TOKYO—Treasury Secretary Janet Yellen has embarked on an international lobbying blitz for a proposal she says will stave off a global recession, working to address technical and diplomatic challenges to her plan to cap the price of Russian oil. The goal of the proposed price cap, which Ms. Yellen has been championing for months, is twofold: bring energy prices down by keeping Russian oil flowing to the global market and limit the revenue Russia derives from the sales. The novel proposal has picked up steam in recent weeks, with President Biden and other leaders of the Group of Seven wealthy
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LONDON—The race to replace British Prime Minister Boris Johnson intensified Monday, with several senior Conservative Party politicians pitching themselves with pledges to stick to his approaches toward Brexit and curbing illegal migration, while looking for ways to stoke economic growth. Former treasury chief Rishi Sunak, who helped spark the wave of resignations by ministers and aides that forced Mr. Johnson to step downhas taken an early lead by gaining at least 30 public endorsements from other Tory politicians. Arrayed against him are Foreign Secretary Liz Truss and current Chancellor of the Exchequer Nadhim Zahawi plus eight other candidatesall hoping to
HONG KONG—Hundreds of bank customers demonstrating over frozen deposits were attacked by men in plainclothes in the central Chinese city of Zhengzhou, marking a violent end to one of China’s largest public protests in recent years. Images of the clash, which was widely videotaped, spread quickly enough on Chinese social media to outrun the country’s army of internet censors, sparking a wave of online criticism. Video footage verified by The Wall Street Journal with protesters who were present on Sunday showed large numbers of unidentified men, many of them dressed in white T-shirts, barreling into peaceful crowds demonstrating on the
WASHINGTON—The U.S. is seeking to resolve an impasse that has left the World Trade Organization without senior judges to resolve trade disputes between member countries, according to U.S. officials. The effort began ahead of the WTO’s ministerial meeting in Geneva in June, the officials said, with the U.S. organizing two meetings of working-level representatives from dozens of member countries since this spring. In the coming weeks, U.S. officials want to see member countries meet informally every two to three weeks or so to build a consensus on how to revamp the system, before formal discussions start at the WTO, the officials
•Eight survivors had been pulled from the rubble as of Monday morning. •Europe is bracing for a sharp reduction in the flow of Russian natural gas as the Nord Stream pipeline was scheduled to shut down for maintenance. Ukrainian authorities were working to pull people from the rubble of a residential building in the east of the country, which Ukrainian officials described as one of a series of civilian sites hit by Russian missiles or long-range artillery in recent days. The death toll from the Russian missile attack Saturday on the five-story structure in Chasiv Yar, in the Donetsk region,
Sri Lankan politics were in turmoil as opposition parties worked to form an interim government, despite the country’s president not personally confirming that he would step down to make way for new leadership. Sri Lanka’s parliamentary speaker said over the weekend that President Gotabaya Rajapaksa had agreed to resign on Wednesday. Prime Minister Ranil Wickremesinghe, who has publicly committed to resigning, said the president had informed him that he will be stepping down as previously announced, the prime minister’s office said on Monday morning. The president’s office, in an apparent response to the prime minister’s statement, said that the president