Money & Finance

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.

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."

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.

In a significant diplomatic development, President Joe Biden spoke directly with Chinese President Xi Jinping seven months after taking office, signaling a potential shift in the strained US-China relations that had escalated during the Trump administration.

World stocks tumble amid worries over economic recovery pace. Wall Street and European markets suffer losses as Delta variant spreads and US job growth slows. Dow drops 0.2%, S&P 500 loses 0.13%, Nasdaq falls 0.57%. Investors assess central bank responses to recent economic data.

Moody's reports global Sukuk issuance expected to remain flat in 2023 after five years of growth. Higher crude prices reduce Gulf governments' financing needs. First-half issuance predicted at US$102 billion, with Malaysia and Indonesia driving sales, while Gulf region sees decline.