Business

KUALA LUMPUR: Malaysia has attracted RM123.3 billion (US$28.0 billion) worth of approved investments in the manufacturing, services, and primary sectors involving 1,714 projects from...

Arizona Governor Doug Ducey celebrated Taiwan's significant $12 billion semiconductor investment during a meeting with President Tsai Ing-wen. The investment underscores Taiwan's critical role in global chip production and highlights the ongoing technological competition between the United States and China.

The International Monetary Fund has agreed to provide Sri Lanka with $2.9 billion in financial assistance to help the country recover from its severe economic crisis. The package is contingent on approval from IMF management and assurances from key creditors like China, India, and Japan regarding debt sustainability.

President Joe Biden traveled to Iowa to announce a modest measure aimed at reducing gasoline prices by waiving ethanol blending restrictions. The move comes as inflation reaches a 40-year peak, with consumer prices rising 8.5% in March compared to the previous year.

President Biden and Prime Minister Modi are set to discuss the ongoing Russia-Ukraine war. India's neutral position has drawn attention, with recent abstentions from UN votes criticizing Russia's actions. The conversation aims to address international tensions and potential diplomatic approaches.

Standard & Poor's downgraded Russia's credit rating to "selective default" after Russia attempted to pay foreign bond payments in rubles instead of dollars. The rating agency believes sanctions will further impede Russia's ability to meet its international financial obligations, increasing the likelihood of a historic default.

SpaceX launched three wealthy businessmen to the International Space Station for a historic private charter flight, paying $55 million each for a week-long orbital experience. The mission includes travelers from the US, Canada, and Israel, representing a new era of commercial space tourism.

The UN Food and Agriculture Organization reports significant food price increases, with grains and vegetable oils reaching unprecedented levels. Russia's invasion of Ukraine has dramatically disrupted global agricultural markets, threatening food security for millions in Africa and the Middle East.

The European Union has agreed to ban Russian coal, marking its first significant energy sanctions over the Ukraine conflict. While the move is expected to cost Russia 4 billion euros annually, the EU remains divided on broader oil and gas restrictions that could trigger economic recession.

Congress voted overwhelmingly to suspend normal trade relations with Russia and ban its oil imports. The Senate approved the bills 100-0, and they now await President Biden's signature. Biden had previously enacted executive actions to ban Russian energy imports, and this legislation will formalize those restrictions.