impact of Western sanctions, and are likely to continue as Russia offers enticing discounts.
Twitter stood up to the Indian government’s censorship. The social media company asked a court to overturn the authorities’ orders to remove content from its platform.
What to watch for
A slew of scandals called into question his judgment and ethics. Two by-election losses proved his unpopularity. Now an avalanche of resignations from various government members leave him struggling for political survival. Can British prime minister Boris Johnson’s sinking ship stay afloat?
🗣️ Despite mounting calls for his resignation, Johnson insists he has the mandate and the responsibility to remain in power as the country faces a cost of living crisis and a war in Europe.
🗳️ Johnson won a vote of no confidence just a month ago, and the rules give him immunity for another 11 months, though some Tory lawmakers are calling for a rules change.
🔀 A vote of no confidence would trigger party leadership elections. Without a clear frontrunner to replace Johnson, some members might prefer sticking to the devil they know.
🌹The leader of the opposition could call for a parliamentary vote of no confidence in the government, which could trigger a general election.
📆 Time is of the essence, since Parliament is scheduled to start summer recess on July 22.
Who wins in a delisting?
As soon as today, Huaneng Power International, a China-based power plant operator, is leaving the New York Stock Exchange, where it has traded since 1994. The company submitted its delisting application in June, citing limited trading volume and “considerable” administrative burden. Three major Chinese telecom companies were delisted from the US last year; Didi, the ride-hailing giant, recently delisted from the NYSE, too.
Beijing wants to see more of its home-grown champions list in China, while the US has demanded that Chinese firms offer more transparency—a requirement that could lead to the delisting of 150 Chinese firms. Both sides are motivated by geopolitics, but for firms and investors the decoupling is lose-lose: US investors will get less access to the lucrative Chinese market, and Chinese firms will have fewer chances to raise funding from US investors. Breaking up is always painful.
Even Japan is struggling with inflation
By US standards, Japan’s inflation rate in May might feel paltry. Year on year, the consumer price index rose 2.5%, compared to a heated 8.6% in the US that same month.
But to a country that has grown unused to inflation over the past three decades, even 2.5% hurts. Samanth Subramanian lays out the impact of inflation on Japanese consumers.
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