Oil prices were steady on Monday as caution relating to US debt ceiling talks dragged on optimism over demand later in the year and offset support from lower supplies from Canada and Opec+ producers.

China kept its benchmark lending rates unchanged for the ninth month in May on Monday, matching market expectations, as a weakening yuan and widening yield differentials with the United States limited the scope for any substantial monetary easing.

Abu Dhabi organisations have identified about $2 billion of investment opportunities in South Korea after the two sides agreed to expand business ties in January, a joint statement said on Monday.

Opec Secretary General Haitham Al Ghais said on Monday that underinvesting in the oil and gas sector could cause market volatility in the long term and imperil growth.

Almost half of medium-sized British companies plan to delay investment plans due to last month’s rise in corporation tax, a survey published on Monday found.

Brent crude futures fell 48 cents, or 0.6 per cent, to $75.10 a barrel by 0201 GMT while US West Texas Intermediate (WTI) crude for July delivery, the more actively traded contract, fell 45 cents, or 0.6 per cent, to $71.24.

Ford Motor Co is recalling 422,000 sport utility vehicles in the United States because the video output may fail even after getting a prior recall repair, preventing the rear-view camera image from displaying.

President Joe Biden on Sunday slammed Republican demands in negotiations to resolve the US debt ceiling standoff as  “unacceptable” but said a solution can still be found before a disastrous default.

Bangladesh has again demanded that garments made from US cotton be provided duty-free access to the American markets as the government has withdrawn a provision requiring fumigation of American cotton, Senior Commerce Secretary Tapan Kanti Ghosh said yesterday.

An onslaught of crises is hitting developing countries the hardest. Multiple challenges—climate change, surging debt, sticky inflation, high interest rates, depreciating currencies, conflict, and food insecurity—are imperiling families' ability to put food on the table, send their children to school, and weather natural disasters.

The G7, the European Union and Australia agreed to impose a $60-per-barrel price cap on Russian seaborne crude oil and also set an upper price limit for Russian oil products to deprive Moscow of revenues for its invasion of Ukraine.

US President Joe Biden and top congressional Republican Kevin McCarthy could speak as soon as Sunday in talks over raising the federal $31.4 trillion debt ceiling.

China’s exports to North Korea soared in April from a year earlier, with wigs and fertiliser among major shipments, Chinese customs data showed on Saturday.

The prospect of fresh G7 sanctions on Russia’s diamond trade weighs heavy on India’s diamond hub of Surat, already reeling from supply cuts and falling demand.

The sight of a tired-looking top White House domestic policy adviser in a Hiroshima hotel said it all: President Joe Biden may be on the other side of the world but his political fight back home over the debt ceiling has followed him.

Industries Minister Nurul Majid Mahmud Humayun yesterday called upon businesses to blacklist traders who are engaged in making and selling adulterated and counterfeit products, said a press release.

India will withdraw its highest denomination currency note from circulation, the central bank said on Friday. The 2000-rupee note, introduced into circulation in 2016, will remain legal tender but citizens have been asked to deposit or exchange these notes by September 30, 2023.

German carmaker Volkswagen said Friday it had completed the sale of its Russian assets to local dealership group Avilon, as part of its exit from the country following Moscow’s invasion of Ukraine.

Uzbekistan is keen to have more trade with Bangladesh and showed interest in joint ventures as well as more business interaction facilities in both countries, according to Uzbek Deputy Foreign Minister Bakhromjon A’loyev.

The United States and Taiwan have concluded negotiations on a trade agreement to deepen economic ties, amid growing tensions between Washington and Beijing.