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Kenya marks Int'l Labor Day with pledge to improve workers' welfare

STORY: Kenya marks Int'l Labor Day with pledge to improve workers' welfare SHOOTING TIME: May 1, 2024 DATELINE: May 2, 2024 LENGTH: 00:01:48 LOCATION: Nairobi CATEGORY: POLITICS/SOCIETY SHOTLIST: 1. various of the celebrations 2. SOUNDBITE (English): WILLIAM RUTO, Kenyan President 3. various of the celebrations STORYLINE: Kenya marked this year's International Labor Day on Wednesday with President William Ruto renewing a pledge to improve the welfare of workers through skills upgrading, legal protection, and better remuneration. Speaking during the Labor Day celebrations in the Kenyan capital Nairobi, Ruto said the government is committed to incentivizing workers in the public and private sectors to achieve people-centered economic transformation. Ruto announced the formation of a task force to explore modalities of increasing the minimum wage by 6 percent to protect workers from inflationary pressures and ensure they have disposable income. He added that the government has enacted the 2024 Soc

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Nigeria's central bank raises interest rate to 24.75 pct

STORY: Nigeria's central bank raises interest rate to 24.75 pct SHOOTING TIME: March 26, 2024 DATELINE: March 28, 2024 LENGTH: 00:00:56 LOCATION: Abuja CATEGORY: ECONOMY SHOTLIST: 1. various of Abuja 2. various of aerial shots of the Central Bank of Nigeria 3. various of Abuja 4. various of the meeting attended by Yemi Cardoso 5. SOUNDBITE (English): YEMI CARDOSO, Governor of Central Bank of Nigeria STORYLINE: The Central Bank of Nigeria (CBN) on Tuesday further raised the monetary policy rate by 200 basis points to 24.75 percent amid rising inflation in the most populous African country. The move, made barely one month after it raised the interest rate to 22.75 percent, was in consideration of the current inflationary pressures and the need to anchor inflation expectations as well as ensure sustained exchange rate stability, CBN Governor Yemi Cardoso, who chairs the Monetary Policy Committee, told the media at the end of a meeting in the capital of Abuja. SOUNDBITE (English): YEMI CARDOSO, Governo

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Egypt's central bank raises interest rates by 200 bps to ease inflation

STORY: Egypt's central bank raises interest rates by 200 bps to ease inflation SHOOTING TIME: Feb. 1, 2024 DATELINE: Feb. 2, 2024 LENGTH: 00:00:54 LOCATION: Cairo CATEGORY: ECONOMY SHOTLIST: 1. various of the Central Bank of Egypt 2. various of an accountant counting Egyptian banknotes 3. various of a market STORYLINE: The Central Bank of Egypt (CBE) raised its overnight interest rates by 200 basis points (bps) on Thursday over uncertainty surrounding the inflation outlook. The rate hike brings the lending rate to 22.25 percent and the deposit rate to 21.25 percent. "Widespread inflationary pressures remain elevated, continuing to impact pricing and consumption behaviors," the bank said in a statement. Egypt's annual headline and core inflation continued to decelerate, recording 33.7 percent and 34.2 percent in December 2023. However, geopolitical uncertainty and ongoing maritime trade disruptions continue to raise domestic and global inflationary pressures. The meeting came amid the co

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Japan's core consumer prices rise 2.5 pct in November

STORY: Japan's core consumer prices rise 2.5 pct in November SHOOTING TIME: Dec. 23, 2023 DATELINE: Dec. 23, 2023 LENGTH: 00:01:32 LOCATION: Tokyo CATEGORY: ECONOMY SHOTLIST: 1. various of street views in Tokyo STORYLINE: Japan's core consumer prices rose 2.5 percent in November from a year earlier, the government said in a report on Friday. According to the Ministry of Internal Affairs and Communications, the pace of the increase in the nationwide consumer price index (CPI), excluding fresh food prices because of their volatility, remained above the Bank of Japan's 2 percent inflation target for the 20th straight month. The figure, however, marked the slowest gain since July 2022 by slowing from a 2.9 percent jump in October. The core-core CPI, which strips away both energy and food prices, rose 3.8 percent, underscoring persistent inflationary pressures, the data showed. While food costs witnessed a 7.3 percent increase during the cited period, service prices rose 2.3 percent, marking the

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NAMIBIA-WINDHOEK-COMMODITY PRICES-RISE

(231113) -- WINDHOEK, Nov. 13, 2023 (Xinhua) -- A woman shops at a store in Windhoek, Namibia, on Nov. 13, 2023. Consumers in Namibia are caught in a relentless affordability struggle amid seemingly never-ending signs of inflationary pressure as commodity prices soar. The latest data from the Namibia Statistics Agency (NSA) show that inflation rose 6 percent in October, driven by higher prices of food, beverages, tobacco, transport, housing, water, electricity, gas and other fuels. (Photo by Ndalimpinga Iita/Xinhua)

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NAMIBIA-WINDHOEK-COMMODITY PRICES-RISE

(231113) -- WINDHOEK, Nov. 13, 2023 (Xinhua) -- A worker fuels a vehicle at a gas station in Windhoek, Namibia, on Nov. 13, 2023. Consumers in Namibia are caught in a relentless affordability struggle amid seemingly never-ending signs of inflationary pressure as commodity prices soar. The latest data from the Namibia Statistics Agency (NSA) show that inflation rose 6 percent in October, driven by higher prices of food, beverages, tobacco, transport, housing, water, electricity, gas and other fuels. (Photo by Ndalimpinga Iita/Xinhua)

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Greek gov't announces measures to tackle greedflation

STORY: Greek gov't announces measures to tackle greedflation DATELINE: Sept. 21, 2023 LENGTH: 0:01:21 LOCATION: Athens CATEGORY: ECONOMY SHOTLIST: 1. various of Greek Development Minister Kostas Skrekas at a press briefing in Athens 2. various of the Athens Municipality fish market 3. various of the Athens Municipality meat market 4. various of the Athens Municipality fruit market STORYLINE: Greece's Development Minister Kostas Skrekas announced a set of measures on Wednesday aimed at combating "greedflation," the practice of exploiting inflation to generate excessive profits, the Greek national news agency AMNA reported. "Although inflation has decreased in recent months, inflationary pressures remain in certain categories of goods and mainly food products. As a result, Greek households are having a hard time," Skrekas told a press briefing in Athens. According to the latest Eurostat data, Greece's annual inflation rate was 3.5 percent this August, and dropped from 13 percent in July to 10.8 percent in

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Russia raises key interest rate to 12 pct, citing inflation

STORY: Russia raises key interest rate to 12 pct, citing inflation DATELINE: Aug. 16, 2023 LENGTH: 00:01:36 LOCATION: Moscow CATEGORY: ECONOMY SHOTLIST: 1. various of the Central Bank of Russia in Moscow 2. various of Moscow city 3. various of a money exchange bureau in Moscow 4. various of Moscow city STORYLINE: Russia's Central Bank has decided to raise the key interest rate by 350 basis points to 12 percent, it said in a statement Tuesday. During an emergency meeting, the bank announced the rate increase and said the decision was "aimed at limiting price stability risks" amid inflation pressure. "As of Aug. 7, the annual rate of inflation rose to 4.4 percent while current price growth rates continue to increase," the bank said in a statement. According to the bank, steady growth in domestic demand has surpassed the capacity to expand production, increasing inflationary pressure and influencing the ruble's exchange rate dynamics through elevated demand for imports. "Consequently, the pass-through of

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Bank of Spain estimates 1.6 million households unable to cover their basic expenses

STORY: Bank of Spain estimates 1.6 million households unable to cover their basic expenses DATELINE: July 15, 2023 LENGTH: 00:01:37 LOCATION: BARCELONA, Spain CATEGORY: ECONOMY SHOTLIST: 1. various of Barcelona STORYLINE: According to a recent report from the Bank of Spain, one in eleven Spanish families (9%) could not afford their basic needs, such as rent, food or debt payments, with their gross income in 2022. This means that about 1.6 million households were struggling financially last year, an increase of 350,000 households (2%) from 2020. The report blames the inflationary pressure, worsened by the Ukraine crisis, and the higher interest rates set by the European Central Bank (ECB) for the rise in financial hardship among Spanish families. The report also reveals that despite a 6.8% growth in gross disposable income of households in Spain since 2020, inflation eroded their purchasing power by 4.5%, limiting their ability to save and spend. Moreover, the report warns that six out of ten Spanish fam

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Egypt raises diesel prices amid global inflationary pressures

STORY: Egypt raises diesel prices amid global inflationary pressures DATELINE: May 5, 2023 LENGTH: 00:01:01 LOCATION: Cairo CATEGORY: ENERGY/ECONOMY SHOTLIST: 1. various of fuel stations in Egypt STORYLINE: Egypt raised its diesel prices by one Egyptian pound to 8.25 pounds (27 U.S. cents) per liter while keeping gasoline prices unchanged, Egypt's petroleum ministry said in a statement early on Thursday. The decision by the country's Fuel Automatic Pricing Committee (FAPC) came into effect at 02:00 a.m. local time (0000 GMT) on Thursday. The decision was made "amid the ongoing increases in the prices of crude oil and petroleum products globally," the statement said. Prices of 80-octane, 92-octane, and 95-octane petrol remained at 8.75 pounds, 10.25 pounds, 11.5 pounds respectively, while the price for mazut that is used for non-electricity and bakery purposes remained at 6,000 pounds per ton, the statement added. According to Waleed Gaballah, an Egyptian economic expert, the FAPC decision w

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Greeks opt for more economic way of coffee consumption amid inflationary pressure: survey

STORY: Greeks opt for more economic way of coffee consumption amid inflationary pressure: survey DATELINE: April 13, 2023 LENGTH: 00:02:12 LOCATION: Athens CATEGORY: ECONOMY SHOTLIST: 1. various of cafe in Greece 2. various of coffee 3. SOUNDBITE 1 (Greek): IOANNIS BENOPOULOS, President of the Hellenic Coffee Association 4. various of people making coffee 5. various of Greeks with take-away coffee 6. SOUNDBITE 2 (Greek): GIORGOS KARAMANIDIS, Coffee shop owner 7. various of coffee making STORYLINE: A recently survey conducted by the Hellenic Coffee Association shows 54 percent of coffee lovers that participated have cut the expenditure on going out for a cup of coffee amid the inflationary pressure, as reported by Greek national news agency AMNA. According to the President of the Hellenic Coffee Association Ioannis Benopoulos, nevertheless, the consumption of the popular beverage still stands strong. Data from the International Coffee Organization (ICO) indicate that Greeks in recent years are among the w

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GREECE-ATHENS-COFFEE-CONSUMPTION

(230412) -- ATHENS, April 12, 2023 (Xinhua) -- People spend time at a local cafe in downtown Athens, Greece, on April 11, 2023. Meeting over a cup of coffee has long been an integral part of Greek culture. However, the inflationary pressure of the past year has forced 54 percent of coffee lovers to cut back on their caffeine habit, a recent survey conducted for the Hellenic Coffee Association has found. (Xinhua/Marios Lolos) TO GO WITH Feature: Inflation forces Greeks to cut back on coffee

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GREECE-ATHENS-COFFEE-CONSUMPTION

(230412) -- ATHENS, April 12, 2023 (Xinhua) -- People spend time at a local cafe in downtown Athens, Greece, on April 11, 2023. Meeting over a cup of coffee has long been an integral part of Greek culture. However, the inflationary pressure of the past year has forced 54 percent of coffee lovers to cut back on their caffeine habit, a recent survey conducted for the Hellenic Coffee Association has found. (Xinhua/Marios Lolos) TO GO WITH Feature: Inflation forces Greeks to cut back on coffee

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GREECE-ATHENS-COFFEE-CONSUMPTION

(230412) -- ATHENS, April 12, 2023 (Xinhua) -- A barista prepares coffee at a local cafe in downtown Athens, Greece, on April 11, 2023. Meeting over a cup of coffee has long been an integral part of Greek culture. However, the inflationary pressure of the past year has forced 54 percent of coffee lovers to cut back on their caffeine habit, a recent survey conducted for the Hellenic Coffee Association has found. (Xinhua/Marios Lolos) TO GO WITH Feature: Inflation forces Greeks to cut back on coffee

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GREECE-ATHENS-COFFEE-CONSUMPTION

(230412) -- ATHENS, April 12, 2023 (Xinhua) -- People spend time at a local cafe in downtown Athens, Greece, on April 11, 2023. Meeting over a cup of coffee has long been an integral part of Greek culture. However, the inflationary pressure of the past year has forced 54 percent of coffee lovers to cut back on their caffeine habit, a recent survey conducted for the Hellenic Coffee Association has found. (Xinhua/Marios Lolos) TO GO WITH Feature: Inflation forces Greeks to cut back on coffee

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GREECE-ATHENS-COFFEE-CONSUMPTION

(230412) -- ATHENS, April 12, 2023 (Xinhua) -- People spend time at a local cafe in downtown Athens, Greece, on April 11, 2023. Meeting over a cup of coffee has long been an integral part of Greek culture. However, the inflationary pressure of the past year has forced 54 percent of coffee lovers to cut back on their caffeine habit, a recent survey conducted for the Hellenic Coffee Association has found. (Xinhua/Marios Lolos) TO GO WITH Feature: Inflation forces Greeks to cut back on coffee

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India's passenger vehicle retail sales increase by 14 pct in March

STORY: India's passenger vehicle retail sales increase by 14 pct in March DATELINE: April 5, 2023 LENGTH: 00:01:28 LOCATION: New Delhi CATEGORY: ECONOMY SHOTLIST: 1. various of the India gate 2. various of a two-wheeler showroom 3. various of a four-wheeler showroom 4. various of traffic STORYLINE: Passenger vehicle retail sales in India increased by 14 percent year-on-year in March, said the Federation of Automobile Dealers Association (FADA), India's top body of the automotive retail industry. According to the latest data released by the FADA on Tuesday, two-wheelers, three-wheelers, passenger vehicles, and commercial vehicles grew by 12 percent, 69 percent, 14 percent, and 10 percent, respectively, while tractors grew by 4 percent. Although the two-wheeler segment demonstrated growth over the same period last year, it remains significantly below pre-pandemic levels, indicating that rural India is still bearing the burden of high inflationary costs. "The three-wheeler segment achieved record-high reta

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Greece increases minimum monthly wage

STORY: Greece increases minimum monthly wage DATELINE: March 18, 2023 LENGTH: 00:00:52 LOCATION: Athens CATEGORY: SOCIETY SHOTLIST: 1. various of Greek Prime Minister Kyriakos Mitsotakis 2. various of workers at a fertilizer factory 3. various of workers at food hypermarket 4. SOUNDBITE (Greek): KYRIAKOS MITSOTAKIS, Greek Prime Minister STORYLINE: The minimum monthly wage in Greece will be increased to 780 euros (830 U.S. dollars) as of April 1 this year, Prime Minister Kyriakos Mitsotakis said in Athens Friday. This is the third time in three years the minimum wage is increased, he said. In 2019, the minimum monthly wage in the country was 650 euros. The approximately 600,000 low-income earners will still be struggling due to the inflationary pressures of recent months. However, this is the best possible the government could do and Greek enterprises could afford, he said. (1 euro= 1.06 U.S. dollars) SOUNDBITE (Greek): KYRIAKOS MITSOTAKIS, Greek Prime Minister "I have no illusions. I know, we know, that

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KENYA-FLOWER INDUSTRY-FLOWER VENDOR

(230211) -- NAIROBI, Feb. 11, 2023 (Xinhua) -- A staff member processes cut flowers at a flower farm in Naivasha, Kenya, Feb. 8, 2023. The upcoming Valentine's Day is highly revered in Kenya where lovers, old and young, spoil themselves with lavish gifts including flowers, dinners, attire, and exotic holidays. Hundreds of florists who patronize the imposing City Market in Nairobi often make contingency plans to ensure that lovers are supplied with fresh and aromatic red roses. TO GO WITH "Feature: Kenyan flower vendors hopeful for Valentine's Day windfall despite inflationary pressures" (Xinhua/Li Yahui)

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KENYA-FLOWER INDUSTRY-FLOWER VENDOR

(230211) -- NAIROBI, Feb. 11, 2023 (Xinhua) -- A staff member processes cut flowers at a flower farm in Naivasha, Kenya, Feb. 8, 2023. The upcoming Valentine's Day is highly revered in Kenya where lovers, old and young, spoil themselves with lavish gifts including flowers, dinners, attire, and exotic holidays. Hundreds of florists who patronize the imposing City Market in Nairobi often make contingency plans to ensure that lovers are supplied with fresh and aromatic red roses. TO GO WITH "Feature: Kenyan flower vendors hopeful for Valentine's Day windfall despite inflationary pressures" (Xinhua/Li Yahui)

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KENYA-FLOWER INDUSTRY-FLOWER VENDOR

(230211) -- NAIROBI, Feb. 11, 2023 (Xinhua) -- A staff member monitors containers on a moving conveyor belt at a flower farm in Naivasha, Kenya, Feb. 8, 2023. The upcoming Valentine's Day is highly revered in Kenya where lovers, old and young, spoil themselves with lavish gifts including flowers, dinners, attire, and exotic holidays. Hundreds of florists who patronize the imposing City Market in Nairobi often make contingency plans to ensure that lovers are supplied with fresh and aromatic red roses. TO GO WITH "Feature: Kenyan flower vendors hopeful for Valentine's Day windfall despite inflationary pressures" (Xinhua/Li Yahui)

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KENYA-FLOWER INDUSTRY-FLOWER VENDOR

(230211) -- NAIROBI, Feb. 11, 2023 (Xinhua) -- A vendor packs flowers at a flower market in Nairobi, Kenya, Feb. 9, 2023. The upcoming Valentine's Day is highly revered in Kenya where lovers, old and young, spoil themselves with lavish gifts including flowers, dinners, attire, and exotic holidays. Hundreds of florists who patronize the imposing City Market in Nairobi often make contingency plans to ensure that lovers are supplied with fresh and aromatic red roses. TO GO WITH "Feature: Kenyan flower vendors hopeful for Valentine's Day windfall despite inflationary pressures" (Xinhua/Li Yahui)

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KENYA-FLOWER INDUSTRY-FLOWER VENDOR

(230211) -- NAIROBI, Feb. 11, 2023 (Xinhua) -- A vendor sorts flowers to be sold at a flower market in Nairobi, Kenya, Feb. 9, 2023. The upcoming Valentine's Day is highly revered in Kenya where lovers, old and young, spoil themselves with lavish gifts including flowers, dinners, attire, and exotic holidays. Hundreds of florists who patronize the imposing City Market in Nairobi often make contingency plans to ensure that lovers are supplied with fresh and aromatic red roses. TO GO WITH "Feature: Kenyan flower vendors hopeful for Valentine's Day windfall despite inflationary pressures" (Xinhua/Li Yahui)

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KENYA-FLOWER INDUSTRY-FLOWER VENDOR

(230211) -- NAIROBI, Feb. 11, 2023 (Xinhua) -- A staff member processes cut flowers at a flower farm in Naivasha, Kenya, Feb. 8, 2023. The upcoming Valentine's Day is highly revered in Kenya where lovers, old and young, spoil themselves with lavish gifts including flowers, dinners, attire, and exotic holidays. Hundreds of florists who patronize the imposing City Market in Nairobi often make contingency plans to ensure that lovers are supplied with fresh and aromatic red roses. TO GO WITH "Feature: Kenyan flower vendors hopeful for Valentine's Day windfall despite inflationary pressures" (Xinhua/Li Yahui)

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KENYA-FLOWER INDUSTRY-FLOWER VENDOR

(230211) -- NAIROBI, Feb. 11, 2023 (Xinhua) -- A staff member transfers containers with flowers at a flower farm in Naivasha, Kenya, Feb. 8, 2023. The upcoming Valentine's Day is highly revered in Kenya where lovers, old and young, spoil themselves with lavish gifts including flowers, dinners, attire, and exotic holidays. Hundreds of florists who patronize the imposing City Market in Nairobi often make contingency plans to ensure that lovers are supplied with fresh and aromatic red roses. TO GO WITH "Feature: Kenyan flower vendors hopeful for Valentine's Day windfall despite inflationary pressures" (Xinhua/Li Yahui)

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Kenyan flower vendors hopeful for Valentine's Day windfall despite inflationary pressures

STORY: Kenyan flower vendors hopeful for Valentine's Day windfall despite inflationary pressures DATELINE: Feb. 11, 2023 LENGTH: 00:03:43 LOCATION: Nairobi CATEGORY: SOCIETY/ECONOMY SHOTLIST: 1. various of a flower farm in Naivasha, Kenya 2. SOUNDBITE 1 (English): JACK KNEPPERS, Founder of Maridadi flower farm 3. various of Jack Kneppers walking among flowers 4. SOUNDBITE 2 (English): JACK KNEPPERS, Founder of Maridadi flower farm 5. various of a flower shop 6. SOUNDBITE 3 (English): PERIS NJERI, Florist 7. SOUNDBITE 4 (English): TOM DANIELS, Florist 8. various of a flower farm STORYLINE: Kenya is one of the top four exporters of cut flowers in the world popularly known for their great quality and refreshing nature. A report by Kenya Flower Council in 2022 shows that the highest sales are done during Valentine's Day period. However, the high cost of inflation being experienced in different parts of the world has led to mixed reactions among flower traders this Valentine's Day. Maridadi flower farm locate

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Australian central bank lifts cash rate to 3.35 pct

STORY: Australian central bank lifts cash rate to 3.35 pct DATELINE: Feb. 8, 2023 LENGTH: 00:00:46 LOCATION: SYDNEY, Australia CATEGORY: ECONOMY SHOTLIST: 1. various of banks in Sydney 2. various of Sydney views STORYLINE: The Reserve Bank of Australia (RBA) on Tuesday increased the cash rate target by 25 basis points to 3.35 percent, delivering a ninth straight hike since the central bank began raising rates in May last year. The RBA also lifted the interest rate on Exchange Settlement balances by 25 basis points to 3.25 percent. RBA Governor Philip Lowe said in a statement that in Australia, CPI inflation over the year to the December quarter was 7.8 percent, the highest since 1990, while in underlying terms, inflation was 6.9 percent, which was higher than expected. "Global factors explain much of this high inflation, but strong domestic demand is adding to the inflationary pressures in a number of areas of the economy," said the governor. According to the statement, the central bank's f

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Bank of England raises rates to 4 pct

STORY: Bank of England raises rates to 4 pct DATELINE: Feb. 3, 2023 LENGTH: 00:02:37 LOCATION: London CATEGORY: ECONOMY SHOTLIST: 1. various of Bank of England 2. various of BoE February press conference 3. various of London streets and supermarket STORYLINE: The Bank of England (BoE) raised its benchmark interest rate on Thursday by half a percentage point to 4 percent, its highest level since autumn 2008. At its meeting on Wednesday, the BoE's Monetary Policy Committee (MPC) voted in favor of the increase by a majority of 7-2, the bank said in a statement. This is the 10th consecutive rate hike since December 2021 as the BoE continues its fight against inflation, which slowed to 10.5 percent in December 2022 from a 41-year high of 11.1 percent in October. "Global consumer price inflation remains high, although it is likely to have peaked across many advanced economies, including in the United Kingdom (UK)," the BoE said, adding that domestic inflationary pressures have been firmer than expected.

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Ghana central bank announces further rate hike to restrain inflationary pressure

STORY: Ghana central bank announces further rate hike to restrain inflationary pressure DATELINE: Feb. 1, 2023 LENGTH: 00:03:02 LOCATION: Accra CATEGORY: ECONOMY SHOTLIST: 1. various of the Bank of Ghana 2. various of the MPC press briefing 3. various of the central business district 4. SOUNDBITE 1 (English): ERNEST ADDISON, Governor of the Bank of Ghana 5. various of the central business district 6. SOUNDBITE 2 (English): ERNEST ADDISON, Governor of the Bank of Ghana 7. various of the central business district 8. various of cocoa STORYLINE: Ghana's central bank announced a 100 basis points hike in its benchmark lending rate Monday to restrain inflationary pressure and support macroeconomic adjustments. Ernest Addison, Governor of the Bank of Ghana, announced this at a press briefing after the bank's Monetary Policy Committee (MPC) meeting. SOUNDBITE 1 (English): ERNEST ADDISON, Governor of the Bank of Ghana "The MPC sees the need to remain vigilant and moderate liquidity in the system to underpin the ma

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XINHUA-PICTURES OF THE YEAR 2022-WORLD NEWS

(230110) -- BEIJING, Jan. 10, 2023 (Xinhua) -- This photo taken on April 20, 2022 shows the U.S. Federal Reserve in Washington, D.C., the United States. Throughout 2022, the Fed has raised interest rates seven times in a row, with a cumulative increase of 425 basis points. The Fed's aggressive rate hikes have caused the exchange rates of many currencies to fall to historic lows, the imported inflationary pressure to increase sharply, the risk of debt default to rise, and the financial markets to swing wildly. (Xinhua/Liu Jie)

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Yearender: Xinhua's top 10 world news events in 2022

(221230) -- BEIJING, Dec. 30, 2022 (Xinhua) -- This photo taken on April 20, 2022 shows the U.S. Federal Reserve in Washington, D.C., the United States. Xinhua's top 10 world news events in 2022 Fed's aggressive rate hikes scourge global economy The U.S. Federal Reserve raised interest rates by 25 basis points on March 16 to stem a surge in inflation, beginning its new round of rate-hiking cycle. Throughout this year, the Fed has raised interest rates seven times in a row, with a cumulative increase of 425 basis points. The Fed's aggressive rate hikes have caused the exchange rates of many currencies to fall to historic lows, the imported inflationary pressure to increase sharply, the risk of debt default to rise, and the financial markets to swing wildly. The U.S. tightening of liquidity has pulled up the exchange rate of the U.S. dollar and transferred the crisis outward, which has led to the tightening of global financial conditions and the slowdown of world economic growth, wreaking havoc on

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ADB official says Asian economy could grow at slower pace

TOKYO, Japan - Rajat Nag, managing director general of the Asian Development Bank, speaks during an interview in Tokyo on March 4, 2011. Nag said the Asian economy could grow at a slower pace than expected due to growing inflationary pressures.

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Gov't releases outline of emergency measures to fight inflation

TOKYO, Japan - Japanese Prime Minister Yasuo Fukuda (2nd from L) addresses a meeting of officials from the government and ruling parties to compile emergency economic stimulus measures in the face of rising inflationary pressure due to surging gasoline and food prices. At left is Economic and Fiscal Policy Minister Kaoru Yosano.

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G-7 calls for vigilance over inflationary pressure, oil prices

LONDON, Britain - Japanese Finance Minister Sadakazu Tanigaki (R) and Bank of Japan Governor Toshihiko Fukui attend a news in London on Dec. 3 after the Group of Seven financial leaders ended their meeting. The G-7 warned that inflationary pressure poses a potential threat to currently solid world economic growth while calling for caution over high and volatile oil prices.

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Kenya gears for Black Friday sales amid squeeze of living cost

STORY: Kenya gears for Black Friday sales amid squeeze of living cost DATELINE: Nov. 2, 2022 LENGTH: 00:04:32 LOCATION: Nairobi CATEGORY: ECONOMY/SOCIETY SHOTLIST: 1. various of Nairobi's skyline 2. various of street shots 3. various of the Black Friday launch of an e-commerce platform 4. SOUNDBITE 1 (English): JUAN SECO, Jumia Kenya CEO 5. various of e-commerce traders preparing for the Black Friday 6. SOUNDBITE 2 (English): KELVIN KAMAU, Businessman 7. SOUNDBITE 3 (English): TONY CHEGE, Student 8. SOUNDBITE 4 (English): LIZ NJOKI, Civil servant 9. various of traders in Nairobi STORYLINE: Kenyan e-commerce traders and shoppers are gearing up for a Black Friday shopping craze amid a slump in sales driven by the rising cost of living and inflation. The slow sales and inflationary pressure set in with rising commodity prices. But now e-commerce retailers are registering a full-blown scramble for discounted products amid strong shifts in consumer spending. Jumia Kenya CEO Juan Seco admits that this year's B

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APEC economies vow efforts to curb inflation, support sustainable growth

STORY: APEC economies vow efforts to curb inflation, support sustainable growth DATELINE: Oct. 21, 2022 LENGTH: 00:02:27 LOCATION: Bangkok CATEGORY: ECONOMY SHOTLIST: 1. various of APEC Finance Ministers' Meeting 2. various of Thailand's Minister of Finance Arkhom Termpittayapaisith speaking 3. various of press conference 4. various of Thailand's Minister of Finance Arkhom Termpittayapaisith 5. various of economy activity STORYLINE: Finance ministers and senior representatives from the Asia-Pacific Economic Cooperation (APEC) economies wrapped up a meeting in Bangkok Thursday, pledging efforts to manage inflationary pressures and support sustainable development. During the two-day APEC Finance Ministers' Meeting 2022, participants discussed issues including easing inflationary pressure, redirecting stimulus measures from COVID-19 to long-term growth drivers and maintaining fiscal sustainability. "We need to deepen our cooperation in developing strategic, measured and innovative responses in order to keep

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Energy tops agenda of Prague EU summit

STORY: Energy tops agenda of Prague EU summit DATELINE: Oct. 8, 2022 LENGTH: 0:01:48 LOCATION: Prague CATEGORY: POLITICS SHOTLIST: 1. various of the summit venue 2. various of leaders arriving 3. various of taking group photo STORYLINE: Leaders of European Union (EU) member states met here for an informal summit on Friday focusing on energy, the economic situation and the Russia-Ukraine conflict. "We are at a critical juncture once more," European Commission President Ursula von der Leyen said in a letter to the member states ahead of the summit. "The energy crisis is severe and has entered a new stage. Only a common European response can reduce energy costs for families and businesses and provide energy security for this and coming winters." She recommended stepping up negotiations with suppliers to reduce the prices of imported gas of all kinds, developing an intervention to limit prices in the natural gas market and limiting the inflationary impact of gas on electricity. "We are ready to discuss the

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Turkish experts predict global recession amid U.S. Fed rate hikes

STORY: Turkish experts predict global recession amid U.S. Fed rate hikes DATELINE: Sept. 30, 2022 LENGTH: 00:02:16 LOCATION: ISTANBUL, Türkiye CATEGORY: ECONOMY SHOTLIST: 1. various of the U.S. 2. various of economic activities in the world 3. various of the U.S. 4. SOUNDBITE 1 (Turkish): MUSTAFA SONMEZ, Economist and writer 5. SOUNDBITE 2 (Turkish): ENVER ERKAN, Chief economist at Istanbul's Tera Securities STORYLINE: Turkish economists have said the U.S. Federal Reserve (Fed)'s aggressive interest rate hikes, having put a lot of pressure on economies around the world, will lead to a global recession. Mustafa Sonmez, an economist and writer, points out that the Fed's successive rate hikes have triggered currency depreciation and a slowdown in economic activities in other countries. SOUNDBITE 1 (Turkish): MUSTAFA SONMEZ, Economist and writer "Countries that could keep pace with the Fed can protect their currencies to some extent, but those who have trouble doing so stay far behind. Anti-inflationary prog

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Secondhand market on rise in Greece in wake of multiple crises

STORY: Secondhand market on rise in Greece in wake of multiple crises DATELINE: Sept. 14, 2022 LENGTH: 00:02:04 LOCATION: Athens CATEGORY: ECONOMY SHOTLIST: various of the marketSOUNDBITE 1 (English): KIMON TOUSMANOF, Head of Marketing at Vendora.grvarious of the surveySOUNDBITE 2 (Greek): TATYANA TODOROVA, Owner of a secondhand vintage storeSOUNDBITE 3 (Greek): ELENI GERONTAKI, Customer of the secondhand vintage store STORYLINE: Buying and selling secondhand has been taboo in Greece for a long time. However, the market is on the rise in recent years amid a series of crises. Experts and retailers have told Xinhua that thrift stores started springing up in the wake of the financial crisis (2008-2018) that shrank the average disposable income of Greeks by 25 percent. Many say that the new energy crisis and inflationary pressure, combined with growing concern about the climate crisis, strengthened a shift in the behavior of Greek consumers. According to a latest survey of Vendora.gr, a classifieds platfor

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Chile's economy to grow 1.75 to 2.25 pct in 2022, central bank estimates

STORY: Chile's economy to grow 1.75 to 2.25 pct in 2022, central bank estimates DATELINE: Sept. 8, 2022 LENGTH: 00:01:31 LOCATION: Santiago CATEGORY: ECONOMY SHOTLIST: 1. various of street views 2. various of currency 3. SOUNDBITE 1 (Spanish): LISARDO GOMEZ, Director of Engineering School at International Business Department at University of Valparaiso in Chile 4. various of street views 5. SOUNDBITE 2 (Spanish): LISARDO GOMEZ, Director of Engineering School at International Business Department at University of Valparaiso in Chile STORYLINE: Chile's economy will grow between 1.75 percent and 2.25 percent in 2022, and it will expand below its potential for several more quarters, given global inflationary pressure, the Central Bank of Chile projected Wednesday. According to September's Monetary Policy Report, the bank also revised upwards the annual inflation forecast for 2022, from 10 percent in June to 12 percent this month. It stated that "accumulated price volatility shocks and the recent depreciation

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Egypt's annual headline inflation continues to rise

STORY: Egypt's annual headline inflation continues to rise DATELINE: April 11, 2022 LENGTH: 00:01:05 LOCATION: Cairo CATEGORY: ECONOMY SHOTLIST: 1. exterior shots of the Central Agency for Public Mobilization and Statistics (CAPMAS) 2. various shots of the Nile River 3. various shots of the open-air market selling fruits and vegetables 4. various shots of people shopping at a supermarket STORYLINE: Egypt's Central Agency for Public Mobilization and Statistics (CAPMAS) announced on Sunday that the country's annual headline inflation rate registered 12.1 percent in March, compared to 4.8 percent in the same period last year. Egypt's inflation accelerated amid the global inflationary wave that was first triggered by the Omicron wave of the pandemic and now the Russian-Ukrainian conflict. According to Egypt's Al-Ahram newspaper, the increase in the annual headline inflation rate was mainly driven by the significant hike in food and beverage prices. In early March, to counter the pressure of the inflationary

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Developing Asia to grow by 5.2 pct in 2022: ADB

STORY: Developing Asia to grow by 5.2 pct in 2022: ADB DATELINE: April 6, 2022 LENGTH: 00:02:48 LOCATION: Manila CATEGORY: ECONOMY SHOTLIST: 1. footage of ADB 2. aerial footage of the Philippines 3. footage of a port in Manila 4. Manila streets STORYLINE: Developing Asia's economy is forecast to grow by 5.2 percent this year and 5.3 percent in 2023, according to an Asian Development Bank (ADB) report released on Wednesday. The Asian Development Outlook (ADO) 2022, the Manila-based bank's flagship annual economic publication, says gross domestic product (GDP) in the region will expand "on continued recovery in domestic demand and solid exports." In 2021, developing Asia's economy rebounded by 6.9 percent, but the report says the recovery is still "largely incomplete in most regions." The report predicts inflation to rise to 3.7 percent in 2022 and 3.1 percent in 2023 as the economic recovery continues and energy, commodity prices remain elevated. It warns that rising inflationary pressures and supply dis

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Ghana announces record rate hike to curb rising inflation

STORY: Ghana announces record rate hike to curb rising inflation DATELINE: March 23, 2022 LENGTH: 00:01:55 LOCATION: Accra CATEGORY: ECONOMY SHOTLIST: 1. various of black stars squad 2. various of Accra central business district. 3. SOUNDBITE (English): ERNEST ADDISON, Bank of Ghana Governor 4. various of Accra central business district STORYLINE: Ghana's central bank on Monday announced a tightening of its monetary policy stance with a record hike in the policy rate to slow down inflation. At a press briefing, Bank of Ghana Governor Ernest Addison announced an increase in the benchmark policy rate by 250 basis points to 17 percent to tame ballooning commodity prices on the local market and curb the rising inflation. He said the policy rate hike, the highest over the past 20 years, would arrest the rising inflation rate, which surged to 15.7 percent in February. The governor attributed the elevated inflationary risk to the rising cost of food and petroleum products, part of which he blamed on t

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Egypt raises interest rates, sets fixed bread prices against global inflationary pressures

STORY: Egypt raises interest rates, sets fixed bread prices against global inflationary pressures DATELINE: March 22, 2022 LENGTH: 0:01:30 LOCATION: Cairo CATEGORY: ECONOMY SHOTLIST: 1 various of the Central Bank of Egypt 2 various of banks in Egypt 3 various of people withdrawing money from bank 4 various of the supermarket STORYLINE: The Egyptian government on Monday introduced new economic measures to absorb shocks from the global inflationary pressures caused by the Russia-Ukraine conflict and lingering COVID-19 pandemic. At a surprise meeting, the Monetary Policy Committee of the Central Bank of Egypt (CBE) decided to raise key interest rates by one percent. This is the first time Egypt has raised rates since 2017. Soaring commodity and energy prices have added strain on the economy of Egypt which targets an inflation rate of 7 percent for the fourth quarter of 2022. According to official statistics, the annual headline inflation in Egypt rose to 10 percent in February from 8 percent in Jan

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EGYPT-CAIRO-INFLATIONARY PRESSURES-ECONOMIC MEASURES

(220321) -- CAIRO, March 21, 2022 (Xinhua) -- People are seen outside a foreign exchange office in Cairo, Egypt, on March 21, 2022. The Egyptian government on Monday introduced new economic measures to absorb shocks from the global inflationary pressures caused by the Russia-Ukraine conflict and lingering COVID-19 pandemic. (Xinhua/Ahmed Gomaa)

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EGYPT-CAIRO-INFLATIONARY PRESSURES-ECONOMIC MEASURES

(220321) -- CAIRO, March 21, 2022 (Xinhua) -- People use ATMs in Cairo, Egypt, on March 21, 2022. The Egyptian government on Monday introduced new economic measures to absorb shocks from the global inflationary pressures caused by the Russia-Ukraine conflict and lingering COVID-19 pandemic. (Xinhua/Ahmed Gomaa)

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EGYPT-CAIRO-INFLATIONARY PRESSURES-ECONOMIC MEASURES

(220321) -- CAIRO, March 21, 2022 (Xinhua) -- A woman walks past a foreign exchange office in Cairo, Egypt, on March 21, 2022. The Egyptian government on Monday introduced new economic measures to absorb shocks from the global inflationary pressures caused by the Russia-Ukraine conflict and lingering COVID-19 pandemic. (Xinhua/Ahmed Gomaa)

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EGYPT-CAIRO-INFLATIONARY PRESSURES-ECONOMIC MEASURES

(220321) -- CAIRO, March 21, 2022 (Xinhua) -- People walk past a foreign exchange office in Cairo, Egypt, on March 21, 2022. The Egyptian government on Monday introduced new economic measures to absorb shocks from the global inflationary pressures caused by the Russia-Ukraine conflict and lingering COVID-19 pandemic. (Xinhua/Ahmed Gomaa)

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EGYPT-CAIRO-INFLATIONARY PRESSURES-ECONOMIC MEASURES

(220321) -- CAIRO, March 21, 2022 (Xinhua) -- Photo taken on March 21, 2022 shows the building of the Central Bank of Egypt in Cairo, Egypt. The Egyptian government on Monday introduced new economic measures to absorb shocks from the global inflationary pressures caused by the Russia-Ukraine conflict and lingering COVID-19 pandemic. (Xinhua/Ahmed Gomaa)

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EGYPT-CAIRO-INFLATIONARY PRESSURES-ECONOMIC MEASURES

(220321) -- CAIRO, March 21, 2022 (Xinhua) -- A man bicycles past the building of the Central Bank of Egypt in Cairo, Egypt, on March 21, 2022. The Egyptian government on Monday introduced new economic measures to absorb shocks from the global inflationary pressures caused by the Russia-Ukraine conflict and lingering COVID-19 pandemic. (Xinhua/Ahmed Gomaa)