Money & Finance

President Biden declared a ban on Russian oil imports, stating the US will not "subsidize Putin's war". The move follows Ukrainian President Zelenskyy's pleas and aims to increase economic pressure on Russia. Biden acknowledged that defending freedom will come with increased energy costs for Americans.

Reliance Jio and Google have delayed their planned ultra-affordable smartphone launch in November, citing industry-wide semiconductor constraints affecting production across tech and automotive sectors.

Senate Democrats are exploring a stock buyback tax to help finance their $3.5 trillion spending package. With challenges in raising traditional corporate taxes, this approach seeks alternative revenue sources. Republicans argue such measures could harm job growth and economic recovery, setting the stage for heated debates ahead of the 2022 midterm elections.

Toyota and Honda are opposing a Democratic proposal that would provide an additional $4,500 tax incentive for union-made electric vehicles in the United States. Both automakers argue the plan discriminates against non-union workers and unfairly benefits Detroit's Big Three automakers with unionized plants.

In a significant diplomatic development, President Joe Biden spoke with Chinese President Xi Jinping seven months after his inauguration, raising hopes for reducing the economic and trade tensions that escalated during the Trump administration.

Wall Street and European stocks experience a downturn as investors worry about economic recovery pace. The Dow Jones dropped 0.2%, S&P 500 lost 0.13%, and Nasdaq fell 0.57%. Concerns include rising coronavirus infections and slower job creation, raising questions about central bank responses.

Moody's reports global Sukuk issuance will remain flat in 2023 after five years of growth. The first half sees a 3% increase to $102 billion, with Southeast Asian markets driving sales while Gulf Cooperation Council governments reduce financing needs due to higher crude prices.

Finance Minister Tengku Zafrul emphasizes the need for unorthodox ideas and innovative business models to drive Malaysia's economic transformation, particularly in the context of pandemic-induced challenges.

Malaysia is actively working to mitigate semiconductor order backlogs that emerged during COVID-19 lockdowns. Global supply chain challenges, including factory disruptions, transportation incidents, and limited manufacturing capacity, have contributed to ongoing component shortages in the integrated circuit sector.

China has announced a $31 million humanitarian aid package for Afghanistan, aimed at helping the country combat COVID-19, address malnutrition, and rebuild its economy. The aid was announced by Chinese Foreign Minister Wang Yi during a regional diplomatic meeting.