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The move, coming as part of the Group of Seven meeting in the Bavarian Alps, is the latest part of an effort to punish Russia for its invasion of Ukraine, officials said, noting that gold is a major Russian export commodity after energy.

Sanctions Push Russia to First Foreign Default Since Bolshevik Revolution

Russia was poised to default on its foreign debt for the first time since 1918, pushed into delinquency not for lack of money but because of punishing Western sanctions over its invasion of Ukraine.

Russia missed payments on two foreign-currency bonds as of late Sunday, according to holders of the bonds. The day marks the expiration of a 30-day grace period since the country was due to pay the equivalent of $100 million in dollars and euros to bondholders.

Europe Turns to an Unlikely Source to Replace Russian Energy: Ukraine

Europe has turned to an unlikely source for help in its race to keep the lights on this winter: war-torn Ukraine.

With Russia choking off natural gas supplies that feed furnaces and electricity generating plants, European Union members and Kyiv have accelerated plans to fully link up Ukraine's electricity grid. The project represents a remarkable turnaround from the early days of the war, when Ukraine braced for widespread blackouts as Russia attacked the country's infrastructure.

Europe's Search for Natural Gas Runs Up Against Climate Goals

Europe's scramble to replace Russian natural gas has set in motion plans for new gas production and infrastructure world-wide that critics say risk throwing the world off track in meeting the Paris accord's climate targets.

In the wake of Russia's invasion of Ukraine, Europe is moving quickly to set up new import terminals for liquefied natural gas from elsewhere. U.S. producers are expanding their export facilities as Europe's thirst for gas adds to already-strong Asian demand. Such infrastructure can take years to build and is usually predicated on lifespans lasting decades. European utilities, meanwhile, are negotiating long-term supply deals with gas exporters in the U.S., the Middle East and Africa.

Iran Nuclear Talks to Resume Soon, EU Foreign-Policy Chief Says

Negotiations on restoring the 2015 Iranian nuclear deal will resume again in the coming days, the European Union's foreign-policy chief, Josep Borrell, said Saturday during a trip to Tehran, although the prospects of reaching a deal remained far from certain.

The negotiations have been stuck for the past 3 1/2 months, with a deal blocked by a dispute over the scope of lifting U.S. sanctions on Iran. The talks are aimed at agreeing on the steps needed for Iran and the U.S. to come back into compliance with the 2015 agreement, which removed most international sanctions on Iran in exchange for tight but temporary restrictions on Iran's nuclear program.

Global Tax Deal Faces Roadblocks From Hungary, Congress

U.S. and European officials are trying to inject fresh momentum into a global drive for a minimum corporate tax rate, but they are finding it difficult to navigate around a series of roadblocks, namely Democrats' narrow margins in Congress and consequential objections from Hungary.

Nearly 140 countries agreed last year to impose a 15% minimum tax on large companies, paving the way for the most significant overhaul of international tax rules in a century. Getting to that point took years of negotiations that often seemed close to collapse. Now, eight months later, there has been little progress on changing national laws to implement the tax.

Russian Missiles Strike Kyiv Homes

Russia launched the largest missile barrage on the Ukrainian capital of Kyiv in weeks early Sunday, hours before a Group of Seven meeting convened in Germany to discuss new economic measures to stop Moscow's invasion.

Several missiles flew toward Kyiv around dawn, and Ukrainian air defenses shot down at least one on the outskirts of the capital, Ukrainian government officials said. One missile hit an eight-story residential building, where city officials said residents were pulled from the rubble.

G-7 Summit Brings Together Leaders Weakened by Inflation, Impatience at Home

TELFS-BUCHEN, Austria-Group of Seven leaders gathered at their summit on Sunday in a weakened position as the fallout from an intensifying economic war with Russia is beginning to bite, threatening popular support for Ukraine in their countries and potential fissures in their alliance against Moscow.

South African Police Investigate Deaths of 22 Youngsters in Township Tavern

South African authorities were investigating the deaths of 22 young people, some as young as 14, whose bodies were found Sunday morning in a township tavern near the coastal city of East London.

Parents and relatives gathered near the Enyobeni Tavern in the Scenery Park township, demanding answers about what happened to their children. Police and local officials said they were still investigating how the mostly teenage victims, who were found inside the tavern in the early hours of Sunday morning, died.

Shooting Outside Gay Bar in Norway Kills Two, Sparks Terrorism Investigation

An overnight mass shooting in front of a gay nightclub in central Oslo left two people dead and 21 others wounded, prompting a terrorism investigation by police in the Norwegian capital.

Organizers of the city's Pride march canceled the celebration hours before it was meant to begin on Saturday, encouraging participants to stay home.

Union Boss Becomes U.K.'s Surprise Media Star

In the heat and bluster of Britain's summer rail strikes, there is one man keeping his cool-gruff-talking union boss Mick Lynch.

Over the past few days, Mr. Lynch, 60 years old, has earned a cult following, making him the highest-profile union leader since the days when Margaret Thatcher tried to break the labor movement in the 1980s.

China's Industrial Profit Fell by a Narrower Margin in May as Covid-19 Curbs Eased

BEIJING--China's industrial profit fell by a narrower margin in May, as Covid-19 restrictions gradually eased and production started to resume, according to official data released Monday.

Industrial profit in May dropped 6.5% from a year earlier, compared with an 8.5% decline in April, said the National Bureau of Statistics.

Pension Funds Plunge Into Riskier Bets-Just as Markets Are Struggling

U.S. public pension funds don't have nearly enough money to pay for all their obligations to future retirees. A growing number are adopting a risky solution: investing borrowed money.

As both stock and bond markets struggle, it's a precarious gamble.

Central Banks Should Raise Rates Sharply or Risk High-Inflation Era, BIS Warns

FRANKFURT-From Sydney to Washington to Zurich, major central banks have stepped up the pace of interest-rate increases in recent weeks, reflecting concerns that inflation isn't retreating as expected.

It might not be enough.

Value Investors Bet Recent Market Leadership Is Just the Start

Cliff Asness and Rob Arnott say value stocks finally have room to run after years of lagging behind.

Although few corners of the stock market have emerged unscathed in 2022's dizzying selloff, value shares-traditionally considered those that trade at a low multiple of their book value, or net worth-have held up better than most. By one measure, they are on track to beat shares of fast-growing companies by the widest margin since 2001.

Xi Jinping to Visit Hong Kong to Mark 25th Anniversary of Handover From Britain

HONG KONG-Chinese President Xi Jinping will visit Hong Kong next week to mark the 25th anniversary of the city's handover from the U.K. and inaugurate a new government, as the city continues a two-year crackdown on dissent.

State news agency Xinhua reported the planned visit on Saturday, following uncertainty over whether Mr. Xi would visit as Hong Kong experiences a resurgence of Covid-19 cases, after suffering the deadliest outbreak on Chinese soil earlier this year.

Hong Kong's Struggle to Lure Bankers Dims Its Role as a Global Finance Hub

HONG KONG-Before the Covid-19 pandemic, the Hong Kong Sevens rugby tournament was for years a highlight on Asia's networking calendar for global bankers and their clients.

Now, organizers are pushing for a downsized version of the event this fall, reflecting the challenge the city faces to maintain its status as Asia's leading financial hub.

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