The German construction company said operational net profit came to 118.2 million euros ($124.7 million) in the three months to the end of March, up from EUR99.2 million in the same period last year.


Hungary Holds Up EU Deal to Sanction Russian Oil

The European Union is struggling to finalize the terms of an oil embargo on Russia amid resistance by Hungary, whose leader claimed Friday that the proposed embargo would hit his economy like an atomic bomb.

Prime Minister Viktor Orban has long cultivated close ties with Moscow and hasn't joined other EU and North Atlantic Treaty Organization countries in trying to arm Ukraine. He is insisting on more time and EU money if Hungary is to join the rest of the bloc in transitioning away from Russian oil, diplomats say.


EU Considers Insurance Ban for Ships Carrying Russian Oil

Insurance could be the next financial weapon deployed by the European Union against Russia.

EU officials have proposed a ban on insuring ships that carry Russian oil, a move aimed at blocking Russia's access to global oil markets and the revenue that has fueled its military invasion of Ukraine.


War in Europe and China's Battle With Covid Boost U.S.'s Business Appeal

European businesses are stepping up U.S. investment as executives search for growth and stability amid turbulence caused by the war in Ukraine and tough Covid-19 lockdowns in China.

The U.S. economy has emerged strong from the pandemic, while Europe's recovery prospects have been cast into doubt by the Ukraine war. Plus Beijing's stringent zero-Covid policy and regulatory crackdowns on technology companies and debt problems at large real estate businesses have raised questions about its commitment to economic growth. Exposure to the Chinese market has provided enormous growth and profits for European companies over the past decades.


Ukraine Fights for Besieged Mariupol as Russia Marks Key Date

Russian and Ukrainian forces engaged in strikes and counteroffensives over the weekend ahead of Moscow's Monday commemoration of World War II, with Kyiv bracing for possible heavy attacks or a stepped-up mobilization effort by President Vladimir Putin.

In Ukraine's east, authorities said Sunday that a Russian airstrike in the Luhansk region was believed to have killed some 60 villagers who had taken refuge in a school. In the besieged southeastern city of Mariupol, Ukrainian forces vowed to fight until the end as they pleaded for government help. Ukrainian troops, meanwhile, pushed north and northeast of Kharkiv after ousting Russian forces from key towns in its vicinity.


Ukrainian Fighters Trapped in Mariupol's Azovstal Plant Say Kyiv Abandoned Them

Ukrainian forces making a last-ditch stand in the destroyed city of Mariupol accused the Kyiv government Sunday of abandoning them, but vowed to fight till the end unless they are rescued by international evacuation efforts.

Two commanders of Ukraine's Azov Regiment who are trapped in a steel plant near the coastal city said thousands of civilians have perished after weeks of heavy Russian bombardment.


Israel Arrests Two Palestinians Suspected in Elad Terrorist Attack

TEL AVIV-Two Palestinians suspected of killing three Israelis in a bloody ax attack on Israel's independence day were captured Sunday after an intensive manhunt, Israeli authorities said.

The suspects, identified by a security official as Asad Al Refai and Subhi Sbeihat, were arrested in a wooded area adjacent to a quarry in central Israel not far from the city of Elad, where the attack occurred as independence day celebrations were ending on Thursday.


Jared Kushner's New Fund Plans to Invest Saudi Money in Israel

Jared Kushner's new private-equity fund plans to invest millions of dollars of Saudi Arabia's money in Israeli startups, according to people familiar with the investment plan, in a sign of warming ties between two historic rivals.

Affinity Partners, which has raised more than $3 billion, including a $2 billion commitment from the kingdom's sovereign-wealth fund, has already selected the first two Israeli firms to invest in, these people said.


France's Emmanuel Macron Begins Second Term With Call for Unity

PARIS-French President Emmanuel Macron began his second term Saturday with a call for unity in a country shaken by geopolitical crises from the war in Ukraine to the Covid-19 pandemic.


Boehly-Led Group Said to Have Reached Deal to Buy Chelsea F.C.

A group led by Los Angeles Dodgers part-owner Todd Boehly reached a deal to acquire Chelsea Football Club from Russian billionaire Roman Abramovich for almost GBP4.3 billion, equivalent to $5.2 billion, the team said late Friday, marking a record sale price for a professional sports team.

The deal's completion is expected later this month, assuming the deal wins regulator approvals, Chelsea said in a statement. It follows a roughly two-month auction process that attracted a who's who of American bidders seeking to acquire the marquee sports brand.


Taliban Orders Women to Cover Their Faces

The Taliban on Saturday ordered Afghan women to cover their faces in public and to avoid leaving their homes, in the latest restrictions they have imposed on women since taking power last year.

The decree, issued by the Taliban's Ministry for the Propagation of Virtue and the Prevention of Vice, addresses how women should appear in public, saying they must observe "proper hijab," an Islamic concept of modesty that applies to women's clothing, whenever they are in public environments.


GLOBAL NEWS

China's Export Boom Ebbed in April Amid Coronavirus Curbs

BEIJING--China's export boom ebbed in April, with export growth hitting their lowest level in nearly two years, as the country's stringent coronavirus control measures disrupted factory output and domestic supply chains.

China's exports in April rose 3.9% on year, plunging from a pace of 14.7% in March, according to data released Monday by the General Administration of Customs. The result matched the 3.9% forecast made by economists polled by The Wall Street Journal.


Japan Plans to Ban the Import of Russian Oil

TOKYO--Japan said Monday it would phase out and eventually ban the import of Russian oil, reversing its earlier stance after a meeting of Group of Seven leaders.

"Japan relies on imports for most of its energy resources, so this is a very difficult decision, but right now the unity of the G7 is more important than anything else," said Prime Minister Fumio Kishida. "We have decided to take the step of banning imports of Russian oil in principle."


Dollar Strength Bucks Inflation Woes

Years ago, high U.S. inflation meant a weak dollar. So far, it is different this time, and many on Wall Street are betting it will stay that way.

The dollar is reaching multidecade highs against its trading partners, even with U.S. inflation at its highest level in nearly 40 years. The U.S. Dollar Index, which tracks the currency against a basket of others, is reaching highs unseen since 2002. The greenback's climb has sent the euro, British pound and Japanese yen tumbling.


Crypto Prices Slump Over the Weekend

The cryptocurrency market fell over the weekend, mirroring the slide of the broader stock market.

The world's largest cryptocurrency, bitcoin, fell to $34,656 on Sunday afternoon, a 3.9% drop from Friday evening, according to prices from CoinDesk. Earlier in the afternoon, bitcoin slid below $34,000 to about half of its all-time-high of $67,802 in November.


The Tech Industry's Epic Two-Year Run Sputters

The technology industry, which powered the U.S. economy during the pandemic and grew at tremendous scale during a decade of ultralow interest rates, is confronting one of the most punishing stretches in years.

Global powerhouses and fledgling startups are feeling pain from a variety of economic, industry and market factors, spawning postpandemic turbulence in e-commerce, digital advertising, electric vehicles, ride-hailing and other segments.


Energy Stocks Still Have Gas in the Tank

Oil and natural gas are hot, and so are American energy stocks. But investors, whether they have been along for the ride or are just thinking of joining now, may be wary of getting burned.

January through March of this year was the best quarter for the sector since 1970, according to BofA Global Research. While the S&P 500 is down roughly 13% year to date, the energy sector is up 49%. That follows a year when energy stocks beat the broader index by 21 percentage points.


U.S. Targets Russian Media, Bank Executives With New Sanctions

WASHINGTON-The Biden administration announced new sanctions targeting Russian state-controlled media and banking executives, a ban on Americans providing accounting and management-consulting services and new export controls targeting the country's industrial sector.

The package will seek to clamp down on advertising dollars flowing into three Russian television stations, bar U.S. consulting firms from providing services to Russian companies seeking to evade sanctions and limit Russia's access to industrial engines, motors and bulldozers. It also targets more than 2,600 Russian and Belarusian military, including personnel involved in alleged war crimes in Bucha.


Hong Kong Committee Confirms Ex-Policeman John Lee as Next Chief Executive

HONG KONG-John Lee, a hard-line former policeman who as Hong Kong's security chief oversaw Beijing's imposition of a draconian security law in the city, was chosen as its next chief executive on Sunday in a contest with no opponents.

In a process closely managed by Beijing, Mr. Lee's selection was decided by a vote of a 1,500-member committee of mostly Beijing loyalists in the city, held amid tight security. Mr. Lee, the 64-year-old candidate for the top job, received 1,416 out of the 1,428 ballots cast. Eight voted against him; four ballots were invalid.


Write to paul.larkins@dowjones.com

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05-09-22 0537ET