Telecoms equipment maker Nokia is pulling out of the Russian market, its CEO told Reuters, going a step further than rival Ericsson , which said on Monday it was indefinitely suspending its business in the country.

Russia’s war in Ukraine could almost halve world trade growth this year and drag down global GDP growth too, the World Trade Organisation projected Monday.

OPEC told the European Union on Monday that current and future sanctions on Russia could create one of the worst ever oil supply shocks and it would be impossible to replace those volumes, and signalled it would not pump more.

The Federal Reserve is expected to deliver two back-to-back half-point interest rate hikes in May and June to tackle runaway inflation, according to economists polled by Reuters who also say the probability of a recession next year is 40 per cent.

Japan’s government has asked power companies to top up their liquefied natural gas (LNG) reserves and share energy resources, a person familiar with the contingency plan said, as civilian deaths in Ukraine push Tokyo to halt Russian fuel imports.

Oil prices dropped by more than $2 a barrel on Monday after a second straight weekly decline on plans to release record volumes of crude and oil products from strategic stocks and on continuing coronavirus lockdowns in China.

In a dim room near the banks of India’s Ganges river, arms glide over a creaking loom as another silken fibre is guided into place with the rhythmic clack of a wooden beam.

Swedish network equipment maker Ericsson said Monday that it was suspending all of its Russian operations over the war in Ukraine for the foreseeable future.

An aggressive Federal Reserve, soaring inflation and geopolitical uncertainty from the war in Ukraine are muddying the outlook for the upcoming US earnings season, leaving some strategists wary of surprises as corporate results kick off this week.

Ukraine’s economic output will likely contract by a staggering 45.1 per cent this year as Russia’s invasion has shuttered businesses, slashed exports and rendered economic activity impossible in large swaths of the country, the World Bank said on Sunday.

AIG, one of the world’s biggest commercial insurers, is considering cutting cover for Russia and Ukraine, to shield itself from the risk of hefty claims as sanctions ratchet up and the war drags on, an insurance broker and a source familiar with the matter said.

China’s factory-gate and consumer prices rose faster than expected in March as Russia’s invasion of Ukraine, persistent supply chain bottlenecks and production snags caused by local Covid flare-ups added to commodity cost pressures.

Germany’s economic growth could fall to 1.4 per cent-1.5 per cent this year, from 2.7 per cent in 2021, with an average of around 590,000 people on reduced-hours lay-off schemes over the course of the year, Labour Minister Hubertus Heil said in an interview with Bild am Sonntag.

Russia will relax temporary capital control measures aimed at limiting a drop in the rouble by allowing individuals to buy cash foreign currency and will also scrap commission for buying forex through brokerages, the central bank said on Friday.

Germany’s banking regulator on Sunday said it had stripped Russia’s VTB of control over its European subsidiary as sanctions hit the second-biggest Russian bank over the war in Ukraine.

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Ukraine has banned all imports from Russia, one of its key trading partners before the war with annual imports valued at about $6 billion, and called on other countries to follow and impose harsher economic sanctions on Moscow.

The Russian government said on Sunday it has increased its reserve fund used for emergency spending by 273.4 billion roubles ($3.52 billion) to ensure economic stability against the backdrop of Western sanctions over Ukraine.

Four local garment exporters have filed a case against British clothing retailer Edinburgh Woolen Mill (EWM) claiming Tk 5.98 crore in payments for goods they had shipped.

Russia’s inflation rate reached 16.7 per cent year-on-year in March, the state statistics agency said Friday, a level not seen since 2015, while food prices have risen even more steeply.