Sri Lanka defaults on debts for first time

Economists fear Sri Lanka could be first of several, with IMF in talks with Egypt, Tunisia and Pakistan

IMF chief warns of multiple inflationary shocks amid market jitters

Kristalina Georgieva cites Russia’s war in Ukraine and cost pressures caused by China’s zero-Covid policies

Move follows warning from head of UN World Food Programme about high prices leading to social unrest

Group warns of ‘cascade of export bans’ amid failure to ease grain bottlenecks fuelling shortages and inflation, MHP said

European Commission downgrades growth prospects from 4% to 2.7%, while economy slows rapidly in China

The south Asian country is the first to buckle under economic pressures compounded by Russia’s war on Ukraine, but it won’t be the last

FTSE 100 and S&P 500 among those to slide as investors worry that worldwide growth is weakening

Kyiv School of Economics estimates cost of conflict could rise to $600bn, almost four times the nation’s GDP

As deadline loom, Brussels commissioner says handing over roubles would breach sanctions

Germany, Hungary and others are devising ways they can use roubles to pay Gazprom and not be in breach of sanctions

World Bank says biggest commodity shock since 1970s raises spectre of stagflation

FTSE 100 drops by 141 points to 7380.5, its lowest close in more than five weeks

If Russia’s invasion of Ukraine is hurting developed countries, it’s proving a hammer blow for the poor

Immediate embargo would cost €180bn but economy may not shrink as much as first year of Covid

Narendra Modi hails ‘good progress’ as Boris Johnson signals he is willing to make concessions on immigration