British Pound falls to lowest value since 1985
The British pound has fallen to $1.1407, the lowest it has been since 1985. The sterling’s drop started just after British Prime Minister Liz Truss took her sea while it … Read more
Recession
Deutsche Bank CEO warns about recession
A top official of Deutsche Bank AG warned that Europe’s largest economy is on track to collapse due to rising inflation, energy shortages, and the disruption of global supply networks. … Read more
US Economy Shrinks Once More, Raising Recession Concerns
The Bureau of Economic Analysis reported on Thursday that the US economy contracted once more in the second quarter. On an annualized basis, the gross domestic product, a comprehensive indicator … Read more
World Bank Warns of Global Recession
World Bank’s chief economist warned of a possible global recession if food, gasoline, and fertilizer prices continue to rise due to the ongoing conflict between Russia and Ukraine. David Malpass, … Read more
Sri Lanka Defaults on Debt for the First Time Ever
Sri Lanka has defaulted on its debt for the first time in its history as its economy collapses in its worst crisis in 70 years. The country’s central bank confirmed … Read more
Sri Lanka Out of Petrol, Says Prime Minister
Sri Lanka has reportedly run out of petrol, according to its prime minister. Ranil Wickremesinghe, appointed prime minister, said in an address on Thursday that the island nation’s economy is … Read more
Bank of England Hikes Rates to 1%, Warns of 10% Inflation
The Bank of England (BOE) has hiked its key interest rate to its highest level in 13 years amid soaring inflation. The central bank raised its policy rate from 0.75% … Read more
Russian Gas Embargo To Cause Recession in Germany
The German economy will face a “sharp recession” if Russia will stop importing oil and gas products to the European Union, Germany’s economic institutes reported. German economic institutes said through … Read more
Sri Lanka Doubles Interest Rate
Sri Lanka’s central bank raised borrowing costs by an unprecedented 700 basis points to tame inflation that has been the result of an economic crisis driving a crippling shortage of … Read more
Sri Lanka News Outlets Run Out of Newsprints as Cash Shortage Worsens
A national shortage of paper has prompted two major Sri Lankan newspapers to suspend their print editions, as the island’s economic crisis continues to worsen. Media company Upali Newspapers said … Read more