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.

India today indicated that it would not allow the food security of its South Asian neighbours to be hit by the ban imposed on exports of wheat and that the measure was a temporary one.

Saudi Aramco on Wednesday dethroned Apple as the world’s most valuable company as surging oil prices drove up shares and tech stocks slumped.

Iraq has agreed to pay $1.6 billion in debt to Iran by June 1 to secure a steady gas supply for power generation through the summer, its electricity minister said.

The United States is preparing a scaled-back version of a trade pact as Southeast Asian nations gather in Washington, where President Joe Biden is seeking to show solid commitment in the face of a rising China.

Britain’s economy grew at a slower pace in the first quarter compared with the final three months of last year as the country battled soaring inflation, official data showed Thursday.

German industrial conglomerate Siemens said Thursday its profits were cut nearly in half in the second quarter as the group announced it would wind down its operations in Russia.

Moscow has imposed sanctions on the owner of the Polish part of the Yamal pipeline that carries Russian gas to Europe, as well as the former German unit of the Russian gas producer Gazprom, whose subsidiaries service Europe’s gas consumption.

Sri Lanka is suffering its worst economic crisis since its independence from Britain in 1948.

China’s consumer inflation rose at its quickest pace in nearly half a year, official data showed Wednesday, reflecting the growing costs of the country’s zero-Covid curbs and high commodity prices.

Operations and navigation at the Port of Colombo resumed yesterday following a two-day hiatus for ongoing political unrest in Sri Lanka, albeit bringing temporary relief to Bangladesh’s exporters, freight forwarders and shipping firms.

Private companies in Bangladesh are set to get licences to establish, maintain and operate submarine cables, in a shift that will break the state monopoly and pave the way for a smooth supply of bandwidth amid a surge in internet use.

Germany is seeking to ban Russian oil by the end of this year over the war in Ukraine, but workers at the PCK oil refinery outside Berlin are less than happy about the plans.

Japan’s parliament on Wednesday passed an economic security bill aimed at guarding technology and reinforcing critical supply chains, while also imposing tighter oversight of Japanese firms working in sensitive sectors or in critical infrastructure.

President Joe Biden on Tuesday acknowledged the pain felt by Americans from the highest inflation in four decades but said it is his  “top domestic priority” and being addressed by the Federal Reserve.

Twenty-six firms are going to receive the National Productivity and Quality Excellence Award 2020 as a recognition for their continuous improvement in productivity and quality.

Japan’s household spending dipped 2.3 per cent in March from a year earlier as the cost of fuel and other items surge, though the fall was smaller than expected.

Retail gasoline prices in the United States rose on Tuesday and hit another all-time record, surpassing one set in March, as global refineries grappled with a bottleneck that has sent prices soaring ahead of driving season.