ISLAMABAD — Pakistan said Saturday that a newly secured multibillion-dollar loan from the International Monetary Fund would help improve the cash-starved country’s macroeconomic stability. The official reaction came hours after the Washington-based global lender announced its preliminary agreement with Islamabad for a “37-month” loan of about $7 billion under the IMF’s …
your ad hereUS consumer inflation eases to 3.0% in June
Washington — U.S. inflation edged down in June as analysts expected, government data showed Thursday, a reassuring development for President Joe Biden as he fights to win confidence on his economic record in his reelection bid. The consumer price index (CPI) rose 3.0 percent last month from a year ago, said …
your ad hereUS Federal Reserve’s Powell reminds lawmakers of Fed’s dual mandate
Namibia struggles with growing seal population that threatens fishing industry
Windhoek, Namibia — Namibia will attempt to reduce the local seal population by 80,000 this year, officials recently announced, despite opposition from animal rights groups. The Ministry of Fisheries and Marine Resources said the reduction is necessary to maintain balance in the ecosystem and keep the seals from hurting the nation’s …
your ad hereKenyan president warns of huge consequences over debt plan failure
NAIROBI, Kenya — The ballooning debt in East Africa’s economic hub of Kenya is expected to grow even more after deadly protests forced the rejection of a finance bill that President William Ruto said was needed to raise revenue. He now warns “it will have huge consequences.” Facing public calls to …
your ad hereBurkina Faso’s internally displaced scramble to make a living
Burkina Faso is home to many people internally displaced by years of insecurity and conflict. Most of them live in various towns across the country, and some are now trying to find jobs in the capital, Ouagadougou, or starting businesses. VOA’s Gildas Da has this report, narrated by Anthony LaBruto. …
your ad hereFederal Reserve’s Powell says US making ‘modest’ progress on inflation
Washington — The U.S. Federal Reserve is making “modest” progress in its inflation fight, the head of the U.S. central bank told lawmakers Tuesday, on the first of two days of testimony in Congress. When prices surged in the wake of the COVID-19 pandemic, the Fed responded by hiking interest rates …
your ad hereKenyan president bows to pressure, makes major concessions
Nairobi, Kenya — Kenyan President William Ruto on Friday ordered significant cuts in the federal budget along with other government reforms to pay off a crushing debt burden in a move seen as a concession to popular disapproval of a tax bill that sparked violent protests. Following weeks of protests during …
your ad hereSri Lanka to save $5bn from bilateral debt deal
Colombo, Sri Lanka — Sri Lanka will save $5 billion following the restructure of its bilateral debt, much of which is owed to China, through slashed interest rates and longer repayment schedules, the president said Tuesday. The island nation defaulted on its foreign borrowings in 2022 during an unprecedented economic crisis …
your ad hereUS manufacturing contraction deepens in June
Washington — U.S. manufacturing activity edged lower in June, deepening a recent slump on continued weak demand, according to industry survey data published Monday. The Institute for Supply Management’s (ISM) manufacturing index came in at 48.5% last month, down 0.2 percentage points from May. The June data came in below market …
your ad hereEconomic turmoil in Bolivia fuels distrust in government and its claim of a ‘failed coup’
LA PAZ — Signs reading “I’m buying dollars” line the doors of Víctor Vargas’ shoe shop in the heart of Bolivia’s biggest city, a desperate attempt to keep his family business alive. Just a few years ago, the 45-year-old Vargas would unlock the doors at 8 a.m. to a crush of …
your ad hereAfghan farmers grow poppies despite Taliban’s ban
Washington — Opium poppy cultivation in Afghanistan was down sharply last year, according to the United Nations and private sources, but the plants are being grown in most provinces despite a ban imposed by the Taliban. Some areas grow more than others. According to sources inside Afghanistan and on Taliban-run social …
your ad hereA source of nutrients and anxiety: Egypt cuts back on longtime bread subsidies
After more than three decades, Egypt has increased the fixed price of subsidized bread from 0.05 Egyptian pounds ($0.0010) a loaf to 0.20 Egyptian pounds ($0.0042). With record levels of inflation already straining the Egyptian people — the majority of whom rely upon the discounted dietary staple — Cairo-based photojournalist Hamada Elrasam turns his lens on …
your ad hereZimbabwe fights higher drug abuse cases, especially among youth
HARARE, ZIMBABWE — Officials in Zimbabwe, which is facing a growing problem of substance abuse — especially among unemployed youth, say arrests have surged in 2024, with close to 2,400 people taken into custody so far. Officials say economic difficulties are hampering efforts to curb the problem. Zimbabwean Information Minister Jenfan …
your ad hereMicrosoft faces antitrust violation for bundling Teams with Office software
China’s premier pushes back on EV, green industry concerns
China wants EU to remove tariffs on EVs by July 4 as talks resume
BEIJING — Beijing wants the EU to scrap its preliminary tariffs on Chinese electric vehicles by July 4, China’s state-controlled Global Times reported, after both sides agreed to hold new trade talks. Provisional European Union duties of up to 38.1% on imported Chinese-made EVs are set to kick in by July …
your ad hereWhy Vietnam drought may spike global espresso prices
Gia Lai Province — Vietnam’s coffee growers have been hit hard by the worst drought in nearly a decade this year, and that could mean a morning espresso is about to get more costly. The country is the world’s second biggest coffee producer and the top producer of robusta beans, …
your ad hereCostly election pledges in France stoke fears of splurges that risk pushing country deeper into debt
Paris — The promises are appealing — and expensive. Vying to oust the centrist government of President Emmanuel Macron in an upcoming two-round parliamentary election June 30 and July 7, French political parties of both the far right and far left are vowing to cut gasoline taxes, let workers retire earlier and …
your ad hereStudy: Luxury sales flatten amid creativity crisis, price hikes
MILAN — The post-pandemic surge in global sales of luxury handbags, shoes and apparel is set to stall this year amid a creativity crisis and price hikes as brands shift focus to the biggest spending customers, a new study by the Bain consultancy said Tuesday. Bain is forecasting flat worldwide luxury …
your ad here2 dead in Kenya youth protests
Nairobi, Kenya — A 21-year-old man died after being hit by a tear gas canister during protests in Kenya this week, a human rights official and the victim’s relative said Saturday, in the second fatality in connection with the youth-led demonstrations. Led largely by Gen-Z Kenyans who have livestreamed the demonstrations …
your ad hereKazakhstan needs to overhaul labor, poverty statistics, experts say
ALMATY, KAZAKHSTAN — Economic analysts in Kazakhstan say the government is using a formulation for setting the poverty line that fails to capture the number of people living below a humane standard of living. The result, they say, lowers the amount of assistance provided to the poor. Kazakhstan sets the poverty …
your ad hereKyrgyzstan insists construction of controversial mega project go on
China warns of possible ‘trade war’ with EU as Germany’s Habeck heads to Beijing
EU criticizes France for excessive debt
BRUSSELS — The European Union’s executive arm on Wednesday criticized France for running up excessive debt, a stinging rebuke at the height of an election campaign where President Emmanuel Macron is facing a strong challenge from the extreme right and the left. The EU Commission recommended to seven nations, including France, …
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