Company News in Brief

China's economy grows faster than expected despite Iran war

China's economy grew faster than expected in the first three months of the year, even as countries around the world feel the impact of the US-Israel war with Iran.

Gross domestic product (GDP) rose by 5% in the period, compared to a year earlier, according to official data. Economists had expected the figure to come in at around 4.8%.

That came despite the conflict in the Middle East, which started on 28 February, severely disrupting global energy supplies, with Asian countries hit particularly hard.

It also marks the first release of official GDP figures since Beijing cut its annual economic growth target last month to a range of 4.5%-5%, its lowest expansion goal since 1991.

The rebound from a weaker expansion of 4.5% in the previous quarter was driven by manufacturing, while the world's second largest economy continues to be weighed down by falling property investment.

Cars and other exports were a "major bright spot" in the data, said Kyle Chan, an analyst from the Brookings Institution.

The Iran war's full effects are yet to be seen, Chan said, adding that next quarter's GDP figure is likely to be weaker due to trade disruptions caused by the conflict.

China's latest GDP target and economic objectives were announced in March under its latest Five Year Plan. Beijing also pledged to invest heavily in innovation, high-tech industries and efforts to boost domestic spending.

-BBC News 

Trump threatens to fire Fed chair Powell if he doesn't leave in May

US President Donald Trump has threatened to fire Federal Reserve Chair Jerome Powell if he does not step aside at the end of his term in May.

The two have been embroiled in a bitter spat over Powell's reluctance to cut the central bank's interest rate, despite Trump's repeated calls.

Powell's term expires on 15 May, but he is planning to remain in post until his successor, Kevin Warsh, is confirmed by the Senate.

"Then I'll have to fire him," Trump told Fox Business, when asked about Powell's plans to stay on in the job.

"I've held back firing him. I've wanted to fire him, but I hate to be controversial," Trump said.

Thom Tillis, an influential Republican senator on the committee which oversees nominations for the Federal Reserve chair, has threatened to block Warsh's confirmation. If Warsh is not confirmed before Powell's term expires, he plans to stay on temporarily in the post.

"That's what the law calls for. That's what we've done on several occasions," Powell has said.

Tillis has warned Trump he will not let Warsh's appointment go ahead unless a criminal investigation into Powell, linked to the renovation of the Federal Reserve building, is dropped.

-BBC News