German industrial orders rise

Incoming orders to German industry increased again in January, official figures published Monday showed, as the government warned of economic disruption from the war in Ukraine.
7 March 2022, 18:00 PM

Gold above $2,000

Gold climbed to its highest in one-and-half years on Monday and palladium hit an all-time high on safe-haven asset appeal, while nickel soared over 20 per cent on fears of supply disruptions tied to sanctions on Russia and continued fighting in Ukraine.
7 March 2022, 18:00 PM

Global oil price highest since 2008

Oil prices soared to their highest since 2008 due to delays in the potential return of Iranian crude to global markets and as the United States and European allies consider banning imports of Russian oil.
7 March 2022, 07:33 AM

Russia to let banks cut back reporting results

Russia’s central bank announced Sunday it was allowing lenders in the country to reduce the frequency of their financial disclosures, a measure it said was necessary to mitigate sanctions fallout.
6 March 2022, 18:00 PM

Russian shops to limit food sales to counter black market

Retailers in Russia will limit sales of essential foodstuffs to limit black market speculation and ensure affordability, the government said Sunday, as sanctions imposed over Moscow’s military incursion into Ukraine began to bite.
6 March 2022, 18:00 PM

War in Ukraine will have severe impact on global economy: IMF

The International Monetary Fund on Saturday said it expected to bring Ukraine’s request for $1.4 billion in emergency financing to its board for approval as early as next week and was in talks about funding options with authorities in neighboring Moldova.
6 March 2022, 18:00 PM

Global banks face costly, arduous process to exit Russia

Global banks face an arduous and costly process if they decide to close businesses in Russia, banking sources and experts say, complicating decisions over whether they should withdraw.
6 March 2022, 18:00 PM

Exports to Russia, Ukraine hit snag

Russia and Ukraine-bound exports, especially garments, are now faced with an uncertain future as shipping lines are understandably not too eager to carry goods to war zones.
6 March 2022, 18:00 PM

Several Russian banks to start issuing cards using Chinese UnionPay

Several Russian banks said on Sunday they would soon start issuing cards using the Chinese UnionPay card operator's system coupled with Russia's own Mir network, after Visa and MasterCard said they were suspending operations in Russia.
6 March 2022, 10:18 AM

Food prices jump 24pc to hit record high

World food prices hit a record high in February, led by a surge in vegetable oils and dairy products, to post a 24.1  per cent increase year-on-year, the UN food agency said on Friday.
5 March 2022, 18:00 PM

Chinese brands stay put in Russia for now

Chinese firms are staying put in Russia for the moment despite a growing exodus of Western companies - albeit bracing for growing uncertainty - taking a cue from Beijing’s stance of refraining from criticizing Moscow over its invasion of Ukraine.
5 March 2022, 18:00 PM

US says looking for ways to cut use of Russian oil

The White House is looking for ways to reduce US consumption of Russian oil while protecting American families from price hikes, an administration spokeswoman said Friday.
5 March 2022, 18:00 PM

Russians rush to shop amid rapid weakening of rouble, fears for future

In bright sunshine, a long queue of shoppers snaked outside an IKEA store near Moscow this week. Similar scenes were repeated across Russia as families rushed to spend their fast-depreciating roubles at the Swedish retailer which is exiting the crisis-hit country.
5 March 2022, 15:10 PM

Commodity prices at multi-year highs

Commodity markets extended their bull runs on Thursday, with aluminium, coal and palm oil all hitting new records while crude oil and wheat scaled multi-year highs as Russia’s invasion of Ukraine disrupted global raw material flows.
3 March 2022, 18:00 PM

Fitch, Moody’s slash Russia’s sovereign rating to junk

Ratings agencies Fitch and Moody’s downgraded Russia by six notches to “junk” status, saying Western sanctions threw into doubt its ability to service debt and would weaken the economy.
3 March 2022, 18:00 PM

Philippines to revive nuclear power to replace coal

Philippine President Rodrigo Duterte has signed an executive order to include nuclear power in the country’s energy mix, as authorities prepare for the phasing out of coal-fired power plants and after earlier efforts failed due to safety concerns.
3 March 2022, 18:00 PM

Turkey’s inflation surges to 54pc

Turkey’s annual inflation rate in February hit a two-decade high, data from the statistics agency showed Thursday, amid President Recep Tayyip Erdogan’s unorthodox policies to cut interest rates and a weakening currency.
3 March 2022, 18:00 PM

China to focus on boosting slowing economy

A property downturn, slowing economy and war in Ukraine loom large over this week’s annual convening of China’s legislature, with policymakers expected to focus on shoring up faltering growth.
3 March 2022, 18:00 PM

Russian firms rush to open accounts with Chinese state bank after int'l sanctions

The Moscow branch of a Chinese state bank has seen a surge in enquiries from Russian firms wanting to open new accounts, a person familiar with the matter said, as the country's businesses struggle with international sanctions after its invasion of Ukraine.
3 March 2022, 13:45 PM

State Bank of India stops processing transactions of sanctioned Russian entities

State Bank of India has stopped processing transactions of Russian entities which have been sanctioned by the West over Russia’s invasion of Ukraine.
3 March 2022, 11:03 AM