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Analysts expected oil to surge above $200 but China has quietly kept prices half of that—and can’t for much longer

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Pentagon accuses Alibaba, Baidu and BYD, three of China's biggest companies, of supporting the Chinese military

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Costco CEO Ron Vachris rose from forklift driver to the C-suite without a college degree: ‘Don’t chase a title’ is the career advice that got him there
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Boris Johnson has gained enough support to enter the U.K.’s prime minister race—again

By
Alex Wickham
Alex Wickham
,
Ellen Milligan
Ellen Milligan
, and
Bloomberg
Bloomberg
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By
Alex Wickham
Alex Wickham
,
Ellen Milligan
Ellen Milligan
, and
Bloomberg
Bloomberg
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October 22, 2022, 11:05 AM ET
Boris Johnson saying farewell as British prime minister last month.
Boris Johnson saying farewell as British prime minister last month.Leon Neal—Getty Images

Boris Johnson, who was ousted as UK prime minister in July, could enter the leadership contest to replace successor Liz Truss after his camp said he’s met the threshold of support from Conservative Members of Parliament.

Johnson has more than the 100 backers required to make a bid for prime minister, according to a person familiar with the discussions in his camp. At least 45 MPs have come out publicly in favor of the former PM, compared to more than 100 for Rishi Sunak. Neither has formally declared himself a candidate, but such a move would mark a dramatic twist even in the period of unprecedented chaos in British politics that’s followed the 2016 Brexit referendum. 

Truss herself will become the shortest-ruling prime minister in British history when she formally steps down next week, after seeing her premiership unravel due to a lack of political instinct and awareness of economic reality.

Johnson was forced out in disgrace after an exodus of ministers from his scandal-ridden government. He left office less than seven weeks ago, after announcing his resignation on July 7. But he remains popular with Tory members, so he could yet secure a shocking comeback given they may have the final say.

Still, there’s doubt over whether Johnson would be able to unify his deeply divided party. Many MPs are still angry that his shortcomings — including breaking the law during pandemic lockdowns — cost the party support in the polls. Truss has since driven that slump to a record low.

As recently as June, 148 Tory MPs voted that they had no confidence in him, and while he did survive the ballot, he was gone weeks later. Johnson also has a major cloud hanging over him in the form of a parliamentary probe into whether he lied to lawmakers over the rule-breaking parties held in Downing Street as Covid-19 spread across the country.

He’s likely to face fierce competition from Sunak, his former chancellor of the exchequer who was runner-up to Truss in this summer’s leadership contest. Sunak has won plaudits for predicting — repeatedly — the economic turmoil her policies ultimately caused.

Penny Mordaunt became the first Conservative to declare she’s running on Friday, though is so far struggling to garner enough support among MPs to get the required 100. Other contenders who could emerge include Trade Secretary Kemi Badenoch and former Home Secretary Suella Braverman, who was fired on Wednesday. If either of them run, it’s likely to split support on the right of the party, potentially pulling support away from Johnson.

—With assistance by Kitty Donaldson

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