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☆ China's cheap goods are threatening to undermine its influence in the developing world
▼ + stars: | 2024-12-06 | by ( Tom Porter | ) www.businessinsider.com time to read: +6 min

AdvertisementChina is flooding the developing world with cheap goods. China's exports, meanwhile, are growing at a rate of around 12% in dollar terms year-on-year, according to October trade data, with 50% being sent to the developing world. Meanwhile, consumers in the developing world have benefited from the influx of affordable Chinese goods. As the economies of developing nations become woven more tightly with China's, the volume of cheap Chinese imports has increased. Yet the importance it places on its status as a manufacturing powerhouse, and the relative weakness of domestic Chinese demand, means the flow of cheap Chinese goods abroad is unlikely to let up anytime soon.

Persons: it's, Charles Austin Jordan, Jinping, Jordan, Mingda Qiu, Beijing's, Jonathan Ward, ISHARA, Ali Wyne Organizations: China Projects, Xinhua News Agency, Getty Images, Eurasia Group, Hudson Center, Chinese Communist Party, KODIKARA, Getty Locations: China, Western, Indonesia, Brazil, Brussels, Thailand, Peru, Mexico, Russia, Getty Images China, Africa, South America, Asia, Washington, United States, Colombo, Sri Lanka, AFP, Washington ,, Latin America, Saharan Africa, Southeast Asia

☆ Marxist-leaning president takes power in Sri Lanka, a country long led by dynasties
▼ + stars: | 2024-09-23 | by ( Https | Media-Cldnry.S-Nbcnews.Com Image Upload Newscms | ) www.nbcnews.com time to read: +2 min

COLOMBO — Sri Lanka’s leftist leader Anura Kumara Dissanayake took office as president on Monday, promising change in the island nation long led by powerful political families which is emerging from its worst economic crisis in more than seven decades. Supporters of Sri Lanka's newly elected President Anura Kumara Dissanayaka, celebrate in Colombo. Before Monday’s swearing-in, Prime Minister Dinesh Gunawardena resigned to make way for the new prime minister and his cabinet. Sri Lanka’s sovereign dollar bonds shed 2.88 to 3.28 cents on the dollar in early trade on Monday to bid between 49.14 and 49.77 cents. Sri Lanka’s close neighbors India, Pakistan, and the Maldives also congratulated Dissanayake on his win, along with China, the largest bilateral creditor.

Persons: Anura Kumara Dissanayake, Lankans, “, ” Dissanayake, Sri Lanka's, Anura Kumara Dissanayaka, Ishara, Ranil Wickremesinghe, ”, beautician, Dinesh Gunawardena, Gotabaya Rajapaksa, Dissanayake, Sri Lanka’s Organizations: Sri, Kodikara, Getty, International Monetary Fund Locations: COLOMBO, Colombo, AFP, India, Pakistan, Maldives, China

☆ Asian Games: South Korea's Esports stars target medal success -- and a military exemption
▼ + stars: | 2023-09-26 | by ( Yoonjung Seo | ) edition.cnn.com time to read: +15 min

For South Korean male participants, winning a gold medal in the Asian Games or Olympic Games not only brings honor but also grants them a military exemption. However, the mandatory duty can be waived for some athletes, in particular those who win an Olympic medal or a gold medal in the Asian Games. Seven games will be featured as official medal events at the 19th Asian Games, building on the success of the pilot event at the 2018 Jakarta-Palembang Games. The venue for the Asian Games esports competitions is state-of-the-art and an impressive sight to see. With its inclusion as an official Asian Games medal event, the possibility of esports becoming a part of the Olympic Games is a topic of growing debate.

Persons: Suga, Oh, Wang Zhao, Son Heung, ” Shin, ”, esports, ” Kim Sa, “, ” Lee Kyung, Kwak, hyouk, it’d, ” Kwak, Thailand’s Teedech, Lee Sang, –, Michael Chow, Yoonjung Seo, Michael Jordan, ” Chow, Faker, JUNG YEON, Philip Fong, Rowan Crothers, “ I’m, I’ll, ” Crothers, Jess Bolden, Chow, Niko, Young Organizations: CNN, Gaming, Hangzhou Asian Games, Asian Games, Games, BTS, Asian, Getty, Premier League soccer, Tottenham Hotspur, Marine Corps, Republic of Korea Marine Corps, “ Times, CNN Sport, FIFA, Hangzhou, South Korea, Believer Company, Riot, South, Team Korea, League, “ League, SK Telecom, Riot Games, Microsoft Studios, Xbox, Studios, International Federation of, Phonographic Industry, EA Sports FC Online, PUBG, of Valor, of, Olympic, International Olympic Committee, Maekyung Media, Paralympic, IOC, Kodikara, International Federations, Niko Partners Locations: South Korea, Hangzhou, AFP, Seogwipo, Jeju, Republic of, Seoul, esports, Jakarta, South, . South Korea, Palembang, Asia

☆ Sri Lanka's central bank says more rate cuts are needed for economy to 'bounce back'
▼ + stars: | 2023-07-07 | by ( Jihye Lee | ) www.cnbc.com time to read: +1 min

watch nowDebt-ridden Sri Lanka may need to cut interest rates again to further boost growth in its economy, according to the head of its central bank. Nandalal Weerasinghe, governor of the Central Bank of Sri Lanka, told CNBC Friday that there will be more rate cuts to come, even after the central bank lowered its policy rate for a second consecutive month from 12% to 11% on Thursday. Asked if additional rate cuts will be needed, the governor answered: "Of course." He pointed to falling inflation rates in the Sri Lankan economy. Sri Lanka's total debt has exceeded $83 billion, the Associated Press reported, including foreign debt of $41.5 billion and $42.1 billion of domestic debt.

Persons: Nandalal Weerasinghe, Weerasinghe, CNBC's, Ishara, Kodikara, Stocks Organizations: Central Bank of Sri, CNBC, Afp, Getty, Sri, International Monetary Fund, Colombo, Associated Press Locations: Sri Lanka, Central Bank of Sri Lanka, Sri, Colombo

☆ IMF cuts GDP forecasts, says global economy heading for weakest growth since 1990
▼ + stars: | 2023-04-11 | by ( Silvia Amaro | ) www.cnbc.com time to read: +3 min

Ishara S. Kodikara | Afp | Getty ImagesThe International Monetary Fund on Tuesday released its weakest global growth expectations for the medium term in more than 30 years. The D.C.-based institution said that five years from now, global growth is expected to be around 3% — the lowest medium-term forecast in an IMF World Economic Outlook since 1990. "The world economy is not currently expected to return over the medium term to the rates of growth that prevailed before the pandemic," the Fund said in its latest World Economic Outlook. IMFIn the short term, however, the IMF expects global growth of 2.8% this year and 3% in 2024, slightly below the fund's estimates published in January. Banking turmoilThe IMF said that its baseline forecast "assumes that the recent financial sector stresses are contained."

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