The European Central Bank will raise its interest rates on Thursday for the first time in over a decade, but the bank is already under pressure to do more amid record inflation.

Oil prices extended gains on Monday, propped up by a weaker dollar and tight supplies that offset concerns about recession and the prospect of widespread Covid-19 lockdowns in China again reducing fuel demand.

Russia’s blockade of Ukrainian ports threatens grain supplies to tens of thousands of people vulnerable to starvation and must end, EU foreign policy chief Josep Borrell warned Monday.

Amazon, seeking an edge amid a deteriorating cost of living crisis, will match UK grocery market leader Tesco’s prices on hundreds of products, it said on Monday.

China’s monetary policy has ample room and sufficient tools, including further cutting banks’ reserve requirements, to cope with new challenges amid a shaky economic recovery, a commentary in the state-owned Securities Times said on Sunday.

British Prime Minister Boris Johnson will offer millions of public sector workers pay rises averaging 5 per cent next week, the Financial Times reported on Friday, citing unnamed government ministers.

The British government launched an “Aviation Passenger Charter” on Sunday to help passengers know their rights if they are faced with problems at airports after the widespread disruption seen this year.

The  Bank of Canada expects inflation to go “a little over” 8 per cent, as soon as next week when June’s data is released, and stay in that range for a few more months, Governor Tiff Macklem told a business group in a webcast transcript released late Friday.

Boeing expects to see a pick-up in new orders for its 787 Dreamliner model once it restarts deliveries of the plane, Commercial Airplanes CEO Stan Deal said on Sunday.

The United States will look for every opportunity to move ahead and enact a global minimum corporate tax agreement despite the opposition of a key Democratic senator, Joe Manchin, to raising corporate taxes, US Treasury Secretary Janet Yellen said.

The euro’s plunge against the dollar, triggered by the Ukraine war and mounting risks to the EU economy, has driven the two currencies to parity for the first time in two decades.

Saudi Arabia’s Crown Prince Mohammed bin Salman said on Saturday more investment was needed in fossil fuel and clean energy technologies to meet global demand, and that unrealistic emission policies would lead to unprecedented levels of inflation.

India’s economy has remained resilient in the face of global headwinds and with inflation coming off its recent peak is expected to stay on course to become the world’s fastest-growing economy, the Reserve Bank of India said on Saturday.

A delegation of the International Monetary Fund (IMF) wanted to know how prepared Bangladesh is for the country’s graduation to a developing nation in 2026.

US retail sales shot up in June amid the ongoing surge in prices, according to new data Friday that spelled more bad news for the Federal Reserve as it struggles to rein in rampant inflation.

China’s economic growth slowed sharply in the second quarter, highlighting the colossal toll on activity from widespread Covid lockdowns and pointing to persistent pressure over coming months from a darkening global outlook.

Traditional debt crisis signs of crashing currencies, 1,000 basis point bond spreads and burned FX reserves point to a record number of developing nations now in trouble.

Indonesia has scrapped its export levy for all palm oil products until Aug. 31 in a fresh attempt to boost exports and ease high inventories, finance ministry officials said on Saturday, adding the move would not disrupt government revenues.

The price of a resale home in Canada fell 1.8 per cent in June from last year, the first annual decline since May 2020, as the market continued to cool sharply from February’s peak amid tighter borrowing conditions, data from Canada’s realtors showed Friday.

Saudi Arabia, the world’s largest oil exporter, more than doubled the amount of Russian fuel oil it imported in the second quarter to feed power stations to meet summer cooling demand and free up the kingdom’s own crude for export, data showed and traders said.