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After finance ministers and central bankers met at the World Bank/IMF spring meetings in Washington last month, the buzz is on the future of the dollar-anchored international monetary system.US Treasury Secretary Scott Bessent told the gathering that, while the purpose of the Bretton Woods institutions was stability, “everywhere we look across the international economic system today, we see imbalance”.He blamed US deficits on “an unfair trading system”. He blamed the “intentional policy choices by other countries” for hollowing out the US’ manufacturing, undermining its critical supply chains and risking its economic security. And he declared that the world’s “persistent over-reliance…

This article is an on-site version of our Inside Politics newsletter. Subscribers can sign up here to get the newsletter delivered every weekday. If you’re not a subscriber, you can still receive the newsletter free for 30 daysGood morning. The Labour government has reached a limited agreement with Donald Trump on trade, securing reductions in punitive tariffs on car and steel exports, but failing to reverse a 10 per cent levy that applies to most goods. Some thoughts on the broader politics of that below. Inside Politics is edited by Georgina Quach. Follow Stephen on Bluesky and X, and Georgina…

Some luxury labels are pulling back from steep markdowns in China, seeking to rebuild an image of exclusivity to lure back wealthy shoppers whose spending is more immune to economic slowdown.None of the products sold by Kering’s Balenciaga on Tmall, China’s dominant e-commerce platform, were discounted in the first quarter of this year – or even during China’s biggest annual online shopping festival in November – according to data consultancy Re-Hub. That is a marked contrast to the brand’s average discount of about 41 per cent on Alibaba Group Holding’s Tmall during the same periods a year earlier.Versace, set to…

U.S. Treasury yields were little changed on Friday as investors remained optimistic about the U.S. striking more trade deals on tariffs with international trade partners.At 4:11 a.m. ET, the 10-year Treasury yield climbed less than a basis point to 4.37%. The 2-year Treasury yield moved over 3 basis points lower to 3.86%.One basis point is equal to 0.01% and yields and prices move in opposite directions.Investors are hoping the U.S. will strike more trade deals to bring down tariffs on international trade partners after the U.K. became the first country to secure a deal on Thursday since U.S. President Donald Trump implemented “reciprocal” tariffs…

Allegations of nepotism and dynastic ambition are swirling in Malaysia around Prime Minister Anwar Ibrahim after his oldest daughter was pushed forward as a candidate for the No.2 post in the ruling party, prompting speculation that she may one day become the country’s first woman prime minister.Nurul Izzah Anwar, 44, a long-time figure in her father’s reform movement, has received a flurry of endorsements from delegates of Parti Keadilan Rakyat (PKR) this week, with many saying Anwar’s eldest child is the ideal candidate to be the party’s next deputy president.But some critics said Nurul Izzah, who lost in the 2022…

Oil prices rose over 1% on Thursday on hopes for a trade deal between China and the US, the two biggest oil consumers worldwide.    Brent futures rose 86 cents, or 1.4% to $61.98 a barrel, while West Texas crude prices rose 97 cents, or 1.7% to $59.03 a barrel as of 11:20 GMT.   SEB analysts note that as the markets settle above $61 a barrel, it provides strong support, accompanied by optimism on tariffs as the US and China prepare to commence talks.   US Treasury Secretary Scott Bessent will meet senior Chinese officials on May 10 in…

ANKARA, Turkey (AP) — A militant Kurdish group announced on Friday that it had made “historic” decisions during its long-awaited congress earlier this week. The group, however, stopped short of saying whether it had resolved to disband and disarm as part of a new peace initiative with Turkey aimed at ending the four-decade insurgency.The Kurdistan Workers’ Party, or PKK, held a congress in two locations in northern Iraq between May 5-7, according to a statement carried by the Firat News Agency, a media organization close to the banned group. The PKK said the historic decisions taken during the congress would…

Shares at the Pakistan Stock Exchange (PSX) recovered nearly 4,000 points on Friday after the index suffered its largest-ever plunge a day earlier, causing losses to the tune of Rs820 billion loss to equity investors following Indian drone attacks in major cities across the country. The benchmark KSE-100 index climbed 799.65, or 0.77 per cent, to stand at 104,326.46 from the previous close of 103,526.81 at 11:06am. At 4:31pm, the index recovered 3647.82, or 3.52pc, to stand at 107,174.63 from the last close. Mohammed Sohail, chief executive of Topline Securities, said that after falling sharply by 6pc yesterday, the stocks…

The Shuangjiangkou hydropower project in southwest China – which will be the world’s tallest dam when completed – began storing water on May 1, its developer said, taking it a step closer to getting up and running.The 36 billion yuan (US$4.9 billion) project in the Aba Tibetan and Qiang autonomous prefecture, in Sichuan province, has been under construction for nearly a decade and will be used for power generation and flood control.It is situated upstream of the Dadu River, which flows from the eastern Tibetan Plateau into the Sichuan Basin.State-owned Power Construction Corporation of China (PowerChina) is building the project…

STOCKHOLM (AP) — The Stockholm City Council has rejected the U.S. Embassy’s demands that it comply with the Trump administration’s rollback of diversity, equity and inclusion policies.It’s the latest in U.S. President Donald Trump’s efforts to terminate such programs within the federal government — and beyond — in what he described in his inauguration speech as a move to end efforts to “socially engineer race and gender into every aspect of public and private life.”Countries and cities across Europe have received similar outreach from U.S. embassies, including France, Belgium and the city of Barcelona, all of which lashed out at…