India’s monsoon has progressed more slowly than usual after hitting the southern state of Kerala nearly a week late. Monsoon rains have been 44 percent lower-than-average so far in June, delaying the sowing of summer-sown crops and raising concerns that parts of the country could face a worsening drought.
Britain’s planned withdrawal from the European Union, known as Brexit, is continuing to inflict losses on the economy as official estimates suggest the country lost nearly half a percent of its wealth in April.
The Importer and Exporter Union of Iraq’s northern region of Kurdistan called for wider economic relations with Iranian traders, and asked for an office of Sanandaj Chamber of Commerce to be opened in Erbil, the central city of the Iraqi region.
After days of wrangling over the wording of a communique, finance chiefs from the world’s largest economies have warned that escalating trade and geopolitical tensions pose the biggest risk to global growth.
Indian Prime Minister Narendra Modi will take his oath of office on Thursday along with his ministers, though he suffered a setback at the start of his second term when key aide and Finance Minister Arun Jaitley opted out of the next government.
Profits for China’s industrial firms shrank in April as slowing manufacturing activity halted the previous month’s surge, putting more pressure on policymakers to step up support for an economy hit by a bitter trade war with the US.
The German economy returned to growth in the first quarter as householders spent more freely and construction activity picked up, but the government cautioned that the outlook remained clouded by trade disputes.