Five African heads of state led a ground breaking ceremony Wednesday on a $16-billion oil refinery project in East Africa, following calls for the continent to boost its self-sufficiency in processing raw materials into finished products.

Kenya's President William Ruto hosted his counterparts from Uganda, Ethiopia, Togo, Benin as well as Nigeria's former President Olusegun Obasanjo, shoveling soil at the site to symbolically show construction of the refinery has started.

Medication prices are soaring in Iran and some treatments have become hard to find, leaving patients and their families scrambling as a U.S. blockade and stepped-up sanctions squeeze the country's pharmaceuticals industry.

Some medicines have more than tripled in price, further squeezing Iranians' finances seven months into the country's war with the United States and Israel. Prices for food and other goods have skyrocketed even as unemployment has risen and the currency, which hit a record low this week, has lost half its value.

China on Tuesday rolled out new measures to help boost its economy and sluggish property sector as pressures ramp up ahead of a year-end target for hitting the government's economic growth goal.

The measures, some of the bigger moves made this year by Chinese officials, include encouraging targeted bank lending and new subsidies for homebuyers' mortgage interest payments.

European Union nations have spent over an extra 100 billion euros ($113.5 billion) on energy imports since the outbreak of the Iran war, pushing politicians to seek alternatives to fossil fuels as prices skyrocket.

Consumers in some European countries pay nearly 50% more at the pump, equivalent to more than $11 a gallon, following the closure of the Strait of Hormuz, the crucial waterway through which a fifth of the world's traded oil passed in peacetime.

Iran's currency fell to a new record low on Tuesday, with traders in Tehran exchanging more than 2.5 million rials to the U.S. dollar in a stark reflection of how the war in the Middle East has steadily eroded the Iranian economy.

The latest decline came just 27 days after the rial hit its previous record low of 2.2 million to the dollar on Sept. 2. The currency has repeatedly reached new lows since the war began in February.

U.S.-Canada relations, already tense, are likely to deteriorate further after the United States went ahead early Tuesday with a decision to ban nearly $1 billion worth of Canadian imports, including alcoholic beverages, dairy products and motorcycles.

The ban amounts to barely a ripple in $880 billion worth of a two-way annual trade between the two northern neighbors. But it marks another ratcheting up of President Donald Trump's second-term trade war with America's longtime ally and trading partner.

The Trump administration released new fuel economy standards Monday that relax regulatory requirements for automakers to control pollution from gasoline-powered cars and light trucks.

Fuel economy requirements set out how far new vehicles need to travel on a gallon of gasoline. The change furthers President Donald Trump's promise to revoke policies that encouraged or created incentives for the production of electric vehicles.

Surging crude prices are dragging on U.S. futures after President Donald Trump rejectedIran's proposal to reopen the Strait of Hormuz.

Iran had offered to reopen the strait and resume talks on its nuclear program if the U.S. lifts its naval blockade of Iranian ports, waives sanctions on Iranian oil sales and observes a ceasefire that would include Lebanon.

President Donald Trump has justified the pending U.S. arms sale to Taiwan to Chinese President Xi Jinping by downplaying it as just one of many sales Washington makes around the world — even asking Xi if he'd be in the market for U.S. arms, Trump's ambassador to China said on Sunday.

David Perdue said Trump raised the prospect of the arms sales from the U.S. to its ascendant geopolitical rival, an unlikely offer that if consummated would upend generations of U.S. policy toward China and Taiwan and potentially expose U.S. technology to a potential foe. Perdue, speaking to Shannon Bream on "Fox News Sunday" days after Trump hosted Xi for a state visit in Washington, didn't specify when the offer was made.

The United States and China released Monday reciprocal lists of products worth about $30 billion each that will see tariff cuts, in a deal expected to boost bilateral trade.

The details came days after Chinese President Xi Jinping met with President Donald Trump in Washington in his first state visit to the U.S. since 2015. The U.S. had already reduced tariffs against China after Trump's tariffs reached as high as 145% at one point last year, as tensions between the two countries eased.