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Chinese factory activity contracted in September for the first time since the height of its initial coronavirus outbreak in February 2020, official data showed Thursday, as it faces waves of power outages and fears for the real estate sector. The Purchasing Managers’ Index (PMI) — a key gauge of manufacturing activity in the world’s second-largest economy — slipped to 49.6 from 50.1 in August, the National Bureau of Statistics said. Any figure below the 50-point […]
HANOI, Vietnam (AFP) — Vietnam’s economy suffered its heaviest contraction on record in the third quarter, officials said Wednesday, after a devastating wave of Covid-19 forced the widespread suspension of manufacturing in the export-reliant country. Gross domestic product shrunk 6.17 percent on-year in the July-September period, with the general statistics office (GSO) saying it was the sharpest since the Southeast Asian nation began recording quarterly figures — reportedly in 1986. Vietnam was last year among […]
BUENOS AIRES, Argentina (AFP) — Argentina on Wednesday made a nearly $1.9 billion payment toward a $44 billion loan from the International Monetary Fund. The payment was confirmed to AFP by Argentine officials. Argentina has received $44 billion of a $57 billion loan from the IMF arranged under former president Mauricio Macri. After taking office, his successor Alberto Fernandez refused to accept the rest of the loan. So far this year, Argentina has paid the […]
MANILA, Philippines (AFP) — The Asian Development Bank warned of “lasting scars” from the coronavirus pandemic as it cut its 2021 growth forecast for developing Asia on slow vaccination rates, surging infections and crippling lockdowns. A shortage of doses, which has hampered efforts to inoculate the vast region stretching from the Cook Islands in the Pacific to Kazakhstan in Central Asia, could worsen as evidence of waning vaccine protection increases demand for booster shots, the […]
by Roland JACKSON LONDON, United Kingdom (AFP) — British annual inflation spiked in August to a nine-year peak on the reopening economy, but last year’s figure had been skewed by a restaurant discount scheme, official data showed Wednesday. The Consumer Prices Index (CPI) soared to 3.2 percent, the highest level since March 2012, the Office for National Statistics said in a statement. That marked a record acceleration from 2.0 percent in July, but the ONS […]
by Carlos Mario Marquez and Moises Avila SAN SALVADOR, El Salvador (AFP) — El Salvador on Tuesday became the first country to embrace bitcoin as legal tender, with consumer demand crashing its brand-new cyber “wallet” system even as the currency’s value seesawed against the US dollar. Under the initiative of President Nayib Bukele, Salvadoran consumers can now legally use bitcoin — along with the US dollar which has been the official currency for two decades […]
DUBAI, United Arab Emirates (AFP) — The UAE announced a new visa Sunday allowing foreigners to work in the country without being sponsored by an employer, loosening residency requirements in an attempt to boost economic growth. Foreigners in the oil-rich United Arab Emirates are generally only given limited visas tied to their employment, and long-term residency is difficult to obtain. But those holding the new “green visa” will be able to work without company sponsorship, […]
by Chris Stein Agence France Presse WASHINGTON, United States (AFP) — Spending less on food. Drawing down on retirement savings. Dropping out of the workforce altogether. Last year, the United States massively expanded unemployment aid as Covid-19 broke out. But in the coming days those benefits will end, forcing millions of jobless Americans — some of whom haven’t worked for the entire pandemic — to make hard choices about how they will get by […]
COLOMBO, Sri Lanka (AFP) — Sri Lankan government officials on Wednesday raided private warehouses to seize thousands of tonnes of sugar, a day after a state of emergency was declared over food shortages caused by a currency crisis. A military officer put in charge of efforts to bolster food stocks said at least 13,000 tonnes of white and brown sugar were found in the raids. “The objective is to prevent hoarding,” Major General Senarath Niwunhella, […]
HONG KONG, China (AFP) — Asian markets were mixed Wednesday as investors tried to assess whether the global recovery will be resilient enough to withstand the fast-spreading Delta Covid variant, with optimism being tested by the stuttering rollout of vaccines and a spike in infections in some countries. China’s drive to tighten its grip on the world’s number two economy with a swathe of new regulations for private enterprises is also weighing on sentiment, while […]
COLOMBO, Sri Lanka (AFP) — Sri Lanka on Tuesday declared a state of emergency over food shortages as private banks ran out of foreign exchange to finance imports. With the country suffering a hard-hitting economic crisis, President Gotabaya Rajapaksa said he ordered emergency regulations to counter the hoarding of sugar, rice and other essential foods. Rajapaksa has named a top army officer as “Commissioner General of Essential Services to coordinate the supply of paddy, rice, […]
LONDON, United Kingdom (AFP) — Britain’s unemployment rate dipped in the second quarter on reopening of the economy that has resulted in record-high vacancies, official data showed Tuesday. While the number of payroll employees has surged, it remains below the pre-pandemic total, the Office for National Statistics added. The unemployment rate eased to 4.7 percent in the second quarter from 4.8 percent in the three months to the end of May, the ONS said in […]
