Two major economic powers of the world, the US and the European Union, are divided on continuation of trade facilities meant for the least-developed countries (LDCs) once they make the United Nations status graduation to become developing countries.

Ukraine has established two routes through Poland and Romania to export grain and avert a global food crisis although bottlenecks have slowed the supply chain, Kyiv’s deputy foreign minister said on Sunday.

It might look and smell like McDonald’s but now it’s Vkusno & tochka. The golden arches are gone, the filet-of-fish is simply a fish burger. The Big Mac has left Russia.

World Trade Organization chief Ngozi Okonjo-Iweala expressed cautious optimism on Sunday that more than 100 trade ministers meeting in Geneva would achieve one or two global deals this week, but warned the path there would be bumpy and rocky.

Canada’s jobless rate inched down to a new record low after adding more jobs than expected in May, and wage growth picked up steam, official data showed on Friday, bolstering the case for an even larger rate increase next month by the central bank.

The OECD warned Wednesday that the world economy will pay a “hefty price” for Russia’s invasion of Ukraine as it slashed its 2022 growth forecast and projected higher inflation.

Russia, hit by Western sanctions, has called on the BRICS group of emerging economies to coordinate measures to stabilise the economic situation, Russian Finance Minister Anton Siluanov said on Monday.

The Russian rouble steadied against the dollar on Tuesday as market players gauged the impact of the latest round of Western sanctions against Moscow and investor focus turned to an expected central bank rate cut later in the week.

German industrial orders fell for the third month in a row in April, official data published Tuesday showed, as Russia’s war in Ukraine dampened the outlook for Europe’s largest economy.

The European Central Bank is set to draw a line under its massive bond-buying stimulus programme at a meeting in Amsterdam on Thursday, as inflation in the eurozone soars to all-time highs.

New car sales in Russia sank by 83.5 per cent year-on-year in May, industry data showed on Monday, as the effects of unprecedented Western sanctions hit the country’s economy and consumers.

Global stock markets and oil prices advanced Monday, helped by an easing of Covid lockdowns in the world’s second biggest economy China.

The Russian rouble weakened towards 62 against the dollar on Monday, steered by internal market flows and capital controls, while stock indexes extended losses after the latest Western sanctions.

France is in talks with the United Arab Emirates to replace Russian oil purchases, which will stop after the imposition of a European Union ban on Russian crude, Finance Minister Bruno Le Maire said on Sunday.

At the gates of the Black Sea, trade is in full swing as freighters and oil tankers sail from the heart of Istanbul to Russian and Ukrainian ports.

Russia has failed to pay $1.9 million of accrued interest on a sovereign bond, a panel of investors said Wednesday, as Moscow faces the risk of its first default in decades.

Ukraine’s wheat harvest is expected to fall by 40 per cent, the Ukrainian Grain Association (UGA) said Wednesday, as the Russian invasion has sent prices soaring and sparked fears of a global food crisis.

For Oleg Kechin, owner of a chain of barbershops, forecasts that Russia will be plunged into its deepest economic crisis in a generation feel overdone.

Eurozone inflation accelerated to another record high in May, data showed Tuesday, as the war in Ukraine stoked energy and food prices and threatened to flatline the economy.

British International Investment (BII) has embarked on an ambitious plan of lending $450 million to Bangladesh over the next five years, finding that the country has a stable government and policy support for private sector development.