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The US expects to absorb up to 100,000 Ukrainians fleeing Russia's invasion and has pledged $1 billion in fresh humanitarian help, according to the Biden administration, after a month of bombardments triggered Europe's fastest-moving refugee crisis since WWII ended. The declaration came as US President Joe Biden met in Brussels with European leaders to coordinate the Western reaction to the situation. Since Russia invaded Ukraine on February 24, more than 3.5 million people have left, putting a strain on the neighbouring European countries that have taken them in. Biden has been challenged by US legislators and supporters to do more to assist individuals seeking asylum in the United States.
Oil fell sharply on 15th March, adding to 14th March losses, as a number of factors impacted on sentiment, including Russian-Ukraine negotiations, a potential slowdown in Chinese demand, and trade unwinding ahead of the Federal Reserve's projected rate hike on 16th March. Both WTI crude, the U.S. standard, and Brent crude, the worldwide benchmark, fell below $100 per barrel on 15th March, a long cry from the more than $130 they fetched just over a week ago. WTI finished the day at $96.44, down 6.38 %. It traded as low as $93.53 during the session. After trading as low as $97.44, Brent closed 6.54 % lower at $99.91 per barrel. On 14th March, WTI and Brent plunged 5.78 % and 5.12 %, respectively.
According to Bain & Company's annual research on the luxury sector, Chinese consumers are spending more on luxury products at home, even if they can't readily travel overseas owing to pandemic-related restrictions. According to Bain projections issued 20th January, personal luxury goods sales in mainland China increased by 36% to 471 billion yuan ($73.59 billion) in 2021 from the previous year. That's more than double the 234 billion yuan spent on luxury items on the mainland before the outbreak in 2019. Despite a drop in overall Chinese retail sales since the pandemic began in 2020, luxury goods sales have increased. The figures also show how China's home market is becoming a more attractive destination for international brands.