Japan's ruling coalition on Wednesday agreed to compile a fresh stimulus package to cushion the economic blow from surging fuel and grain prices caused by the war in Ukraine.

NEW DELHI (Reuters) -Oil prices rose on Wednesday as a reported drop in U.S. crude inventories increased concerns about tight global supplies amid the hit to Russian exports from economic sanctions.

A pay increase for 15,000 workers at Deutsche Bank's retail unit Postbank has been agreed with management, a union said on Wednesday, brightening prospects for a wage deal for the broader industry after months of wrangling and strikes.

South Korea has nominated Rhee Chang-yong, a veteran technocrat at the International Monetary Fund, as its new central bank chief, the country's presidential office said on Wednesday.

SEOUL (Reuters) -South Korea on Wednesday nominated veteran International Monetary Fund official Rhee Chang-yong as its new central bank chief, a pick who is widely expected to continue the bank's efforts to curb inflation with aggressive interest rate hikes.

Oil prices turned higher on Wednesday, erasing losses from the previous session, after industry data showed U.S. crude stocks fell last week, underlining how tight global supplies are amid the hit to Russian output from economic sanctions on Moscow.