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World Economy

Meta Platforms Inc (FB.O) has briefed its Oversight Board on how the company is responding to the Russian invasion of Ukraine, the board said in a tweet.

"A critical part of ensuring free expression and human rights online is to have content policies and enforcement that recognize the context in which speech is shared," said the board, which reviews Meta's approach to content moderation.

The statement follows Reuters reporting that Meta is making exceptions to its rules around violent speech to allow certain calls for harm to Russian soldiers and others when the context involves the Ukraine invasion.

On the other hand, A sharp fall in weekly oil prices failed to stop London's commodity-heavy premier share index from enjoying its best week in nearly a year as investors seized on even the most tentative of positive signals from Russia over talks with Ukraine and data showing a strong rebound in the UK economy.

The FTSE 100, home to Shell, BP and a host of miners, finished 56.55 points, or 0.8 per cent, higher at 7,155.64, up 2.4 per cent over the five days for the biggest weekly percentage rise since April 9, helped by news that the econony had recorded its strongest monthly expansion in seven months. However, since the beginning of this month the index is down by 4.1 per cent and is 3.1 per cent.

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Elsewhere, It is only right and natural that a war as potentially devastating as Russia's invasion of Ukraine would dominate the market as long as it rages on, but I can't escape the feeling that while focusing on that, the market is not paying much attention to something that is, economically speaking, far more impactful.

Meanwhile, yesterday's CPI data showed a 0.8% jump in prices month to month, which translates to a 7.9% annual inflation rate, the highest in forty years. There isn't much solace to be found in the Fed's preferred measure, core inflation, either. That number, which strips out often volatile food and energy prices, rose by more than three times the Fed's targeted 2% rate, coming in at an annualized rate of 6.4%. In yet more bad news, pay isn't keeping up. Wages went up, but by less than prices, resulting in a decline of 0.8% in real wages over the month, 2.6% over the last year.

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