The US Federal Reserve is poised to raise borrowing costs Wednesday amid the troubling acceleration of inflation, with the only question being whether officials will opt for the biggest hike in nearly three decades or a smaller step up.

High global energy and raw material prices combined with a weak rupee fueled the fastest annual rise in India’s wholesale prices in more than 30 years, raising expectations for the central bank to order more interest rate hikes.

Turkey’s president hailed on Monday the start of the construction of an underwater pipeline to tap a Black Sea natural gas field that the government hopes will help wean the country off its dependence on energy imports.

Australians have been warned to expect blackouts across the densely populated east coast on Tuesday, as an energy crisis grips one of the world’s biggest coal and gas producers.

Britain’s jobless rate rose for the first time since late 2020 and other measures of the country’s hot labour market cooled, potentially easing inflation worries at the Bank of England which is due to raise rates again this week.

World oil demand growth will slow in 2023, Opec delegates and industry sources said, as surging crude and fuel prices help drive up inflation and act as a drag on the global economy.

The European Union wants to strengthen its energy cooperation with Israel in light of Russia’s use of gas supplies to  “blackmail” its members over the Ukraine conflict, European Commission chief Ursula von der Leyen said Tuesday.

India is processing the requests from several countries, including Bangladesh, on supplying wheat to them, said M Angamuthu, chairman of the Agricultural and Processed Food Products Export Authority (APEDA).

India, the world’s biggest rice exporter, has ample stocks of rice and there is no plan to restrict exports, the top official at the food ministry said on Monday.

Electric delivery van maker Electric Last Mile Solutions, under investigation by a top US securities regulator, has announced plans to file for bankruptcy, less than a year after going public.

David Fong made his way from a poor village in central China to the southern boomtown of Shenzhen as a young man in 1997. Over the next 25 years he worked for a succession of overseas manufacturers before building his own multi-million-dollar business making everything from schoolbags to toothbrushes.

The Indian rupee plunged to a record low against the dollar on Monday, ahead of an expected US interest rate hike this week aimed at fighting surging inflation.

Britain’s economy unexpectedly shrank in April, official figures showed on Monday, adding to fears of a sharp slowdown just three days before the Bank of England announces the scale of its latest interest rate response to the surge in inflation.

Two major economic powers of the world, the US and the European Union, are divided on continuation of trade facilities meant for the least-developed countries (LDCs) once they make the United Nations status graduation to become developing countries.

Malaysian companies from palm oil plantations to semiconductor makers are refusing orders and forgoing billions in sales, hampered by a shortage of more than a million workers that threatens the country's economic recovery.

Ukraine has established two routes through Poland and Romania to export grain and avert a global food crisis although bottlenecks have slowed the supply chain, Kyiv’s deputy foreign minister said on Sunday.

India is considering restricting imports of refrigerators to promote local manufacturing, two industry sources told Reuters on Thursday, potentially freezing out shipments from Samsung Electronics Co and LG Electronics Inc in the $5 billion market.

Red-hot US inflation is showing few signs of cooling, putting the Federal Reserve on track to continue its aggressive interest rate increases to help cool high prices that are challenging Joe Biden’s presidency.

It might look and smell like McDonald’s but now it’s Vkusno & tochka. The golden arches are gone, the filet-of-fish is simply a fish burger. The Big Mac has left Russia.

Crisis-hit Sri Lanka announced weekly fuel quotas for motorists on Sunday, as an acute shortage worsened and longer queues formed outside the few pumping stations still operating.