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BERLIN, May 25, 2023 (AFP) – Germany fell into a recession around the turn of the year, official figures published Thursday showed, as inflation and higher interest rates curbed demand in Europe’s largest economy. Over the first three months of 2023, the economy shrank by 0.3 percent, the federal statistics agency Destatis said, downgrading an initial estimate of zero percent. Following a 0.5-percent contraction in the last three months of 2022, it was Germany’s second […]
LONDON, May 24, 2023 (AFP) – Britain’s annual inflation rate struck a 13-month low in April, official data showed Wednesday, but remains elevated at 8.7 percent as soaring food prices offset weaker energy costs, prolonging a cost-of-living crisis. The rate of price increases slowed from 10.1 percent in March to below double digits for the first time since August last year, the Office for National Statistics said in a statement. At 8.7 percent, UK inflation […]
By Beiyi SEOW, Daniel AVIS Agence France-Presse WASHINGTON, United States (AFP) — President Joe Biden and Republicans in Congress have resumed crunch talks aimed at averting a damaging US debt default, which Treasury officials recently warned could come as early as June 1. Biden has maintained that default would have “catastrophic” consequences, and is urging Republicans to agree to a “clean” increase to US borrowing limits — known as the debt ceiling — before […]
By Daniel AVIS Agence France-Presse WASHINGTON, United States (AFP) — Joe Biden and opposition Republican leaders on Tuesday offered hope of a deal that could avoid a catastrophic US debt default, although the president was forced to shorten an upcoming Asia tour for further crisis talks. After the latest negotiations ended without a breakthrough, Republican House speaker Kevin McCarthy told reporters there was still “a lot of work to do” to break the high-stakes standoff […]
BUENOS AIRES, May 12, 2023 (AFP) – Inflation in Argentina reached 108.8 percent in the 12 months to April, a more than three decade high, the Indec national statistics institute said Friday. Month-on-month, inflation in April was 8.4 percent in Latin America’s third largest economy. Argentina has one of the highest inflation rates in the world. In 2022, it reached 94.8 percent, the country’s highest annual figure since 1991, when it exceeded 171 percent. The […]
WASHINGTON, May 11, 2023 (AFP) – Crunch talks between US President Joe Biden and senior Republicans have been postponed until early next week to allow staff to continue working, the White House said in a statement Thursday. A source familiar with the meetings between Democratic and Republican leaders said this was a positive development and that talks between the two sides were progressing, making Friday not the right moment for the leaders to meet. But […]
WASHINGTON, United States — The Biden administration on Thursday warned that superpower rival China would “love” to see Washington fail to extend the national debt ceiling and push the country into the “chaos” of default. “They love to see chaos in the American system,” senior White House economics official Shalanda Young told reporters. “They love to see that we can’t do our basic jobs.” Republicans in Congress and President Joe Biden’s Democrats are running out […]
Singapore is expected to post slower economic growth this year but it “should avoid an outright contraction”, Prime Minister Lee Hsien Loong said Sunday. The Southeast Asian city-state’s economic performance is often seen as a barometer of the global environment because of its reliance on trade with the rest of the world. The financial centre also has one of the busiest ports in the world which serves as a key link between Asia and the […]
New York, United States | AFP | Monday 5/1/2023 US financial authorities seized California’s troubled First Republic Bank on Monday and sold it to JPMorgan Chase, hoping to bring to a close a two-month banking crisis that has spooked the financial system. First Republic became the second-largest bank by assets to collapse in US history after it disclosed last week a loss of more than $100 billion in deposits in the first quarter. After the […]
by Hiroshi HIYAMA / Kyoko HASEGAWA The Bank of Japan announced a review of its longstanding monetary easing measures on Friday, but said it would maintain them for the time being in the first policy decision under new governor Kazuo Ueda. Analysts say the central bank’s stimulus measures, which were supposed to deliver a vital boost to the Japanese economy, are looking increasingly unsustainable. “The bank has decided to conduct a broad-perspective review of monetary […]
WASHINGTON, April 27, 2023 (AFP) – US economic growth lost steam in the first quarter this year, said the Commerce Department on Thursday, as the possibility of a mild recession brews while consumer spending weakens. Consumption has provided a boost to the world’s biggest economy, giving it a strong start to 2023, but recent banking sector turmoil and rising interest rates are likely to weigh on the outlook. US gross domestic product rose at an […]
BUENOS AIRES, Argentina (AFP) — Argentina will pay for Chinese imports in yuan instead of US dollars in order to preserve its dwindling foreign reserves, Economy Minister Sergio Massa said on Wednesday. The South American country will be able to “program a volume of imports in yuan worth (the equivalent of) more than $1 billion from next month,” Massa said at a meeting in Buenos Aires with China’s ambassador Zou Xiaoli. This would “replace” the […]
