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London, United Kingdom (AFP) The cost-of-living crisis will be the biggest global risk over the next two years, a survey by the World Economic Forum warned Wednesday ahead of its Davos meeting next week. Global inflation remains at sky-high levels after energy and food costs rocketed last year following the invasion of agricultural powerhouse Ukraine by major oil and gas producer Russia. Supply constraints caused by the Covid pandemic have also contributed to decades-high consumer […]
Essaouira, Morocco (AFP) by Kaouther Larbi Morocco’s argan oil is highly prized by the cosmetics industry, yet it is now mostly produced by elderly workers, raising questions about how long the artisanal practice can continue. A dozen women, sitting on the floor of a workshop inland from Essaouira, a port town on Morocco’s Atlantic coast, work to deftly shell argan nuts, crush them and extract the oil. It is a time-honoured and labour-intensive craft, […]
SINGAPORE, Singapore (AFP) — Singapore’s economy grew more than expected last year but much slower than in 2021, official data showed Tuesday, as analysts warned of weaker growth ahead owing to an expected recession in key markets. While the 3.8 percent on-year expansion was welcome, it was weighed by a 3.0 percent contraction in the key manufacturing sector in the final three months. Growth in the fourth quarter came in at 2.2 percent, sharply down […]
TOKYO, Japan (AFP) — Prices in Japan rose at their fastest pace since 1981 in November, data showed Friday, fuelled in part by higher energy costs. Core consumer prices, which exclude volatile fresh food costs, climbed 3.7 percent last month, compared to a year earlier, data released by the internal affairs ministry showed. Prices jumped most for processed food items but were also higher for electricity and durable goods like air conditioners. Rises in […]
London, United Kingdom (AFP) by Ben Perry Britain’s economy remains on course for a long-lasting recession on fallout from the highest inflation in decades, analysts said on Monday, even if official data showed growth in October. Gross domestic product rebounded 0.5 percent in the month, the Office for National Statistics (ONS) said. GDP had dropped 0.6 percent in September, in part owing to businesses closing for the funeral of Queen Elizabeth II. ONS director of […]
Bangkok, Thailand (AFP) Thailand celebrated the arrival of its 10 millionth international visitor of 2022 on Saturday, according to the tourism authority, as the kingdom consolidated the recovery of its Covid-battered travel sector. Thailand welcomed some 40 million people in 2019, but then the pandemic hit and travel was decimated as nations tightened border controls to contain the coronavirus. With those restrictions easing worldwide Thailand’s travel numbers have begun a slow recovery and the government […]
FORT WORTH, United States (AFP) — A recession in the US is “not inevitable,” Treasury Secretary Janet Yellen said Thursday, adding that she believes the world’s biggest economy is on the right track in lowering inflation. Her comments come on the heels of a forceful campaign by the US central bank to cool demand this year, walking a tightrope between lowering consumer costs while trying not to tip the economy into a downturn. For now, […]
PARIS, France (AFP) – This was supposed to be the comeback year for the world economy following the Covid pandemic. Instead, 2022 was marked by a new war, record inflation and climate-linked disasters. It was a “polycrisis” year, a term popularized by historian Adam Tooze. Get ready for more gloom in 2023. “The number of crises has increased since the start of the century,” said Roel Beetsma, professor of macroeconomics at the University of Amsterdam “Since World […]
London, United Kingdom (AFP) UK workers will be able to request flexible employment from the first day of a job under government plans announced Monday. It comes after millions of mainly office workers continue to work from home, at least part of the week, in the wake of the Covid pandemic. “Millions of employees will be able to request flexible working from day one of their employment, under new government plans to make flexible working […]
Washington, United States (AFP) US President Joe Biden signed into law Friday a rare intervention by Congress forcing freight rail unions to accept a salary deal, avoiding a possibly devastating strike — but putting the pro-union Democrat in an awkward political position. Biden signed the law in a brief White House ceremony only a week before unions who had rejected the deal were expected to have gone on strike, threatening crucial supply chains across the […]
WASHINGTON, United States (AFP) — US President Joe Biden on Monday called on Congress to intervene urgently to prevent a strike by railroad workers that he warned would “devastate our economy.” Biden asked Congress to deploy rarely used legislative powers to force adoption of a preliminary deal which freight rail companies and workers had struck in September before some of the trade unions backed off, returning to their threat to go on strike. While noting […]
Canada on Sunday unveiled its new economic and diplomatic strategy for the Asia-Pacific region, allocating 2.3 billion Canadian dollars (US$1.7 billion) over the next five years to the plan aimed at mitigating risks posed by China. The government of Prime Minister Justin Trudeau has based its strategy on five major planks: promoting peace and security, notably by sending a warship to the region; bolstering trade and investment; boosting “feminist international assistance”; financing sustainable infrastructure; and […]
