The OECD warned Wednesday that the world economy will pay a “hefty price” for Russia’s invasion of Ukraine as it slashed its 2022 growth forecast and projected higher inflation.

Oil prices rose on Wednesday, despite a likely rise in US oil stocks, on the easing of Chinese Covid-19 related lockdowns and a possible strike by Norwegian oil workers.

About three weeks after Russian troops invaded Ukraine, Indonesian housewife Liesye Setiana was forced to close her banana chip business as cooking oil supplies dried up across the country.

China is going to increase the tariff-free quota benefit for more Bangladeshi goods to minimise the trade imbalance between the two countries.

In an effort to win back billions of dollars in tourism revenue lost during the Covid-19 pandemic, the US government on Monday launched a plan to attract 90 million international travelers a year.

The World Bank on Tuesday slashed its global growth forecast by 1.2 percentage points to 2.9 per cent for 2022, warning that Russia’s invasion of Ukraine has compounded the damage from the Covid-19 pandemic, with many countries likely to face recession.

Foreign tourists visiting Japan will be required to wear masks, take out private medical insurance and be chaperoned throughout their stay, the government said on Tuesday, as it plans a gradual opening from two years of Covid-19 restrictions.

Russia, hit by Western sanctions, has called on the BRICS group of emerging economies to coordinate measures to stabilise the economic situation, Russian Finance Minister Anton Siluanov said on Monday.

The Russian rouble steadied against the dollar on Tuesday as market players gauged the impact of the latest round of Western sanctions against Moscow and investor focus turned to an expected central bank rate cut later in the week.

Elon Musk warned Twitter Inc on Monday that he might walk away from his $44 billion deal to acquire the social media company if it fails to provide the data on spam and fake accounts that he seeks.

German industrial orders fell for the third month in a row in April, official data published Tuesday showed, as Russia’s war in Ukraine dampened the outlook for Europe’s largest economy.

India’s surprise ban on wheat exports has prompted rice traders to increase purchases and place unusual orders for longer-dated deliveries, fearing the world’s top rice exporter may restrict those shipments as well, four exporters told Reuters.

Hundreds of trucks carrying wheat to Bangladesh have been held up at different land ports in West Bengal for at least three weeks.

Cash-strapped Sri Lanka on Tuesday asked the International Monetary Fund to arrange a creditor meeting for $6 billion in loans to help keep the country afloat during its unprecedented economic crisis.

The World Bank on Tuesday (June 7) slashed its global growth forecast by nearly a third to 2.9 per cent for 2022, warning that Russia's invasion of Ukraine has compounded the damage from the Covid-19 pandemic, and many countries now faced recession.

The Russian rouble weakened towards 62 against the dollar on Monday, steered by internal market flows and capital controls, while stock indexes extended losses after the latest Western sanctions.

The European Central Bank is set to draw a line under its massive bond-buying stimulus programme at a meeting in Amsterdam on Thursday, as inflation in the eurozone soars to all-time highs.

New car sales in Russia sank by 83.5 per cent year-on-year in May, industry data showed on Monday, as the effects of unprecedented Western sanctions hit the country’s economy and consumers.

Global stock markets and oil prices advanced Monday, helped by an easing of Covid lockdowns in the world’s second biggest economy China.

France is in talks with the United Arab Emirates to replace Russian oil purchases, which will stop after the imposition of a European Union ban on Russian crude, Finance Minister Bruno Le Maire said on Sunday.