India’s fuel consumption jumped 23.8 per cent in May from a year earlier, continuing a recovery from a relatively low base in 2021 when the world’s third biggest oil consumer was in the grip of a second wave of Covid-19.

US inflation surged to a new four-decade high in May, defying hopes that price pressures had peaked and deepening President Joe Biden’s political troubles as Americans struggle to meet the cost of essentials like food and gas.

US President Joe Biden on Friday accused the US oil industry, and Exxon Mobil Corp in particular, of capitalizing on a supply shortage to fatten profits after a report showed inflation surging to a new 40-year record.

Russia's economy will shrink 15 percent this year and three percent in 2023 as the hit from Western sanctions, an exodus of companies, a Russian "brain-drain" and collapse in exports wipe out 15 years of economic gains, a global banking industry lobby group said.

South Africa’s gross domestic product grew by 1.9 per cent in the first quarter, returning the continent’s most industrialised economy to pre-pandemic levels, official data showed Tuesday.

German factory output increased modestly in April, figures published Wednesday showed, as industry in Europe’s largest economy reckoned with the impact of the war in Ukraine.

India’s central bank on Wednesday hiked rates for a second time in as many months, as Asia’s third-largest economy reels from galloping inflation in the wake of the Ukraine war.

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.

Oil prices rose on Wednesday, despite a likely rise in US oil stocks, on the easing of Chinese Covid-19 related lockdowns and a possible strike by Norwegian oil workers.

About three weeks after Russian troops invaded Ukraine, Indonesian housewife Liesye Setiana was forced to close her banana chip business as cooking oil supplies dried up across the country.

China is going to increase the tariff-free quota benefit for more Bangladeshi goods to minimise the trade imbalance between the two countries.

In an effort to win back billions of dollars in tourism revenue lost during the Covid-19 pandemic, the US government on Monday launched a plan to attract 90 million international travelers a year.

The World Bank on Tuesday slashed its global growth forecast by 1.2 percentage points to 2.9 per cent for 2022, warning that Russia’s invasion of Ukraine has compounded the damage from the Covid-19 pandemic, with many countries likely to face recession.

Foreign tourists visiting Japan will be required to wear masks, take out private medical insurance and be chaperoned throughout their stay, the government said on Tuesday, as it plans a gradual opening from two years of Covid-19 restrictions.

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.

Elon Musk warned Twitter Inc on Monday that he might walk away from his $44 billion deal to acquire the social media company if it fails to provide the data on spam and fake accounts that he seeks.

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.

India’s surprise ban on wheat exports has prompted rice traders to increase purchases and place unusual orders for longer-dated deliveries, fearing the world’s top rice exporter may restrict those shipments as well, four exporters told Reuters.

Hundreds of trucks carrying wheat to Bangladesh have been held up at different land ports in West Bengal for at least three weeks.