The US Federal Reserve raised its benchmark lending rate on Wednesday, as it sought to strike a balance between curbing high inflation and averting further upheaval in the commercial banking sector.

The Federal Reserve on Wednesday raised interest rates by a quarter of a percentage point, but indicated it was on the verge of pausing further increases in borrowing costs amid recent turmoil in financial markets spurred by the collapse of two US banks

Recent financial turbulence could add to “downside risks” in the eurozone, European Central Bank chief Christine Lagarde warned Wednesday, while insisting policymakers remained focused on taming sky-high inflation.

US banks will be paying especially close attention to the Federal Reserve’s interest-rate decision on Wednesday after two weeks of market turmoil over the collapse of three regional lenders.

Russian energy giant Gazprom said Tuesday it had reached a daily record in gas volumes supplied to China through the Power of Siberia pipeline.

Indian businesses showed interest to invest heavily in various sectors of Bangladesh.

The leaders of Bharat Chamber of Commerce say

India plans to extend restrictions on the export of diesel and gasoline after the current fiscal year ends this month to ensure the availability of refined fuels for the domestic market, two government sources with direct knowledge of the matter said.

The US Federal Reserve and other major central banks announced on Sunday a coordinated effort to improve banks’ access to liquidity, hoping to calm worries rattling the global banking sector.

The Indian rupee declined on Monday as relief from the Credit Suisse rescue deal proved to be short-lived, with investors dumping risk assets on worries over a contagion in the global financial sector.

Gold topped $2,000 per ounce for the first time in more than a year on Monday on haven demand as investors fretted over global bank fears despite the buyout of Credit Suisse.

UBS Group emerged as Switzerland’s one and only global bank with a state-backed rescue of its smaller peer Credit Suisse, a risky bet that makes the Swiss economy more dependent on a single lender.

UBS will take over Credit Suisse, Swiss authorities said on Sunday, in a deal to combine Switzerland's top two banks designed to contain a widening crisis of confidence in global finance

Dozens of Afghan businesswomen took part in an exhibition in Dubai remotely this week to promote carpets, jewellery, dried fruit and other handmade goods as part of a push to access international markets after work options for women shrank in Afghanistan under the Taliban administration.

The lightning speed at which the banking industry descended into turmoil has shaken global markets and governments, reviving eerie memories of the financial crisis. Like 2008, the effects may be long lasting.

Talks between French oil major TotalEnergies and Iraq to resolve sticking points in a long-delayed $27 billion energy deal “have reached advanced stages”, Iraqi oil minister Hayan Abdel-Ghani said on Sunday.

A deal allowing the safe Black Sea export of Ukrainian grain was renewed on Saturday for at least 60 days - half the intended period - after Russia warned any further extension beyond mid-May would depend on the removal of some Western sanctions.

The US banking system remains sound despite market anxiety over the recent collapse of Silicon Valley Bank (SVB) and Signature Bank, Treasury Secretary Janet Yellen told members of Congress on Thursday.

Indian startups had deposits worth about $1 billion with embattled Silicon Valley Bank and the country’s deputy IT minister said he had suggested that local banks lend more to them going ahead.

The OECD raised its global economic growth forecast on Friday as inflation eases and China emerges from Covid restrictions but warned of vulnerabilities as seen in the US bank sector turmoil.