World

Russia widened its military offensive in Ukraine, striking airfields in the west and industrial areas in the east. A stalled armored column near Kyiv is moving again, while the US and allies prepare to revoke Russia's trading status. The invasion continues with intense bombardment of cities, especially the besieged port of Mariupol.

The World Bank's Indermit Gill highlights how persistent high oil prices from the Ukraine conflict will further impact emerging markets already struggling with pandemic recovery, debt, and inflation challenges. The war is expected to harm vulnerable populations in fragile regions by creating additional economic uncertainties.

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.

The ongoing Russia-Ukraine war disrupts agricultural production in the Black Sea region, known as the world's "breadbasket." Ukrainian farmers are unable to tend fields, ports are closed, and wheat export shortages could emerge by July, potentially causing significant global food supply challenges.

The FBI has released its first declassified document about the 9/11 attacks after President Biden's executive order. The 16-page report highlights contacts between hijackers and Saudi officials but does not conclusively prove government complicity. The document was released on the 20th anniversary of the attacks.

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.

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.

Chinese bubble tea brand Nayuki Holdings Ltd. successfully raised $656 million through its Hong Kong initial public offering. The company plans to sell 257.3 million shares priced between HK$17.2 and HK$19.8, with founders potentially becoming billionaires after the listing.

Telecommunications giants Axiata Group and Telenor Asia have completed a strategic merger of their Malaysian wireless operations, creating a new tech powerhouse. The merger aims to enhance digital convergence services, with projected pre-tax profits of 5.7 billion ringgit and significant cost synergies across the combined entity.

UEM Sunrise collaborates with Maybank Islamic's HouzKEY to help first and second-time homebuyers acquire their dream homes. The partnership offers zero payments during construction, zero down payments, and 100% financing for 10 projects, making homeownership more accessible.