Russia’s energy giant Gazprom said Tuesday that China will start paying for Russian gas in rubles and yuan instead of US dollars, as Moscow seeks closer ties with Beijing in the wake of Western sanctions over Ukraine.

Turkey’s annual inflation climbed to a fresh 24-year high of 80.21 per cent in August, a bit below expectations according to data on Monday, after the central bank unexpectedly cut interest rates and stoked a nearly year-long cost-of-living crisis.

India reported on Friday that its trade deficit narrowed slightly to $28.7 billion in August from a record high of $30 billion in the previous month. Here are the views of some analysts:

European gas prices rocketed as much as 30 per cent higher on Monday after Russia said one of its main gas supply pipelines to Europe would stay shut indefinitely, stoking renewed fears about shortages and gas rationing in the European Union this winter.

The Opec+ oil cartel agreed Monday to cut production for the first time in more than a year as it seeks to lift prices that have tumbled due to recession fears.

The euro zone is almost certainly entering a recession, with surveys on Monday showing a deepening cost of living crisis and a gloomy outlook that is keeping consumers wary of spending.

The euro sunk below $0.99 on Monday, a 20-year-low, following the announcement last week that Russia would cut off gas deliveries to Germany via the Nord Stream pipeline.

As the world grapples with a food insecurity problem induced by rising geopolitical tension and Covid-19, Indonesia, which is expected to take over the ASEAN leadership next year, is proposing that countries within the grouping set up a kind of region-wide food bank.

Germany’s constiutional debt brake will not be affected by a 65 billion euro ($64.68 billion) relief package to help citizens and companies cope with rising inflation, Finance Minister Christian Lindner said in Sunday.

The government yesterday approved the applications of 49 businessmen to export 2,450 tonnes of hilsa to India as the demand for this kind of fish rises among Indian consumers ahead of Durga Puja, the biggest religious festival in the neighbouring country, scheduled to be held next month.

The central bank yesterday relaxed the rules on credit rescheduling and restructuring for the borrowers who have defaulted on the repayments of loans with non-bank financial institutions (NBFIs). 

An 11-member technical mission of the World Bank reached Chattogram port yesterday to discuss various aspects of proposed Bay Terminal, a mega project taken to enable the port accommodate larger ships.

Capping the price of Russian oil, an approach G7 members said Friday they want to pursue “urgently,” would be an unprecedented move and one which some analysts say could backfire.

The German government on Sunday unveiled a new multi-billion euro plan to help housesholds cope with soaring prices, and said it was eyeing windfall profits from energy companies to help fund the relief.

An 11-member technical mission of the World Bank reached Chattogram port today to discuss various aspects of proposed Bay Terminal, a mega project taken to enable the port accommodate larger ships.

India’s gross domestic product data indicated that while domestic demand improved in the June quarter, growth was much slower in the sectors hardest hit by the pandemic, signalling deeper scarring and lower trend growth, Nomura said on Friday.

Indonesia raised subsidised fuel prices by about 30 per cent on Saturday, as the government moves to rein in ballooning subsidies despite a risk of mass protests.

The British government is set to release data showing around 1.1 billion pounds of small business loans ($1.27 billion) made under a Covid-19 emergency lending scheme has already been classified as suspected fraud, a source told Reuters.

The Indian rupee declined on Friday as the US dollar climbed after data showed the labour market remained strong in the United States, furthering the case for the Federal Reserve to keep tightening rates.

Oil prices rose on Friday on expectations that Opec+ will discuss output cuts at a meeting on September 5, though concern over China’s Covid-19 curbs and weakness in the global economy loomed over the market.