The International Monetary Fund is likely to lower its global economic growth estimates due to the new Omicron variant of the coronavirus, the global lender’s chief said at the Reuters Next conference on Friday in another sign of the turmoil unleashed by the ever-changing pandemic.

The Biden administration could adjust the timing of its planned release of strategic crude oil stockpiles if global energy prices drop substantially, US Deputy Energy Secretary David Turk told Reuters on Wednesday.

US manufacturing activity picked up in November amid strong demand for goods, keeping inflation high as factories continued to struggle with pandemic-related shortages of raw materials.

US President Joe Biden’s top Pacific envoy on Wednesday accused China of trying to “drive Australia to its knees” through a barrage of sanctions that amounted to “economic warfare”.

Just as it was recovering from the body blow of the Covid-19 pandemic, the global economy has taken yet another hit from the Omicron variant of the virus, which has led to a raft of new travel restrictions.

The Biden administration proposed a slew of changes on Friday to the nation’s federal oil and gas leasing program, including hiking fees on drilling companies and limiting their access to sensitive wildlife and cultural zones.

Americans returned to stores for the “Black Friday” kickoff of the holiday shopping season, but online data shows that consumers have been spending big for weeks amid worries over shortages.

The number of Americans filing new claims for unemployment benefits dropped to a 52-year low last week, suggesting economic activity was accelerating as a year ravaged by shortages, high inflation and an unrelenting pandemic draws to a close.

President Joe Biden’s historic move to release oil from strategic reserves in coordination with big nations including China represents a unique bet that finding common ground with the United States’ biggest economic rival can help dampen fuel prices for middle class Americans.

Italy’s antitrust authority has fined US tech giants Amazon.com and Apple Inc a total of more than 200 million euros ($225 million) for alleged anti-competitive cooperation in the sale of Apple and Beats products.

The International Monetary Fund on Monday warned El Salvador against using bitcoin as official tender given the risks associated with the cryptocurrency, a day after the country announced plans for the world’s first “Bitcoin City”.

The IMF announced Friday it has renewed a two-year credit line for Mexico for $50 billion.

The White House on Friday pressed the Opec producer group again to maintain adequate global supply, days after US discussions with some of the world’s biggest economies over potentially releasing oil from strategic reserves to quell high energy prices.

The Biden administration has asked some of the world’s largest oil consuming nations - including China, India and Japan - to consider releasing crude stockpiles in a coordinated effort to lower global energy prices, according to several people familiar with the matter.

Huge spending by governments kept the world economy afloat during the pandemic as officials mobilized a fiscal response not seen since World War Two to bolster household incomes and give businesses a fighting chance to survive the health crisis.

Walmart Inc on Tuesday raised its annual sales and profit forecast in anticipation of a surge in demand for toys and apparel during the crucial holiday season, even as global supply chain disruptions hit its margins in the third quarter.

US retail sales surged in October as Americans eagerly started their holiday shopping early to avoid empty shelves amid shortages of some goods because of the ongoing pandemic, giving the economy a lift at the start of the fourth quarter.

The US government may run out of money by December 15, Treasury Secretary Janet Yellen warned Tuesday in a letter encouraging lawmakers to raise the country’s debt limit to avoid a default.

The United States and Japan announced on Wednesday a new trade partnership to boost cooperation on labor, environment and digital trade issues, with an emphasis on  “third country concerns,” a reference to China’s state-driven economic policies.

Ride-hailing giant Uber has resumed its ride-sharing service in the United States, a top executive announced Tuesday, offering customers in Miami a feature that was stopped last year because of the Covid-19 pandemic.