Page 5 - Global Economy

Bank of England raises rates to 0.75%, less sure about future moves

The BoE said inflation was set to reach around 8% in April -almost a percentage point higher than it forecast last month - and warned it could peak even higher later in the year

Chinese supply disruption unlikely to hit consumers, says survey

Of households that purchased China-made products during the period, over two-thirds consumers said they have reduced their purchases as compared to a year before.

Increasing inflation risks

Global uncertainty will weaken recovery

Ukraine war hitting poor countries dependent on wheat, says UN chief

UN chief has warned that Ukraine war is holding a sword of Damocles over global economy, especially poor countries that face surging food, fuel prices and are now seeing their breadbasket being bombed

Ukraine war marks decline of globalization; we'll miss it when it's gone

The war in Ukraine doesn't necessarily mark sharp a break in history. But it underlines and will perhaps cement the decline of globalisation

Budget assumptions prudent, will help macro-fundamentals to hold-up: CEA

Chief Economic Advisor V Anantha Nageswaran on Friday said prudent budget assumptions for FY23 will ensure that the macro-fundamentals will be able to hold-up in the near-term.

Prices of essential items soar in Sri Lanka after rupee depreciation

The prices of a number of essential items in Sri Lanka increased on Friday after the country's central bank allowed the country's rupee (LKR) to devalue to 230 per US dollar.

Stocks rebound from inflation selloff, but head for 5th weekly fall

Data on Thursday showed U.S. inflation at a four-decade high, prompting traders to raise their bets on rate hikes from the Federal Reserve beginning next week.

Russia built an economy like a fortress but the pain is real

Western sanctions are dealing a severe blow to Russia's economy.

Russia-Ukraine crisis: Biden lambasts Putin for assault on global stability

US President Joe Biden on Tuesday (local time) lambasted Russian President Vladimir Putin for assaulting global peace and stability amid a continued war between Russia and Ukraine.

Lanka set to finalise another credit line for essential items with India

Sri Lanka is set to finalise another credit facility with India for food, medicine and other essential items which would help the island nation facing the worst economic crisis in decades

Western nations at risk of recession as Russia sanctions escalate: Analysis

Recession in Europe and North America may be the inevitable price for defending freedom, resisting aggression and upholding international law in Ukraine

China's February factory-gate prices rise at slowest annual pace since June

China's producer prices in February rose at slowest annual pace since June, official data showed on Wednesday, amid skyrocketing commodity prices, uncertain global economy and domestic Covid outbreak

Joe Biden to ban Russian oil imports over Ukraine war, says report

President Joe Biden has decided to ban Russian oil imports, toughening the toll on Russia's economy in retaliation for its invasion of Ukraine, according to a person familiar with the matter. The move follows pleas by Ukrainian President Volodmyr Zelenskyy to US and Western officials to cut off the imports, which had been a glaring omission the massive sanctions put in place on Russia over the invasion. Energy exports have kept a steady influx of cash flowing to Russia despite otherwise severe restrictions on its financial sector. Biden was set to announce the move as soon as Tuesday, the person said, speaking on the condition of anonymity to discuss the matter before an announcement. The White House said Biden would speak on Tuesday morning to announce actions to continue to hold Russia accountable for its unprovoked and unjustified war on Ukraine. The US will be acting alone, but in close consultation with European allies, who are more dependent on Russian energy supplies. Natur

Gas prices in Europe hit new all-time high, reaching over $3,600

Gas prices in Europe skyrocketed on Monday, reaching over $3,600 per 1,000 cubic meters for the first time in history.

Shooting a bunch of missiles at the architecture of globalisation

The West's attempt to bring Vladimir Putin to heel by weaponising everything from aircraft spares to finance will have much wider repercussions, writes T N Ninan

Within days, Russia's war on Ukraine squeezes the global economy

Ocean rates may double or triple to $30K/ container & air freight costs are set to jump even higher

China will not join sanctions on Russia, says banking regulator

China, which has refused to condemn Russia's invasion of Ukraine, has repeatedly criticised what it calls illegal and unilateral sanctions

Inflation in 19 nations using euro sets record of 5.8% in Feb

Inflation in Europe hit a record high for the fourth month in a row, raising questions about when the central bank should step in to ease the pain to people's wallets while Russia's invasion of Ukrain

Economic dangers from Russia's Ukraine invasion ripple across globe

Moscow's war on Ukraine and the ferocious financial backlash it's unleashed are not only inflicting an economic catastrophe on President Vladimir Putin's Russia.