The century-old Roosevelt Hotel, owned by state-run Pakistan International Airlines, will be rented out to the New York city government for three years in a US$220 million deal.

By a margin of 314 to 117, the agreement between Joe Biden and Kevin McCarthy wins bipartisan support, clearing path to avert unprecedented sovereign default.

Earlier, Treasury Secretary Yellen pushed back the debt ceiling deadline to June 5, but warned there would be consequences for waiting until the last minute to avoid default.

Should Joe Biden and Republicans fail to reach a deal, default would inflict ‘shock upon shock upon shock’ on economies hit by Covid-19 and Ukraine war.

With China’s consumer inflation at nearly zero in April, while US inflation continued to rise by 4.9 per cent, the diverging paths are evident, and it has contributed to a fragile global economic recovery.

China has long been keen to promote the yuan overseas, as well as reducing its reliance on the US dollar, with the likes of Russia, Brazil and Bangladesh increasing their use of the currency.

Khan’s arrest has led to violent protests across the country, with at least two provinces asking the federal government to deploy troops to restore order.

The pardons on Vesak day, which commemorates the Buddha’s birth, enlightenment and death, apply only to those convicted of minor offences.

‘Strong fiscal policy support has helped economy navigate through multiple shocks over last few years’, international body says.

Asia’s economy set to expand 4.6 per cent this year, IMF’s regional report says, with China’s reopening to boost region’s consumption and service sectors.

Asian markets in Standard Chartered’s footprint are not facing the same inflation battles as their Western counterparts as they emerge from the coronavirus pandemic, according to CFO Andy Halford.

Parliament is having a 3-day debate on IMF debt restructuring programme. If approved, the plan would dictate how Sri Lanka’s crisis-stricken economy will be managed in the coming years.

A brewing constitutional crisis has raised fears that Pakistan’s all-powerful military could now step in, as the practically bankrupt South Asian nation struggles to secure the latest tranche of an all-important bailout.

The former prime minister’s bid for snap elections is evolving into a constitutional crisis that’s raised concerns about the future of the country’s democracy.

People’s Bank of China Governor Yi Gang also said the bank will seek to guide monetary policy so that real interest rates move slightly below the potential growth rate.

The International Monetary Fund said a rebound in China’s economic activity will provide ‘fresh momentum’ for Asia’s growth, which is likely to increase to 4.6 per cent in 2023.

Big economies are seeing rapid growth in their debt-to-GDP ratios, which are expected to keep rising, while tighter budgets and increasing food insecurity have stalled poverty reduction in low-income developing countries.

China held only 30 per cent of the claims but backed 63 per cent of payment deferrals, according to the study by China Africa Research Initiative at Johns Hopkins University.

The pledge in external financing support is one of the final conditions for an IMF deal that Islamabad needs to secure funding for its economy, which is on the verge of collapse.

International Monetary Fund report shows focusing foreign direct investment among geopolitically aligned countries could reduce global output by around 2 per cent, with China and closely associated Southeast Asian economies likely to suffer the most.

Hundreds of people panicked and started pushing each other to collect food outside a factory in Karachi, and some fell into a nearby drain, officials said.