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Daily Briefing

UAE becomes a key trade hub for Russian gold, Western intelligence says Chinese hackers are spying on US infrastructure, and the German economy enters a recession.

Plus, tributes salute Tina Turner's music and resilience.

By Edson Caldas

Today's Top News

Employees cast ingots of 99.99 percent pure gold during production at a precious metals plant in the city of Krasnoyarsk, January 31, 2023. REUTERS/Alexander Manzyuk/File Photo

AROUND THE WORLD

The United Arab Emirates has become a key trade hub for Russian gold since Western sanctions over Ukraine cut Russia's more traditional export routes, customs records show. The records reveal the names of over 100 non-Russian companies that have handled gold since Western markets banned imports from Moscow. Here are details of some of the companies that have been involved.
Iran test-launched a ballistic missile with a potential 2,000-km range, state media said, two days after the chief of Israel's armed forces raised the prospect of "action" against Tehran over its nuclear program. Iran says its weapons are capable of reaching the bases of arch-foes Israel and the US.
Kurds opposed to President Tayyip Erdogan fear his victory in Turkey's presidential election could reinforce a crackdown the state has been waging against them. And our World News podcast unpacks an exclusive on splits within the ruling AKP party over whether to stick with what some call an unsustainable economic plan.

US NEWS

A state-sponsored Chinese hacking group has been spying on a wide range of US infrastructure organizations, from telecommunications to transportation hubs, Western intelligence agencies and Microsoft said. The espionage has also targeted the US island territory of Guam, home to American military bases.
Florida Governor Ron DeSantis suffered a chaotic start to his presidential election race when glitches marred an online forum hosted by Elon Musk that was meant to showcase DeSantis' fitness for the job. His entrance in the contest sets up a showdown with former President Donald Trump. These are three takeaways from the announcement.
Negotiators for President Joe Biden and top congressional Republican Kevin McCarthy held what both sides called productive talks to try to reach a deal to raise the United States' debt ceiling and avoid a default. They are expected to resume negotiations today. Fitch put the country's credit on watch for a possible downgrade, raising the stakes as talks go down to the wire.

Business & Markets

Rivalry with China, fallout from Russia's war in Ukraine and wrangling once again in Washington over the US debt ceiling have put the dollar's status as the world's dominant currency under fresh scrutiny. We take a look at some arguments for why de-dollarization will happen - or possibly why it won't.
The German economy contracted in the first quarter of 2023 compared with the previous three months, thereby entering recession. GDP fell by 0.3% for the quarter when adjusted for price and calendar effects, following a decline of 0.5% in the fourth quarter of 2022.
Millions of British households will see cheaper energy bills from July after regulator Ofgem slashed its cap on prices following a slump in wholesale energy costs. The new price cap of 2,074 pounds ($2,618) a year for average dual-fuel use marks a near 40% fall compared with the previous cap level.
For Nvidia, the boom in generative artificial intelligence is everything, everywhere, all at once. The chip designer's shares extended their rally this year, soaring 25% after a stellar forecast showed that Wall Street has yet to price in the AI potential of the company that has already doubled in value in 2023.
Meta, the owner of Facebook, carried out its last batch of a three-part round of layoffs. Dozens of employees working in teams such as marketing, site security, enterprise engineering, program management, content strategy and corporate communications took to LinkedIn to announce that they were laid off.

How doctors buy their way out of trouble

An exam room in the former practice of Dr. Feng Qin, who paid the US government nearly $1 million as part of two civil agreements. Mark Favors via Reuters

Medical practitioners and providers paid $26.8 billion over the past decade to settle federal allegations including fraud, bribery and patient harm, a Reuters investigation found. Paying up means staying in business and, for some, avoiding prison. US prosecutors helped them do it.

Read the Reuters Special Report here.

And Finally...

Tina Turner performs during her world tour 87 at the summer open air concert in Hamburg, Germany July 3, 1987. REUTERS/Michael Urban/File Photo

Tina Turner, the American-born singer who left a hardscrabble farming community and abusive relationship to become one of the top recording artists of all time, died at the age of 83. Here's a look at her life and career.

Read more: Reactions from musicians, actors and the White House

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