Global edible oil consumers have no option but to pay top dollar for supplies after Indonesia’s surprise palm oil export ban forced buyers to seek alternatives, already in short supply due to adverse weather and Russia’s invasion of Ukraine.

Pakistan’s new finance minister on Friday agreed with IMF recommendations to reduce fuel subsidies and end a business tax amnesty scheme, pledging to pursue structural reforms to boost a crisis-wracked economy.

The economy of Shanghai, China’s most populous city, slowed in the first quarter from the end of 2021, hurt by rare declines in industrial output and retail sales that were hammered by the country’s most serious Covid outbreak.

The Group of 20 major economies cannot effectively function as long as Russia remains a member, Canada’s finance minister said on Friday after a week of protests of Moscow’s war in Ukraine at the International Monetary Fund and World Bank meetings in Washington.

Elon Musk can’t spend it fast enough. The Tesla chief executive has lined up a $46.5 billion financing package to buy Twitter, if he decides to give it a go.

Luxury sports car maker Ferrari will recall 2,222 cars in China due to a potential fault in its braking systems, China’s market regulator said in a statement on Friday.

Japan’s ruling coalition on Thursday agreed a supplementary budget to support lower-income households and small firms, signalling more spending for the heavily indebted nation as it battles inflationary pressures for the first time in decades.

If the wave of inflation gripping the eurozone doesn’t abate, ECB chief Christine Lagarde said on Friday she sees  “a strong likelihood” that the bank will hike rates before 2022 ends.

Young men on bikes and scooters zip through Cairo, Egypt’s sprawling megalopolis, dodging cars to deliver more than a million orders each day, with little physical or legal protection.

Global stock markets dropped sharply Friday as the latest hawkish commentary from the Federal Reserve sent investors fleeing equities on worries over higher interest rates.

S&P Global Ratings on Friday upgraded Greece’s debt rating to BB+, citing its improving economy even as the country deals with the shocks from the war in Ukraine.

Some Chinese state banks, such as Bank of China and Bank of Communications, will cut deposit rate ceilings on Monday, joining smaller lenders, sources told Reuters. The planned cuts come a week after regulators encouraged smaller banks to lower the ceiling for their deposit rates. The moves will also coincide with China’s reduction in banks’ reserve requirements, effective on Monday.

Britain’s economy is heading for a slowdown, or possibly even a recession, as consumers and businesses are hit by the leap in inflation, higher taxes, rising interest rates and uncertainty caused by the war in Ukraine.

Indonesian Finance Minister Sri Mulyani Indrawati on Friday joined a growing chorus of officials calling for reforms aimed at better equipping the World Bank to address mounting global challenges such as climate change and the changing nature of its clients.

India is planning new rules to make batteries used in scooters, motorcyles and three-wheeled rickshaws swappable across different models, part of a proposed new policy released by think-tank Niti Aayog.

India’s top retailer Reliance on Saturday called off its $3.4 billion deal with Future Group, saying it “cannot be implemented” after Future’s secured creditors rejected it.

Indonesia, the world’s top palm oil producer, announced plans to ban exports of the most widely used vegetable oil on Friday, in a shock move that could further inflame surging global food inflation.

Europe can get by without Russian gas for six months, but beyond that, the economic impact would be severe, a senior IMF official told AFP.

Japan and Russia struck a deal on Tokyo’s fishing quota to catch salmon and trout born in Russian rivers, Japan’s fisheries agency said on Saturday, despite worsening ties over the crisis in Ukraine.

Alphabet unit Google, Meta and other large online platforms will have to do more to tackle illegal content or risk hefty fines under new internet rules agreed between European Union countries and EU lawmakers on Saturday.