Tuesday, October 13Global edition

Economy

Growth, inflation, jobs, trade

Drone damage to its refineries is costing Russia dearly at the budget

Moscow paid refiners almost 916 billion rubles in fuel subsidies this year after banning most exports and importing more to keep domestic supplies stable. Oil revenues fell more than 60% from the previous month in August, pushing the federal deficit to 2.8% of GDP, well above its 1.6% target.

2 min read

Bessent urges G20 to cut red tape and boost growth at Asheville summit

The US Treasury Secretary held up the Trump administration's deregulation record — 129 rules scrapped for every one added — as a model for the world. The meetings are shadowed by US tariffs on allies, a breakdown in Canada trade talks, and an ongoing US-Iran conflict pushing up gas prices at home.

2 min read