Money & Finance

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.

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.

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.

Toyota and Honda oppose a Democratic House proposal offering a $4,500 tax incentive exclusively for union-made electric vehicles in the United States, arguing the plan unfairly discriminates against non-union auto workers.

In a significant diplomatic move, President Joe Biden spoke directly with Chinese President Xi Jinping seven months after becoming president, raising hopes for potential de-escalation of the long-standing economic and trade tensions between the two nations.

World stocks experienced volatility as investors grew concerned about the pace of economic recovery. Wall Street and European markets declined, with the Dow Jones falling 0.2% and S&P 500 losing 0.13%. Challenges include rising coronavirus infections from the Delta variant and slower US job growth, raising questions about central bank responses.