Author: Fatimah Idera

The global economy is slowing more than previously expected, with the Trump administration’s ongoing trade war increasingly affecting U.S. growth, the Organisation for Economic Co-operation and Development (OECD) warned on Tuesday. In its latest Economic Outlook, the Paris-based organisation revised its global growth projections downward, citing rising protectionism and persistent trade tensions. Global economic growth is now projected to decline from 3.3 per cent in 2024 to 2.9 per cent in both 2025 and 2026. This marks a downgrade from the OECD’s March forecast, which anticipated growth of 3.1 per cent this year and 3.0 per cent next year. The…

Vietnamese firms are set to sign Memoranda of Understanding (MoUs) with U.S. partners to purchase $2 billion worth of American agricultural products, Vietnam’s Ministry of Agriculture announced on Tuesday. The agreements are part of broader efforts to strengthen trade ties and secure a new bilateral trade deal. The deals come amid trade tensions that saw the Trump administration impose a 46 per cent reciprocal tariff on Vietnamese goods as a measure currently paused until July. If enforced, these tariffs could significantly impact Vietnam’s export-driven economy, particularly its vital trade relationship with the United States, its largest export market. The agreements…

Britain’s Trade Secretary Jonathan Reynolds is set to meet the U.S. Trade Representative Jamieson Greer on Tuesday to discuss the implementation of a bilateral trade arrangement complicated by the U.S. decision to impose new steel tariffs. Impact of Reynolds’ visit to US Reynolds’ visit to Paris and Brussels this week marks a key step in reviewing recent political agreements with both the United States and the European Union, which are Britain’s two largest trading partners. While the deals announced last month signal political alignment, they are not formal trade agreements, and their implementation details remain unclear. One of the main…

Australian Prime Minister Anthony Albanese said on Monday that his government would determine its defence capability requirements before committing to any increase in military spending, responding to a U.S. request for Australia to raise its defence budget to 3.5 per cent of GDP. “What you should do in defence is decide what you need your capability and then provide for it,” Albanese told reporters. He emphasised that his government had already accelerated A$10 billion in defence funding over the next four years and is targeting a defence budget of 2.3 per cent of GDP by 2033. The comments came after…

At least 34 people have died in India’s northeast following four days of relentless rainfall that triggered widespread flooding and landslides. The India Meteorological Department has warned of more heavy rain in the coming days, raising concerns of further devastation. In the Himalayan state of Sikkim, more than a thousand stranded tourists were being evacuated on Monday, according to a government statement. Meanwhile, in Meghalaya, army rescue teams have been deployed to reach over 500 people trapped in flood-affected areas. The impact has also been felt across the border in Bangladesh. In the northeastern district of Sylhet, four members of…

Nationalist candidate Karol Nawrocki narrowly clinched victory in Poland’s presidential runoff, election results revealed on Monday, dealing a major blow to Prime Minister Donald Tusk’s centrist, pro-European government. Nawrocki secured 50.89 per cent of the vote, edging out liberal challenger Rafal Trzaskowski, who garnered 49.11 per cent, according to the state election commission. The outcome is expected to deepen political gridlock in Warsaw. As president, Nawrocki holds veto power and is widely expected to block key elements of Tusk’s reform agenda, particularly efforts to liberalise abortion laws and reverse judicial overhauls introduced by the previous Law and Justice (PiS) administration.…

British Finance Minister Rachel Reeves will face a pivotal decision in next week’s multi-year spending review: how to balance funding for the National Health Service (NHS) against other public services, the Institute for Fiscal Studies (IFS) warned on Sunday. Reeves is scheduled to announce departmental spending plans through to March 2029 on June 11. This will be the first comprehensive multi-year review since 2015, aside from a COVID-related review in 2021. The IFS described it as potentially one of the most significant domestic policy events of the Labour government. The think tank noted that Prime Minister Keir Starmer’s pledge to…

Japanese Prime Minister Shigeru Ishiba is considering a visit to Washington to meet with U.S. President Donald Trump ahead of the mid-June G7 summit in Canada. The potential visit is part of efforts to finalise a bilateral trade deal and ease escalating tariff tensions between the two allies. According to the Yomiuri, Japanese officials see signs of progress in negotiations, with Washington reportedly showing strong interest in Japan’s latest proposals. The discussions have been led by Japan’s top tariff negotiator, Economy Minister Ryosei Akazawa, who has visited the U.S. multiple times in recent weeks. He is scheduled to return to…

Prime Minister Keir Starmer has declared that Britain must be prepared to fight and win against hostile nations with advanced militaries, as his government unveiled a £1.5 billion ($2 billion) plan to construct at least six new weapons and explosives factories across the UK. The announcement comes ahead of the government’s Strategic Defence Review, which will outline the threats facing Britain and how the armed forces will be equipped to respond. European nations are increasingly focused on boosting defence capabilities following comments from former U.S. President Donald Trump urging the continent to take greater responsibility for its own security. Starmer…

Telehealth provider Hims & Hers announced on Friday that it will lay off 68 employees and about four per cent of its workforce as it responds to a recent U.S. Food and Drug Administration (FDA) ban on mass-produced copies of the popular weight-loss drug Wegovy. The FDA’s ruling, which took effect on May 22, prohibits compounded versions of Wegovy, a drug developed by Novo Nordisk. Following the announcement, Hims’ stock has dropped by 14 per cent. Despite the setback, the company says it remains focused on growth and is in talks with Novo Nordisk to potentially facilitate patient access to…