Tag: economy

Indonesian economic growth rises to nine-year high

JAKARTA, Indonesia (AFP) — Indonesia’s economic growth accelerated to a nine-year high in 2022 despite global uncertainty and a final-quarter slowdown, official data showed Monday, owing to soaring commodity prices and easing Covid-19 curbs. Indonesia was badly affected by the coronavirus pandemic, with its exports and tourism-reliant economy taking a massive hit in 2020 as GDP shrunk by 2.07 percent — its first recession since the 1997 Asian financial crisis. But Southeast Asia’s largest economy […]

Continue Reading →

Egyptians hope to bag bargains at book fair as crisis bites

by Bahira Amin Agence France-Presse CAIRO, Egypt (AFP) — Thousands of Egyptian bibliophiles weave through a labyrinthine display of books, reviving an annual tradition at the Arab world’s largest book fair, but this year it comes at a steep cost. The 54th Cairo International Book Fair was overshadowed by a punishing economic crisis that has seen Egypt’s currency, the pound, halve in value and prices skyrocket in the past year. Organizers say the fair lured […]

Continue Reading →

Saudi Arabia captures cycling in sports charm offensive

by Jacques KLOPP Agence France-Presse AL-ULA, Saudi Arabia (AFP) — Cycling is the newest gem in Saudi Arabia’s expanding collection of sporting jewels as the conservative Gulf monarchy and its neighbors invest hugely in sport to burnish their international image and diversify their economies. This week’s Saudi Tour is the first of three stage races in the Arabian Peninsula in February, with competitions also scheduled in Oman and the United Arab Emirates. Among the riders […]

Continue Reading →

Who is India’s Adani and why is his company tanking?

The business empire of Gautam Adani has shed tens of billions of dollars in value on the back of a report alleging accounting fraud that the Indian tycoon’s firm has strenuously rejected. Who is Gautam Adani? Adani, 60, is a publicity-shy school dropout of humble origins who rose to become the world’s third-richest man with a fortune — until last week — of around $130 billion. Moving to Mumbai in his teens to work sorting […]

Continue Reading →

Eurozone dodges recession with weak fourth-quarter growth

  The eurozone economy will avoid a recession this winter after recording weak-but-positive growth of 0.1 percent in the fourth quarter of 2022, official data showed Tuesday. The figure is lower than the 0.3 percent growth recorded in the third quarter of 2022, but better than forecasts of a contraction by economists. The data will be welcome after fears of a deep recession following Russia’s war in Ukraine, which unleashed sky-high energy prices and stoked […]

Continue Reading →

Pakistan’s economy in ‘collapse’ as IMF visits

ISLAMABAD, Pakistan (AFP) — Pakistan is gripped by a major economic crisis, with the rupee plummeting, inflation soaring and energy in short supply as IMF officials visit to discuss a vital cash injection. Prime Minister Shehbaz Sharif for months held out against the tax rises and subsidy slashing demanded by the International Monetary Fund, fearful of backlash ahead of elections due in October. But in recent days, with the prospect of national bankruptcy looming and […]

Continue Reading →

China manufacturing activity rebounds in January

BEIJING, China (AFP) — China’s factory activity expanded in January after four months of contraction, official data showed Tuesday, as its economy rebounded following the relaxation of strict Covid-19 curbs. The world’s second-largest economy is roaring back to life after Beijing’s decision last month to abruptly drop its strict zero-Covid policy, which mandated strict lockdowns, sparking protests and hammering businesses. The official manufacturing purchasing managers’ index (PMI) — a key gauge of Chinese factory output […]

Continue Reading →

Hong Kong’s sovereign wealth fund suffers record loss

Hong Kong, China | AFP Hong Kong’s half-trillion-dollar investment fund set up to defend the financial hub’s currency has suffered its largest loss on record of more than HK$200 billion ($25 billion), authorities said Monday. The Exchange Fund, the semi-autonomous Chinese city’s de facto sovereign wealth fund, is one of the largest public investment vehicles in the world. Its slump last year was only the third loss since Hong Kong’s Monetary Authority (HKMA) began disclosing […]

Continue Reading →

US growth slows to 2.1% in 2022 as downturn fears loom

Washington, United States | AFP | Thursday 1/26/2023   The US economy grew at a slower pace in 2022, the Commerce Department said Thursday, as activity eased in the final months of the year and recession fears loomed. Economic activity has been moderating as the US central bank hiked the benchmark lending rate seven times last year, in hopes of cooling demand and reining in costs as inflation surged. The property sector has slumped, followed by […]

Continue Reading →

South Korean economy shrinks for first time since early 2020

Seoul, South Korea | AFP | Thursday 1/26/2023 South Korea’s economy shrank in October-December for the first time since the second quarter of 2020, as exports tumbled while consumer spending dipped in reaction to rising interest rates, the country’s central bank said Thursday. Gross domestic product in the final period of last year contracted 0.4 percent from the previous quarter, the Bank of Korea said. The reading comes after the BoK hiked borrowing costs for […]

Continue Reading →

Philippines economy grows 7.6% despite inflation threat

MANILA, Philippines (AFP) — The Philippines’ economic growth beat expectations last year, fuelled by strong consumer spending despite rising consumer prices, officials said Thursday. Gross domestic product expanded 7.6 percent in 2022, the state statistics agency said in a briefing, faster than the pandemic-blighted 5.7 percent output in 2021. The reading topped the government’s target of 6.5-7.5 percent growth. “There was so much pent-up demand… and that significantly improved economic activities,” Socioeconomic Planning Secretary Arsenio […]

Continue Reading →

Bank of Japan leaves policy unchanged, yen weakens

Tokyo, Japan (AFP) by Kyoko HASEGAWA / Sara HUSSEIN Japan’s central bank left its ultra-easy monetary policy unchanged Wednesday, bucking heavy speculation that it could again tweak a key lever, and sending the yen plunging. The announcement after a two-day Bank of Japan meeting saw the yen sink over two percent against the dollar, with the greenback buying more than 131 yen after the decision, from around 128.50 earlier in the day. Bank officials shocked […]

Continue Reading →
1 … 13 14 15 16 17 … 82