Britain’s economy is heading for a slowdown, or possibly even a recession, as consumers and businesses are hit by the leap in inflation, higher taxes, rising interest rates and uncertainty caused by the war in Ukraine.

Pakistan’s new finance minister on Friday agreed with IMF recommendations to reduce fuel subsidies and end a business tax amnesty scheme, pledging to pursue structural reforms to boost a crisis-wracked economy.

The economy of Shanghai, China’s most populous city, slowed in the first quarter from the end of 2021, hurt by rare declines in industrial output and retail sales that were hammered by the country’s most serious Covid outbreak.

India’s top retailer Reliance on Saturday called off its $3.4 billion deal with Future Group, saying it “cannot be implemented” after Future’s secured creditors rejected it.

Indonesia, the world’s top palm oil producer, announced plans to ban exports of the most widely used vegetable oil on Friday, in a shock move that could further inflame surging global food inflation.

Europe can get by without Russian gas for six months, but beyond that, the economic impact would be severe, a senior IMF official told AFP.

Japan and Russia struck a deal on Tokyo’s fishing quota to catch salmon and trout born in Russian rivers, Japan’s fisheries agency said on Saturday, despite worsening ties over the crisis in Ukraine.

Alphabet unit Google, Meta and other large online platforms will have to do more to tackle illegal content or risk hefty fines under new internet rules agreed between European Union countries and EU lawmakers on Saturday.

The edible oil market has become more volatile after wholesalers and millers cut supplies in anticipation of increased prices of the essential cooking ingredient in the wake of the export ban by Indonesia, the world’s biggest supplier of vegetable oil.

Bangladesh’s determination to meet its commitment to abide by International Labour Organization (ILO) standards has been warmly praised by the Members of the European Parliament (MEPs) trade committee, according to the EU Reporter.

Indonesian Finance Minister Sri Mulyani Indrawati on Friday joined a growing chorus of officials calling for reforms aimed at better equipping the World Bank to address mounting global challenges such as climate change and the changing nature of its clients.

India is planning new rules to make batteries used in scooters, motorcyles and three-wheeled rickshaws swappable across different models, part of a proposed new policy released by think-tank Niti Aayog.

Indonesia, the world's top palm oil producer, announced plans to ban exports of the most widely used vegetable oil on Friday, in a shock move that could further inflame surging global food inflation.

A Russian court has fined Alphabet Inc.’s Google 11 million roubles for failing to delete what it terms “fake” information about the conflict in Ukraine and YouTube videos produced by Ukrainian far-right groups, TASS reported.

Several Russian banks plan to issue payment cards that use the network of China UnionPay as well as that of home-grown payment system Mir, after Visa Inc and MasterCard Inc joined other Western firms in suspending operations in Russia.

American firms are seeing increased business as Covid-19 cases decline across the world’s largest economy, even as they struggle with rising prices and scarce staff, the Federal Reserve said Wednesday.

A prolonged slowdown in China would have substantial global spillovers, IMF Managing Director Kristalina Georgieva said on Thursday, but added that Beijing has room to adjust policy to provide support.

Finance officials from the world’s richest countries will meet on Wednesday to address global challenges like rising debt and a possible food crisis -- if they can overcome boiling tensions over Russia’s invasion of Ukraine.

India is tapping a new energy source that promises to help clean up smog-choked cities and is already providing a vital revenue stream for poor Indian farmers: truckloads of bovine manure.

Asian markets were marginally higher on Wednesday while oil began recovering after a downgraded IMF global growth forecast for 2022 had sent crude prices plunging.