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…
more ...Burkina 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…
more ...Federal 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…
more ...Kenyan 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…
more ...Sri 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…
more ...US 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…
more ...Economic 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…
more ...Afghan 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…
more ...A 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…
more ...Zimbabwe 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…
more ...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…
more ...Why 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…
more ...Study: 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…
more ...2 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,…
more ...Kazakhstan 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…
more ...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…
more ...G7 leaders discuss economic threats from China, AI ethics
On Friday, U.S. President Joe Biden wrapped up meetings in Italy with leaders of the Group of Seven democracies. The leaders focused on threats they say China poses to the…
more ...US Federal Reserve sees inflation progress but envisions only one rate cut this year
washington — Federal Reserve officials said Wednesday that inflation has fallen further toward their target level in recent months but signaled they expect to cut their benchmark interest rate just once…
more ...World Bank: Inflation, poverty keep climbing in war-torn Myanmar
Bangkok — Myanmar’s economy shows no signs of recovering from the 2021 military coup, as civil war drives more workers abroad, pushes inflation into triple digits in some parts of the…
more ...US inflation cooled in May in sign that price pressures may be easing
WASHINGTON — Inflation in the United States eased in May for a second straight month, a hopeful sign that a pickup in prices that occurred early this year may have passed.…
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