FT News Briefing Russia heading for first default in decades
Jun 28, 2022
Russia is edging toward its first debt default in over two decades after missing significant interest payments. Meanwhile, Credit Suisse has been convicted of failing to prevent money laundering related to Bulgarian drug operations, raising serious questions about corporate ethics. In the UK, travel unions are gearing up for potential strikes this summer, driven by demands for better wages in light of post-pandemic challenges. There's a growing wave of public support for unions, highlighting the shifting labor dynamics in response to economic pressures.
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Russia's Unique Default
- Russia faces its first debt default since 1998, owing to Western sanctions.
- This default is unique as Russia has the funds but cannot pay due to sanctions.
Credit Suisse's Historic Conviction
- Credit Suisse is found guilty of failing to prevent Bulgarian drug money laundering.
- This marks the first time a Swiss domestic bank has faced such a conviction.
UK Rail Strike and Public Support
- UK rail workers initiated the largest rail strike in decades, impacting travel.
- Public support for the strike is high due to rising inflation and worker frustration.