Global food prices fall to 2-year low in May

Group of world`s top oil producers Opec and its allies begin two days of meetings on Saturday which may culminate in further production cuts of as much as 1 million barrels per day (bpd), as the organisation faces flagging oil prices and a looming supply glut.

US President Joe Biden on Saturday signed into law a debt ceiling bill passed by Congress after weeks of negotiations with the Republicans, moving to avert a catastrophic, self-induced default in the world`s biggest economy.

Tesla boss Elon Musk has replaced Berard Arnault and retaken the title of world’s wealthiest person. Elon Musk surpassed luxury tycoon Arnault on Wednesday after shares of Arnault’s LVMH fell 2.6% in Paris trading.

The US House of Representatives has cleared the debt ceiling deal struck over the weekend between US President Joe Biden and House Speaker Kevin McCarthy in order to avert a government default in the coming week.

Foreign ministers from the BRICS countries are ‍set to meet in South Africa from Thursday as the five-nation bloc seeks to forge itself into a counterweight to Western geopolitical dominance in the wake of Russia`s invasion of Ukraine, Reuters reports.

Turkish lira hit fresh record lows against the US dollar after President Recep Tayyip Erdogan secured victory in Sunday’s presidential election, extending his increasingly authoritarian rule into a third decade.

Germany, Europe`s top and world`s 4th largest economy, fell into a recession around the turn of the year, official figures published Thursday showed, as inflation and higher interest rates curbed demand in the country.

US President Joe Biden has finalised an agreement with House Speaker Kevin McCarthy to raise the country`s debt ceiling over two years until January 1, 2025, saying the deal is ready to move to Congress for a vote.

US President Joe Biden offered to freeze government spending at current levels during crunch debt talks with Republicans, which would reduce the deficit by 1 trillion US Dollar, US Treasury Secretary Janet Yellen said Wednesday.

US President Joe Biden and House Speaker Kevin McCarthy could not reach an agreement Monday on how to raise the US government`s $31.4tn debt ceiling with just 10 days before a possible default that could sink the world`s top economy, but vowed to keep talking.

US President Joe Biden and House Republican Speaker Kevin McCarthy are scheduled to meet today to discuss the debt ceiling, after a "productive" phone call as the president headed back to Washington, the two sides said on Sunday.

Turkish President Recep Tayyip Erdogan has announced that Russia and Ukraine have agreed two-month extension of the Black Sea Grain Initiative allowing for the export of Ukrainian grain through the Black Sea ports.

Democratic President Joe Biden and top congressional Republican Kevin McCarthy edged closer to a deal to avoid a looming U.S. debt default Tuesday, as the threat of an economic nightmare prompted Biden to cut short an Asia trip this week.

UK prime minister Rishi Sunak and Netherlands prime minister Mark Rutte have agreed to build an “international coalition” to provide fighter jet support for Ukraine, a key item of military equipment Ukrainian President Volodymyr Zelenskyy has long sought from Western allies supporting his country’s fight against Russian forces.

The United States has already sent around $36 billion worth of military assistance to Ukraine amid Russia’s repeated warnings that doing so will prolong the conflict in Ukraine.

Ukraine has acknowledged the possibility that the agreement facilitating the safe export of its grain through the Black Sea ports may come to an end on May 18, its scheduled expiration date, and said no further negotiations are planned for this week.