Bloomberg Businessweek-Europe Edition October 17, 2022

● Globally, more than 621m people have been infected with Covid-19, and over 6.6 million have died. Japan began accepting vaccinated visitors from 68 countries without visas, ending almost three years of tighter border controls that kept out travelers. ● War in Ukraine ▶ Russia launched a barrage of missiles on Ukrainian cities on Oct. 10, killing at least 23 people. ▶ The blitz was a retaliation for explosions damaging a bridge connecting Russia to Crimea. ▶ Foreign Minister Sergei Lavrov said Moscow will consider “any proposals” to end the war, including a meeting between Russian leader Vladimir Putin and US President Joe Biden. ● Long lines have formed at gas stations across France after weekslong strikes by refinery workers led to blockades at some of the biggest fuel depots. As a result, almost a…

Central banks in much of the world are raising interest rates faster than would’ve seemed likely only a few months ago. Some analysts fear this multinational effort to curb inflation might tighten monetary policy too much. They note that any increase in rates involves a kind of spillover effect: It lowers demand not only for domestic output but also for imports. Failing to take account of this could cause an unintentionally sharp global downturn. The issue was top of mind for the finance ministers and central bankers who gathered Oct. 10-16 in Washington for the annual meetings of the International Monetary Fund and World Bank. The IMF cut its forecast for global growth next year to 2.7%, from the 2.9% estimated in July. In doing so, its chief economist, Pierre-Olivier Gourinchas,…

▶ Netflix reports third-quarter earnings on Oct. 18. Investors will look for signs that it was able to stem a departure of customers after losing 1 million of them in the first half of 2022. ▶ On Oct. 19, Chief Executive John Lee holds the annual policy address laying out Hong Kong’s agenda. It’s his first since being elected to the city’s top leadership post in May. ▶ Credit Suisse unveils a much-awaited strategy update on Oct. 27 when it reports earnings. Investors expect some drastic moves, from selling major assets to raising fresh capital. ▶ The Paris Motor Show kicks off on Oct. 17. It’s all about hybrid and battery-powered cars, with automakers such as budget brand Dacia and local hero Renault introducing new models. ▶ On Oct. 18, China reports key economic…

Paul Volcker was feeling a bit forgotten in late 2017 when he started working on his memoir, which I was helping him write. Inflation was no longer feared, exchange rate crises weren’t big news, and his longtime campaign to improve public administration seemed more quixotic than ever. So the 90-year-old former leader of the US Federal Reserve started his book with a self-deprecating joke about a wise old parrot known as “the chairman,” and insisted the title should be The Wise Old Parrot Speaks. Understandably, the publisher’s marketing staff wasn’t keen on that. Eventually, I threw out the phrase “sustained commitment,” which I’d spotted in some old Fed minutes. Volcker’s face lit up as he translated it into plain language: “Keeping at it!” We had our title. Today everyone wants to know…

Did the pandemic forever change how we shop? The answer seemed obvious in the first half of 2020, when retailers closed their doors to slow the spread of Covid-19, pushing millions to the internet. It looked like a fundamental shift in e-commerce’s trajectory. The thinking was simple: After experiencing the ease of online shopping, why would consumers return to stores? Turns out they have. In the US, the e-commerce wave has receded. In some categories, such as clothing, the percentage of sales made online is back to where it was before the pandemic, according to an analysis by UBS. For the past five quarters, online growth has trailed the sales gains of the overall retail industry, according to US Census Bureau data. The S&P 500 has declined 25% in the first nine months…

With double-digit inflation creating a cost-of-living crisis in the UK, retailers are rolling out Christmas offers earlier than ever this year. The UK is rife with deals as retailers mimic the moves of such US chain-store giants as Target Corp., kicking off the festivities in September and October. With inflation near the four-decade record of 10.1% set in July, British department store chain John Lewis Partnership Plc and the UK’s biggest supermarket, Tesco Plc, are among those trying to persuade holiday shoppers to spread their spending over a longer period. The push may be working: American Express estimates that more than 16 million UK adults have already started making Christmas purchases. But with consumers facing higher bills for such essentials as food and heating, and as rising interest rates threaten to push…