India is considering cutting or even abolishing a 40 percent import tax on wheat and lowering a limit on the amount of wheat stocks millers and traders can hold, a government official said on Friday, as part of efforts to boost supplies.

Maersk, the world’s second-largest container shipping firm, said Friday it expects shipping volumes to fall this year as companies continue to reduce inventories.

Countries around the world are battling heatwaves and floods fuelled by El Nino, a naturally occurring climate phenomenon that has a 90 per cert probability of persisting in the second half of 2023, according to the World Meteorological Organization.

China is losing importance as a market for German exporters, with data showing a steady decline in its share of total exports, a trend set to continue as Berlin and Beijing rethink their economic ties.

Indian farmers have planted 28.3 million hectares (69.9 million acres) with summer-sown rice, according to the farm ministry's latest data, up 3.28 percent from the same period last year, as robust monsoon rains encouraged the expansion of acreage.

Countries around the world are battling heatwaves and floods fuelled by El Nino, a naturally occurring climate phenomenon that has a 90 per cert probability of persisting in the second half of 2023, according to the World Meteorological Organization.

India’s dominant services sector expanded at its fastest pace in 13 years last month as demand increased significantly despite elevated inflationary pressures, a business survey showed on Thursday.

The United States remains confident that the Group of Seven’s price cap on Russian oil is working to squeeze Moscow’s revenues and stabilize energy markets despite a recent upturn in prices, a senior US Treasury official said on Thursday.

A US  credit downgrade by Fitch was “entirely unwarranted,” Treasury Secretary Janet Yellen said Wednesday, pushing back against the second-ever decrease by a major ratings agency following repeated debt limit standoffs in Washington.

Non-oil business activity in the United Arab Emirates eased in July as new orders slowed from a four-year high the previous month, a survey showed on Thursday.

China’s loss in India could be Elon Musk’s gain.

Oil slid further on Thursday after dropping sharply from more than three-month highs in the previous session as a US government credit downgrade weighed on sentiment, while concerns around supply tightness provided support.

The dollar scaled a four-week peak against major peers on Thursday after upbeat labour market data a day earlier, while sterling edged lower ahead of an expected rate hike from the Bank of England.

Agence France-Presse (AFP) said on Wednesday it filed a lawsuit in Paris against Elon Musk's X social media platform, formerly known as Twitter, accusing it of failing to discuss potential payment for the distribution of the news agency's content.

Before Covid-19 sent one-third of the global workforce home, the Melbourne property surveyor that employs drone operator Nicholas Coomber called its 180-strong staff into the office every day at 9 am to hand out assignments.

Tesla (TSLA.O) has had a red-carpet welcome from India for its proposal to invest in the country, while its largest rival in electric vehicles, China's BYD (002594.SZ), has been stopped cold by increased scrutiny from New Delhi.

Chinese automaker BYD faces an ongoing Indian investigation over allegations that it paid too little tax on imported parts for cars it assembles and sells in the country, two sources with direct knowledge of the matter said.

Fitch downgraded the United States’ top-notch credit rating by a step on Tuesday, citing a growing federal debt burden and an “erosion of governance” that has manifested in debt limit standoffs.

The Indian rupee declined on Wednesday on risk aversion fuelled by the US credit rating downgrade, putting the currency at risk of slipping below a key level.

India’s edible oil imports in July rose to a record 1.76 million metric tonnes as refiners built up stocks for upcoming festivals given uncertainty over supplies from the Black Sea, five dealers told Reuters.