Tag: economy

Sri Lanka seeks UN help on food shortages

Cash-strapped Sri Lanka is seeking urgent United Nations help to build a stockpile of essential foods, the prime minister’s office said Friday, after authorities warned of looming starvation. Acute shortages of food, fuel and other essential goods, along with record inflation and rolling blackouts, have inflicted widespread misery in the island nation’s unprecedented economic crisis. Scarce supplies of petrol, diesel and fertiliser have made it difficult for farmers to grow crops, while the agricultural sector […]

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Inflation in bankrupt Sri Lanka hits fresh record

  COLOMBO, Sri Lanka (AFP) — Cash-strapped Sri Lanka saw its highest inflation on record for the eighth consecutive month in May, official data showed Wednesday, as the island nation grapples with its worst-ever economic crisis. The Colombo Consumer Price Index (CCPI) rose 39.1 percent year-on-year last month, up from 29.8 percent in April, according to the statistics department. Food inflation in Colombo came in at 57.4 percent, up from 46.6 percent in April. The […]

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President-elect Marcos Jr., says country’s economy is “first priority”

“I have found the best people,” he said as he names economic team members   (Eagle News) – President-elect Ferdinand Marcos Jr., said that the country’s economy is going to be his “first priority” and is confident that he has chosen the “best persons” to be part of his economic team. In his first press briefing after his proclamation, Marcos Jr., said that he had been “very very careful in choosing” the members of his […]

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Russian central bank slashes rate to rein in ruble

Russia’s central bank cut its key interest rate Thursday following an emergency meeting, as authorities seek to rein in the ruble which has surged in value despite the conflict in Ukraine. The Bank of Russia slashed the rate to 11 percent from 14 percent, saying external conditions for the economy remained “challenging, considerably constraining economic activity.” The policy-setting meeting was originally set to take place on June 10 but the central bank surprised the market […]

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China premier issues warning on Covid-hit economy

by Beiyi SEOW China’s premier has sounded an unusually stark warning about the world’s second-largest economy, saying it must return to normal as the country’s zero-Covid strategy bites into growth. China is the last major economy welded to a policy of mass testing and hard lockdowns to eliminate virus clusters, but the strict curbs have battered businesses. Restrictions around the nation in recent months — including on the manufacturing hubs of Shenzhen and Shanghai as […]

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US unveils Asia-Pacific trade framework

https://youtu.be/9bx5onRYzx0   US President Joe Biden launched a new Asia-Pacific trade initiative Monday in Tokyo, with 13 countries including India and Japan signed up. Biden formally unveiled the Indo-Pacific Economic Framework for Prosperity, or IPEF, on his second day in Japan, where he held talks with Prime Minister Fumio Kishida ahead of a regional Quad summit on Tuesday. Unlike traditional trade blocs, there is no plan for IPEF members to negotiate tariffs and ease market […]

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Japan inflation hits seven-year high

by Kyoko Hasegawa  © Agence France-Presse Tokyo, JAPAN (AFP) –Japan’s core consumer prices posted their biggest jump in seven years in April, official data showed Friday, as global commodity prices soared and the yen slumped against the dollar. The core consumer price index, which excludes fresh food, jumped 2.1 percent year-on-year, according to figures released by the internal affairs ministry. It was the first time since March 2015 that the figure has breached the 2.0 […]

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Foreign-born US workers reach pre-pandemic level: Census

  The number of foreign-born workers in the United States neared pre-pandemic levels last year, reaching 17.4 percent, according to government data released Wednesday. The foreign-born labor force increased by 671,000 compared to 2020, rising to 27.9 million, the Labor Department said. However, it remains below the pre-pandemic level of 28.4 million. The unemployment rate for that group fell to 5.6 percent in 2021 from 9.2 percent the prior year. The size of the native-born […]

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UK inflation jumps to 40-year peak

  by Roland JACKSON Agence France Presse Britain’s annual inflation rate surged to a 40-year high last month on rocketing energy costs, official data showed Wednesday, sparking opposition calls for the government to announce an emergency budget to combat a cost-of-living crisis. Consumer prices index inflation hit 9.0 percent in April from 7.0 percent in March, the Office for National Statistics said in a statement. The ONS estimated that April was the highest level since […]

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China’s retail sales lowest in two years from Covid damage

  BEIJING, China (AFP) — China’s retail sales slumped to its lowest in two years while factory output plunged, official data showed Monday, capturing the dismal economic fallout from Beijing’s zero-Covid policy. The world’s second-largest economy has persisted with strict virus measures, choking up global supply chains as dozens of Chinese cities — including key business hub Shanghai — grapple with restrictions. Officials have vowed to support growth, lowering the mortgage rate for first-time homebuyers. […]

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Philippine economy grows in Q1 as Covid rules lifted

The Philippine economy grew stronger than expected in the first quarter, officials said Thursday, as the lifting of Covid-19 restrictions and the start of the election campaign season ignited consumer spending. Gross domestic product expanded by 8.3 percent, compared with a 3.8 percent contraction in the same period last year, the Philippine Statistics Authority said. That beat expectations for 6.7 percent growth and “surpassed the pre-pandemic gross domestic product”, President Rodrigo Duterte’s economic team said. […]

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Baby formula shortage sends US parents into panic

by Delphine TOUITOU It’s a nightmare for parents. The United States is in the grip of a severe shortage of baby formula — with a mass product recall aggravating pandemic supply chain woes — sending families on sometimes desperate hunts for the vital supplies. And it has been going on for months, according to Sara Khan, the mother of three children aged 10, seven and six months. “I’ve known about this issue for almost seven […]

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