Malaysia’s commodities ministry has proposed cutting export tax on palm oil by as much as half to help fill a global edible oil shortage and grow the market share of the world’s second-largest palm oil producer.

From superyachts and mansions to private jets and works of art, mega-rich Russians are being deprived of their expensive playthings, under swingeing sanctions that implicate them in Vladimir Putin’s war in Ukraine.

The US dollar reached a new 20-year high on Monday as risk-off sentiment stemming in part from concerns over the Federal Reserve’s ability to combat high inflation boosted the greenback’s safe-haven appeal.

Bitcoin slumped below $30,000 for the first time since July 2021 on Tuesday as cryptocurrencies track sinking markets with investors spooked by aggressive US monetary tightening and surging inflation.

German officials are quietly preparing for any sudden halt in Russian gas supplies with an emergency package that could include taking control of critical firms, three people familiar with the matter told Reuters.

South Korea is  “positively considering” joining an Indo-Pacific economic pact planned by the United States, a government official said on Monday, after domestic media said the incoming administration had decided to join as a founding member.

Japan will take time to phase out Russian oil imports after agreeing on a ban with other Group of Seven (G7) nations to counter Moscow’s invasion of Ukraine, Prime Minister Fumio Kishida said on Monday.

China’s export growth slowed to single digits, the weakest in almost two years, while imports barely changed in April as tighter and wider Covid-19 curbs halted factory production and crimped domestic demand, adding to wider economic woes.

The Indian rupee plunged to an all-time low against the greenback on Monday, as US monetary policy tightening roiled sentiment and foreign investors continued to dump domestic stocks.

The G7 club of wealthy nations committed Sunday to phasing out its dependency on Russian oil and issued a scathing statement accusing President Vladimir Putin of bringing  “shame” on Russia with his invasion of Ukraine.

The United Arab Emirates will introduce a form of unemployment insurance, the cabinet said on Monday, the latest reform by the Gulf country as it strives to attract talent and investment amid increasing regional economic competition.

The United Arab Emirates’ non-oil private sector maintained solid growth in April but inflationary pressures loomed, a survey showed on Monday.

Canada will help Ukraine work out options on how to export stored grain to uphold global food security that has been shaken by Russia’s invasion of the country, Canadian Prime Minister Justin Trudeau said late on Sunday.

China’s Iranian oil imports in April came off peak volumes seen in late 2021 and early 2022 as demand from independent refiners weakened after Covid-19 lockdowns pummelled fuel margins and on growing imports of lower-priced Russian oil.

Asian stocks fell on Monday as investors remained anxious over inflation and the ongoing impact of China’s Covid lockdown policies, despite an initial Wall Street bounce thanks to a solid US jobs report.

The Indian rupee fell to a new all-time low early today (May 9, 2022), trading beyond 77.40 per US dollar, driven by investors’ need for safety as China’s lockdowns, war on the outskirts of Europe, and fears of increased interest rates sent a fearful jolt through markets, according to NDTV.

The European Union, the United States and more than two dozen other countries vowed Friday to shore up global food security in a joint statement to the World Trade Organization.

President Xi Jinping has offered state backing for tech, infrastructure and jobs to revive China’s economy, but analysts warn growth will continue to wilt until Beijing drops its rigid virus controls.

Uber shares skidded last week after the company said it was hit with a big loss in the first three months of this year despite a rebound in its ride-share business.

China’s central bank said on Friday it launches a 100 billion yuan ($15 billion) relending facility to support the transport, logistics and storage sectors which have been hit hard by Covid-19.