Sri Lanka Out of Petrol, Says Prime Minister

Fourth EstatePetrol Station in Sri Lanka is out of fuel and petrol

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 in a precarious condition. “At the moment, we only have …

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Bank of England Hikes Rates to 1%, Warns of 10% Inflation

Fourth EstateBank 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% to 1% on Thursday for its fourth consecutive hike. Costs …

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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 a joint economic forecast that the country will most likely …

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Sri Lanka Doubles Interest Rate

Fourth EstateSri Lanka’s central bank raised borrowing costs by an unprecedented 700 basis point - Fourth Estate

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 basic goods. The Central Bank of Sri Lanka on Friday …

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Sri Lanka News Outlets Run Out of Newsprints as Cash Shortage Worsens

Fourth EstatePrinting Press - Unsplash/Bank Phrom

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 their English-language daily, The Island, and its Sinhalese version, Divaina, …

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Two Men Collapse, Die While Queuing for Fuel in Crisis-Hit Sri Lanka

Fourth EstateRegion Map of Colombo, Sri Lanka | Fourth Estate

Sri Lankan police said on Sunday two men collapsed and died while waiting in separate queues to buy fuel, as gas stations in the country face long lines amid a severe fuel shortage. “One was a 70-year-old three-wheeler driver who …

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