Page 20 - Global Economy

Prices of essential items soar in Sri Lanka after rupee depreciation

The prices of a number of essential items in Sri Lanka increased on Friday after the country's central bank allowed the country's rupee (LKR) to devalue to 230 per US dollar.

Stocks rebound from inflation selloff, but head for 5th weekly fall

Data on Thursday showed U.S. inflation at a four-decade high, prompting traders to raise their bets on rate hikes from the Federal Reserve beginning next week.

Russia built an economy like a fortress but the pain is real

Western sanctions are dealing a severe blow to Russia's economy.

Russia-Ukraine crisis: Biden lambasts Putin for assault on global stability

US President Joe Biden on Tuesday (local time) lambasted Russian President Vladimir Putin for assaulting global peace and stability amid a continued war between Russia and Ukraine.

Lanka set to finalise another credit line for essential items with India

Sri Lanka is set to finalise another credit facility with India for food, medicine and other essential items which would help the island nation facing the worst economic crisis in decades

Western nations at risk of recession as Russia sanctions escalate: Analysis

Recession in Europe and North America may be the inevitable price for defending freedom, resisting aggression and upholding international law in Ukraine

China's February factory-gate prices rise at slowest annual pace since June

China's producer prices in February rose at slowest annual pace since June, official data showed on Wednesday, amid skyrocketing commodity prices, uncertain global economy and domestic Covid outbreak

Joe Biden to ban Russian oil imports over Ukraine war, says report

President Joe Biden has decided to ban Russian oil imports, toughening the toll on Russia's economy in retaliation for its invasion of Ukraine, according to a person familiar with the matter. The move follows pleas by Ukrainian President Volodmyr Zelenskyy to US and Western officials to cut off the imports, which had been a glaring omission the massive sanctions put in place on Russia over the invasion. Energy exports have kept a steady influx of cash flowing to Russia despite otherwise severe restrictions on its financial sector. Biden was set to announce the move as soon as Tuesday, the person said, speaking on the condition of anonymity to discuss the matter before an announcement. The White House said Biden would speak on Tuesday morning to announce actions to continue to hold Russia accountable for its unprovoked and unjustified war on Ukraine. The US will be acting alone, but in close consultation with European allies, who are more dependent on Russian energy supplies. Natur

Gas prices in Europe hit new all-time high, reaching over $3,600

Gas prices in Europe skyrocketed on Monday, reaching over $3,600 per 1,000 cubic meters for the first time in history.

Shooting a bunch of missiles at the architecture of globalisation

The West's attempt to bring Vladimir Putin to heel by weaponising everything from aircraft spares to finance will have much wider repercussions, writes T N Ninan

Within days, Russia's war on Ukraine squeezes the global economy

Ocean rates may double or triple to $30K/ container & air freight costs are set to jump even higher

China will not join sanctions on Russia, says banking regulator

China, which has refused to condemn Russia's invasion of Ukraine, has repeatedly criticised what it calls illegal and unilateral sanctions

Inflation in 19 nations using euro sets record of 5.8% in Feb

Inflation in Europe hit a record high for the fourth month in a row, raising questions about when the central bank should step in to ease the pain to people's wallets while Russia's invasion of Ukrain

Economic dangers from Russia's Ukraine invasion ripple across globe

Moscow's war on Ukraine and the ferocious financial backlash it's unleashed are not only inflicting an economic catastrophe on President Vladimir Putin's Russia.

How $300 bn of Russian cash pile can rattle global money markets

Russia's central bank and private sector have almost $1 trn of liquid wealth, with a much larger share of this held in US dollars than most people realise, says a Credit Suisse strategist

Russia-Ukraine conflict raises big risks for global economy

Just what a vulnerable world economy didn't need a conflict that accelerates inflation, rattles markets and portends trouble for everyone from European consumers to indebted Chinese developers

IMF starts Ukraine mission for $700 million loan after Russia escalates

Officials will start an online-review of their program with Ukraine on Wednesday

Deepening tensions seen curbing food supplies, lifting prices: Traders

A lack of supplies from the Black Sea region could lift demand for the bread-making ingredient from the United States and Canada

Record $940-billion budget set for Japan's parliamentary approval

The budget was approved on Monday by ruling party lawmakers at the lower house budget committee

G-20 finance meeting: Indonesian PM Widodo calls for global unity

The G-20 financial gathering comes as many economies are treading a precarious path between raising costs of borrowing to cool inflation and helping to support recoveries from the pandemic