US hikes tariffs on $200b of Chinese goods, China says it will retaliate

The US hiked tariffs on more than $200 billion in goods from China on Friday in the most dramatic step yet of President Donald Trump’s push to extract trade concessions, deepening a conflict that has roiled financial markets and cast a shadow over the global economy. China immediately said in a statement it is forced […]

Pakistan growth to hit eight-year low as IMF bailout looms

KARACHI: Pakistan’s growth rate is set to hit an eight-year low, a government report predicted Friday, with all major indicators down as the country continues negotiating its 22nd bailout from the International Monetary Fund. A report by the National Accounts Committee, released late Thursday, forecast growth of a mere 3.3 per cent in the current […]

Egypt inflation drops to 13 per cent

CAIRO: Egypt’s annual urban consumer price inflation eased to 13.0 per cent in April from 14.2 per cent in March, official statistics agency CAPMAS said on Thursday. “The figures are lower than our expectations,” said Radwa Al Swaify, head of research at Pharos Securities Brokerage. “This month was the lowest month-on-month increase in three years.” […]

Adani expects India coal imports to surge to a record

New Delhi. India’s thermal coal purchases are expected to surge to a record this year and remain robust through the next decade as domestic supply lags demand, according to the country’s largest importer. Overseas shipments will climb almost 11 per cent to 184 million metric tonnes during the financial year started April 1, and rise […]

US to remove India from currency manipulation watch list: source

The Trump administration will expand the number of countries it scrutinizes for currency manipulation in an upcoming report, but remove India from the list, people familiar with the matter said, after lowering the bar for foreign governments to come under scrutiny. Vietnam may be named a manipulator outright for artificially holding down the value of the dong, […]

Stockpiling boosted UK economy ahead of initial Brexit date

LONDON. Official figures show that the British economy expanded by a solid quarterly rate of 0.5 per cent in the first three months of the year as firms geared up for the long-anticipated Brexit date. Much of the growth reported by the Office for National Statistics on Friday was due to firms stockpiling raw materials […]

Cash crisis tops Sudan’s economic woes

KHARTOUM: Women queue for hours under scorching sun in the hope of withdrawing cash from an ATM in the Sudanese capital Khartoum. Sometimes it works, sometimes it doesn’t. The hunt for cash has become a national sport in Sudan, where a deep economic crisis helped sparked months of protests against veteran president Omar Al Bashir. […]