Debt-limit talks | Black Sea grain pact extended 60 days | Farm policy updates— Russia launched 30 cruise missiles at Ukraine's capital and the Odesa region early Thursday, officials said, in an escalation ahead of a much-anticipated counteroffensive. Most of the missiles were shot down, and one death was reported from the attacks. Meanwhile, the U.S. is resisting a European push for the powerful fighters.
The Russian foreign ministry underscored the importance of correcting "distortions" in the initiative's implementation, presumably referring to obstacles and inefficiencies. This is particularly relevant to the provisions related to expanding the export of Russian food and fertilizers.
— Japan's imports fell for the first time in more than two years as commodity prices softened. The value of purchases decreased 2.3% in April from a year earlier. Exports were up 2.6%, driven by car shipments, and was largely in line with expectations. — President Xi Jinping will seek to deepen Beijing's influence in Central Asia at a major summit. The two-day China-Central Asia Summit will assemble the leaders of Kazakhstan, Kyrgyzstan, Tajikistan, Turkmenistan and Uzbekistan from Thursday in the Chinese city of Xi'an.
— A Bloomberg analysis of government records and spill data reveals that the Keystone Pipeline was pushed to its limit before the operator experienced its worst oil leak. TC Energy cranked Keystone's pressure higher than what's typically allowed — a move signed off by U.S. regulators — to move more oil while keeping costs down.
— Senate Agriculture endorses Torres Small for USDA No. 2 post. The Senate Ag panel voted unanimously Wednesday to send the nomination of Xochitl Torres Small for USDA deputy secretary to the full Senate.
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