Business

The European Union and United Kingdom have expanded sanctions against Russia, focusing on luxury items like pure-bred horses and truffles, while blocking Russian steel exports and restricting financial market access. The measures aim to further isolate Russia economically in response to its ongoing actions.

Asian markets experience significant losses as investors grapple with multiple challenges, including the ongoing Ukraine conflict, China's rising COVID-19 cases, and anticipated U.S. interest rate increase. MSCI's Asia-Pacific index falls 1.97%, with Chinese stocks leading the downturn, reflecting growing economic uncertainties.

Journalist Andrei Soldatov warns that Western tech companies cutting ties with Russia could inadvertently help Putin isolate citizens from independent information, potentially strengthening state propaganda during the conflict.

The UN Food and Agriculture Organization cautions that the war in Ukraine could severely impact global food security. With Ukraine and Russia accounting for one-third of global grain exports, the conflict threatens to escalate food prices and accessibility for vulnerable nations in northern Africa, Asia, and the Middle East.

A World Bank official suggests persistent high oil prices from the Ukraine conflict may significantly impact economic growth for countries like China, Indonesia, South Africa, and Turkey. The war exacerbates existing economic uncertainties, potentially hindering recovery from the COVID-19 pandemic and creating challenges for vulnerable populations.

President Biden halts Russian oil imports to punish Putin's invasion, acknowledging potential cost increases for Americans. The move supports Ukraine and aims to economically pressure Russia, with Biden stating, "We will not be part of subsidizing Putin's war."

The ongoing conflict in Ukraine's agricultural heartland is severely impacting global food production. With Ukrainian farmers unable to tend fields and ports closed, wheat exports are at risk. Countries dependent on Black Sea region grain face potential shortages and economic challenges in the coming months.

Reliance and Google postponed their planned ultra-affordable smartphone launch in November, citing industry-wide semiconductor shortages. The companies continue testing JioPhone, aiming to make it available during the Diwali festive season, despite pandemic-driven challenges in remote working and tech manufacturing.

Senate Democrats explore new revenue strategies for their $3.5 trillion spending bill, considering a tax on stock buybacks. Republicans criticize the proposal, arguing it could harm job creation and economic growth. The plan emerges as both parties position themselves for the 2022 mid-term elections.

Toyota and Honda have spoken out against a proposed $4,500 tax incentive for union-made electric vehicles in the United States. The automakers argue that the plan, part of a $3.5 trillion spending bill, unfairly discriminates against non-unionized American auto workers and their manufacturing efforts.