The Latest Breaking News from World Bank

The World Bank has approved $1.49 billion in financial support for Ukraine to help pay wages for social workers and civil servants, Ukrainian Prime Minister Denys Shmygal said on Wednesday.

Kyiv (Ukraine) (AFP) - Kyiv's forces may have to retreat from the eastern city of Severodonetsk, a senior Ukrainian official conceded on Wednesday, as diplomatic efforts intensified to unblock grain stuck in Ukraine's ports.

Kyiv (Ukraine) (AFP) - Russia claimed Tuesday that its forces had taken full control of residential neighbourhoods in eastern Ukraine's Severodonetsk, after Kyiv said its outnumbered troops were fighting on in the key eastern hub.

The World Bank is warning the war in Ukraine is combining with other risk factors to create a "perfect storm" and recession will be "hard to avoid".

The US Treasury secretary says North America is facing unacceptable levels of inflation. Meanwhile, the ASX regains some ground lost in yesterday's super-sized interest-rate-rise-fuelled rout, but the banks see their worst day in a year. Australian dollar rises on the RBA's super-sized interest rate increase.

The World Bank said on Tuesday its board of executive directors approved $1.49 billion of additional financing for Ukraine to help pay wages for government and social workers, expanding the bank's total pledged support for Kyiv to over $4 billion.

New York (AFP) - Wall Street stocks finished a roller-coaster session higher Tuesday, while the yen touched a fresh 20-year low against the dollar in anticipation of more US monetary tightening.

A roundup of key developments and the latest in-depth coverage of Russia's invasion of Ukraine.

The World Bank has lowered its forecast for this year’s global economic growth, warning that “subdued growth will likely persist throughout the decade”.