WASHINGTON — The nation’s economy slowed sharply last quarter to a 1.6% annual pace in the face of high interest rates, but consumers — the main driver of economic growth — kept spending at a solid pace. Thursday’s report from the Commerce Department said the gross domestic product — the economy’s total output of goods and services — decelerated in the January-March quarter from its brisk 3.4% growth rate in the final three months of 2023. A surge in imports, which are subtracted from GDP, reduced first-quarter growth by nearly 1 …

Paytm, a popular payment app in India, faces government restrictions on business because of its Chinese connections, local media say. India is ramping up scrutiny and restrictions on other Chinese tech companies, too, amid concerns about security and geopolitics. Henry Wilkins has the story from Mumbai. …

Washington — U.S. officials are considering a request from Vietnam to be removed from a list of “nonmarket” economies, a step that would foster improved diplomatic relations with a potential ally in Asia but would anger some U.S. lawmakers and manufacturing firms. The Southeast Asian country is on the list of 12 nations identified by the U.S. as nonmarket economies, which also includes China and Russia because of strong state intervention in their economies.   Analysts believe Hanoi is hoping for a decision before the November U.S. election, which could mean …

The U.S. economy is always a major factor in the presidential campaign because the president plays a key role in setting and shaping trade and economic policies. VOA’s Senior Washington Correspondent Carolyn Presutti reports on how the economy is doing and the difference between how the two presidential contenders would handle it. Camera: Mike Burke …

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The Chinese-operated online markets Temu and Shein are shaking up e-commerce with their extremely low prices. But the firms are facing concerns from consumers and Congress. Evie Steele has the story from Washington. …

SCRANTON, Pa. — President Joe Biden is calling for a tripling of tariffs on steel from China to protect American producers from a flood of cheap imports, an announcement he planned to roll out Wednesday in an address to steelworkers in the battleground state of Pennsylvania. The move reflects the intersection of Biden’s international trade policy with his efforts to court voters in a state that is likely to play a pivotal role in deciding November’s election. The White House insists, however, that it is more about shielding American manufacturing from …

Harare, Zimbabwe — Zimbabwe’s recently introduced gold-backed currency is sliding on the local black market but officials insist the currency is getting stronger and has a bright future. Columbus Mavhunga reports from Harare. Even songs are played on the radio encouraging citizens to embrace the currency, called Zimbabwe Gold — or ZiG — introduced on April 5 trading at 13.56 to the U.S. dollar. Official statistics say ZiG is now trading at 13.41. But on the black market it is around 20. Chamunorwa Musengi, a street vendor in Harare, is not …

In the port of Benguela on Angola’s Pacific coast, fishermen and fish traders are struggling to make ends meet. They say their catch is getting smaller and they blame illegal fishing by Chinese  trawlers. For Joao Marcos, Barbara Santos has this report.  (Mayra de Lassalette contributed) …

London — Environmental and human rights activists are calling on the Nigerian government to withhold approval of plans by the London-based oil giant Shell to sell off its operations in the Niger Delta, unless the oil giant does more to tackle pollution in the region caused by the industry. For decades, foreign energy firms have extracted hydrocarbons from the Niger Delta, and Shell is by far the biggest investor. It has earned the companies — and the Nigerian government — billions of dollars. Locals, however, have long complained of massive environmental …

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WILMINGTON, Del. — The Biden administration pledged on Monday to provide up to $6.6 billion so that a Taiwanese semiconductor giant can expand the facilities it is already building in Arizona and better ensure that the most-advanced microchips are produced domestically for the first time.  Commerce Secretary Gina Raimondo said the funding for Taiwan Semiconductor Manufacturing Co. means the company can expand on its existing plans for two facilities in Phoenix and add a third, newly announced production hub.  “These are the chips that underpin all artificial intelligence, and they are …

BEIJING — U.S. Treasury Secretary Janet Yellen warned China on Monday that Washington will not accept new industries being decimated by Chinese imports as she wrapped up four days of meetings to press her case for Beijing to rein in excess industrial capacity.  Yellen told a media conference that U.S. President Joe Biden would not allow a repeat of the “China shock” of the early 2000s, when a flood of Chinese imports destroyed about 2 million American manufacturing jobs.  She did not, however, threaten new tariffs or other trade actions should …

KEAN SVAY, KANDAL PROVINCE, Cambodia — Five years ago, Lun Sam Ath took out a $12,000 loan to build a new wooden house and repay a previous loan that she had used to buy a motorbike. The 45-year-old mother of five owed $200 a month to Amret, one of the country’s largest microfinance institutions (MFI), which she figured she could repay with help from her older daughter’s earnings from a garment factory job. But then her husband contracted hepatitis, and treatment was costly. After her husband died, Lun Sam Ath, who …

Ouagadougou, Burkina Faso — In the suburbs of Burkina Faso’s capital Ouagadougou, lucrative strawberry farming is supplanting traditional crops like cabbage and lettuce and has become a top export to neighboring countries. Prized as “red gold” in the Sahel, strawberry crops brought in some $3.3 million from 2019 to 2020, according to agricultural support program PAPEA. In their January to April season, strawberries “take the place of other crops,” Yiwendenda Tiemtore, a farmer in the working-class Boulmiougou district on the city outskirts, told AFP. Tiemtore has been busy harvesting the red …

TAIPEI, TAIWAN — The United States and China have agreed to hold talks and create two economic groups focused on a wide range of issues — including addressing American complaints about China’s economic model, growth in domestic and global economies and efforts against money laundering — according to a statement released Saturday by the U.S. Treasury Department. The agreement comes on the second day of an official visit to China by U.S. Treasury Secretary Janet Yellen, during which she has urged Chinese leaders to change their domestic manufacturing policies. The two …

WASHINGTON — America’s employers delivered another outpouring of jobs in March, adding a sizzling 303,000 workers to their payrolls and bolstering hopes that the economy can vanquish inflation without succumbing to a recession in the face of high interest rates.  Last month’s job growth was up from a revised 270,000 in February and was far above the 200,000 economists had forecast. By any measure, it amounted to a strong month of hiring, and it reflected the economy’s ability to withstand the pressure of high borrowing costs resulting from the Federal Reserve’s …

Nairobi, Kenya — American firms are losing out on business and contracts in Kenya because top government officials demand bribes, the U.S. trade office said in a report released last week, warning that corruption will hurt foreign investment. According to the Office of the U.S. Trade Representative, American businesses are finding it hard to secure Kenyan government contracts meant to develop the East African nation because senior government officials seek a bribe before awarding such jobs. The 2024 National Trade Estimate Report on Foreign Trade Barriers said that the contracts are …

GABORONE, BOTSWANA — Africa’s leading diamond producer, Botswana, has written to the Group of Seven leading industrial countries seeking to reverse an initiative requiring all producers to send gems to Belgium for certification. This follows G7 move to prevent the import of diamonds mined in Russia. Botswana President Mokgweetsi Masisi told diplomats in Gaborone Wednesday the G7 traceability mechanism poses an unfair burden on African diamond producers.  The G7 is an informal grouping of seven of the world’s advanced economies, including Canada, France, Germany, Italy, Japan, the United Kingdom and the …

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In Dearborn, Michigan, a new Ford F-150 rolls off the line every 53 seconds …

LIVERMORE, Calif. — Most fast food workers in California will be paid at least $20 an hour beginning Monday when a new law is scheduled to kick in giving more financial security to an historically low-paying profession while threatening to raise prices in a state already known for its high cost of living. Democrats in the state Legislature passed the law last year in part as an acknowledgement that many of the more than 500,000 people who work in fast food restaurants are not teenagers earning some spending money, but adults …

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CAIRO — The executive board of the International Monetary Fund confirmed a deal with Egypt to increase its bailout loan from $3 billion to $8 billion, in a move that is meant to shore up the Arab country’s economy, which is hit by a staggering shortage of foreign currency and soaring inflation. In a statement late Friday, the board said its decision would enable Egypt to immediately receive about $820 million as part of the deal, which was announced earlier this month. The deal was achieved after Egypt agreed with the …

ZIGUINCHOR, Senegal — Mariama Sonko’s voice resounded through the circle of 40 women farmers sitting in the shade of a cashew tree. They scribbled notes, brows furrowed in concentration as her lecture was punctuated by the thud of falling fruit. This quiet village in Senegal is the headquarters of a 115,000-strong rural women’s rights movement in West Africa, We Are the Solution. Sonko, its president, is training female farmers from cultures where women are often excluded from ownership of the land they work so closely. Across Senegal, women farmers make up …

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