Impoverished Zimbabweans turn to scrap metal trade as inflation bites

The Reserve Bank of India has left the benchmark repo rate unchanged at 6.5% as inflationary pressures ease. However, the bank warned some risks remain.

Food prices have almost doubled within a year, and increasing numbers of retired people are falling below the poverty line. Meanwhile, the government continues to invest heavily in the arms industry.

The latest El Nino climate phenomenon has arrived, threatening floods in some areas of the world and droughts in others. Previous disruptive weather patterns cost the global economy trillions and stoked inflation.

Global tech leaders and industry giants have descended on the French capital for the seventh edition of VivaTech, Europe's largest trade fair for new technology. Artificial intelligence (AI) is taking centre stage this year. French President Emmanuel Macron announced €500 million ($543 million) in new funding to "create champions" in AI and praised projects targeting French speakers, as concern grows about Silicon Valley firms fuelling English-language domination of AI systems.

Kenya is a major exporter of food and drink products, with around 20% of its overall exports sent to the EU. The deal was just seven months in the making, thus becoming one of the fastest Brussels has ever struck.

Annual inflation dropped to 5.5% in the 20 eurozone countries. However, the European Central Bank is still expected to raise interest rates in July.

It was meant to be the jewel in the Brexit crown, but the UK has, so far, failed to sign a free trade agreement with the US.

Brussels says the bloc's trade with New Zealand could now grow by 80%. In a first for an EU trade pact, there is a section that commits both sides to targets to tackle climate change.

African currencies have lost ground against the US dollar this year, further driving inflation in the import-reliant region. Depleting dollar reserves have left policymakers with limited options to arrest the decline.

Some 1.3 million civil servants are due to retire by 2030. Unions say the government will need to hike pay and improve working conditions to recruit new workers.

As BRICS leaders meet in Johannesburg on Tuesday, they will be sure to discuss ways to increase commercial exchanges within the bloc of emerging economies comprised of Brazil, Russia, India, China and South Africa. The group, which represents 16% of global trade, will also look to encourage the use of local currencies in exchanges. However, the Brazilian idea of creating a common currency for the bloc appears to now be on the back burner.

The health and cost-of-living crises has disproportionately affected the poor and women in developing Asia, hurting their chances of long-term improvement.