Twitter blamed disappointing results Friday on  “headwinds,” including the uncertainty imposed on the company by Elon Musk’s chaotic buyout bid.

China will make great efforts to consolidate its economic recovery particularly in the crucial third quarter, putting a priority on stabilising employment and prices, state media reported on Friday after a regular cabinet meeting.

The global economy looks increasingly likely to be heading into a serious slowdown, just as the highest inflation in a generation prompts central banks to aggressively reverse the ultra-loose monetary policy adopted during the pandemic to support growth, data showed on Friday.

The United States and 17 allies have agreed to work together to improve and diversify global supply chains to avoid the shortages that plagued the economy during the pandemic, officials said Wednesday.

Having bucked a global dash to tighten monetary policy for a year, Asian central banks find themselves scrambling to catch up in order to tackle rising inflation and defend weakening currencies.

Ukraine has asked its creditors for a two-year payment freeze on its international bonds in a bid to focus its dwindling financial resources on repelling Russia.

Halting Russian gas supplies to Germany would cost Europe’s largest economy 1.5 per cent of its GDP in 2022, the International Monetary Fund said Wednesday, as concerns mount that Moscow will further squeeze supply.

Stock markets eased on Thursday as a resumption of Russian gas supplies to Europe lifted the euro ahead of the European Central Bank’s anticipated first interest rate hike in over a decade to quell inflation.

Surging petrol and food prices last month pushed British inflation to its highest rate in 40 years, according to official figures that bolstered the chances of a rare half percentage-point Bank of England interest rate hike next month.

Russia held its spot as China’s top oil supplier for a second month in June as Chinese buyers cashed in on lower-priced supplies, slashing more costly shipments from Saudi Arabia, data showed on Wednesday.

Turkey next month will resume drilling operation near the divided island of Cyprus, a top official said Wednesday, threatening to spark a new diplomatic row with the EU.

The EU is preparing to carve out exceptions in its tough sanctions against Moscow that would unblock assets at Russian banks linked to trade in food and fertiliser, a document showed on Tuesday.

China has ramped up approvals for new coal power plants this year, Greenpeace said Wednesday, with authorities trying to lower the risk of economically painful electricity shortages.

The US economy is on solid footing and in good position to avoid a downturn, even amid rising interest rates, but still faces a number of global hazards, Treasury Secretary Janet Yellen said Tuesday.

Russian gas flows via the Nord Stream 1 pipeline are likely to restart on time on Thursday after the completion of scheduled maintenance but at lower than its full capacity, two Russian sources familiar with the export plans told Reuters.

A petrodollar windfall is helping some Gulf Arab states pay down debt and providing cash for others to diversify their oil-reliant economies, but it is also testing commitments to fiscal discipline as governments try to shield citizens from inflation.

The European Union told members states on Wednesday to cut gas usage by 15 per cent until March as part of an emergency plan after President Vladimir Putin warned that Russian supplies sent via the biggest pipeline to Europe could be reduced further.

The British pound rose against a broadly struggling dollar but fell against a stronger euro on Tuesday as latest economic data suggested the cost-of-living squeeze had not yet hit demand for staff in the UK.

Italy’s Eni, US major Occidental, France’s Total and the Algerian group Sonatrach signed a $4 billion oil and gas production-sharing contract Tuesday for the Berkine field in the country’s southeast.

France’s government is offering to pay 9.7 billion euros ($9.85 billion) to take full control of EDF, in a buyout deal that gives it a free hand to run Europe’s biggest nuclear power operator as it grapples with a continent-wide energy crisis.