Global News
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Dollar surge slowing global trade, worsening debt crises worldwide
The surge in the dollar is adding to the stresses afflicting the global economy, the International Monetary Fund has said, by slowing world trade and piling pressure on indebted developing countries. The dollar index, which measures the currency against a basket of its peers, has risen around 16% this year as the Federal Reserve has hiked interest rates faster than…
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Burkina ex-leader Compaore apologises to family of slain Sankara
Burkina Faso’s former President Blaise Compaore, sentenced in absentia to life in jail for the 1987 assassination of revolutionary icon Thomas Sankara, has apologised to the ex-leader’s family. “I ask the Burkinabe people for forgiveness for all the acts I may have committed during my tenure, and especially the family of my brother and friend Thomas Sankara,” he said in…
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Bangladesh seeks $4.5bn IMF loan as forex reserves shrink: Report
Bangladesh has sought a $4.5billion loan from the International Monetary Fund (IMF), the country’s leading newspaper reports, joining South Asian neighbours Pakistan and Sri Lanka in seeking help to cope with mounting pressure on their economies. Known for its big garment-exporting industry, Bangladesh has sought the funds for its balance of payment and budgetary needs, as well as for efforts…
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Despite sweeping sanctions, Russia’s economic outlook has improved since April
Russia’s economy is holding up better than expected amid sweeping sanctions over its invasion of Ukraine, according to the International Monetary Fund’s World Economic Outlook report issued on Tuesday. The IMF slashed growth forecasts for almost every country, but upgraded Russia’s forecast with the country’s economy still contracting, but by 6% an improvement from the IMF’s April forecast of an…
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Russia’s crude deliveries to China, India have plunged 30%
Russia’s crude shipments to China and India have fallen nearly 30% since they peaked after the war in Ukraine began, a Bloomberg report found, signaling that Asia may not be equipped to fully absorb Russian barrels once European sanctions fully set in. So far, expensive crude prices have bolstered Russia’s export-duty revenues and helped mitigate the influence of a shrinking…
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The trade war within China
Local protectionism is pernicious and persistent Although many are embarrassed to admit it, foreign correspondents learn a lot from taxi drivers. In China economic correspondents can also learn a lot from the taxis themselves. Most cabs in Beijing are Hyundai Elantras. In Shanghai they are often the Volkswagen Touran or Passat. And in Wuhan they are commonly Citroën Elysées. In…
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‘A beacon of hope’: Ukraine, Russia sign grain export deal
Russia and Ukraine signed separate agreements Friday with Turkey and the United Nations clearing the way for exporting millions of tons of desperately needed Ukrainian grain — as well as Russian grain and fertilizer — ending a wartime standoff that had threatened food security around the globe. The deal will enable Ukraine — one of the world’s key breadbaskets —…
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Somalia’s president wants help to fight Africa’s terrorist groups
Hassan Sheikh Mohamud says jihadism is un-Islamic and impossible to justify I feel I am uniquely qualified to speak on international terrorism because I have survived at least three attempts to assassinate me. They came during my first term as Somalia’s president from September 2012 to February 2017. The first attempt was on my very first day in office; the…
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PROFILE: Punjab ancestry, Oxford graduate, proud Hindu, all eyes on Rishi Sunak in UK PM race
The eyes of the world are now on Rishi Sunak, a 42-year-old Indian-origin man who is now a top contender for the post of UK prime minister. His ancestry, political rise and wealth have amped up curiosity not only among the Britishers but among Indians too. On Monday, Rishi topped the third round of voting among the Conservative Party members…
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Ivory Coast president Ouattara on state visit to South Africa Friday
President Cyril Ramaphosa will on Friday host his Ivory Coast counterpart President Alassane Ouattara for a state visit, his office said on Tuesday. Ouattara’s visit to the country will be on Ramaphosa’s invitation after his West Africa trip in December 2021. Presidency spokesperson, Vincent Magwenya said the two heads of state are expected to hold bilateral discussions, witness the signing…
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