Germany records first monthly trade deficit since 1991 as inflation soars

May’s €1bn deficit came as rising prices, falling demand and supply chain disruption hit industrial base

Europe at risk of recession amid concerns Russia could cut gas supplies

Energy prices had already surged in second half of 2021 but Russia’s invasion of Ukraine has exacerbated this

Inflation in eurozone hits record 8.6% as Ukraine war continues

ECB plans first interest rate rise in 11 years as food prices increase and Putin’s invasion drives up energy costs

Nations must work together through ‘conflict and crisis’ to reduce climate change risks, Albanese tells OECD

Prime minister will say food insecurity has become a significant challenge and Australia has a major role to play in meeting the challenge

£5bn Boots sale abandoned as potential buyers struggle to raise funds

UK’s biggest chemist to stay with Walgreens Boots Alliance as market turmoil makes debt-funded takeovers difficult

UK faces ‘significant risks’ to quality of food imported post-Brexit, says report

Better controls on EU goods needed as impact of Covid and Russia-Ukraine war also put pressure on standards

Proposed price cap on Russian oil moves closer at G7 summit

Western leaders hope to tighten vice around Vladimir Putin without causing backlash at home or in global south

G7 relaunches funding programme for developing countries under new name

Global Investment and Infrastructure Partnership, aimed at rivalling China, comes a year after Build Back Better World plan

Concerns grow that India is ‘back door’ into Europe for Russian oil

Volume of Russian crude bought and then exported by India suggests some of it may end up in European petrol stations

History turns full circle as G7 alarm bells ring over energy once again

First meeting in 1975 grappled with the oil shock – now it is Russia’s war in Ukraine creating angst

There’s a simple way to unite everyone behind climate justice – and it’s within our power

Cancelling poor nations’ historic debts would allow their governments to channel money into climate adaptation, says Guardian columnist George Monbiot

Brexit is making cost of living crisis worse, new study claims

EU withdrawal fuelling higher import costs and costing British workers nearly £500 a year, says Resolution Foundation

Elon Musk says ‘inevitable’ US recession will probably come soon

Musk’s comments, echoing other CEOs, are accompanied by plan to lay off 10% of Tesla’s salaried staff

Gordon Brown urges Boris Johnson to force global action on cost of living crisis

Ex-PM says ‘any sensible government’ would be trying to build consensus to tackle economic crisis

We face a global economic crisis. And no one knows what to do about it

Central banks rode to the rescue of nervous investors for years. But now they are raising rates just as the world economy spirals downwards