Indian air conditioner manufacturers are expecting record sales this year as a heatwave scorches most of the country, an industry body told Reuters, but delayed arrivals of components from Covid-hit China may cause shortages of premium products.

Sri Lanka was expected to be placed into default by rating agencies on Wednesday after the non-payment of coupons on two of its sovereign bonds, while the energy minister said the country had run out of money to pay for fuel.

Ukraine and Russia, known as “the breadbasket of Europe”, are the major exporters of the world’s basic foods. Both countries export approximately one-quarter of wheat, more than three-quarters of sunflower oil and one-sixth of corn.

Britain’s unemployment rate fell to its lowest since 1974 in the first three months of this year, but soaring inflation led to the biggest annual fall in real earnings for most workers since 2013, official figures showed on Tuesday.

Like for millions of people in developing and emerging market countries around the world, shopping for staple foods has turned from a necessity into a luxury for Selcuk Gemici.

China’s slowing economy will struggle to stage the kind of stunning recovery it achieved from the early depths of the pandemic two years ago, as its formidable export machine teeters and options to revive investment and consumption dwindle.

Group of Seven foreign ministers vowed on Saturday to reinforce Russia’s economic and political isolation, continue supplying weapons to Ukraine and tackle what Germany’s foreign minister described as a  “wheat war” being waged by Moscow.

The Russian rouble firmed past 64 per dollar on Monday and climbed towards a near five-year high against the euro, supported by continuing restrictions on currency trading.

More than 50 economists warned on Monday that Britain’s post-Brexit plans to boost the competitiveness of its huge finance industry risked creating the kind of problems that led to the global financial crisis.

European dealmakers are struggling to finance corporate takeovers as concern that the region’s economies may dip into recession is prompting debt investors to demand bigger rewards for the risks, they’re taking to get deals over the line.

China’s economic activity cooled sharply in April as widening Covid-19 lockdowns took a heavy toll on consumption, industrial production and employment, adding to fears the economy could shrink in the second quarter.

Wheat prices surged to a new record high on Monday after India decided to ban exports of the commodity as a heatwave hit production.

India’s biggest retailer Reliance will acquire dozens of small grocery and non-food brands as it targets building its own $6.5 billion consumer goods business to challenge foreign giants like Unilever, two sources familiar with the plan told Reuters.

Recent rate hikes from the Federal Reserve have come at a bad time for Hong Kong which, thanks to its US dollar peg, must follow suit despite its own flagging economy.

Global tourism is roaring back to life despite Covid travel headaches and the effects of the war in Ukraine, but it has yet to return to its pre-pandemic health.

State-owned oil producer Saudi Aramco on Sunday reported an almost 82 per cent rise in first-quarter net profit, broadly in line with analyst forecasts, helped by strong oil prices.

The drop in Russian gas flows to the European Union has had no major effect on supplies, but it raises pressure on the region to wean itself from Moscow’s energy.

German Economy Minister Robert Habeck accused Russia on Thursday of using energy as  “a weapon”, after Moscow slapped sanctions on Western energy firms and slowed gas flows to Europe.

US consumer sentiment slumped to its lowest level in nearly 11 years in early May as worries about inflation persisted, but consumer spending remains underpinned by a strong labor market and massive savings, which should keep the economy expanding.

Russia’s annual inflation jumped to a two-decade high of 17.8 per cent in April, fuelled by Western sanctions over Moscow’s military campaign in Ukraine, the statistics agency said on Friday.