Money & Finance

Malaysia secured RM123.3 billion in approved investments from January to June 2022, with foreign direct investments contributing 70.9% of the total. The services sector led the economic recovery, accounting for 63.3% of approved investments and supporting the creation of 57,771 potential job opportunities.

Arizona Governor Doug Ducey met with Taiwanese President Tsai Ing-wen, celebrating a major semiconductor investment that underscores growing economic cooperation between Taiwan and the United States.

The International Monetary Fund has reached a preliminary agreement to provide Sri Lanka with $2.9 billion over four years to help the country recover from its worst economic crisis. The package aims to restore financial stability and requires approval from IMF management and creditors.

President Joe Biden traveled to Iowa to announce a potential gasoline price reduction by waiving ethanol blending restrictions. The move aims to provide some relief amid 8.5% inflation, the highest in 40 years. However, the impact remains uncertain and limited in scope.

President Biden is set to speak with Prime Minister Narendra Modi amid tensions over India's neutral stance on the Russia-Ukraine war. India has abstained from UN votes condemning Russia, raising concerns in Washington while drawing praise from Russian Foreign Minister Sergey Lavrov.

Standard & Poor's has downgraded Russia's credit rating to "selective default" after Russia attempted to pay foreign bond payments in rubles instead of dollars. The agency believes Russia cannot convert rubles to dollars within the grace period, increasing the likelihood of a historic default triggered by international sanctions.

SpaceX successfully launched its first private charter flight to the International Space Station, carrying three international businessmen who each paid $55 million for the week-long orbital experience, marking a significant milestone in commercial space travel.

The UN Food and Agriculture Organization reports food commodity prices have reached record highs, with grains rising 17.1% due to the Ukraine conflict. The war threatens millions with hunger in Africa and the Middle East by massively disrupting international food supply chains.

The European Union has agreed to ban Russian coal, marking its first sanctions on Russia's energy sector. While the move is estimated to cost Russia 4 billion euros annually, the EU struggles to impose similar restrictions on oil and natural gas due to potential economic risks.

Congress overwhelmingly approved suspending normal trade relations with Russia and banning its oil imports. The Senate unanimously passed the bills, which now go to President Biden for signature. This legislative action follows Biden's previous executive order to block Russian energy imports amid ongoing conflict in Ukraine.