The US government deficit will fall dramatically this year to $1 trillion, down from levels not seen since World War II hit during the pandemic, the Congressional Budget Office said Thursday.

Russia is advancing a new law allowing it to take control of the local businesses of Western companies that decide to leave in the wake of Moscow’s invasion of Ukraine, raising the stakes for multinationals trying to exit.

Russia’s central bank cut its key interest rate Thursday following an emergency meeting, as authorities seek to rein in the rouble which has surged in value despite the conflict in Ukraine.

Electoral calculations appear to be one of the key factors behind India’s decision to curb sugar and wheat export, according to industry analysts.

US pharmaceutical giant Pfizer on Wednesday said it would sell its patented drugs on a not-for-profit basis to the world’s poorest countries, as part of a new initiative announced at the World Economic Forum in Davos.

German consumers remained troubled by the impact of the war in Ukraine despite a modest improvement in their confidence heading into June, according to a key survey published Wednesday.

Russia has so far deflected much of the impact of sanctions on its oil trade but the insurance industry threatens to throw a spanner in the works unless Moscow and its customers can plug a gap left by Western underwriters.

The Organisation for Economic Cooperation and Development (OECD) on Tuesday acknowledged for the first time that a global digital tax deal may take a year longer to implement.

US sportswear maker Nike has not renewed agreements with its largest franchisee in Russia, the Vedomosti daily reported on Wednesday, marking the latest exit by a major U.S. brand since Russian forces entered Ukraine.

India has no immediate plans to lift a ban on wheat exports, but will continue with deals which are done directly with other governments, Commerce Minister Piyush Goyal told Reuters.

British retailer Marks & Spencer will end its franchise agreement in Russia in the coming months and joined rivals in warning about the outlook for the current year amid a worsening cost-of-living crunch.

The United States will end an exemption allowing Moscow to pay foreign debt held by American investors with funds held in Russia, the US Treasury said Tuesday, a move that could push Vladimir Putin’s country closer to default.

Sales of electric cars accelerated last year but the availability of critical raw materials such as lithium risked slowing the sector’s growth, a report warned Monday.

India’s export duty hikes and tax cuts will likely hurt economic growth and raise the chances of the fiscal deficit widening, but do little to bring down retail prices within the central bank’s tolerance level, economists and industry officials said.

Cash-strapped Sri Lanka sharply hiked fuel prices to a record high on Tuesday, causing further pain to the country’s 22 million people in its worst crisis since independence.

India plans to restrict sugar exports for the first time in six years to prevent a surge in domestic prices and could cap this season’s exports at 8 million tonnes, government and industry sources told Reuters.

The Russian rouble strengthened to levels not seen since March 2018 against the dollar on Tuesday, boosted by export-focused companies selling foreign currency to pay taxes and shrugging off a slight easing of capital controls.

Palm oil prices in domestic wholesale and retail markets have started cooling off after Indonesia announced that it would resume exports of the product.

A recession in the United States is not inevitable, President Joe Biden said Monday, while acknowledging the economic pain experienced by Americans as inflation soars.

Negative interest rates will soon be a thing of the past in the eurozone, the ECB’s chief signalled Monday, with the bank poised to raise rates for the first time in over a decade to tamp down soaring inflation.