Eurozone inflation reached a record 8.1% in May, pushed higher by surging energy costs amid the war in Ukraine. Energy prices jumped 39.2%, driving inflation to its highest level since recordkeeping for the euro began in 1997. EU leaders on Monday agreed to ban 90% of Russian oil imports by the end of the year, a step that is expected to further squeeze Moscow’s economy but also add further stress the European economy and fan global inflation.

The Frankfurt offices of Deutsche Bank and its asset management unit were raided by German police on Tuesday following accusations of greenwashing. The bank’s chief sustainability officer went public last year with allegations that Germany’s largest lender had labeled ESG assets that didn’t translate into meaningful action. The raid underscores a new movement among global financial watchdogs, which are calling on companies to “walk the walk” on sustainability commitments.

The Indianapolis 500 will become the first North American racing series to use 100% renewable fuel in its race cars, marking a turning point for an event historically centered on combustion engines. Still, in the race to cut emissions, the United Nations warned that companies voluntarily setting climate-friendly targets could undermine the global effort to address climate change by becoming complacent in those commitments. The organization noted that commitments could become substitutes to real change.

Rental car rates are soaring this year as tight vehicle inventory continues across the U.S. Both Hertz and Avis said their rates rose at least 25% in the first quarter compared to 2021, and experts say rates could rise further this summer. Vehicle rental rates are just one of the travel costs expected to reach new highs this summer, even as 73% of Americans say they plan to travel. While demand has returned, many pools, restaurants and camps are cutting operations or closed due to the worker shortage.

Many Chinatowns across the nation are emerging from the pandemic and anti-Asian racism with more vibrant displays and tighter communities this year. In San Francisco, Wells Fargo partnered with the Chinatown Media and Arts Collaborative to establish a heroes mural. Advocates say that with renewed attention from cities, companies and younger Asian Americans, many Chinatowns have been able to restore community voice and inject new perspectives.

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