The Biden administration has banned approvals of new telecommunications equipment from China’s Huawei Technologies and ZTE because they pose “an unacceptable risk” to US national security.

Oil dropped by about 2 per cent on Friday, logging a second weekly decline, due to concern about weakened demand in China and further increases to US interest rates.

The dollar fell across the board for a second straight day on Friday, as investors favoured riskier currencies following signs U.S. inflation is cooling that boosted the case for the Federal Reserve to ease off its hefty interest rate hikes.

European wholesale gas prices have fallen from record peaks reached after producer Russia’s invasion of Ukraine, but energy bills remain sky high despite government help aimed at easing consumers’ pain.

India will continue buying Russian oil because it benefits the country, India’s foreign minister said on Tuesday after meeting his Russian counterpart for the fifth time this year, adding that the two countries were expanding their trade ties.

A sputtering US stock rally faces a double dose of potentially market moving events next week: US midterm elections and inflation data that could influence the Federal Reserve’s monetary policy.

America will continue to be a major export destination for apparel items made in Bangladesh as Washington is working with Dhaka to improve the condition at the factories in the country, said a senior official of the US. 

Investors trying to navigate this year’s relentless interest rate rises have more reasons to play it safe, after a pessimistic message from the US Federal Reserve clouded the outlook for asset prices.

The US trade gap widened in September after five straight months of decline, government data showed Thursday, on cooling food and energy exports while imports of products like semiconductors and consumer goods picked up.

The Federal Reserve raised interest rates by three-quarters of a percentage point again on Wednesday and said its battle against inflation will

The US dollar sank from a one-week high against a basket of major peers on Tuesday as the mood in financial markets brightened ahead of Federal Reserve and Bank of England (BoE) meetings this week.

The European Central Bank must keep raising interest rates to fight off inflation, even if the probability of a euro zone recession has increased, ECB President Christine Lagarde said in an interview published on Tuesday.

The United States announced a clean energy partnership on Tuesday with the United Arab Emirates worth $100 billion, the White House said.

US President Joe Biden said Monday he plans to seek tax penalties for oil companies unless they invest their record profits in lowering consumer costs and boosting production, criticizing their “war profiteering.”

First, Elon Musk revolutionised the automobile industry, then he tackled space travel. By taking control of Twitter, the eccentric billionaire now wields a nearly untold level of influence.

US retailers are hustling to sell their stockpiles of Christmas decorations as the festive season approaches, after tangled supply chains caused many shipments to arrive only after the holidays last year.

The US Federal Reserve is pegged to make a fourth straight steep hike in the key interest rate this week as it battles surging costs, with its aggressive stance fueling expectations of a recession.

A key measure of US inflation kept its pace in September while consumer spending remained strong, government data showed Friday, fueling expectations of a further interest rate hike by the central bank.

US consumer confidence ebbed in October after two straight monthly increases amid rising concerns about inflation and a possible recession next year, a survey showed on Tuesday.

Russia’s war in Ukraine is the “single most important element” slowing economic growth and generating global instability, the chair of a key IMF committee said on Friday.