Kremlin spokesman Dmitry Peskov told reporters that Russia will “achieve its set goals” in Ukraine, said “the mood ahead of the summit is well understood, it is easily predictable. The confrontation will continue.” In other news, while major economies like the United States and China are expected to show extremely slow growth in 2023, the Indian economy is expected to grow by 6.1 per cent.

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Kremlin says expecting more ‘confrontation’ with West before G7

In advance of an urgent G7 summit to discuss the most recent Russian attacks on Ukraine, the Kremlin stated on Tuesday that it anticipates further “confrontation” with the West. 

IMF cuts 2023 global growth to 2.7%, India set to be one of fastest-growing economies

The International Monetary Fund (IMF) said on Tuesday that the global economic growth is expected to slow down by almost 0.2 percentage points in comparison to its July forecast. According to the latest data, the global economy will grow by 2.7 per cent in 2023 resulting in recession in some countries.  

Biden govt bring in law to classify gig workers as regular employees

The Biden administration has proposed to bring in a new law to classify thousands of independent workers as regular employees—a move that could shake up the ride-hailing and delivery companies, and other app-based industries who primarily rely on gig workers.

Russia adds tech giant Meta to list of ‘terrorist And extremist’ organisations

Russia has decided to add United States-based tech giant Meta to its list of “terrorists and extremists,” according to a report by the Interfax news agency. The announcement was made by Russia’s financial monitoring agency – Rosfinmonitoring – as the conflict gains momentum in Ukraine. 

Sri Lanka clarifies remaining ‘middle-income’ country, but still seeks concessional loans

Sri Lanka will remain a middle-income country but request the World Bank to grant it some loans generally offered to poorer nations, the president’s office said on Tuesday, clarifying a cabinet spokesperson’s earlier comments on the matter.

UK ‘will need $66bn spending cuts’ to bounce back from unfunded tax cuts

The tax cuts announced in the mini-budget by British finance minister Kwasi Kwarteng created a huge uproar among the public with the economy also taking a massive nosedive. Following the announcement, the pound fell to its lowest against the United States dollar and the move also earned a lot of criticism from financial institutions around the world including the International Monetary Fund. 

As rising energy prices clobber people, German govt will pay their gas bills in December

In Germany, a government-appointed state panel has recommended a two-stage cap on energy prices, by which the state would pay gas bills for all  households and small to medium-sized businesses in December. Energy flow to Germany has been hit by halt from Russia, its largest supplier, in the wake of the war in Ukraine.

Israel and Lebanon reach ‘historic agreement’ on maritime border dispute, says PM Lapid

Israeli Prime Minister Yair Lapid said on Tuesday that Israel and Lebanon have reached a US-brokered agreement to settle their long-disputed maritime border. The move will potentially unlock significant offshore gas production. 

Oil prices fall more than two per cent on recession and China COVID-19 fears

Oil slid more than 2% on Tuesday, extending losses of nearly 2% in the previous session, as recession fears and a flare-up in COVID-19 cases in China raised concern over global demand. 

‘Purely defensive’: Belarus justifies troops deployment alongside Russian forces

Justifying sending a contingent of Belarusian troops alongside the Russian forces towards its border, defence minister Viktor Khrenin said that the move was “purely defensive” as they wanted to secure their borders.