Swedish truck maker Volvo on Tuesday reported higher sales and profits in the second quarter despite the company still feeling the effects of global supply chain disruptions.

Europe’s efforts to diversify suppliers will not be enough to get it through winter without Russian gas, the head of the International Energy Agency warned Monday, urging immediate efforts to cut demand.

Despite mounting worries over inflation, just-released bank earnings painted a resilient picture of the US economy and consumer, generating talk that any recession might be milder than earlier downturns.

France secured promises of new energy supplies from the United Arab Emirates on Monday after talks between President Emmanuel Macron and UAE leader Sheikh Mohamed bin Zayed Al-Nahyan in Paris.

The Indian rupee fell to more than 80 per US dollar for the first time on record Tuesday, as the greenback extended its rally and foreign capital outflows intensified.

European Central Bank policymakers will discuss whether to raise interest rates by a bigger-than-expected 50 basis points at their meeting on Thursday to tame record-high inflation, two sources with direct knowledge of the discussion told Reuters.

The Bangladesh Bank yesterday extended the increased borrowing limit from the Export Development Fund (EDF) for textile millers and garment makers to December 31 this year. 

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.

Russia’s blockade of Ukrainian ports threatens grain supplies to tens of thousands of people vulnerable to starvation and must end, EU foreign policy chief Josep Borrell warned Monday.

Amazon, seeking an edge amid a deteriorating cost of living crisis, will match UK grocery market leader Tesco’s prices on hundreds of products, it said on Monday.

Inflation in New Zealand rose to a 32-year high of 7.3 per cent on-year in the second quarter, according to official figures released Monday.

US Treasury Secretary Janet Yellen will call on Tuesday for deeper trade ties among allies to fortify their supply chains, combat inflation and thwart China’s  “unfair trade practices” and efforts to dominate key raw materials and technologies markets.

Indian traders and shopkeepers will hold a nationwide protest next week against a hike in taxes on a range of products and services, including food grains and household items, that went into effect on Monday, a top official of a leading traders’ group said.

World equity markets got off to a solid start on Monday and the euro pulled away from parity as market participants scaled back bets on the Federal Reserve interest rate hike next week and on optimism spurred by central bank pledges to support China’s economy.

H&M, the world’s second-biggest fashion retailer, said on Monday it had decided to wind down its business in Russia, joining a growing list of companies fully exiting the country and sending its shares down 1 per cent.

The European Central Bank will raise its interest rates on Thursday for the first time in over a decade, but the bank is already under pressure to do more amid record inflation.

Oil prices extended gains on Monday, propped up by a weaker dollar and tight supplies that offset concerns about recession and the prospect of widespread Covid-19 lockdowns in China again reducing fuel demand.

The United States will look for every opportunity to move ahead and enact a global minimum corporate tax agreement despite the opposition of a key Democratic senator, Joe Manchin, to raising corporate taxes, US Treasury Secretary Janet Yellen said.

The euro’s plunge against the dollar, triggered by the Ukraine war and mounting risks to the EU economy, has driven the two currencies to parity for the first time in two decades.