US expressed its concerns over China's alignment with Russia in meeting
The United States is concerned about China's alignment with Russia and has raised these concerns to Beijing, a US official said on Monday following a meeting of top American and Chinese officials in Rome.
US national security adviser Jake Sullivan and China's top diplomat Yang Jiechi had a substantial discussion of Russia's war against Ukraine in their meeting on Monday, the White House said in a statement.
It added that Mr Sullivan and Mr Yang covered a range of issues and "also underscored the importance of maintaining open lines of communication between the United States and China".
A senior administration official told reporters the meeting was "an intense seven-hour session reflecting the gravity of the moment" and the US commitment to maintaining open lines of communication.
EU member states agree new package of sanctions against Russia
European Union member states have agreed on a fourth package of sanctions against Russia following its invasion of Ukraine, the office of the French EU presidency wrote on Twitter on Monday.
The details of the sanctions were not disclosed, but the French presidency said Russia's "most-favoured nation" trade status would be revoked.
This could open the door to the bloc banning or imposing punitive tariffs on Russian goods and putting Russia on a par with North Korea or Iran.
Ukraine economy could collapse if war drags on: IMF
Ukraine's government continues to function, the banking system is stable and debt payments are viable in the short term, but the Russian invasion could plunge Ukraine into a devastating recession, the International Monetary Fund said Monday.
And it warned that the war could have broader repercussions, including threatening global food security due to rising prices and the inability to plant crops, especially wheat.
At a minimum the country would see "output falling 10 per cent this year assuming a prompt resolution of the war," the IMF said in an analysis of the economy in the wake of the Russian invasion.
China's wealthiest drop $71 billion in a day as stocks plunge
China's stock rout cost the nation's richest tycoons more than US$52 billion (S$71 billion) on Monday.
Zhong Shanshan, known as China's king of bottled water, led the plunge as his fortune fell by US$5 billion, while Tencent's Pony Ma dropped US$3.3 billion, according to the Bloomberg Billionaires Index.
Shares of Zhong's Nongfu Spring Co tumbled 10% in Hong Kong trading - the most in 18 months - though he still remains China's wealthiest person with a fortune of US$60.3 billion.
Malaysia's Jho Low stole $1.94 billion from Goldman 1MDB deals: FBI agent
Fugitive financier Jho Low, the alleged mastermind of the 1MDB scandal, stole US$1.42 billion (S$1.94 billion) from bond transactions that Goldman Sachs Group arranged for the Malaysian wealth fund, an FBI agent who traced the funds testified.
Federal Bureau of Investigation agent Eric Van Dorn cited the sum from the witness stand on Monday in the bribery trial of ex-Goldman banker Roger Ng.
Former Malaysian prime minister Najib Razak reaped US$756 million of the US$6.5 billion total, Van Dorn told the jury.
