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    Russia has defaulted on foreign debt for the first time since the Bolshevik Revolution more than a century ago, further alienating the country from the global financial system amid its war in Ukraine. Moscow owed $100 million in interest on two bonds that was originally due May 27. A 30-day grace period expired Sunday, and rating agency company Moody's on Monday declared the country to be in default. The U.S. ended Russia’s ability to pay international investors through American banks. Russia says it has the money to pay but Western sanctions created “artificial obstacles” by freezing its foreign currency reserves held abroad.

      The company planning to buy Donald Trump’s new social media business disclosed Monday that it has received subpoenas from a federal grand jury in New York. Shares of Digital World Acquisition Corp. dropped almost 10% Monday as the company reported that the subpoenas and related investigations by the Justice Department and the Securities and Exchange Commission could delay, impede or even prevent its acquisition of the maker of Trump’s Truth Social app. Trump’s social media venture launched in February as he seeks a new digital stage to rally his supporters and fight Big Tech limits on speech, a year after he was banned from Twitter, Facebook and YouTube.

        An Idaho public utility's nearly two-decade effort to renew a three-dam hydroelectric project license on the Snake River on the Idaho-Oregon Border is advancing with federal regulators announcing plans to update an environmental study. The Federal Energy Regulatory Commission this month said it will prepare a supplemental Environmental Impact Statement to consider new developments since it completed the 2007 document for Idaho Power's Hells Canyon Project. The commission says it wants to consider fish-related protection measures. It also wants to consider water quality certifications issued by Idaho and Oregon. Hells Canyon is critical to Idaho Power meeting its stated goal of providing 100% clean energy by 2045.

          A $325 million superyacht seized by the United States from a sanctioned Russian oligarch has arrived in San Diego Bay. The 348-foot-long Amadea flew an American flag Monday as it sailed past the retired aircraft carrier USS Midway and under the Coronado Bridge. The FBI linked the Amadea to the Russian oligarch Suleiman Kerimov, and the vessel became a target of Task Force KleptoCapture. The operation was launched in March to seize the assets of Russian oligarchs to put pressure on Russia to end the war in Ukraine. The U.S. won a legal battle in Fiji to take the Cayman Islands-flagged superyacht earlier this month.

          Officials say a helicopter pilot working to support firefighters battling a blaze in Interior Alaska has died in a crash. It is the first fatality related to Alaska wildfires in 22 years. Alaska State Troopers identified the pilot as 56-year-old as Douglas Ritchie of Wasilla. He was the lone occupant in a 1960 Bell 204B “Huey” helicopter that crashed after takeoff Sunday night from an airstrip near the community of Anderson. Anderson is about 80 miles southwest of Fairbanks. The National Transportation Safety Board is sending investigators to the crash site. The Alaska Division of Forestry says the last fatality was that of a smokejumper who died in a training exercise in 2000.

          Federal authorities have seized six websites that prosecutors say were illegally distributing copyrighted music to millions of users. The U.S. Attorney’s Office for the Eastern District of Virginia announced the seizures Monday of the websites that primarily targeted Latin music. According to an affidavit, agents began investigating the websites in April after a music industry consortium complained. The websites _,,,, and _ collectively reached about 6.6 million users per month. According to the affidavit, the pirated music drew traffic that allowed the website operators to make money by selling ads on the website.

          One of Iran’s major steel companies says it was forced to halt production after being hit by a cyberattack that also targeted two other plants, marking one of the biggest assaults on the country’s strategic industrial sector in recent memory. The Iranian government did not acknowledge the disruption or blame any specific group for the assault on the state-owned Khuzestan Steel Co. and Iran’s two other major steel producers — the latest example of an attack crippling the country’s services in recent months amid heightened tensions in the region. But an anonymous hacking group on Monday claimed responsibility on social media, saying it targeted Iran’s major steel companies in response to the “aggression of the Islamic Republic.”

          Michigan lawmakers have approved a $101 million package as they try to encourage large companies to invest and create jobs in the state. Ford in return has promised to invest $1.14 billion in five production plants throughout the state and create over 3,000 jobs. The tax-funded incentive will be paid in increments and is contingent on Ford hitting promised employment targets. The incentive package comes just weeks after Ford announced plans to add 6,300 new jobs in the Midwest and invest $3.7 billion in manufacturing facilities across Michigan, Ohio and Missouri.

          Leonardo Del Vecchio, who founded eyewear empire Luxottica and turned an everyday object into a global fashion item, has died in Italy. The governor of Veneto, the northeast region where Del Vecchio started his business in a simple trailer in an Alpine valley town, said the industrialist died on Monday.  He was 87. Italian media said Del Vecchio died in a Milan hospital. After a childhood in a Milan orphanage, Del Vecchio went on to become one of Italy's richest industrialists. Globalizing fashion eyewear, Luxottica now makes frames for dozens of stellar names in fashion, including Armani, Burberry and Chanel.

          Stocks swayed in afternoon trading on Wall Street Monday as the market cools off following a rare winning week. The S&P 500 was mostly unchanged, the Dow Jones Industrial Average rose 0.1% and the Nasdaq fell 0.4%. Energy companies made solid gains along with rising oil prices. Several big retailers and travel-related companies fell and checked gains elsewhere in the market. European markets were mixed and Asian markets closed higher overnight. Treasury yields were mostly higher. Stocks closed out last week with solid gains and the S&P 500 had its best day in two years on Friday.


          Sri Lanka is sending two ministers to Russia to negotiate for fuel — one of the necessities nearly exhausted as a result of the Indian Ocean nation’s economic collapse. The plan comes as Washington and its allies aim to cut off energy imports from Russia in line with sanctions over its war in Ukraine. Since its invasion in late February, global oil prices have skyrocketed, prompting a number of countries to seek out Russian crude, which is being offered at steep discounts. In a recent interview with the AP, Sri Lanka's prime minister said the country would try to buy from other sources, but may be compelled to turn to Russia again.

          EU countries have agreed that all natural gas storage in the 27-nation bloc should be topped up to at least 80% capacity for next winter as they prepare for the possibility of Russia further reducing deliveries. In addition, the EU Council said Monday that gas reserves will need to be filled to 90% capacity before winter 2023. The EU is trying to slash its use of Russian energy amid the Kremlin’s war in Ukraine and find other sources. Moscow is disrupting natural gas deliveries, which the EU didn’t include in its own sanctions for fear of seriously harming the European economy. Before the war, the bloc got about 40% of its gas from Russia.

          Ukrainian President Volodymyr Zelenskyy has underscored the urgency of helping his country’s military improve its position against Russia during a video meeting with leading economic powers. Zelenskyy, in his remarks on Monday to the Group of Seven summit, addressed the delicacy of the moment for Ukraine in its war with Russia. The Ukrainian leader's comments came as G-7 leaders prepared to unveil plans to pursue a price cap on Russian oil, raise tariffs on Russian goods and impose other new sanctions. The G-7 leaders in turn pledged to support Ukraine “for as long as it takes.”

          Germany’s Lufthansa says it plans to put some of its Airbus A380 superjumbo jets back into service next year after mothballing the aircraft at the height of the coronavirus pandemic. Lufthansa said on Monday that it is currently assessing how many A380s will be reactivated and where they will fly. It expects to use them again from summer 2023, and said the decision was made “in response to the steep rise in customer demand and the delayed delivery of ordered aircraft.” The airline announced in September 2020 that it was taking its A380s out of service as demand for air travel remained stubbornly low.

          Farmers driving tractors are blocking highways in the Netherlands in the latest protest sparked by a government pledge to rein in pollution emissions, a move that will hit the country’s agriculture sector. Authorities urged motorists to check traffic updates Monday before setting off, amid the protests that follow a gathering last week of tens of thousands of farmers in the central Netherlands that also caused traffic chaos around the country. At least three highways were affected by the protests. The Dutch governing coalition has mandated reductions in emissions of nitrogen oxides and ammonia of up to 70% in many areas of the country close to protected nature areas — even reaching as high as 95% in some places.

          U.S. health authorities are facing a critical decision: whether to offer new COVID-19 booster shots this fall that are modified to better match the latest changes of the shape-shifting coronavirus. Moderna and Pfizer say their candidates targeting the super-contagious omicron variant will be an improvement. But the original omicron already has been replaced by its even more contagious relatives, with no way to know what version will spread this fall and winter. Advisers to the Food and Drug Administration will debate a recipe change Tuesday, and regulators promise a quick final decision.

          The skies over a scattering of Western U.S. cities will stay dark for the third consecutive Fourth of July as some big fireworks displays are canceled again, this time for pandemic-related supply chain or staffing problems, or fire concerns amid dry weather. The city of Phoenix cited supply chain issues in canceling its three major Independence Day fireworks shows this year. The northern Arizona city of Flagstaff is replacing fireworks with a laser light show. Some cities in California and Colorado are also nixing the once traditional fireworks shows for their July 4 celebrations.

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