Chinese brands stay put in Russia for now

Chinese firms are staying put in Russia for the moment despite a growing exodus of Western companies - albeit bracing for growing uncertainty - taking a cue from Beijing’s stance of refraining from criticizing Moscow over its invasion of Ukraine.
5 March 2022, 18:00 PM

US says looking for ways to cut use of Russian oil

The White House is looking for ways to reduce US consumption of Russian oil while protecting American families from price hikes, an administration spokeswoman said Friday.
5 March 2022, 18:00 PM

Russians rush to shop amid rapid weakening of rouble, fears for future

In bright sunshine, a long queue of shoppers snaked outside an IKEA store near Moscow this week. Similar scenes were repeated across Russia as families rushed to spend their fast-depreciating roubles at the Swedish retailer which is exiting the crisis-hit country.
5 March 2022, 15:10 PM

Commodity prices at multi-year highs

Commodity markets extended their bull runs on Thursday, with aluminium, coal and palm oil all hitting new records while crude oil and wheat scaled multi-year highs as Russia’s invasion of Ukraine disrupted global raw material flows.
3 March 2022, 18:00 PM

Fitch, Moody’s slash Russia’s sovereign rating to junk

Ratings agencies Fitch and Moody’s downgraded Russia by six notches to “junk” status, saying Western sanctions threw into doubt its ability to service debt and would weaken the economy.
3 March 2022, 18:00 PM

Philippines to revive nuclear power to replace coal

Philippine President Rodrigo Duterte has signed an executive order to include nuclear power in the country’s energy mix, as authorities prepare for the phasing out of coal-fired power plants and after earlier efforts failed due to safety concerns.
3 March 2022, 18:00 PM

Turkey’s inflation surges to 54pc

Turkey’s annual inflation rate in February hit a two-decade high, data from the statistics agency showed Thursday, amid President Recep Tayyip Erdogan’s unorthodox policies to cut interest rates and a weakening currency.
3 March 2022, 18:00 PM

China to focus on boosting slowing economy

A property downturn, slowing economy and war in Ukraine loom large over this week’s annual convening of China’s legislature, with policymakers expected to focus on shoring up faltering growth.
3 March 2022, 18:00 PM

Russian firms rush to open accounts with Chinese state bank after int'l sanctions

The Moscow branch of a Chinese state bank has seen a surge in enquiries from Russian firms wanting to open new accounts, a person familiar with the matter said, as the country's businesses struggle with international sanctions after its invasion of Ukraine.
3 March 2022, 13:45 PM

State Bank of India stops processing transactions of sanctioned Russian entities

State Bank of India has stopped processing transactions of Russian entities which have been sanctioned by the West over Russia’s invasion of Ukraine.
3 March 2022, 11:03 AM

Russia accounts for 11% of world oil production; investors worried about stagflation

Oil prices sped higher on Thursday as the war in Ukraine drove a mad dash for resources in an ominous sign for global inflation, while Asian shares eked out gains after reassuring comments from the Federal Reserve helped Wall Street bounce.
3 March 2022, 09:14 AM

Canada economy grew 4.6pc in 2021

Canada’s economy grew 4.6 per cent in 2021, bouncing back from its worst plunge on record the previous year due to the pandemic, the government statistical agency said Tuesday.
2 March 2022, 18:00 PM

Sri Lanka runs out of fuel amid dollar crisis

Sri Lanka’s public transport was crippled Wednesday as buses ran out of diesel, officials said as the country’s foreign exchange crisis worsened with no dollars to import fuel.
2 March 2022, 18:00 PM

Saudi oil giant Aramco shares soar

Saudi energy giant Aramco’s shares rose to a record high on Wednesday amid a surge in global oil prices following Russia’s invasion of Ukraine.
2 March 2022, 18:00 PM

Collateral-free loans made available for digital SMEs

There’s  some good news for small-and-medium enterprises (SMEs) based online as  Shakti Foundation, a microfinance intuition, has joined hands with  Delivery Tiger, a courier and parcel service platform, to disburse  collateral-free loans among them, including F-commerce companies.
2 March 2022, 18:00 PM

Oil price surges past $110 as Russia sanctions bite

Asian stocks came under renewed pressure on Wednesday and the price of oil surged past $110 per barrel as investors worried about the impact of aggressive sanctions against Russia for invading Ukraine.
2 March 2022, 07:51 AM

Investors cut Russia exposure

Major investors, including hedge fund Man Group and British asset manager abrdn, said on Tuesday they were cutting their positions in Russia in the wake of the country’s invasion of Ukraine.
1 March 2022, 18:00 PM

China now buys more Iranian oil than before

China’s purchases of Iranian oil have risen to record levels in recent months, exceeding a 2017 peak when the trade was not subject to US sanctions, tanker tracking data showed.
1 March 2022, 18:00 PM

Jaguar Land Rover pauses Russian deliveries

Luxury carmaker Jaguar Land Rover (JLR) on Tuesday paused the delivery of vehicles to Russia, saying the current global situation had presented it with trading challenges.
1 March 2022, 18:00 PM

TotalEnergies stays put in Russia

TotalEnergies condemned what it called Moscow’s military aggression in Ukraine but stopped short on Tuesday of joining rivals Shell and BP in planning to exit positions in resource-rich Russia.
1 March 2022, 18:00 PM