Poland to ‘de-Russify’ economy

Poland will take steps to sever economic ties with Moscow, the prime minister said on Friday, in a process of  “de-Russification” in response to Russia’s invasion of Ukraine.
20 March 2022, 18:00 PM

Myanmar junta approves sale of Telenor subsidiary

Myanmar’s junta has approved the sale of Norwegian telecoms giant Telenor’s Myanmar subsidiary to Lebanese conglomerate M1 Group, both companies said on Friday, in a move activist groups warn could put sensitive customer data in the hands of the military.
20 March 2022, 18:00 PM

Saudi Aramco’s profit more than doubles

Energy giant Saudi Aramco said Sunday its 2021 net profit soared by more than 120 per cent, due to higher crude prices, as global economic growth recovered from a pandemic-induced downturn.
20 March 2022, 18:00 PM

Rouble down near 25pc in 4 weeks

The Russian rouble fell in light trading in Moscow on Friday, with trading on separate exchanges stabilising beyond 100 to the dollar, after the central bank opted to hold rates at 20 per cent and said it would start purchasing OFZ government bonds.
19 March 2022, 18:00 PM

Global lenders see widespread economic fallout

The International Monetary Fund, the World Bank and other top global lenders warned Friday of  “extensive” economic fallout from Russia’s invasion of Ukraine and expressed horror at the  “devastating human catastrophe”.
19 March 2022, 18:00 PM

Food price spikes may push 40m into extreme poverty

Massive price spikes for food and energy sparked by Russia’s invasion of Ukraine will push over 40 million people into extreme poverty, the Center for Global Development (CGDEV) said on Friday, warning against export curbs and sanctions on Russian food production.
19 March 2022, 18:00 PM

Govt makes $22.4m insurance claim

Bangladesh Shipping Corporation (BSC) is seeking $22.4 million from its insurer for a cargo ship hit by a missile in March, government officials with knowledge of the talks said, in the first major marine insurance claim from the conflict in Ukraine, reported Reuters.
19 March 2022, 18:00 PM

Asian stocks rally as fears ease over Ukraine, Fed and China

Hong Kong led strong gains in Asian stock markets on Thursday, buoyed by signs of progress in peace talks between Russia and Ukraine and by expectations of more support for China’s wobbly economy.
17 March 2022, 18:00 PM

Toyota to cut global production by 17pc

Toyota Motor Corp said on Thursday it is cutting its global vehicle production target in April by 150,000 units to 750,000 as a continued semiconductor shortage and the Covid-19 pandemic bite into the automaker’s production plans.
17 March 2022, 18:00 PM

Cash-strapped Sri Lanka seeks IMF bailout

Sri Lanka will seek an International Monetary Fund bailout, President Gotabaya Rajapaksa said on Wednesday, to battle record inflation and unprecedented food and fuel shortages as the country runs out of dollars to finance imports.
17 March 2022, 18:00 PM

Why investors not upbeat about bank stocks anymore

Bank stock prices have been low for several years now despite providing handsome annual dividends and this begs the question, why are investors less enthusiastic about buying shares in what was once dubbed the most attractive sector?
17 March 2022, 18:00 PM

Moscow sets out new controls on foreigners trading Russia assets

Russia has set out strict rules for foreigners seeking permits to buy and sell Russian securities and real estate, a client memo by Citigroup showed, as details emerge of new state controls on investment in response to Western sanctions.
17 March 2022, 18:00 PM

Ukraine war to halve Germany’s growth: think tank

Russia’s invasion of Ukraine will have a heavy impact on the German economy, cutting its 2022 growth forecast by almost half to 2.1 percent, economic institute IfW said Thursday.
17 March 2022, 18:00 PM

Saudi prince faces dilemma over Russia and China

The United States and Britain are ramping up pressure on Saudi Arabia to pump more oil and join efforts to isolate Russia, while Riyadh has shown little readiness to respond and has revived a threat to ditch dollars in its oil sales to China.
17 March 2022, 18:00 PM

Russia teeters on brink of historic default

The economic cost of Russia’s assault on Ukraine was fully exposed on Wednesday as Vladimir Putin’s sanctions-ravaged government teetered on the brink of its first international debt default since the Bolshevik revolution.
16 March 2022, 18:00 PM

Indian oil company set to buy 3 mn barrels of Russian crude oil at discount

India’s state-owned Oil Corporation (IOC) has made a contract to buy three million barrels of crude oil Russia offered at a steep discount on prevailing international rates in the first purchase since the Russian invasion of Ukraine.
16 March 2022, 17:19 PM

US dollar's reign in oil market may face challenge, as Saudi eyes yuan-based deal with China

Saudi Arabia is in active talks with Beijing to price part of its oil shipments in yuan, people familiar with the situation said – a move that could erode the US dollar's dominance in the global petroleum market, The Wall Street Journal reports.
16 March 2022, 07:20 AM

Ukraine economy could collapse if war drags on: IMF

The government in Kyiv continues to function, the banking system is stable and debt payments are viable in the short term, but the Russian invasion could plunge Ukraine into a devastating recession, the IMF said Monday.
15 March 2022, 18:00 PM

EU approves new round of Russia sanctions

The European Union formally approved on Tuesday a new barrage of sanctions against Russia for its invasion of Ukraine, which include bans on investments in the Russian energy sector, luxury goods exports and imports of steel products from Russia.
15 March 2022, 18:00 PM

Oil prices plunge

Oil prices tumbled to their lowest levels in almost three weeks on Tuesday as supply disruption fears eased and as surging Covid-19 cases in China spurred demand concerns.
15 March 2022, 18:00 PM