ISLAMABAD: Pakistan’s textile exports are set to dramatically dip as the sector is hobbled by a nationwide energy crisis forcing daily power cuts on factories, with an industry leader warning about “a state of emergency” for the manufacturing hub.

TEHRAN: Iran and Venezuela signed a 20-year deal on cooperation between the two allies subject to US sanctions during a visit Saturday to the Islamic republic by Venezuela’s President Nicholas Maduro.

BEIJING: China’s exports rebounded strongly in May, data showed Thursday, with factories restarting and supply chains untangling as Shanghai slowly emerged from a grueling COVID lockdown.

AMSETRDAM: The European Central Bank on Thursday said it would raise interest rates for the first time in over a decade next month to combat runaway inflation, bringing the curtain down on the eurozone’s era of cheap money.

By Majd Othman

KUWAIT: Kuwait Economic Society (KES) on Wednesday hosted a seminar in partnership with the College of Business Administration at Kuwait University and the World Bank Country office in Kuwait to discuss the World Bank Economic report for the GCC countries (Spring 2022).

London: Stock markets plunged deeper into the red on Friday after data showed that US inflation soared to highest level in 40 years in May, outpacing analysts’ expectations.

JAKARTA: About three weeks after Russian troops invaded Ukraine, Indonesian housewife Liesye Setiana was forced to close her banana chip business as cooking oil supplies dried up across the country.

MUMBAI: India’s central bank on Wednesday hiked rates for a second time in as many months, as Asia’s third-largest economy reels from galloping inflation in the wake of the Ukraine war.

PARIS: The OECD warned Wednesday that the world economy will pay a “hefty price” for Russia’s invasion of Ukraine as it slashed its 2022 growth forecast and projected higher inflation.