Uncertainty about Russian energy imports is pushing the eurozone closer towards a contraction in 2023, two senior European Central Bank officials said Friday.

LNG has plugged a gap in Europe’s energy mix since it became imperative to move away from Russian energy. However, overall export capacity for LNG has not changed meaning some countries are now getting less than before.

The Canadian economy added jobs in September but did little to recoup the losses of the last three months while the jobless rate beat forecasts, edging down as fewer people looked for work, official data showed on Friday.

Oil prices held near three-week highs on Thursday after Opec+ agreed to tighten global crude supply with a deal to cut production targets by 2 million barrel per day (bpd), the largest reduction since 2020.

The drop in euro zone business activity deepened last month, a survey showed, probably extinguishing any hope the currency union would avoid recession just as elevated inflation puts pressure on the European Central Bank to act.

The World Trade Organisation on Wednesday dramatically lowered its global trade forecast for 2023, as Russia’s war in Ukraine and other shocks take their toll on the world economy.

The United Nations is pushing to cut the price of fertilisers to avoid a “future crisis” of availability, said a senior UN trade official who is involved in talks aimed at boosting the export of Russian fertilisers, including ammonia.

A heavy oil refinery turnaround season in Europe this autumn, plus French strike action, is set to push diesel prices higher and tighten supplies ahead of a European Union ban on Russian refined products which is due to come into force early next year.

Global factory output mostly weakened in September as slowing demand added to the pain from persistent cost pressures and tighter monetary policy, surveys showed on Monday, diminishing economic recovery prospects.

Oil prices jumped by about $4 on Monday as Opec+ considers reducing output by more than 1 million barrels per day (bpd) to buttress prices with what would be its biggest cut since the start of the Covid-19 pandemic.

British Prime Minister Liz Truss tried to reassure her party and the public on Sunday by saying she should have done more to “lay the ground” for an economic plan that saw the pound fall to record lows and government borrowing costs soar.

Greece and Bulgaria started commercial operation of a long-delayed gas pipeline on Saturday which will help decrease southeast Europe’s dependence on Russian gas and boost energy security.

Oil prices firmed on Thursday, erasing earlier losses, on indications that Opec+ might cut output, though a stronger dollar and weak economic outlook kept a lid on gains.

Oil prices rose on Wednesday in US trading hours as production cuts caused by Hurricane Ian outweighed downward pressure from a strengthening dollar and expected US crude stockpile builds.

Russia’s aviation industry will aim to go it alone without the West, using locally built parts to produce 1,000 airliners by 2030 and end a reliance on Boeing and Airbus, state-owned engineer Rostec said.

European Union countries were at odds on Wednesday over whether to cap gas prices in the bloc, with France, Belgium and 13 other states stepping up their call for the move opposed by Germany and others.

The World Trade Organization’s chief said Tuesday she believes the world is heading towards a global recession due to multiple colliding crises, and called for radical policies to revive growth.

Regulatory reforms ensuring level playing fields for local and foreign companies and reforms in taxation are required to attract more foreign direct investment (FDI) from the European Union (EU) nations to Bangladesh.

A total of 211 ships with 4.7 million tonnes of agricultural products on board have left Ukraine so far under a deal brokered by the United Nations and Turkey to unblock Ukrainian sea ports, the Ukrainian infrastructure ministry said on Saturday.

The downturn in British businesses steepened this month as they battled soaring costs and faltering demand, according to a survey on Friday that hammered home the rising risk of recession.