IBT Staff Reporter

World stocks headed for their worst week since markets' pandemic meltdown in March 2020, as interest rate hikes in the United States and Britain and a surprise one in Switzerland set investors on edge about future economic growth.

World stocks on Friday headed for their worst week since markets' pandemic meltdown in March 2020, as investors worried about growth in the face of global rate hikes - except in Japan where policy settings were kept easy and the yen fell.

World stocks on Friday headed for their worst week since markets' pandemic meltdown in March 2020, as investors feared sharp rate hikes tipping economies into recession, while growth fears and a soaring Swiss franc whacked the U.S.

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The Japanese yen tumbled against the dollar on Friday after the Bank of Japan bucked a wave of tightening and stuck with its ultra-accommodative stance, adding to soaring volatility in currency markets hit by a series of rate hikes this week.

The yen retreated sharply from its highest point in nearly two weeks on Friday, after the Bank of Japan kept its ultra-easy policy unchanged, defying pressure from aggressive tightening at peers including the Federal Reserve and Swiss National Bank.

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The World Trade Organization agreed on the first change to global trading rules in years on Friday as well as a deal to boost the supply of COVID-19 vaccines in a series of pledges that were heavy on compromise.

The World Trade Organization's 164 members approved a series of trade agreements early on Friday that included commitments on fish and pledges on health and food security after more than five gruelling days of negotiations.

The World Trade Organization chief presented countries with a series of trade agreements early on Friday that included pledges on health, reform and food security and urged that they be accepted.

Oil prices edged lower on Friday as demand concerns emerged following this week's rate hikes, although persisting supply tightness and new sanctions on Iran limited the downside.

Oil prices edged lower on Friday as demand concerns emerged following interest rate hikes in the week, although new sanctions on Iran capped the downside.

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North Korean leader Kim Jong Un and other senior officials prepared aid to send to 800 families suffering from an unidentified intestinal epidemic, state media reported on Friday, as the country also battles its first COVID-19 outbreak.

A duo of U.S. senators introduced a bill on Thursday to significantly enhance support for Taiwan, including provisions for billions of dollars in U.S.

Garuda Indonesia's proposal for restructuring its more than $9 billion debt won the approval on Friday from the vast majority of the airline's creditors, court officials said, staving off the risk of bankruptcy at the embattled flag carrier.

Garuda Indonesia's proposal for restructuring its more than $9 billion of debt won the approval on Friday from the vast majority of the airline's creditors, officials said, staving off the risk of bankruptcy at the embattled flag carrier.

Garuda Indonesia's creditors including Britain's Rolls-Royce and European planemaker Airbus are voting on Friday on an over $9 billion debt restructuring proposal, with the carrier confident of winning enough backing to move forward.

A Delaware Chancery Court judge on Thursday ruled that Aerojet Rocketdyne CEO Eileen Drake violated a court order by using company resources in a boardroom battle against the rocket maker's executive chairman, Warren Lichtenstein.

The Omicron variant of coronavirus is less likely to cause long COVID than previous variants, according to the first peer-reviewed study of its kind from the United Kingdom.

The Bank of Japan maintained ultra-low interest rates on Friday and vowed to defend its cap on bond yields with unlimited buying, bucking a global wave of monetary tightening in a show of resolve to focus on supporting a tepid economic recovery.

The Bank of Japan maintained ultra-low interest rates on Friday and its guidance to keep borrowing costs at "present or lower" levels, signaling its resolve to focus on supporting the economy's tepid recovery from the COVID-19 pandemic.

An indicator of credit risk in the U.S. banking system may be showing signs of stress, as the Federal Reserve's aggressive rate hike path ratchets up expectations of economic pain.

FIFA president Gianni Infantino says he expects soccer to be the biggest sport in North America in time for the 2026 World Cup as the host cities for the tournament in the United States, Canada and Mexico were announced on Thursday.

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Russian-flagged ships have been carrying grain harvested in Ukraine last season and transported it to Syria, U.S. satellite imagery company Maxar said on Thursday.

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