Britain’s economy shrank by less than expected in May despite a bank holiday to mark King Charles’ coronation and strikes, suggesting a widely forecast recession caused by high inflation and surging interest rates was not already under way.

A sliding dollar came under more pressure on Thursday, as traders took surprisingly slow US inflation as a signal US interest rate rises will be all but finished by month’s end.

Global oil benchmark Brent hovered above $80 a barrel on Thursday after US inflation data implied interest rates in the world’s biggest economy are close to their peak.

India, the world's biggest rice exporter, is considering banning exports of most rice varieties, Bloomberg News reported on Thursday.

Global public debt surged to a record $92 trillion in 2022 as governments borrowed to counter crises, such as the Covid-19 pandemic, with the burden being felt acutely by developing countries, a United Nations report said.

Bets on a screeching slowdown in US inflation data later saw traders shove the dollar to a 2-month low on Wednesday and push stocks up and bond market borrowing costs down for a third day running.

China’s export slump is expected to have accelerated in June, as sluggish overseas economies struggling with inflation and rising interest rates buy up fewer goods from Chinese factories.

US Treasury Secretary Janet Yellen’s trip to China has raised hopes in Beijing that Trump-era tariffs on Chinese imports may be eased as she tries to smooth relations between the two nations, but strong anti-China sentiment in the US may make that impossible.

The Indian rupee rose for a second straight session against the US dollar on Tuesday, mirroring similar moves in Asian peers, as risk appetite in the region rose on fresh bets of the Federal Reserve nearing the end of its rate tightening cycle.

UK unemployment rose back to four per cent in the three months to the end of May, official data showed Tuesday, as the economy struggles with stubbornly-high inflation.

Sri Lanka is likely to discuss energy, power and port projects during a presidential visit to New Delhi next week, the foreign minister said on Monday, as India tries to push forward stalled initiatives with its crisis-hit neighbour.

Pakistan’s desperately low foreign exchange reserves were boosted on Tuesday with a $2 billion deposit from Saudi Arabia, ahead of a key IMF meeting this month to approve a new deal.

The world’s wealthiest nations must urgently prepare for the impact of an imminent “AI revolution” that will change jobs, create new ones and make others disappear, the OECD said Tuesday.

LCs were handed over to Tamim Agro, Shahjahan Mia, Nita Company and Abdul Matlub Ahmad

Bangladesh Bank is going to introduce dual currency Taka-Rupee card in September this year to allow travellers to make payments at home as well as in India

The move is likely give some respite to the importers since they will be able to open LCs in rupee to source a portion of the products from India

China on Monday called on the US to take “practical action” in response to its “major concerns” about sanctions on Chinese firms, after US Treasury Secretary Janet Yellen wrapped up more than 10 hours of meetings with senior officials in Beijing.

The dollar steadied on Monday, partly recovering from a knee-jerk reaction to Friday data showing US job gains were the smallest in 2-1/2 years, while disappointing inflation figures in China weighed on the yuan and proxies.

The Indian rupee managed to recover on Monday and far forward premium rose, tracking a fall in near-maturity US yields after data showed US payrolls rose less than expected.

US Treasury Secretary Janet Yellen went to Beijing with no expectations that meetings with China’s new top economic officials would immediately ease tensions between the world’s two largest economies.