US inflation is expected to have eased slightly in July, taking pressure off the Federal Reserve to hike interest rates sharply while bringing a much-needed boost to President Joe Biden just months before crucial midterm elections.

The supply of Russian oil to three European countries through Ukraine has been halted as the transit payment cannot be processed due to sanctions, Russian firm Transneft said Tuesday.

Indian companies are using Asian currencies more often to pay for Russian coal imports, according to customs documents and industry sources, avoiding the US dollar and cutting the risk of breaching Western sanctions against Moscow.

Bangladesh can make little use of the generous duty benefits offered by China simply because of its narrow export basket, with the situation compounded by the fact that the products are low in demand in the East Asian country. 

US carmaker Tesla has signed contracts worth about $5 billion to buy materials for their batteries from nickel processing companies in Indonesia, a senior cabinet minister told CNBC Indonesia.

Oil prices inched up from multi-month lows on Monday as lingering worries about demand weakening on the back of a darkened economic outlook outweighed some positive economic data from China and the United States.

Sri Lanka has given approval for India’s Lanka Indian Oil Corporation (LIOC) to open 50 new fuel stations, a company official said on Monday, as part of efforts to reduce severe shortages that have crippled the island nation.

Bangladesh’s customs authority has provided duty benefits to 43 types of products from Bhutan to enable goods from the land-locked nation to get better market access here, according to a notification issued by the National Board of Revenue (NBR) earlier this week.

Siemens Energy on Monday blamed a 200 million euro ($204 million) charge related to the wind-down of its Russian business for a wider net loss in 2022, but said it was still prepared to maintain turbines for the Nord Stream 1 Russian gas pipeline.

Switzerland does not expect to dip into recession this year despite the threat of an energy supply squeeze, the government’s chief economist said Sunday.

The Reserve Bank of India is likely to raise its key policy rate by upto 60 basis points by the end of 2022, before pausing, but the pace of rate hikes is likely to slow down, analysts said.

Latest US inflation numbers are in markets’ sight, especially since Federal Reserve policymakers have come out in force to correct any misconception about their determination to slay decades-high inflation with big rate hikes.

Germany would face costs almost six times as high as Brexit if it and the European Union were to shut China out of their economies, the Ifo institute said on Monday, citing the results of a study.

India could scrap a 40 per cent duty on wheat imports and cap the amount of stocks traders can hold to try to dampen record high domestic prices in the world’s second biggest producer, government and trade officials told Reuters on Monday.

Portugal has reformed its immigration laws to attract foreign workers as it faces a labour shortage in tourism and construction.

Kuwait’s Agility, one of the largest Gulf logistics companies, said on Sunday it had signed a new credit facility of 1.4 billion euros.

Syria’s internal commerce ministry has announced a petrol price hike of around 130 per cent in the war-torn country facing fuel shortages and extended power cuts.

House prices in Britain fell the first time in more than a year in July in monthly terms and the market is likely to weaken further as interest rates go up and the cost-of-living squeeze tightens, mortgage lender Halifax said on Friday.

Russia has banned investors from so-called unfriendly countries from selling shares in key energy projects and banks until the end of the year, stepping up pressure in the sanctions stand-off with the West.

Hedge funds posted a 1.65 per cent gain in July, driven by a stock market rally which helped reduce their losses for the year to date, data provider HFR said on Friday.