Page 69 - Eco News Today

A gaping hole punched in Ukraine's Nova Kakhovka dam that unleashed a wall of floodwater means that the canal which has traditionally met most of Crimea's water needs is receiving drastically less water, the Kremlin warned on Tuesday.

In a rare attempt to bolster China's yuan, a self-regulatory body overseen by the country's central bank has told major state-owned banks to lower dollar deposit interest rates, four people with direct knowledge of the matter said.

Most stock markets in the Gulf ended higher on Tuesday ahead of a widely expected pause in interest rate hikes by the U.S. Federal Reserve, while falling crude prices weighed on investor sentiment.

Ghana has sent a debt restructuring proposal to its official creditors, two sources with direct knowledge of the matter said, as the West African country battles to escape its worst economic crisis in a generation.

Benchmark oil prices were largely unchanged after Sunday's OPEC⁺ meeting at which Saudi Arabia said it would make a voluntary unilateral cut of 1 million barrels per day for the month of July.

A look at the day ahead in Asian markets from Jamie McGeever.

British Prime Minister Rishi Sunak will advocate for a deepening of economic ties between the United Kingdom and the United States when he speaks to the country's lawmakers and business representatives during his trip to Washington D.C. this week, the British government said in a press release.

Japan's service sector activity expanded at a record pace in May, a private-sector survey showed on Monday, thanks to a recovery in overseas demand and a surge of foreign tourists as pandemic restrictions were eased further.

Non-oil private sector activity in Egypt contracted for the 30th straight month in May, weighed down by continued high inflation and weak demand, a survey showed on Monday.

A global shortfall in crude oil supply is set to deepen in the third quarter as the world's top exporter Saudi Arabia pledged extra output cuts from July in a move likely to push Brent towards $100 a barrel by the end of the year, analysts said.