While industrial America complained about being undercut by cheaper competition from China, Webasto became one of Germany’s many “hidden champions” that grew rich off China’s rise. German exports boomed as newly minted Chinese consumers bought their first cars, and factories around the manufacturing heartland needed machine tools and kit. German joint ventures helped school Chinese … Read more
Colombo: Sri Lanka’s president said Wednesday he was seeking a moratorium on foreign debt repayments until 2028, following a government default during the island nation’s unprecedented economic crisis two years ago. A collapse in foreign exchange reserves saw months of food and fuel shortages along with street protests that forced the ouster of President Ranil … Read more
Sri Lanka slapped a new 18 percent value added tax (VAT) on fuel, mobile phones and computers from Monday to raise desperately needed revenue ahead of a foreign debt restructuring. An earlier VAT of 15 percent on other consumer goods was also increased to 18 percent as the government sought to shore up its finances … Read more
Egyptians began voting Sunday in a presidential election in which President Abdel Fattah el-Sissi faces no serious challenger and is certain to win another term, keeping him in power until 2030. The election has been overshadowed by the Israel-Hamas war in Gaza. Almost all Egyptians’ attention has been on the war on their country’s eastern … Read more
