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 that the country had missed a 30-day grace period for …
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 …
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 …
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 …
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 …
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, …
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 …
Japan’s central bank expects that the country will not slide into stagflation, a period when prices are soaring while the economy refuses to grow, despite threats of skyrocketing energy prices. Seiichi Shimizu, head of the Bank of Japan’s (BOJ) monetary …
A severe shortage in cooking gas has forced nearly 1,000 bakeries in Sri Lanka to shut down, as the country’s economy experiences more impacts of its dwindling foreign exchange reserves. Soaring prices of cooking gas due to the shortage caused …
Brazil’s economy returned to growth in last year’s fourth quarter at a stronger pace than expected as farm output boomed. Growth in the fourth quarter increased 0.5 percent from the previous quarter, bringing the gross domestic product (GDP) to grow …
