Money & Finance

Standard & Poor's has downgraded Russia's credit rating to "selective default" after the country attempted to pay foreign bond payments in rubles instead of dollars. The agency believes Russia cannot convert rubles to dollars within the grace period and expects sanctions to further complicate its financial situation.

SpaceX successfully launched three international business entrepreneurs to the International Space Station, marking a milestone in private space travel. Passengers from the US, Canada, and Israel will spend over a week orbiting Earth, paying $55 million per ticket for this exclusive space experience.

UN report reveals food prices hit highest point since 1990, with grains and vegetable oils experiencing significant price increases, primarily driven by supply disruptions caused by Russia-Ukraine conflict.

The European Union has banned Russian coal, marking its first significant energy sanctions over the Ukraine conflict. While the €4 billion annual ban represents a symbolic break from Russian energy dependence, the bloc struggles to agree on more impactful oil and gas embargoes that could trigger domestic economic recession.

Congress voted overwhelmingly to suspend normal trade relations with Russia and ban its oil imports. The Senate approved the bills unanimously, and they now await President Biden's signature, formalizing previous executive actions against Russian energy imports.

Germany's government unveils a comprehensive "Easter package" to dramatically boost renewable energy production, targeting nearly 100% renewable electricity by 2035. The reforms simplify bureaucratic processes and prioritize wind and solar installations, driven by goals of energy independence and climate protection.

The United Nations will vote on suspending Russia from the Human Rights Council following the discovery of civilian bodies in Bucha, near Kyiv. U.S. Ambassador Linda Thomas-Greenfield calls for Russia's removal after disturbing evidence of potential war crimes.

The United States has rolled out fresh financial sanctions against Russia, focusing on President Vladimir Putin's family and blocking key Russian banks. The UK and EU are following suit, escalating economic pressure over the war in Ukraine.

Asia is investing over US$350 billion in gas projects, aiming to reduce coal usage while navigating the complex transition to cleaner energy sources. The region's infrastructure expansion highlights the ongoing global debate about fossil fuels and sustainable development.

Guyana has granted ExxonMobil permission to develop its fourth offshore oil field, the $10 billion Yellowtail Project. Expected to produce up to 250,000 barrels per day, the project will come onstream by 2025, adding to the company's existing Liza and Payara fields.