Operations and navigation at the Port of Colombo resumed yesterday following a two-day hiatus for ongoing political unrest in Sri Lanka, albeit bringing temporary relief to Bangladesh’s exporters, freight forwarders and shipping firms.

Private companies in Bangladesh are set to get licences to establish, maintain and operate submarine cables, in a shift that will break the state monopoly and pave the way for a smooth supply of bandwidth amid a surge in internet use.

Germany is seeking to ban Russian oil by the end of this year over the war in Ukraine, but workers at the PCK oil refinery outside Berlin are less than happy about the plans.

Japan’s parliament on Wednesday passed an economic security bill aimed at guarding technology and reinforcing critical supply chains, while also imposing tighter oversight of Japanese firms working in sensitive sectors or in critical infrastructure.

Twenty-six firms are going to receive the National Productivity and Quality Excellence Award 2020 as a recognition for their continuous improvement in productivity and quality.

Japan’s household spending dipped 2.3 per cent in March from a year earlier as the cost of fuel and other items surge, though the fall was smaller than expected.

Retail gasoline prices in the United States rose on Tuesday and hit another all-time record, surpassing one set in March, as global refineries grappled with a bottleneck that has sent prices soaring ahead of driving season.

Malaysia’s commodities ministry has proposed cutting export tax on palm oil by as much as half to help fill a global edible oil shortage and grow the market share of the world’s second-largest palm oil producer.

From superyachts and mansions to private jets and works of art, mega-rich Russians are being deprived of their expensive playthings, under swingeing sanctions that implicate them in Vladimir Putin’s war in Ukraine.

The US dollar reached a new 20-year high on Monday as risk-off sentiment stemming in part from concerns over the Federal Reserve’s ability to combat high inflation boosted the greenback’s safe-haven appeal.

Bitcoin slumped below $30,000 for the first time since July 2021 on Tuesday as cryptocurrencies track sinking markets with investors spooked by aggressive US monetary tightening and surging inflation.

German officials are quietly preparing for any sudden halt in Russian gas supplies with an emergency package that could include taking control of critical firms, three people familiar with the matter told Reuters.

Asian stocks fell on Monday as investors remained anxious over inflation and the ongoing impact of China’s Covid lockdown policies, despite an initial Wall Street bounce thanks to a solid US jobs report.

South Korea is  “positively considering” joining an Indo-Pacific economic pact planned by the United States, a government official said on Monday, after domestic media said the incoming administration had decided to join as a founding member.

Japan will take time to phase out Russian oil imports after agreeing on a ban with other Group of Seven (G7) nations to counter Moscow’s invasion of Ukraine, Prime Minister Fumio Kishida said on Monday.

China’s export growth slowed to single digits, the weakest in almost two years, while imports barely changed in April as tighter and wider Covid-19 curbs halted factory production and crimped domestic demand, adding to wider economic woes.

The Indian rupee plunged to an all-time low against the greenback on Monday, as US monetary policy tightening roiled sentiment and foreign investors continued to dump domestic stocks.

The G7 club of wealthy nations committed Sunday to phasing out its dependency on Russian oil and issued a scathing statement accusing President Vladimir Putin of bringing  “shame” on Russia with his invasion of Ukraine.

The United Arab Emirates will introduce a form of unemployment insurance, the cabinet said on Monday, the latest reform by the Gulf country as it strives to attract talent and investment amid increasing regional economic competition.

The United Arab Emirates’ non-oil private sector maintained solid growth in April but inflationary pressures loomed, a survey showed on Monday.