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(Bloomberg) -- Investors dumped risk assets during Russia’s invasion of Ukraine but they found a haven in junk.   U.S. high-yield corporate bonds rallied over the last week, thrashing investment-grade, which is much more susceptible to rising rates.

(Bloomberg) -- A brief fire near Europe’s largest nuclear power plant raised alarm that Russian President Vladimir Putin’s invasion could prompt an environmental as well as humanitarian disaster.

(Bloomberg) -- Sri Lankan President Gotabaya Rajapaksa shuffled his cabinet and removed two ministers as the government faces rising discontent over the handling of the island’s economic crisis.

(Bloomberg) -- Stocks looked poised to fall in Asia Friday on concerns over global growth and inflation risks from the war in Ukraine and the isolation of Russia’s economy. Oil’s rally eased but crude prices were volatile.

Russia’s credit rating was cut six levels to junk by Fitch Ratings, which said the severity of international sanctions in response to the country’s invasion of Ukraine could undermine its capability and willingness to service debt.

(Bloomberg) -- Russia’s narrow path for turning its $24 billion in International Monetary Fund reserves into cash hinges on Chinese authorities and may face additional constraints as it looks for resources to defend the ruble and fund its war effort.

Ukraine War Latest News: The EU Council sent a request to the European Commission to consider Ukraine’s membership. Russian forces pressed ahead with their offensive, firing missiles at Kyiv overnight and stepping up their campaign to take cities in the coastal south.

(Bloomberg) -- Singapore state-owned investment firm Temasek Holdings Pte is backing a new southeast Asian forestry fund as the city-state looks to increase a carbon tax on its biggest emitters.

(Bloomberg) -- Malaysia kept its benchmark interest rate at a record low to support its nascent recovery, though warned the war in Ukraine has emerged as a “key” risk to global growth and trade. Bank Negara Malaysia maintained the overnight policy rate at 1.

(Bloomberg) -- Baring Private Equity Asia and a consortium comprising Junlebao Dairy Co. and Sequoia Capital China are among the shortlisted bidders for Royal FrieslandCampina NV’s infant nutrition brand, according to people familiar with the matter.