Business

President Joe Biden will meet European leaders in Brussels on March 24 to assess the Ukraine-Russia war, coordinate sanctions, and discuss humanitarian efforts through face-to-face diplomacy.

The European Union and United Kingdom expanded sanctions against Russia, targeting high-end items like pure-bred horses and truffles, while blocking Russian access to global financial ratings and attempting to limit energy dependencies. The measures aim to economically isolate Russia and reduce its ability to finance military actions.

Asian stocks dropped on Tuesday as investors grapple with multiple challenges, including the ongoing Ukraine conflict, China's COVID-19 surge, and anticipated US interest rate increase. MSCI's Asia-Pacific index fell 1.97%, with Chinese stocks experiencing pronounced weakness and the index down 8.2% this month.

Putin's attempts to create a controlled internet landscape have been exposed by the war in Ukraine, with tech companies' withdrawal revealing gaps in Russia's information control strategy and leaving citizens with fewer platforms to access unfiltered news.

The UN warns that the war in Ukraine could significantly disrupt global grain supply, potentially causing food shortages and price increases in developing countries dependent on wheat and fertilizer imports from the region.

A World Bank official highlights how the ongoing conflict could cut growth by a percentage point for countries like China, Indonesia, South Africa, and Turkey. The war exacerbates existing economic challenges from the pandemic, creating additional uncertainties for emerging markets.

President Biden announces ban on Russian oil imports to cut off funding for Putin's war, acknowledging potential economic impact on Americans while standing in solidarity with Ukraine and Western allies.

The ongoing war in Ukraine is severely impacting global food supply chains. Ukrainian farmers are unable to cultivate crops, ports are closed, and wheat exports are dramatically reduced, potentially causing significant food shortages and price increases across multiple continents by mid-year.

Reliance Industries and Google have delayed the launch of their ultra-affordable smartphone, originally planned for September 10. The postponement stems from a global semiconductor shortage affecting multiple industries, including tech and automotive sectors. The companies continue testing and aim to make the JioPhone available during the Diwali festive season.

U.S. Senate Democrats are exploring a stock buyback tax to help finance their $3.5 trillion spending bill. Republicans argue the proposed tax increases could harm job creation and economic growth, setting the stage for heated political debates ahead of the 2022 mid-term elections.