The German government on Wednesday lowered its economic growth forecast for 2022 as an Omicron-fuelled surge in coronavirus cases holds back Europe’s industrial powerhouse.

Brexit hurt two-way trade between the European Union and Britain, with the auto, textile and aviation sectors the worst hit, the French economy ministry said Thursday.

The World Trade Organization on Wednesday handed a fresh victory to China, permitting it to slap duties on $645 million worth of US imports per year, in a long-running anti-dumping dispute with Washington.

Apple reclaimed its position as the top smartphone seller in China after six years, clocking a record market share in the final quarter of 2021 as US sanctions hit rival Huawei, according to researchers.

Singapore’s state investment fund Temasek is acquiring a British tech firm that tests materials in a wide range of industries to ensure they are sustainable, in a deal reportedly worth $7 billion.

The US Commerce Department said Tuesday a global survey of semiconductor chip producers and users shows a shortage will persist, sparked primarily by wafer production capacity constraints.

The Omicron variant of Covid-19 is creating an obstacle course for the global economy, which will slow growth this year, notably in the world’s two largest economies, the IMF said Tuesday.

Oil rose towards $89 a barrel on Wednesday, within sight of a seven-year high, supported by tight supply and geopolitical tensions in Europe and the Middle East that raise concerns about further disruption.

Dubai’s largest bank, Emirates NBD, announced Wednesday that its net profits jumped in 2021, as the economy of the Gulf city state rebounded following a slump due to coronavirus.

Microsoft beat market expectations Tuesday with strong quarterly performance in cloud computing and software, still benefitting from the pandemic’s online shifting of work, play, shopping and learning.

General Motors announced Tuesday plans to invest $7 billion in the US state of Michigan as it converts assembly plants and builds batteries for the transition to electric vehicles (EV).

The Federal Reserve’s first policy meeting of the year hasn’t even concluded but Wall Street already is unhappy, wary of what central bank chief Jerome Powell might say on Wednesday about his inflation-fighting plans.

South Korea’s economy grew in 2021 at the fastest pace for 11 years thanks to robust exports and strong activity in the service sector, the central bank said Tuesday.

German companies doing business in China are worried the Omicron coronavirus variant will trigger more strict lockdown measures from Beijing that could exacerbate supply chain problems, the DIHK Chamber of Commerce said on Tuesday.

Singapore’s central bank tightened its monetary policy settings on Tuesday in its first out-of-cycle move in seven years, as global supply constraints and brisk economic demand elevate inflation pressures across the region.

The big shifts in thinking and large-scale funding needed to drive a swift global transition to a climate-smart economy are far behind schedule, even if most of the technology required already exists, political officials and analysts have warned.

Millions of people were left without power after a huge blackout hit three Central Asian countries Tuesday following an unspecified accident, officials in the ex-Soviet region said.

Singapore is reviewing its official inflation forecasts, authorities said on Monday, after data showed its key price gauge climbed in December by the fastest pace in nearly eight years, driven by a steep increase in air fares.

Palm oil prices are set for another year of volatility and tight supply as Malaysia makes slow progress in tackling a labour crunch and government policies on green energy and food security spur demand, a Reuters poll showed.

Oil prices rose on Monday on worries about supply disruption amid rising tensions in Eastern Europe and the Middle East, which could make an already tight market even tighter, while OPEC and its allies continued to struggle to raise output.