Putin sets sights on re-election but cost of war can only grow

With defence spending booming, China onside and murky deals filling gaps left by sanctions, the Kremlin believes it can weather a damaged rouble, but will Russians stomach welfare cuts if they come?

Putin to discuss capital controls to help prop up rouble, report says

Proposals said to include forcing large exporters to convert up to 80% of their foreign currency into roubles

Russia’s central bank hikes interest rates by 3.5 percentage points as rouble falls

Emergency decision is intended to halt slide after currency dropped to weakest point in almost 17 months

Russia’s central bank to hold extraordinary meeting after rouble falls to 16-month low

Bank will discuss interest rate after high spending on war in Ukraine and drop in export revenues put further pressure on Russia’s economy

In previous downturns the world turned to China as an engine of growth – this time that driver may not be there

What might Chinese deflation mean for interest rates, commodity prices and even EV exports outside China?

Why the US will break out first from the low-growth trap

Western economies must adopt industrial strategies, boost R&D and exploit new tech to prosper – Americans realise this better than Europeans

UK interest rates need to stay higher for longer to beat inflation, says IMF

US Fed will also have to raise rates more aggressively than forecast, says Washington-based body

Share of EU trade for English and Welsh factories falls despite global trade boom

Make UK report says post-Brexit structural shift in trade is particularly hurting factories in north-west and West Midlands

Australian grain growers locking in surging prices following collapse of Black Sea deal

Russia’s end to Ukrainian grain export deal set to benefit local farmers during their fourth consecutive year of healthy harvests

Grain prices rise after Russian pullout of Black Sea deal sparks food crisis fears

Moscow criticised as concern grows about impact of climbing agricultural commodity prices on poorer countries

UN agency pushes for debt repayment breaks as poverty rates rocket

Estimated 25 low-income countries spent more than 20% of their revenues on debt servicing last year

Economic ‘headwinds’ lead IEA to cut global oil demand forecast

International Energy Agency still expects a record high this year, but for growth to be lower than thought

FTSE 100 marks best day of 2023 as US inflation falls to 3%

‘Not too early to start chilling the champagne,’ says one analyst as traders toast drop in consumer inflation

The planet heats, the world economy cools – the real global recession is ecological

Governments focus on the climate when they have few other economic worries. That can no longer be the case

Weaker competition blamed for higher petrol and diesel prices; MPs blast ‘measly’ savings rates – as it happened

Government pledges to expose ‘rip-off’ fuel retailers, after inquiry finds declining competition between retailers led to higher prices at the pumps