Britain’s economy grew by less than expected in July, raising the risk that it is already in a recession, with the sharp climb in energy tariffs hurting demand for electricity and a leap in the cost of materials hitting the construction sector.

The United States faces  “a risk” of recession as its battle against inflation could slow the nation’s economy, but a serious downturn can still be avoided, Treasury Secretary Janet Yellen said Sunday.

India’s restrictions on rice exports have paralysed trading in Asia, with buyers scouring for alternative supplies from Vietnam, Thailand and Myanmar where seller are holding off on deals as prices rise, industry officials said.

The Bank of Japan is expected to end as scheduled a pandemic-relief funding scheme this month and discuss adjustments to a policy guidance that flags the Covid-19 pandemic as the top economic risk, three sources familiar with its thinking say.

Economists hiked their estimate for annual inflation in Argentina this year to 95 per cent, a monthly poll published Friday by the central bank showed, as the country struggles to overcome a prolonged economic crisis marked by soaring prices.

Tanker trucks filled with milk collected from across northern France waited in line to unload their precious cargo at one of the country’s biggest yoghurt factories on a recent morning, but this ritual is at risk as the nation considers how to cut energy use.

Japanese industry minister Yasutoshi Nishimura said he hopes to hold a meeting by the government and the heads of automakers to talk about the future of the automobile industry as early as next month, Kyodo news agency said on Sunday.

General Motors has lost its mojo in China.

Russian bank Unistream, which specialises in money transfers, has seen a surge in remittances since Moscow began operations in Ukraine and plans to launch instant transfers to India, Turkey and countries in Africa, its board chairman told Reuters.

Indian authorities on Sunday said they had arrested a man who had masterminded the creation of many shell companies linked to China and appointed dummy directors to run the fraudulent businesses.

The Hong Kong Special Administrative Region government on Thursday welcomed the Fraser Institute’s recognition of the territory as the world’s freest economy.

Banks in Bangladesh would offer a maximum of Tk 108 for remittances coming through the exchange houses and Tk 99 to the exporters in case of purchase of US dollars from them.

Indian conglomerate Tata Group is in talks with Taiwanese supplier Wistron Corp to establish a joint venture to assemble Apple’s iPhones in India, Bloomberg News reported on Friday.

Apple and Alphabet’s Google are facing a probe over anti-competitive practices in Mexico after the country’s former telecommunications chief filed a complaint, he said in a statement on Twitter on Friday.

Federal Reserve officials on Friday ended their public comment period ahead of the US central bank’s September 20-21 policy meeting with strong calls for another oversized interest rate increase to battle high inflation.

India’s decision to curb rice exports is expected to lift world prices of the staple and trigger a rally in rival wheat and corn markets, deepening concerns over food inflation.

Russia’s economy shrank 4.1 per cent year-on-year in the second quarter of 2022, data from the federal statistics service Rosstat showed on Friday, revising the contraction assessment from the previously reported 4.0 per cent.

The United States and a group of Asian allies on Friday agreed on a set of negotiating targets, notably on trade and supply chains, as Washington looks to offer an alternative to the economic might of China in the region.

Indian businesses want to invest in energy, transport and agro-processing sectors in Bangladesh, Commerce Minister Tipu Munshi said yesterday.

Britain’s new Prime Minister Liz Truss on Wednesday readied the final details of a plan to tackle soaring energy bills, which looks likely to cool inflation but add more than 100 billion pounds ($115 billion) to the country’s borrowing.