REUTERS WORLD NEWS: China To Ease COVID Restrictions, Shops in Iran Go on Strike, G7 Price Cap on Russia’s Oil, World Cup, More

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Reuters

The Reuters Daily Briefing

Monday, December 5, 2022

by Judith Langowski and Linda Noakes

Hello

Here’s what you need to know.

China might further ease COVID restrictions, shops in Iran go on strike, and the G7 set their hope on a price cap on Russia’s oil.

Today’s biggest stories

People take part in anti-Chinese government protests, amid China's "zero-COVID" policy in New York City, U.S., December 4, 2022. REUTERS/Jeenah Moon

People take part in anti-Chinese government protests in New York City, U.S., this weekend, one of several demonstrations in major cities abroad in solidarity with protests in China. REUTERS/Jeenah Moon

WORLD

China may announce 10 new COVID-19 easing measures as early as Wednesday, two sources with knowledge of the matter told Reuters. Read more in our exclusive report. Three years of zero-tolerance measures have fueled mainland China’s biggest show of public discontent since President Xi Jinping took power in 2012.

The G7 decision to put a 60$ per barrel price cap on Russian seaborne oil came into force on Monday, hoping to limit Moscow’s ability to finance its war. Russia has said it will not abide by this measure. Meanwhile, it launched a new round of missiles, Ukraine said. Here’s what you need to know about the war right now.

Iranian shops in several cities on Monday followed calls for a three-day nationwide general strike from protesters seeking the fall of clerical rulers. In a possible first win for protesters, the public prosecutor said the morality police had been shut down. Read up on the latest developments here.

Thousands of residents in Indonesia’s East Java were on high alert on Monday after a violent eruption at the island’s tallest volcano prompted authorities to impose an 8-kilometer no-go zone and forced evacuations of entire villages.

South African President Cyril Ramaphosa’s fate was hanging in the balance on Monday as the executive committee of the governing party discussed allegations he may have committed misconduct and violated the oath of office. Read more on what’s behind the allegations here.

Gerardo Anicero warms himself in front of a makeshift fire as he watches Duke Energy personnel work to restore power at a crippled electrical substation in Carthage, North Carolina, U.S. December 4, 2022. REUTERS/Jonathan Drake

Gerardo Anicero warms himself in front of a makeshift fire as he watches Duke Energy personnel work to restore power at a crippled electrical substation in Carthage, North Carolina, U.S. December 4, 2022. REUTERS/Jonathan Drake

U.S.

Residents of North Carolina‘s Moore county faced a second night of freezing weather without power and a curfew on Sunday after vandals opened fire on two electric substations in what authorities called a “targeted attack.” The motive wasn’t clear. Schools will be closed Monday and potentially longer.

Senate candidates Raphael Warnock and Herschel Walker make their last pitch for Tuesday’s Georgia midterm election runoff. Early voting, which closed on Friday, has seen multiple single-day records. More than 1.85 million Georgians have already cast a ballot. A record was also set with the total campaign spending of $400 million, making it the most expensive state race in 2022. Here’s what’s at stake.

President Joe Biden signed legislation on Friday to block a national railroad strike, that could have cost the U.S. economy up to $2 billion a day. The deal includes a 24% pay increase over five years – but no short-term sick days.

Jurors in the Trump Organization’s tax fraud trial are set to start deliberating on Monday, following four weeks of testimony and arguments about executive pay practices at Donald Trump’s real estate company that prosecutors say amounted to a years-long criminal scheme.

Senate Republican leader Mitch McConnell is pushing for a legislative fix to a law designed to make horse racing safer after an appeals court last month ruled it unconstitutional, a source with direct knowledge of the negotiations told Reuters. Read more in our exclusive report.

BUSINESS

Nick Read, who led Vodafone through the pandemic, will step down as CEO by the end of the year and be replaced on an interim basis by his finance director, bringing an end to a four-year tenure marked by a near halving of its share price. He has been a cheerleader for consolidation in the company’s major European markets but has struggled to turn intention into action.

Britain’s economy is on course to shrink 0.4% next year as inflation remains high and companies put investment on hold, with gloomy implications for longer-term growth, the Confederation of Business Industry forecast on Monday. “We will see a lost decade of growth if action isn’t taken,” CBI Director-General Tony Danker said.

China’s stocks and currency have jumped and global banks have turned more bullish on its prospects, as Beijing moved towards a more targeted zero-COVID policy while reducing virus testing and quarantines. Investors bet China’s rally on easing COVID curbs will be furious but fleeting.

Interest rate decisions in Australia and India are the main set-piece events in Asia this week for investors, while China’s Politburo holds its first meeting to discuss the policies that will set Beijing’s economic direction over the coming year. Read more in Morning Bid, our daily outlook on the markets, or sign up to receive the newsletter here.

WORLD CUP 2022

‘Ruthless’ England surge past Senegal and a devasting double act takes France through. Here’s our overview for the knockout stage.

FULL COVERAGE

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