Business

The United States is calling for tougher UN sanctions following North Korea's test of its largest intercontinental ballistic missile. Kim Jong Un claims the launch is part of expanding his country's "nuclear war deterrent" and preparing for a long-term confrontation with the US. Analysts suggest the missile tests aim to pressure the US into recognizing North Korea as a nuclear power.

The Ukraine war is pushing Western Europe closer to the United States, with President Biden offering to help Europe reduce its 40% reliance on Russian natural gas. This move addresses a critical economic and geopolitical challenge stemming from years of European energy dependence on Russia.

The United States and European Union have signed a breakthrough data transfer deal, resolving long-standing privacy concerns. President Biden and European Commission President Ursula von der Leyen announced the agreement in Brussels, providing relief for thousands of companies struggling with data privacy regulations.

President Biden and Western allies announced new sanctions and humanitarian aid for Ukraine, pledging to welcome up to 100,000 Ukrainian refugees and provide $1 billion in essential supplies. Leaders discussed potential responses to potential chemical, biological, or nuclear threats from Russia.

The U.S. Trade Representative's office reinstated 352 product exclusions from Section 301 tariffs on Chinese imports, covering industrial components, car parts, consumer goods, and more. The exclusions are effective retroactively from Oct. 12, 2021, through Dec. 31, 2022.

The United States imposed additional sanctions on Russia, targeting dozens of defense companies, hundreds of parliament members, and the CEO of Russia's largest bank. The Treasury Department warned about potential sanctions on gold-related transactions, aiming to pressure Moscow over its invasion of Ukraine.

Singapore's core consumer price index rose 2.2% in February, lower than expected. The Monetary Authority of Singapore anticipates potential inflation risks from geopolitical and pandemic-related challenges, suggesting possible future policy adjustments.

Russia will partially reopen its stock market with restricted trading on 33 companies in the MOEX Index, nearly a month after shares plunged following the Ukraine invasion. Trading will include major state-owned companies like Gazprom and Rosneft, with heavy limitations to prevent massive selloffs.

[President Vladimir Putin announced Russia will require "unfriendly countries" to pay for natural gas exclusively in rubles, criticizing Western asset freezes and challenging current payment mechanisms for energy exports.]

British inflation jumped to 6.2% in February, the highest since 1992, driven by soaring energy bills and fuel prices. The increase puts additional strain on household budgets, with food prices rising across the board, prompting calls for government intervention.