Tag: economy

Storm clouds loom large over China’s economy

By Sébastien RICCI Agence France-Presse BEIJING, China (AFP) — China’s lower-than-expected growth in the second quarter comes as the world’s second largest economy is hit by sluggish consumption, a real estate sector in crisis and worries over deflation. Here is a look at the main storm clouds over China’s economy: – Sluggish consumption – For almost three years Beijing’s strict zero-Covid policies meant repeated lockdowns, the fear of being arbitrarily quarantined and other draconian health […]

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Strikes end at western Canada ports after deal reached

MONTREAL, Canada (AFP) — A strike which had shut down ports along Canada’s west coast, including the country’s largest in Vancouver, has ended after 13 days of nationwide economic repercussions, negotiators announced Thursday. More than 7,000 terminal cargo loaders and 49 waterfront employers in 30 ports went on strike July 1, after months of failed negotiations. Port automation, the rising cost of living and outsourcing were the key issues behind the collective action led by […]

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Yellen urges ‘direct’ talks, US-China climate collaboration

BEIJING, July 8, 2023 (AFP) – Washington and Beijing should communicate “directly” on concerns about specific economic practices, US Treasury Secretary Janet Yellen said Saturday, urging greater cooperation between the world’s two biggest economies despite fraught ties. Yellen is on a four-day trip to Beijing, as the United States seeks to cool tensions and stress areas of collaboration between the two countries. In a meeting Saturday with Vice Premier He Lifeng, she pointed to record […]

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Yellen to visit China, raising need to ‘responsibly manage’ ties

By Beiyi SEOW Agence France-Presse WASHINGTON, United States (AFP) — Treasury Secretary Janet Yellen is set to visit Beijing this week, the United States said Sunday, marking the second trip by a cabinet official to China since ties between the world’s top two economies deteriorated earlier this year. Yellen is expected to discuss with her counterparts the importance for both countries “to responsibly manage our relationship, communicate directly about areas of concern, and work together […]

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Crippled exports slow Vietnam’s growth

HANOI, June 29, 2023 (AFP) – Vietnam’s economic growth slowed in the first half of the year as exports were hit by a slump in demand, authorities said Thursday. The Southeast Asian country, a global manufacturing hub for clothing, shoes and electronics, saw expansion of 3.72 percent in January-June, down from 6.42 percent in the same period of 2022. “The economic growth was not high… in the context of difficulties and challenges from inside and […]

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China’s premier says West’s economic de-risking ‘false proposition’

TIANJIN, China, June 27, 2023 (AFP) — Chinese Premier Li Qiang slammed efforts in the West to “de-risk” the global economy as a “false proposition” on Tuesday, as he opened a meeting known as the Summer Davos in northern China. “In the West, some people are hyping up what is called ‘cutting reliance and de-risking’,” Li told delegates in a wide-ranging speech calling for deepening economic globalization and cooperation. “These two concepts… are a false […]

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Small but powerful: tiny data center heats UK swimming pool

By Anastasia CLARK Agence France-Presse EXMOUTH, United Kingdom, June 23, 2023 (AFP) — A leisure centre in Exmouth, southwest England, is using a small data centre to heat its indoor swimming pool, trialling an innovative solution that reduces its energy bills and carbon footprint. An on-site installation captures heat generated by a bank of computers, bringing the 25-metre swimming pool to the required temperature around 65 percent of the time, cutting reliance on gas boilers. […]

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Climate finance summit wraps up eyeing bigger progress

By Kelly MACNAMARA Agence France-Presse PARIS, June 23, 2023 (AFP) — A global summit seeking to overhaul the international financial system wraps up Friday after taking small steps towards easing the debt burden of developing nations weighed down by climate and economic crises. While host country France pitched the conference as a consensus-building exercise, leaders are under pressure to produce clear outcomes from the two-day meeting as economies stagger under growing debt after successive crises […]

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Chinese tech giant Alibaba names new CEO, chairman

BEIJING, June 20, 2023 (AFP) – Chinese tech giant Alibaba said Tuesday it will replace its top boss, in a surprise move at the e-commerce titan as it looks to recover from years of slow growth caused by weak consumer spending and a regulatory crackdown. The move comes as the market leader prepares to undergo a fundamental reorganisation of its sprawling business operations, which span cloud computing, e-commerce, logistics, media and entertainment, and artificial intelligence. […]

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Russian Pres. Vladimir Putin says Ukraine offensive stands ‘no chance’

MOSCOW, June 16, 2023 (AFP) – Russian President Vladimir Putin on Friday said Ukraine’s counteroffensive would fail as Kyiv’s troops sought to advance in several directions, including the southeastern region of Zaporizhzhia. “I think that Ukraine’s armed forces stand no chance here, as well as in other directions — I have no doubt about that,” Putin told an annual economic forum in Saint Petersburg. AFP and representatives of other countries the Kremlin deems “unfriendly” were […]

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‘Unprecedented’ security for Putin at St Petersburg forum

MOSCOW, June 16, 2023 (AFP) – Mobile communications were severed Friday in Saint Petersburg in “unprecedented” security measures as President Vladimir Putin attended a global economic forum amid growing Ukrainian attacks on Russian soil. The Roskongress Foundation, the organisers of the forum in Russia’s second city, earlier said internet communication via mobile operators would be blocked. “Use wifi”, said Kremlin spokesman Dmitry Peskov, linking the heightened security to the threat of attacks from Ukraine. In […]

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Pakistan failing in every economic index: key survey

KARACHI, June 9, 2023 (AFP) – Pakistan failed to meet any economic growth targets for the fiscal year 2022-23, according to a key government report released Thursday — a day before the new budget is to be presented to the national assembly. GDP growth was a miserly 0.3 percent, while agriculture, industrial output, and exports all failed to meet their targets. Pakistan’s economy has been stricken by a balance-of-payments crisis as it attempts to service […]

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