Israel and Egypt plan to boost gas exports to Europe under an agreement signed during a Cairo visit Wednesday by the European Commission president as the bloc seeks to wean itself off Russian gas.

The Federal Reserve on Wednesday approved its largest interest rate increase in more than a quarter of a century to stem a surge in inflation that US central bank officials acknowledged may be eroding public trust in their power, and being driven by events seen increasingly out of their hands.

Australia raised the minimum wage by over five per cent on Thursday, a slower-than-inflation increase as prices for basic goods soar.

President Joe Biden on Tuesday blamed Republicans and the Russian invasion of Ukraine for soaring US inflation, in a bid to deflect voter anger over his inability to keep prices down.

India all but sank the WTO’s bid to net a long-sought deal on curbing harmful fishing subsidies, insisting Tuesday it would not sign up without a 25-year exemption.

The 212th World Council of the International Chamber of Commerce (ICC) unanimously elected its vice-chairperson Maria Fernanda Garza as chairperson for a two-year term.

Britain on Tuesday axed its 1,500 ($1,800) subsidy for buyers of new plug-in cars as it focuses on other types of electric vehicles, but the news drew anger from the auto sector.

Germany’s race to wean itself off Russian energy and stockpile enough gas before winter is playing out largely hidden from view, some 1,600 metres (one mile) below ground in the foothills of the Bavarian Alps.

The US Federal Reserve is poised to raise borrowing costs Wednesday amid the troubling acceleration of inflation, with the only question being whether officials will opt for the biggest hike in nearly three decades or a smaller step up.

High global energy and raw material prices combined with a weak rupee fueled the fastest annual rise in India’s wholesale prices in more than 30 years, raising expectations for the central bank to order more interest rate hikes.

Turkey’s president hailed on Monday the start of the construction of an underwater pipeline to tap a Black Sea natural gas field that the government hopes will help wean the country off its dependence on energy imports.

Australians have been warned to expect blackouts across the densely populated east coast on Tuesday, as an energy crisis grips one of the world’s biggest coal and gas producers.

Britain’s jobless rate rose for the first time since late 2020 and other measures of the country’s hot labour market cooled, potentially easing inflation worries at the Bank of England which is due to raise rates again this week.

World oil demand growth will slow in 2023, Opec delegates and industry sources said, as surging crude and fuel prices help drive up inflation and act as a drag on the global economy.

The European Union wants to strengthen its energy cooperation with Israel in light of Russia’s use of gas supplies to  “blackmail” its members over the Ukraine conflict, European Commission chief Ursula von der Leyen said Tuesday.

India is processing the requests from several countries, including Bangladesh, on supplying wheat to them, said M Angamuthu, chairman of the Agricultural and Processed Food Products Export Authority (APEDA).

The Indian rupee plunged to a record low against the dollar on Monday, ahead of an expected US interest rate hike this week aimed at fighting surging inflation.

Britain’s economy unexpectedly shrank in April, official figures showed on Monday, adding to fears of a sharp slowdown just three days before the Bank of England announces the scale of its latest interest rate response to the surge in inflation.

India, the world’s biggest rice exporter, has ample stocks of rice and there is no plan to restrict exports, the top official at the food ministry said on Monday.

Electric delivery van maker Electric Last Mile Solutions, under investigation by a top US securities regulator, has announced plans to file for bankruptcy, less than a year after going public.