Bloomberg The UK was bracing for its biggest squeeze on living standards in decades even before Russia invaded Ukraine. The impact of the war is now threatening to deepen a crisis for the poorest households and pull millions more into financial trouble. A spike in the price of oil has already pushed petrol and diesel prices to a record. Economists ...

  Bloomberg Italy’s government will have to plan for additional borrowing this year to protect businesses and families from the fallout of Russia’s invasion of Ukraine, Agriculture Minister Stefano Patuanelli said. “I think extra deficit spending today is more than justified and I believe it is necessary,” Patuanelli said in an interview on Radio 24. He added that the Cabinet ...

  Bloomberg The EU is discussing a ban on exports of luxury vehicles worth more than 50,000 euros ($54,760) to Russia as part of its latest sanctions package, according to two diplomats familiar with the plan. The proposed ban, which is set to be approved and could still change, would apply to models from several European car brands. , including ...

  Bloomberg Poland will prolong measures aimed at cushioning the impact of rising cost of gasoline and food on consumers, Prime Minister Mateusz Morawiecki said, as the country battles the highest inflation in more than two decades. The economy will need to bear the cost of sanctions against Russia, Morawiecki said, after the war in Ukraine led to a surge ...

  Bloomberg Germany’s federal government may need higher net borrowing on top of the 99.7 billion euros ($109 billion) already programmed for this year due to the uncertainty over the economic outlook caused by Russia’s invasion of Ukraine. The country’s finance ministry is pursuing a supplementary budget to account for the potential impact of the war, according to two senior ...

Bloomberg Norway needs to rein in budget spending to prevent a sudden slowdown of an economy that is now booming, Finance Minister Trygve Slagsvold Vedum warned. A potential overheating could lead to “even faster interest rate tightening than the Norges Bank has already signalled,” the finance ministry said in a statement on Monday ahead of the government’s conference on next ...

Bloomberg Chinese stocks listed in Hong Kong had their worst day since the global financial crisis, as concerns over Beijing’s close relationship with Russia and renewed regulatory risks sparked panic selling. The Hang Seng China Enterprises Index closed down 7.2% on Monday, the biggest drop since November 2008. The Hang Sang Tech Index tumbled 11% in its worst decline since ...

  Bloomberg European stocks began the week on a positive note, with sentiment buoyed by lower oil prices, as investor attention turns to the Federal Reserve for clues on how aggressively it will tighten monetary policy. The Stoxx 600 was up 1.1% as of 9:13 am in London with automakers and banks leading gains, while miners and energy stocks underperformed ...

  Bloomberg The historic surge in oil is reshaping the outlook for Asian equity and currency markets, as the specter of prolonged high prices exposes the vulnerability of energy-dependent countries. Risks of a rise in consumer prices and disruption to current-account balances have triggered strong foreign outflows from equities in markets like India and South Korea in recent days, spurring ...

DUBAI / WAM The UAE leaders have played a key role in Albania’s modern history with their support at critical times, Albanian Prime Minister Edi Rama told the Emirates News Agency (WAM). “His Highness Sheikh Mohamed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces; and his father Sheikh Zayed bin ...