IMF set to provide $2.9 billion to help crisis-hit Sri Lanka
The International Monetary Fund has agreed to provide Sri Lanka with $2.9 billion over four years to help the country overcome its worst economic crisis. The package is contingent on creditor approvals and aims to restore financial stability and economic growth potential.
Biden waiving the ethanol rule in a bid to lower gasoline...
President Joe Biden traveled to Iowa to announce a modest strategy for reducing gasoline prices by temporarily waiving ethanol blending restrictions. The move comes as inflation reaches a 40-year high, with consumer prices jumping 8.5% in March compared to the previous year.
Biden, Modi to speak as US presses for a hard line...
President Biden is set to speak with Indian Prime Minister Narendra Modi, seeking to persuade India to take a harder line against Russia's Ukraine invasion. India has maintained a neutral position, abstaining from UN votes and drawing praise from Russian Foreign Minister Sergey Lavrov for its balanced approach.
S&P downgrade indicates Russia headed for historic default
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 credit rating agency believes Russia cannot convert rubles to dollars within the 30-day grace period, increasing the likelihood of a historic default due to international sanctions.
SpaceX launches 3 visitors to the space station for $55M each
SpaceX launched three wealthy businessmen to the International Space Station on a private mission, paying $55 million per person for a week-long stay. The flight includes an American, Canadian, and Israeli entrepreneur, marking SpaceX's first private charter to the orbiting lab.
Food prices soar to record levels on Ukraine war disruptions
UN report reveals record-breaking food price index, with grains and vegetable oils experiencing significant increases. Russia's invasion of Ukraine disrupts global food supply, raising concerns about potential widespread malnourishment.
Europe agrees to ban Russian coal but struggles with oil, gas
The European Union has agreed to ban Russian coal, marking a significant step in economic pressure over the Ukraine conflict. The €4 billion sanctions target Russia's energy exports while highlighting the complex challenge of reducing dependency on Russian oil and natural gas without triggering economic recession.
Congress votes to suspend Russia’s trade status, enact an oil ban
The US Congress voted unanimously to suspend normal trade relations with Russia and ban its oil imports. The legislation follows President Biden's executive actions and supports Ukraine amid ongoing conflict. Both Senate and House overwhelmingly approved the measures.
Germany seeks to boost renewable energy and cut Russian imports.
Germany's government has approved a 600-page "Easter package" aimed at dramatically increasing renewable energy production. The plan seeks to generate almost all electricity from wind and solar sources by 2035, more than doubling current rates while streamlining bureaucratic processes for faster implementation.
UN to vote on suspending Russia from the rights council.
The United Nations will vote on potentially removing Russia from the Human Rights Council following discovery of civilian casualties in Bucha, with U.S. Ambassador calling for accountability amid global outcry.
