Cash-strapped Sri Lanka’s inflation eased to 35.3 per cent, the lowest in a year, the statistics office said Friday as the country pressed ahead with austerity measures under an IMF bailout.

The crucial semiconductor industry, that powers everything from personal computers, smartphones to fighter jets, suffered a dismal first quarter as demand plummeted for chips.

Gold bounced back on Friday on a dip in yields and renewed concerns over the US banking turmoil, putting the safe haven on course for its second monthly rise even as steady US inflation reinforced bets for an interest rate hike next week.

Germany narrowly dodged a recession in the first quarter but growth stagnated contrary to expectations for a slight rebound, preliminary data showed Friday, as the energy crisis weighed on Europe’s top economy.

US oil giants ExxonMobil and Chevron reported another quarter of heady profits Friday as both companies continued to direct large cash payments to shareholders.

Taiwan’s export-dependent economy contracted more than expected in the first quarter and slipped into recession as exports were hit by slowing global tech demand and broader economic woes, but should hit a 2 per cent growth target this year.

Inflation-hit Pakistan on Friday approved a rise of up to 20 per cent in retail prices of general medicines and 14 per cent for essential ones, prompting immediate criticism from drug manufacturers who said the increases were too small.

The United Arab Emirates (UAE) and Cambodia have agreed on the terms of a bilateral trade deal, as the Gulf state looks to strengthen trade and commerce ties, particularly in Asia, in strategic economic sectors.

Samsung Electronics on Thursday reported its worst quarterly profits in 14 years, blaming slowing consumer spending on electronics and a global microchip glut that hit its core memory business.

Pakistan’s Prime Minister Shehbaz Sharif said yesterday that everything was set for his country to receive a shipment of discounted Russian oil.

Pakistan's Prime Minister Shehbaz Sharif said on Thursday that everything was set for his country to receive a shipment of discounted Russian oil

US consumer confidence fell more than many predicted in April, fueled by a deterioration in expectations among Americans over 55 and households with annual incomes over $50,000, according to survey data released Tuesday.

Global tech giants could face fines of up to 10 per cent of their annual turnover if a British government bill to protect consumers launched on Tuesday becomes law.

US Treasury Secretary Janet Yellen on Tuesday warned that failure by Congress to raise the government’s debt ceiling - and the resulting default - would trigger an “economic catastrophe” that would send interest rates higher for years to come.

The Indian rupee strengthened against the US currency to a seven-week high on Wednesday, tracking Asian peers as the dollar index gave up gains and local equities remained resilient.

Sales of electric vehicles are booming and are expected to account for nearly one in five cars sold this year, according to a report released Wednesday.

Additional charges will also be applicable, says NBR

Lending declined in many parts of the United States over recent weeks, the Federal Reserve announced Wednesday, amid financial sector troubles unleashed by the rapid collapse of Silicon Valley Bank (SVB).

The United States seeks a  “constructive and fair economic relationship” with China, even as Washington holds firm in defending the country’s national security, Treasury Secretary Janet Yellen said in prepared remarks Thursday.

German automakers have turned up in full force at Shanghai’s Auto Show as they fight to stay on top of consumer trends in the country that will define whether they maintain their market dominance in the electric age both at home and abroad.