British Chancellor of the Exchequer Kwasi Kwarteng attends an interview with Laura Kuenssberg from the Labour Party Conference in Liverpool, in the London studio, Britain September 25, 2022. Jeff Overs/BBC/Handout via Reuters. By Reuters The International Monetary Fund openly criticised Britain’s new economic strategy on Tuesday, following another slide in bond markets that forced the

By The Associated Press The British pound stabilized in Asian trading on Tuesday after plunging to a record low a day earlier, as the Bank of England and the British government tried to soothe markets nervous about a volatile U.K. economy. The instability began to have real-world impacts, with several British mortgage lenders withdrawing deals

By Business Daily Africa As Kenya Airways continues to extend begging bowls to the government to pump in more billions to help it pull out of a major financial crisis, its main African rival Ethiopia Airlines is plotting to wrestle the lucrative West African market as it moves to extend its dominance beyond the region.

By Reuters Turkey said on Monday that Malaysia and Indonesia had expressed keen interest in buying armed drones from Turkish defence firm Baykar, which has supplied the weapons to several countries after battlefield successes. “Many Asian countries, especially Malaysia and Indonesia, show great interest in our defence industry products. Agreements are being signed,” Turkish foreign

By Reuters The pound plunged to a record low against the dollar early on Monday and British bond prices collapsed as fears mounted over the new government’s fiscal plan, unleashing calls for an emergency Bank of England rate hike to restore confidence. New finance minister Kwasi Kwarteng sent sterling and government bonds into freefall on

A beach in British Virgin Islands, one of the tax havens in the study. Photograph: Alamy The Guardian By Pippa Crerar Political editor Exclusive: Labour vows to end ‘Tory procurement racket’ and reward firms that pay taxes responsibly One in every six public procurement contracts issued by the government over a five-year period were won

In this photo released by Saudi Press Agency, SPA, Saudi Crown Prince Mohammed bin Salman, right, shakes hands with Chancellor Olaf Scholz, after his arrival in Jeddah, Saudi Arabia, Saturday, Sept 24, 2022. (Saudi Press Agency via AP) By The Associated Press German Chancellor Olaf Scholz arrived Saturday in Saudi Arabia for the first stop

By Reuters Tanzania’s central bank will reduce liquidity in the economy in September and October to slow rising inflation in the east African country, a statement from the bank’s monetary policy committee (MPC) published on Saturday said. “In the context of … high inflation and commodity prices, which has contributed to rising inflationary pressures in

By Reuters The downturn in British businesses steepened this month as they battled soaring costs and faltering demand, according to a survey on Friday that hammered home the rising risk of recession. Released just as finance minister Kwasi Kwarteng was due to flesh out the economic agenda of new Prime Minister Liz Truss, the S&P

By Reuters Turkish defence firm Baykar has delivered 20 armed drones to the United Arab Emirates this month and could sell more, two Turkish sources said, as a diplomatic detente between the former regional rivals expands into military contracts. International demand for Baykar’s drones soared after their impact on conflicts in Syria, Ukraine and Libya,