Today’s biggest stories: The Reuters Daily Briefing August 23, 2022

BUSINESS & MARKETS

Weakening economies in Germany and France piled more pressure on markets as decades-high inflation and surging gas prices drag Europe towards recession, pushing the euro to a 20-year low against the dollar. As euro zone business activity contracts again, we look at how Europe’s economy succumbed to crisis.

A clutch of stocks favored by retail traders tumbled in volatile trading as news that UK-based Cineworld warned of a possible bankruptcy sent AMC shares diving almost 40% on the day that the U.S. movie chain’s preferred shares started trading.

Billionaire entrepreneur Elon Musk is seeking documents from Twitter co-founder Jack Dorsey as the CEO of Tesla and SpaceX pursues his legal fight to walk away from his $44 billion deal for the social media company, according to a court filing.

The U.S. Department of Labor accused a Korean-owned auto parts maker and supplier of Hyundai of violating federal child labor laws at an Alabama factory, federal court filings reviewed by Reuters show. The revelations come one month after Reuters reported the use of child labor at another Alabama auto parts plant operated by Hyundai subsidiary SMART Alabama.

Zoom cut its annual profit and revenue forecasts as demand for the video-conferencing platform cools off from pandemic highs amid stiff competition from Microsoft Teams and Cisco WebEx.

The DeFi dream is shaken. And stirred. The grand crypto project has declined in 2022: total user funds deposited in decentralized finance has shrunk to about $61 billion from over $170 billion at the start of the year, according to figures from data aggregator Defi Llama.

WORLD

The United States urged its citizens to leave Ukraine, saying it believed Russia was preparing to target civilian and government infrastructure in the next few days as the war reaches the six-month mark. The warning followed a ban by the Ukrainian government on celebrations in the capital Kyiv on tomorrow’s anniversary of independence from Soviet rule due to fears of attack. Here’s what you need to know about the conflict right now.

Malaysia’s top court ordered former prime minister Najib Razak to begin a 12-year prison sentence after upholding a guilty conviction on charges related to a multi-billion dollar graft scandal at state fund 1Malaysia Development Berhad. Knocking back Najib’s final appeal, the country’s top court also denied his request for a stay of sentence.

Iran has dropped some of its main demands on resurrecting a deal to rein in Tehran’s nuclear program, including its insistence that international inspectors close some probes of its atomic program, bringing the possibility of an agreement closer, a senior U.S. official told Reuters. “We think they have finally crossed the Rubicon and moved toward possibly getting back into the deal on terms that President Biden can accept,” the official said.

About 2,000 anti-government demonstrators gathered outside New Zealand’s parliament to vent their frustration on a range of issues nearly six months after protesters were forcibly removed from the grounds of the legislature.

A reliance on vaccines in short supply and questions over their best use are hampering efforts to curb the global spread of monkeypox which has hit dozens of countries for the first time. The British scientists behind one of the major therapeutic COVID trials have turned their focus to treatments for monkeypox.

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