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WASHINGTON, United States (AFP) — The IMF board on Monday approved an agreement to revive a massive loan program for Pakistan, as the country grapples with devastating monsoon flooding that has worsened an economic crisis. The Washington-based crisis lender will release $1.1 billion to the country immediately, and has added an additional $500 million to the total size of the package, bringing it to about $6.5 billion. In addition, the International Monetary Fund agreed to […]
Washington, United States (AFP) The American economy contracted in the April-June quarter but not as much as initially reported, as revised data showed stronger US exports and spending, according to government data released Thursday. Second quarter GDP fell 0.6 percent, annualized, less than the 0.9 percent drop the Commerce Department announced in the initial estimate last month. Coming after the steep 1.6 percent contraction in the first quarter, the data still feeds concerns about a […]
Colombo, Sri Lanka (AFP) Sri Lanka tightened import restrictions Wednesday with a ban on more than 300 additional items, as an economic crisis that has created months of shortages and toppled a president refuses to abate. President Ranil Wickremesinghe, who replaced Gotabaya Rajapaksa after his ouster in July, slapped a ban on goods including home appliances, tools and sports gear. The South Asian island nation of 22 million people has been suffering dire shortages […]
Bangkok, Thailand (AFP) Thailand will raise the price of Thai instant noodles, the trade department said Wednesday, marking the first price increase on the must-have daily staple in 14 years. The kingdom’s economy has not bounced back after fully re-opening to tourists earlier this year, and has been battered by 14-year-high inflation and the economic knock-on effects of the Russian-Ukraine war. Prices of instant noodles are capped by Bangkok at six baht ($0.16) per packet […]
BEIJING, China (AFP) — China’s central bank on Monday cut benchmark loan rates in an attempt to boost an economy battered by the government’s strict zero-Covid policy and a slump in the property market. The world’s second-biggest economy saw an improvement after some coronavirus restrictions eased in June, but consumer and business sentiment remains weaker than usual. The one-year Loan Prime Rate, which serves as a benchmark for corporate loans, was reduced from 3.7 percent […]
by Ali BEKHTAOUI Agence France-Presse PARIS, France (AFP) — This year was supposed to confirm the world economy’s comeback from the Covid pandemic crisis. Instead, the six-month-old war in Ukraine has sparked fears of recession. – Two ‘small’ economies rattle world – “Six short months ago the macro landscape was markedly different from today,” the financial data firm S&P Global said in a recent report. Both the United States and eurozone economies were expected […]
LONDON, United Kingdom (AFP) — Public transport workers in London held fresh strikes Friday over pay and conditions, cutting services on almost all underground and overground rail lines that link up the UK capital. The latest walkout comes during a summer of industrial action across Britain, with workers in various sectors pushing for pay rises in line with decades-high inflation and the soaring cost of living. A spokesperson for Transport for London, responsible for […]
by Ben PERRY Agence France Presse LONDON, United Kingdom (AFP) — British inflation surged to a new 40-year high in July on soaring food prices, official data showed Wednesday, adding to a cost-of-living crisis as the country faces the prospect of recession. The Consumer Prices Index (CPI) accelerated to 10.1 percent last month from 9.4 percent in June — itself a four-decade high — the Office for National Statistics said. The Bank of England […]
NEW YORK, United States (AFP) — It’s not too late for a road trip: The US average price of gasoline at the pump has finally fallen below $4.00 a gallon, providing a bit of relief for Americans struck by massive inflation at almost every turn. In the wake of the Russian invasion of Ukraine, prices soared, pushing past $5.00 for the first time in mid-June, according to the American Automobile Association (AAA). Falling global oil […]
by Hiroshi HIYAMA Agence France Presse TOKYO, Japan (AFP) — Japan’s economy expanded in the three months to June, official data showed Monday, after the government lifted Covid-19 curbs on businesses. The world’s third-largest economy grew 0.5 percent quarter-on-quarter due to stronger consumption and capital investment, but the rise was below market expectations of 0.7 percent. While the country never imposed strict stay-at-home orders during the pandemic, the government in March removed virus restrictions […]
Frankfurt, Germany | AFP | Germany will limit heating in public buildings over the winter to save on gas as Russia throttles supplies to Europe, Economy Minister Robert Habeck said on Friday. “Public properties — with the exception of hospitals and other parts of the social system, of course — will only be heated to 19 degrees Celsius (66 degrees Fahrenheit)”, Habeck told the daily Sueddeutsche Zeitung in an interview. Public buildings and monuments […]
London, United Kingdom | AFP | by Ben PERRY Britain’s economy shrank in the second quarter, official data showed Friday, as the country heads towards recession under a new prime minister. UK gross domestic product dropped 0.1 percent in the April-June period after a rise of 0.8 percent in the first quarter, the Office for National Statistics said in a statement. The Bank of England (BoE) expects the economy to enter a year-long recession by […]
