ADB warns real estate crisis could slow down China’s economy in 2024

A man walks on the street, in front of the large screen displaying the latest stock exchange data, in Shanghai, China, 28 August 2023. EFE/EPA/FILE/ALEX PLAVEVSKI

Manila, Sep 20 (EFE).- The Asian Development Bank (ADB) on Wednesday warned that the ongoing property crisis in China could weigh down its economic growth in 2024, although the impact could be mitigated through the implementation of appropriate policies. “The analysis shows that further property market weakness may slow the domestic economy, but policy action … Read more

China says US intelligence agencies infiltrating tech giant Huawei’s servers since 2009

The Huawei Technologies Co., Ltd. logo is displayed at the company's booth during the Cloud Expo Asia 2019 in Hong Kong, China, 22 May 2019. EFE-EPA FILE/JEROME FAVRE

Beijing, Sep 20 (EFE).- China’s Ministry of State Security accused US intelligence agencies on Wednesday of infiltrating the servers of Chinese technology giant Huawei since 2009. In an article posted on its official Wechat account, the ministry said that the Office of Tailored Access Operations of the United States’ National Security Agency began to infiltrate … Read more

Ford strikes tentative contract deal with Canadian union

A Ford logo is displayed on a vehicle in Los Angeles, California, US, 15 September 2023. EFE-EPA/ALLISON DINNER

Toronto, Canada, Sep 19 (EFE).- US carmaker Ford Motor and the Canadian union Unifor announced late Tuesday that they have reached a tentative contract agreement for the next few years. File photo of Ford workers. EFE-EPA/Kai Försterling The agreement now has to be ratified by the around 5,600 Ford workers represented by Unifor. The details … Read more

Dollarization debate in Latin American economies

Photograph of Argentine peso bills with a 100 US dollar bill. The replacement of the local currency with the dollar as a payment method or pricing instrument has been a practice that several Latin American countries have resorted to with disparate results. EFE/ Juan Ignacio Roncoroni

America Desk, Sept. 19 (EFE) – Argentina’s far-right candidate Javier Milei’s proposal to dollarize Argentina has once again brought the dollarization debate to Latin America. Countries like Panama, El Salvador, and Ecuador have adopted the US currency for years, and others like Cuba and Venezuela have solid underground markets. In Argentina, Milei, the candidate of … Read more

Fruta del Norte, the gold mine behind Ecuador’s export boom

Aerial photograph provided by the mining company Lundin Gold that shows an aerial view of the Frutos del Norte mine, on November 9, 2019 in the province of Zamora Chinchipe (Ecuador). EFE/ Lundin Gold /EDITORIAL USE ONLY /ONLY AVAILABLE TO ILLUSTRATE THE ACCOMPANYING NEWS (MANDATORY CREDIT)

Susana Madera Zamora Chinchipe (Ecuador), Sept 18 (EFE). – Fruta del Norte, the largest gold mine in Ecuador and one of the two recently operating large-scale mining operations in the country, is behind the recent “boom” in exports. In 2022, mining exports were among the star products sent abroad by Ecuador, with sales of more … Read more

Milei’s dollarization, a waste of time for Argentina

(FILE) Vview of several Argentine 5 peso bills in Buenos Aires (Argentina) in 2020. EFE/Juan Ignacio Roncoroni

Buenos Aires, Sept 18 (EFE).- Argentina is debating dollarization after decades of failure to tackle inflation, which has been above triple digits throughout 2023. The discussion comes in response to a proposal by far-right candidate Javier Milei, who is well-positioned to win the presidency in October. Milei’s polemic plans have captured the imagination of a … Read more

Pakistan hikes prices of petroleum products to all-time-highs

A gas station attendant refuels a motorcycle in Peshawar, Pakistan, 16 September 2023. EFE-EPA/ARSHAD ARBAB

Islamabad, Sep 16 (EFE).- Pakistan has increased the prices of petroleum products to all-time-highs even as a massive economic crisis affects the country, which has been aggravated by high inflation and rise in electricity bills, which have affected millions of people. In the early hours of Saturday, the ministry of finance raised the price of … Read more

Lula and Biden will launch initiative for “decent work” during UN Assembly

(FILE) US President Joe Biden (R) welcomes President of Brazil Luiz Inacio Lula da Silva (L) at the South Lawn of the White House in Washington, DC, USA, 10 February 2023. The Brazilian president visits his US counterpart to discuss global warming and democracy. EFE/EPA/MICHAEL REYNOLDS

Brasilia, Sept 14 (EFE).- Brazilian President, Luiz Inácio Lula da Silva, and his American counterpart, Joe Biden, will use next week’s United Nations (UN) General Assembly to launch a global initiative for “decent work” in the 21st century, according to official sources. The issue has been discussed by the two leaders for several months, and … Read more

NASA creates new division to study UFOs and promises transparency

(File) Photograph dated May 31, 2023 and provided by NASA showing Deputy Associate Administrator for Research in the Science Mission Directorate, Daniel Evans (L), speaking during the opening of a public meeting of the study team independent of Unidentified Aerial Phenomena (UAP), in the Mary W. Jackson building at NASA headquarters in Washington (USA). NASA announced on Thursday September 14, 2023 that it will create a special department to study Unidentified Aerial Phenomena (UAP), after having detected that UFOs are not being studied adequately, and promised transparency in any possible discovery. EFE/Joel Kowsky/NASA /EDITORIAL USE ONLY /NO SALES /ONLY AVAILABLE TO ILLUSTRATE THE ACCOMPANYING NEWS /MANDATORY CREDIT

Washington, Sept 14 (EFE).- National Aeronautics and Space Administration (NASA) announced on Thursday that it would create a special department to study Unidentified Aerial Phenomena (UAP) after determining that UFOs need to be adequately investigated. It also promised transparency in any potential discovery. NASA Administrator Bill Nelson said that the agency had appointed a new … Read more