Business

Putin's attempt to create a China-like internet firewall is exposed by Western tech companies' withdrawal, leaving Russians with limited but critical information channels during the Ukraine invasion.

The UN Food and Agriculture Organization cautions that the war in Ukraine could significantly escalate food shortages in northern Africa, Asia, and the Middle East. Ukraine and Russia, key grain exporters, face disrupted agricultural activities, potentially driving up already high international food prices.

A World Bank official says persistent high oil prices from the Ukraine war could reduce growth by a full percentage point for large oil-importing developing economies. The conflict further complicates economic recovery challenges from the COVID-19 pandemic, affecting vulnerable populations globally.

President Joe Biden declares a ban on Russian oil imports, aiming to cut off funding for Russia's war in Ukraine. Warning Americans of potential price increases, he emphasized the cost of defending freedom and stood in solidarity with Ukrainian President Zelenskyy's plea for economic action.

The ongoing war in Ukraine's fertile Black Sea region risks massive agricultural disruption, with farmers unable to cultivate lands and key ports closed, potentially causing wheat shortages and price increases worldwide starting July.

Reliance Industries which is an Indian conglomerate delayed the launch of a low-cost smartphone. Which they were developing with Google in November. They cited...

Senate Democrats are exploring a new tax on stock buybacks to help finance their $3.5 trillion spending bill. This comes as they seek alternative revenue sources amid challenges to raising taxes on wealthy individuals and corporations. The proposal is part of ongoing budget negotiations and political positioning for the upcoming midterm elections.

Toyota and Honda have spoken out against a proposed tax incentive plan by House Democrats that would provide an additional $4,500 tax break for union-made electric vehicles. The automakers argue the bill discriminates against workers who choose not to unionize, potentially benefiting Detroit's Big Three automakers with union-represented plants.

In a significant diplomatic breakthrough, President Biden spoke with Chinese President Xi Jinping seven months after taking office, signaling a potential shift in the strained US-China relations that intensified during the Trump administration's trade war.

Wall Street and European stocks experience significant drops amid worries about economic recovery pace. Dow Jones falls 0.2%, S&P 500 loses 0.13%, and Nasdaq drops 0.57% as markets assess recent US job data and potential central bank responses.