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Zara owner Inditex posts record profit
Zara owner Inditex posts record profit
Business and Economy
by  AFP

Zara owner Inditex, the world's biggest fashion retailer, reported record profits for 2022 despite halting operations in Russia and soaring global inflation. Inditex also overcame a surge in production costs that has hit manufacturers as inflation soared following Russia's assault on Ukraine.

China retail sales up in New Year after Covid reopening
China retail sales up in New Year after Covid reopening
Business and Economy
by  AFP

Chinese retail sales rebounded in January and February as Beijing abandoned its suffocating zero-Covid policy, reopening borders and ending mandatory quarantine, and the country celebrated the Lunar New Year holiday. China usually releases January and February economic data together to ensure they are not skewed by the long Chinese New Year holiday.

Strike grips Sri Lanka as unions protest IMF bailout
Strike grips Sri Lanka as unions protest IMF bailout
Business and Economy
by  AFP

Bankrupt Sri Lanka's hospitals were crippled and transport disrupted on Wednesday as trade unions protested against the doubling of taxes to qualify for a crucial IMF bailout. Officials involved in the negotiations said the IMF was closely monitoring the protests and social unrest since the tax reforms.

Africa pays the price as China and Russia muscle in
Africa pays the price as China and Russia muscle in
Business and Economy
by  AFP

China and Russia are bolstering their presence in Africa to tap its rich natural resources, analysts say, amid grave warnings from UN agencies the world's poorest countries face accumulating crippling debts. The 1990s debt crisis in Africa was caused by Western countries, not by China or Russia, said Nantulya.