The Federal Reserve is poised to unleash another massive interest rate increase this week after the latest data showed a worrying US inflation picture, which confirmed the need for the central bank to continue to act aggressively.

With India’s recent rice export restrictions, Vietnamese exporters expect to increase shipments and hike prices, industry insiders have said.

A tough year in markets is leading some investors to seek refuge in cash, as they capitalise on higher interest rates and await chances to buy stocks and bonds at cheaper prices.

The Ministry of Finance (MoF) has proposed a reduction of the most favoured nation (MFN) tariff on a number of petrol products widely used in industrial production from 20 per cent to 10 per cent in an attempt to bring down the economy’s input cost.

The Reserve Bank of India said on Friday it will have to front-load its monetary policy to fight stubborn inflation and shield medium-term growth in the world’s fifth-largest economy.

The leaders of the Shanghai Cooperation Organisation (SCO) agreed on Friday to take steps to increase the use of national currencies in trade between their countries, according to a joint declaration adopted on Friday.

Egypt plans to raise fees for ships passing through the Suez Canal by 15 per cent in 2023, the canal authority’s chairman Osama Rabie said on Saturday.

India’s current account deficit likely widened to its highest in nearly a decade in the April-June quarter, driven by soaring global commodity prices and the biggest capital outflows since the global financial crisis of 2008, a Reuters poll found.

The Canadian dollar weakened to its lowest level in nearly two years against the greenback on Friday and Canada’s stock market fell as investors grew cautious ahead of domestic inflation data and a Federal Reserve interest rate decision next week.

The World Bank is willing to provide up to $30 billion to combat global food shortages aggravated by Russia’s invasion of Ukraine and has so far disbursed almost $10 billion in financial aid pledged to Kyiv, a senior bank official said on Thursday.

China’s exporters – the last reliable pillar of the world’s second-largest economy as it struggled with the pandemic, weak consumption and a property crisis – are warning of hard times ahead as softer overseas markets force them to shed workers, shift to lower-value goods and even rent out their factories.

Oil fell on Thursday as expectations of weaker demand and a strong US dollar ahead of a potentially large interest rate increase outweighed supply concerns.

India and other members of the Shanghai Cooperation Organisation (SCO) will discuss energy security at the regional security bloc’s meeting in Uzbekistan, India’s foreign secretary Vinay Kwatra said on Thursday.

India does not plan to provide fresh financial support to Sri Lanka on top of the nearly $4 billion it has extended this year, two sources told Reuters, as the island’s battered economy starts to stabilise after a preliminary loan agreement with the IMF.

Growth in global oil demand is set to grind to a halt in the fourth quarter of this year as an economic slowdown deepens, the International Energy Agency (IEA) said on Wednesday, but said it would resume strongly in 2023.

India’s rice exports could fall by around a quarter this year as New Delhi’s restrictions force buyers to switch to rival suppliers which are offering the grain at a cheaper price, trade and industry officials said.

The European Commission on Wednesday unveiled a series of proposals to curb the energy price spike that has rocked Europe in the wake of Russia’s invasion of Ukraine, while stressing that the EU’s solidarity with Kyiv would be “unshakeable.”

Lower fuel prices caused an unexpected fall in British inflation in August, official figures showed on Wednesday, offering some respite to households and the Bank of England after inflation hit a 40-year high the month before.

US inflation likely slowed in August, largely thanks to falling gasoline prices, but not enough to satisfy policymakers, especially President Joe Biden, as high prices continue to inflict pain on American families and businesses.

French Finance Minister Bruno Le Maire said on Wednesday that the economy was not facing recession after the government lowered its economic outlook for 2023.