China’s factory activity shrank in August for the second month in a row, official data showed Wednesday, as the sector was hit by strict zero-Covid restrictions and extreme heat.

Catastrophic monsoon floods in Pakistan have sent food prices skyrocketing, putting many staples out of the reach of the poor as the cash-strapped nation battles shortages.

Indian industrialist Gautam Adani became the world’s third-richest person on the Bloomberg Billionaires Index on Tuesday, the first time an Asian has ranked in the top three.

German inflation gathered pace again in August, official data published Tuesday showed, as the soaring price of energy heaped pressure on households.

The Indian rupee notched its biggest one-day gain in a year on Tuesday against a wobbly dollar as local equities saw a rush of foreign investor inflows.

India likely recorded strong double-digit economic growth in the last quarter but economists polled by Reuters expected the pace to more than halve this quarter and slow further toward the end of the year as interest rates rise.

Germany is replenishing its gas stocks more quickly than expected despite drastic Russian supply cuts and should meet an October target early, the government said Sunday.

Saudi Arabian company Alfanar said on Monday it has signed a memorandum of understanding to build a $3.5 billion green hydrogen project in Egypt.

Sony on Monday said it will acquire Helsinki and Berlin-based mobile games business Savage Game Studios for an undisclosed amount as part of a push by the Japanese firm beyond console gaming.

Top oil exporter Saudi Arabia could slash October prices for most crude grades it sells to Asia after a plunge in spot premiums as tepid fuel demand and increasing arbitrage cargoes put pressure on oil prices in the region.

The US dollar climbed to a 20-year high against other major currencies on Monday after Federal Reserve Chair Jerome Powell signalled interest rates would be kept higher for longer to bring down soaring inflation.

Oil edged higher on Monday to extend last week’s gains as potential Opec+ output cuts and conflict in Libya helped to offset a strong US dollar and a dire outlook for US growth.

Central banks will fail to control inflation and could even push price growth higher unless governments start playing their part with more prudent budget policies, according to a study presented to policymakers at the Jackson Hole conference in the United States.

Beijing and Washington took a major step on Friday towards ending a dispute that threatened to boot Chinese companies, including Alibaba, from US stock exchanges, signing a pact to allow US regulators to vet accounting firms in China and Hong Kong.

India, the world’s biggest rice exporter, is considering whether to restrict exports of 100 per cent broken rice, government and industry officials told Reuters on Friday, after the paddy area has been reduced by a lack of rainfall.

France’s finance minister pledged Saturday to keep electricity costs in check for consumers as European energy prices soar.

The Bank of Korea returned to its usual 25 basis point rate hike Thursday, half the historic size seen in July, while slashing its growth forecast for the year amid the persistent inflation forcing the central bank to back a raise for a fourth time in a row for the first time.

Oil prices ended higher on Friday, boosted by signals from Saudi Arabia that Opec could cut output, but trading was volatile as investors digested and ultimately shrugged off warnings from the head of the US Federal Reserve about economic pain ahead.

British energy bills will jump 80 per cent to an average of 3,549 pounds ($4,188) a year from October, the regulator said on Friday, plunging millions of households into fuel poverty and businesses into jeopardy unless the government steps in.

Profits at China’s industrial firms sank in July, reversing previous gains as fresh Covid-19 curbs dragged down demand and squeezed factory margins, while power shortages due to heatwaves threatened production.