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BEIJING, China (AFP) — Mass testing of China’s vast population could bring fresh misery to the economy, experts warned Friday, after Beijing vowed to regain control of the narrative around a zero-Covid policy that has strangled growth and fanned anger across the country. Leaders have taken a hardline approach to stamping out virus outbreaks, locking down Shanghai — the country’s economic dynamo and biggest city — and slowly restricting movement in Beijing over dozens of […]
by Holmes Chan and Su Xinqi © Agence France-Presse HONG KONG, China (AFP) — Hong Kong’s next leader John Lee is inheriting a once vibrant Asian business hub mired in its third year of pandemic isolation but he may prioritize security over an economic reboot, business leaders and observers say. Lee, a former security chief, is expected to be confirmed Hong Kong’s next chief executive on Sunday by a committee of 1,463 elites after running […]
by Luján Scarpinelli © Agence France-Presse SAO PAULO, Brazil (AFP) — Brazilian businesswoman Luiza Trajano has made it onto a lot of lists: TIME’s most influential people, Forbes’ billionaires, the biggest fortunes in Brazil… But although she has been touted as a potential contender in Brazil’s presidential elections this year, there is one list she says she is determined to stay off: the ballot. With the country deeply polarized ahead of October’s polls, “I want […]
JAKARTA, Indonesia (AFP) — Indonesia began imposing a complete ban on palm oil exports Thursday, as the world’s largest producer of the commodity risked destabilising a global vegetable oil market already hitting peak prices. The archipelago nation is facing a domestic shortage of cooking oil as well as soaring prices, with consumers in several cities having to queue for hours in front of distribution centres to buy the essential commodity at subsidised rates. Authorities […]
BEIJING, China (AFP) — China’s Xi Jinping has called for an “all-out” campaign to build infrastructure, according to state media, marking the latest attempt by leaders to boost growth in the Covid-battered economy. Despite struggling to defeat the country’s worst outbreak in two years, the leadership is digging in its heels with a strict zero-Covid policy that involves lockdowns in the biggest cities and mass testing. But the measures have snarled supply chains and hammered […]
HONG KONG, China (AFP) — Oil began inching upward on Thursday after a day of losses over demand concerns linked to the Covid-19 lockdown in China. Ongoing restrictions in the country, including in the economic hub of Shanghai where tens of millions are confined to their homes, have hit transport networks but traders are balancing the demand shock alongside threats to supply caused by the war in Ukraine with European Union countries mulling bans […]
Around 200,000 employees of foreign companies in Moscow could lose their jobs due to sanctions over Russia’s military campaign in Ukraine, the city’s mayor said on Monday. “According to our estimates, about 200,000 people are at risk of losing their jobs,” Moscow Mayor Sergei Sobyanin said in a blog post. He said authorities had last week approved a $41-million programme to support employment in the Russian capital. “First of all, the programme is aimed at […]
by Beiyi SEOW Agence France Presse China’s economic growth accelerated in the first quarter of the year to 4.8 percent, official data showed Monday, but the government warned of “significant challenges” ahead while massive Covid-19 lockdowns started to bite. The world’s second-biggest economy had lost steam in the latter half of last year with a property slump and regulatory crackdowns, pulling down growth. But it exceeded expectations in the first three months of 2022, […]
by Robin MILLARD Agence France Presse GENEVA, Switzerland (AFP) — Russia’s war in Ukraine could almost halve world trade growth this year and drag down global GDP growth too, the World Trade Organization projected Monday. The WTO said that the Russian invasion had not only created a humanitarian crisis of “immense proportions” but had also dealt a “severe blow” to the global economy. It also said that in the longer term, the conflict could […]
COLOMBO, Sri Lanka (AFP) — Sri Lanka’s parliament will convene Tuesday in its first session since a state of emergency was imposed as the country grapples with protests and mounting demands for the president’s resignation over a worsening economic crisis. Severe shortages of food, fuel and other essentials — along with record inflation and crippling power cuts — have inflicted widespread misery across the island nation, which is enduring its most painful downturn since […]
LONDON, United Kingdom (AFP) — Stock markets climbed and oil prices steadied Monday on easing concerns over tight crude supplies and decades-high inflation, traders said. Turkey’s lira was stable against the dollar and euro after official data showed the country’s inflation had soared to a fresh record high. Elsewhere, trading was halted on Sri Lanka’s stock exchange seconds after opening Monday as the island nation’s president offered to share power with the opposition. Protests demanding […]
COLOMBO, Sri Lanka (AFP) — Sri Lanka on Wednesday began imposing record nationwide 10-hour daily power cuts as it ran out of hydro-electricity on top of a severe shortage of fuel. The South Asian nation of 22 million people is in its worst economic crisis since independence in 1948, because of a severe shortage of foreign currency to pay for imports. The state electricity monopoly said it was imposing the 10-hour power cut, up from […]
