Several business groups in Sri Lanka have asked the president to install a new government and resign immediately thereafter.

In another blow to the embattled US economy, prices at the pump climbed to new record highs. The national average price for regular gasoline soared more than four cents on Tuesday to $4.37 a gallon, beating the prior record of $4.33 set in early March. The increase will ratchet up inflationary pressures that have raised recession fears and darkened analysts’ views of prospects for the economy.

Bitcoin fell 10% on Monday after plunging again over the weekend. The industry standard cryptocurreny’s price has now dropped almost 20% in the past week. 

The US Justice Department has indicted Mining Capital Coin (MCC) CEO Luiz Capuci Jr. for “allegedly orchestrating a $62 million global investment fraud scheme,” the federal agency said last Friday.

The European Commission has proposed a sixth round of sanctions against Russia over its attack on Ukraine. The new restrictions include a plan to phase out all crude and oil products by the end of the year.

The US Federal Reserve announced an interest rate hike of a half-percentage point in an attempt to take control of the worst inflation America has seen in 40 years.

India's Tata Motors is taking a frugal approach to entering the electric vehicle (EV) market. The company makes a little more than 100 EVs a day at its Pune plant, with many processes being carried out by hand to save money.

South Korea, Asia’s fourth-largest economy, saw its consumer price index rise to 4.8% in April from 4.1% in March.

US bond yields are at their highest level in years. With the US Fed aggressively raising interest rates in the face of surging inflation, cash is flowing back into bonds as investors seek insurance from a possible recession.

Indonesia, which is responsible for producing 60% of the world’s palm oil, has banned exports of the product due to inflation and supply concerns.

Samsung reported strong results on Thursday, with profits for the first quarter climbing more than 50% compared to the same time a year ago.