There is no global payment system that is strong enough to act as an alternative to SWIFT and enable Russia to evade sanctions

Asian shares were mixed after China's central bank unexpectedly trimmed two key lending rates following the release of July data that showed the nation's economic slowdown deepening.

A weak economy, Covid disruptions and supply chain challenges hammered the company's sales while increased investment in new technologies was an additional drag.

The US warned New Delhi that Russian oil was being exported via high-seas transfers to hide its origin – in violation of US sanctions, a top Indian banker official said on Saturday.

The climate law passed by the US aims to localize the manufacturing of EVs but "adds a steep requirement aimed at weeding out 'foreign entities of concern' from supply chains", it says.

Samsung vice-chairman Jay Y Lee and another top businessman won pardons on Friday from President Yoon Suk-yeol, who wants them to help rev up the South Korean economy.

Companies in India use the UAE dirham, the HK dollar, yuan or euro when buying Russian coal, in a bid to avoid the dollar and US sanctions, according to customs data and industry sources

Covid lockdowns in China and soft demand hit the computer giant, which reported flat revenue for the June quarter – its worst result in nine quarters.

China and India now account for more than 41% of purchases of Russian crude oil, but there are signs that their buying has maxed out.

A heatwave spurred power generators in China to ramp up purchases of coal in July by 24% over the previous month, driven by greater use of air conditioners in many cities.

Six Russian cargo vessels and at least one oil tanker sanctioned by the US for their history of transporting weapons for Moscow or oil from Iran docked in India over the past month

The e-commerce giant has been trimming staff to boost efficiency but it plans to hire nearly 6,000 university graduates this year, its CEO said.