• Saturday, August 20, 2022

Results for "economic crisis"

Mexican President proposes commission for a global truce, led by…

Mexican President Andres Manuel Lopez Obrador is planning to submit a written proposal to the UN to create a commission, made up of three world leaders, including Prime Minister Narendra Modi, to promote a world truce for a period of five years, MSN web portal reported. "I will make the…

Should I let my kids die of hunger? Pakistani citizens…

Amid the increasing inflation, a video of a Pakistani woman has surfaced, describing the skyrocketing prices of medicines, groceries and electricity in the country, especially in Karachi city and slamming Prime Minister Shehbaz Sharif and PML-N leader Maryam Nawaz. Pakistan is grappling with a crippling economic crisis and the deepening…

‘Economy, not ethnicity, may cost Sunak the race’

MEET Richie Saint, a capable, charming but ultimately imaginary politician bidding to be prime minister of this country. The son of a GP and a chemist was head boy at a top private school, with a first in PPE at Oxford followed up by a Stanford MBA. Saint met his…

I would rather lose than win on a false promise:…

Britain's prime ministerial candidate Rishi Sunak has insisted that he would rather lose the Conservative Party leadership race to replace Boris Johnson than win on a false promise on how he plans to tackle the economic crisis.In an interview with the BBC, the British Indian former Chancellor said he was…

UK’s political vacuum threatens deeper economic crisis, government warned

Prime Minister Boris Johnson came under heavy criticism on Monday for allowing a political vacuum at the heart of his government to threaten an even deeper economic crisis in Britain before his successor takes office in September. Britain is bracing for a long recession as energy prices surge to unprecedented…

Where’s Boris? UK’s PM on leave as economic crisis deepens

A British cabinet member admitted Friday "I don't know where Boris is" as the prime minister checked out on holiday, in a week that saw the Bank of England warn a year-long recession is coming. Boris Johnson has since Wednesday been on a belated honeymoon with his wife Carrie, according…

Sri Lanka’s inflation surges over 60 per cent in July

Sri Lanka's inflation surged to 60.8 per cent in July, up from 54.6 per cent in June, the crisis-hit country's statistics department said on Saturday, as food and fuel remained scarce amid depleted foreign exchange reserves. The year-on-year inflation based on the Colombo Consumer Price Index was 60.8 per cent…

China says its massive loans, projects did not push Sri…

China on Thursday defended its massive infrastructure ventures and investments in crisis-hit Sri Lanka and said that they have "boosted" its economic development, amid criticism from the US of Beijing's unproductive projects and opaque loan deals among the reasons for the country's bankruptcy. The China-Sri Lanka practical cooperation has always…

Can talk to TTP, separatists, but not to Shahbaz govt:…

Referring to leaders of Pakistan Muslim League- Nawaz (PML-N) as thieves, The Pakistan Tehreek-i-Insaf (PTI) Chairman Imran Khan said that he can hold talks with the Tehreek-i-Taliban Pakistan (TTP), the separatists of Balochistan and Sindh, but cannot sit down for talks with the Shahbaz Sharif government. The remarks came while…

EXCLUSIVE: ‘Sunak is a battle hardened leader’

FORMER health secretary Matt Hancock has described Rishi Sunak as an “incredible talent” and a proven decision-maker who would make a “great” prime minister. Sunak, who resigned as the chancellor earlier this month, is expected to be in the final two in the race to become prime minister after he…

Sri Lanka crisis: President Wickremesinghe says he is not a…

"I am not a friend of the Rajapaksas, I am a friend of the people," President Ranil Wickremesinghe has told Sri Lankans, pledging to bring in the much-needed system change they are yearning for. The 73-year-old veteran politician was on Wednesday elected as Sri Lanka's President by lawmakers and sworn…

Ranil Wickremesinghe wins Presidential polls in Sri Lanka, succeeds Gotabaya…

Sri Lanka's Acting President Ranil Wickremesinghe won the Presidential election on Wednesday amid the ongoing economic turmoil in the island nation. Ranil Wickremesinghe was elected as the new President following a vote in Sri Lankan Parliament. He received 134 votes. SLPP parliamentarian Dullas Alahaperuma received 82 votes while National People's…

State of emergency declared in Sri Lanka ahead of July…

Sri Lanka's acting president Ranil Wickremesinghe on Monday declared a state of emergency in the country with immediate effect, ahead of the July 20 election for the post of the president which fell vacant after Gotabaya Rajapaksa's resignation following the popular public uprising against him. The government gazette dated July…

Tory leadership: Rivals turn up the heat at fractious TV…

Barbs flew and derisive laughter rang out as the Conservative contenders battling to succeed UK Prime Minister Boris Johnson clashed in a live TV debate Sunday, heading into a pivotal week for the acrimonious race.Rising global temperatures were among the policy areas under contention after Britain's climate minister, COP26 president…

‘Asia Cup 2022 likely to shift from Sri Lanka to…

Amid the ongoing economic crisis, the upcoming Asia Cup 2022, which was supposed to be hosted by Sri Lanka is now likely to be shifted to UAE. According to ANI sources in Sri Lanka Cricket Board, the country is facing a huge financial crisis and the board has finally taken…

Cannot even go for cricket practice due to fuel crisis:…

Sri Lankan cricketer Chamika Karunaratne waits in a long queue at the fuel station to fill up his car after two days. A young international cricketer who made his international debut in 2019 is now upset by the recent crisis in the country. Speaking exclusively to ANI on Saturday, "Luckily…

IMF wants stability in Sri Lanka to resume talks on…

The IMF on Friday said that it is deeply concerned about the current crisis in Sri Lanka and hopes for a resolution of the current situation to resume talks as soon as possible on a bailout package for the island nation. Sri Lanka is going through a deepening political and…

What would be the fate of the Asia Cup? Sourav…

Ahead of the Asia Cup scheduled to be held in August in Sri Lanka, Board of Control for Cricket in India (BCCI) president Sourav Ganguly on Thursday said that the board will keep monitoring the situation in the island nation amid the ongoing political and economic crisis there. "I cannot…

Sri Lankan President Gotabaya Rajapaksa departs for Singapore from Maldives

Gotabaya Rajapaksa, who reached the Maldivian Capital Male following raging protests in Sri Lanka, departed for Singapore today. Rajapaksa left the Maldives and is on his way to Singapore on a private jet, the Daily Mirror reported citing a source. Earlier, a private jet landed in Male for Rajapaksa's departure…

India denies ‘baseless and speculative’ media reports about facilitating President…

India on Wednesday categorically denied "baseless and speculative" media reports that it facilitated the travel of Sri Lankan President Gotabaya Rajapaksa who fled to the Maldives on a military jet in the face of a public revolt against his government for mishandling the country's economy. The 73-year-old Sri Lankan President…

Cash-strapped Pak may face serious economic crisis amid fast-depleting forex…

Cash-starved Pakistan could face a serious economic problem as its foreign exchange reserves are depleting fast amid rising external debt servicing, according to a media report on Wednesday. The country's external debt servicing rose to USD 10.886 billion in the first three quarters of 2021-22 compared to USD 13.38 billion…

Emergency in Sri Lanka: PM cannot exercise President’s powers, says…

Amid reports that embattled President Gotabaya Rajapaksa has appointed Prime Minister Ranil Wickremesinghe as the interim President of Sri Lanka, the country's main opposition leader Sajith Premadasa on Wednesday said that the PM cannot exercise the powers of President, and cannot declare a curfew or a state of emergency. Wickremesinghe…

Sri Lankans turn to bicycles amid fuel shortage, skyrocketing prices

As hundreds of Sri Lankans continue to queue up at petrol pumps across the debt-ridden country every day amid fuel shortage, a large number of people are ditching their cars and motorcycles for bicycles for their daily commute. The economic crisis which is the worst in Sri Lanka's history has…

Only people with ‘Hitler-like mindset’ torch buildings: Wickremesinghe on arson…

Reacting publicly for the first time after his private house was set on fire by anti-government protesters on Saturday, Prime Minister Ranil Wickremesinghe on Monday said only people with a “Hitler-like mindset” torch buildings.In a special televised statement, Wickremesinghe said he accepted the post of Prime Minister as the economy…

Sri Lanka: Emergency ambulance service suspended in several areas amid…

Amid the fuel shortage in Sri Lanka, the 1990 emergency ambulance service has been suspended in several areas. The Suwa Seriya Ambulance Service had urged the public to refrain from calling the 1990 emergency ambulance service in the affected areas, Colombo Gazette reported. A full list of the specific areas…

Sri Lankan protesters find millions of rupees from Gotabaya Rajapaksa’s…

PROTESTERS who stormed president Gotabaya Rajapaksa's house on Saturday (9) amid the country's worst economic crisis claimed to have recovered a large sum of money from the mansion, local media reported. According to Sri Lanka's daily newspaper, Daily Mirror, it was reported that the recovered money was handed over to the…

Pakistan: Government targeting journalists, says former Minister Rasheed

Pakistan's former Home Minister Shaikh Rasheed on Friday said that the government is targeting journalists in the country. Popular news anchor Imran Riaz Khan was arrested on Tuesday near the outskirts of Islamabad, hours after he claimed that his life was under threat. Khan was heading to Islamabad when he…

Contest to replace Boris Johnson begins, opponents demand he goes…

As many as a dozen candidates were on Friday eyeing up replacing Boris Johnson as British prime minister who is quitting after his Conservative Party turned on him, as opponents said they wanted him out of Downing Street immediately. Johnson said on Thursday that he would step down as Conservative…

Spotlight on a great master in world cinema

Sangeeta Datta explains how she structured the BFI's Ray season My first meeting with Satyajit Ray was on my graduation day at Jadavpur University in Calcutta (now Kolkata). It was convocation day and we were getting our degrees. Ray was stood at the back of the hall after he was…

UK warns against non-essential travel to Sri Lanka

THE UK government warned Tuesday (5) against routine travel to Sri Lanka as the South Asian country, a popular destination for British tourists, battles economic collapse. The updated advice from the foreign ministry could invalidate travel insurance for any Britons still heading to Sri Lanka. The ministry said it "advises…

Pakistan’s future is tied up with Russia: Imran Khan

Even as the Western bloc continues to impose sanctions on Moscow, former Pakistan prime minister Imran Khan has said that Pakistan's future is tied to Russia. In an interview with German broadcaster Deutsche Welle (DW), the beleaguered PTI chief, said it was good to take a moral stand on the…

In talks with IMF, Sri Lanka is participating as bankrupt…

Sri Lanka Prime Minister Ranil Wickremesinghe on Tuesday said that the island country is participating in negotiations with the International Monetary Fund (IMF) as a bankrupt country. In his speech in Parliament today regarding the economic recovery plan, the Prime Minister of the crisis-ridden country noted that a round of…

‘Every day at least one or two Afghan women commit…

'Every day there are at least one or two women who commit suicide', said a former deputy speaker of the Afghan Parliament on Friday, highlighting the lack of opportunity and ailing mental health that is taking a toll on Afghan women. This revelation came during a rare urgent debate on…

Sri Lanka’s inflation surges past 50 per cent in June

Inflation in crisis-hit Sri Lanka has surged past 50 per cent for the month of June, the statistics department said on Thursday, as the country's economy came to a grinding halt after it ran out of foreign exchange reserves to import fuel and other essentials. The headline inflation for the…

Over 600 inmates escape Sri Lanka’s rehabilitation centre

Over 600 inmates escaped a rehabilitation centre in Polonnaruwa in central Sri Lanka on Wednesday after a fight broke out between two prisoner groups, Xinhua News Agency reported citing the Sri Lankan police. Police spokesman Nihan Thalduwa said, "Army soldiers and an additional police force have been deployed to the…

US delegation meets Sri Lankan President Rajapaksa; discuss economic crisis

A high-level US delegation on Monday met Sri Lankan President Gotabaya Rajapaksa and discussed measures to help the island nation cope with an unprecedented economic crisis and severe shortages of essential supplies. US Ambassador Kelly Keiderling, Deputy Assistant Secretary of the US Department of State, and Robert Kaproth, Deputy Assistant…

Pakistan PM Sharif announces 10% super tax on large-scale industries

Pakistan Prime Minister Shehbaz Sharif on Friday announced a 10 per cent super tax on large-scale industries like cement, steel and automobile, a move he said was aimed at tackling spiralling inflation and saving the cash-strapped country from going "bankrupt." High net worth individuals will also be subject to a…

Economic crisis is forcing Brits to opt for gambling, crypto:…

Britain's worsening cost-of-living squeeze is pushing some people into gambling and cryptocurrency investments in last-ditch attempts to make ends meet, a gambling charity warned on Thursday.GamCare said it had increasingly received calls from people receiving state welfare payments who had gambled in the hope they could cover soaring energy and…

Sri Lanka’s economy has ‘completely collapsed’: PM Wickremesinghe

Sri Lanka's economy has "completely collapsed" and it is facing a far more serious situation beyond the mere shortages of fuel, gas, electricity and food, Prime Minister Ranil Wickremesinghe warned on Wednesday, underscoring the urgency of arriving at an early agreement with the IMF to obtain an additional credit facility.…

Afghanistan earthquake death toll surpasses 1,000

MORE THAN 1,000 people were killed in Afghanistan after a powerful earthquake hit the country on Wednesday, media reports said. A severe earthquake struck in the early hours of this morning near the city of Khost in the southeastern part of the country. The most affected areas are in Spera…

Former Sri Lankan cricketer serves tea, buns to people at…

Amid the unprecedented fuel crisis in the country, former Lankan cricketer Roshan Mahanama was spotted serving tea and buns to people waiting in lines outside the stores to buy fuel and cooking gas. "We served tea and buns with the team from Community Meal Share this evening for the people…

Sri Lanka schools to be shut due to lack of…

Amid the unprecedented economic crisis, the Sri Lanka government on Saturday announced to shut down all the schools for the coming week, a local media reported.Sri Lanka Education Ministry announced that "all government and government-approved private schools in Colombo city limits, as well as schools in other main cities in…

Why Pakistan is asking its people to drink fewer cups…

A senior minister in Pakistan has urged People to drink fewer cups of tea to save the country's economy, according to reports.  "I appeal to the nation to cut down the consumption of tea by one to two cups because we import tea on loan," minister Ahsan Iqbal was quoted…

Sri Lanka saves scarce gas for cremations

BANKRUPT Sri Lanka will reserve a portion of its scarce fuel supplies for the cremation of Buddhists, whose funeral rites have been disrupted during a dire economic crisis. The island nation's 22 million people have faced months of food, petrol and medicine shortages after traders ran out of money to…

Sri Lanka declares Fridays as holiday to promote agriculture

Sri Lanka's cabinet of ministers has approved a proposal to declare Fridays as a holiday for government employees to encourage them to carry out agricultural work to increase production in the country, local media reported on Tuesday. The ministers endorsed two key proposals to be implemented in the public service,…

Pakistan finance minister warns of default if fuel subsidies not…

PAKISTAN will default if the government does not abolish the subsidies on petroleum products, finance minister Miftah Ismail has said, warning that the cash-strapped country's economy could be in a similar position as that of Sri Lanka if tough decisions were not taken. Ismail claimed that the government was still…

Sri Lanka: UN appeals for $47m for life-saving aid to…

THE UN team in Sri Lanka and non-governmental organisations have launched a joint humanitarian needs and priorities (HNP) Plan calling for $47.2 million to provide life-saving assistance to 1.7 million people worst hit by the economic crisis over a four-month period, from June to September. The HNP plan was launched…

India tops Lankan tourist market despite slump due to ongoing…

India has emerged as Sri Lanka's top inbound tourist market in May, even as there is a slump in the cumulative arrivals of holiday makers due to the ongoing economic and political situation in the country, the tourism authority here said on Tuesday. As many as 5,562 tourists from India…

Sri Lankan PM urges citizens to use gas, fuel sparingly…

The next three weeks for Sri Lanka would be tough as the nation is facing a severe economic crisis, said Sri Lankan Prime Minister Ranil Wickremesinghe on Tuesday while urging citizens to use fuel and gas sparingly. Speaking at the Sir Lankan parliament, the prime minister said that his government's…

Crisis-hit Sri Lanka needs $5bn, help from China for essentials

SRI LANKA will need $5 billion over the next six months to ensure basic living standards, and is renegotiating the terms of a yuan-denominated swap worth $1.5bn with China so as to fund essential imports, the prime minister said on Tuesday (7). The island nation's worst economic crisis in seven…

Sri Lanka’s top party leaders reach consensus on some provisions…

Sri Lanka's top political leaders on Friday agreed on some of the provisions of the controversial 21st Amendment to the Constitution aimed at empowering Parliament over the executive president during the second round of meeting with Prime Minister Ranil Wickremesinghe. Prime Minister Wickremesinghe's office said a general consensus was reached…

Finch hopes Australia can bring some joy to crisis-hit Sri…

Australia limited-overs captain Aaron Finch hopes his team can bring some joy to cricket fans in Sri Lanka amid the island nation's worst financial crisis in over seven decades, the 35-year-old said on Friday. Australia cricketers had voiced some ethical concerns about the situation in Sri Lanka, where demonstrations have…

Amid looming food shortage, Sri Lankan president Gotabaya Rajapaksa instructs…

SRI LANKAN president Gotabaya Rajapaksa has instructed officials to stockpile adequate essentials and warned against organised efforts of traders from creating an artificial scarcity amidst an impending food shortage facing the island nation in the next three months, media reports said on Friday (3). Sri Lanka is going through the…

Sri Lankan PM Wickremesinghe hopeful of IMF assistance by June…

Crisis-hit Sri Lanka's Prime Minister Ranil Wickremesinghe, who is also the finance minister, said on Thursday that the government was targeting USD 5 billion this year for repayments, plus a further USD 1 billion to bolster the country's reserves. He also said that the ongoing negotiations with the International Monetary…

India assures Sri Lanka of fertiliser supplies to avoid food…

PRESIDENT Rajapaksa, while speaking with a group of irrigation officials on the next harvesting season's requirements, said prime minister Narendra Modi had assured him of fertiliser supply for the next cultivation season He said the supply to be delivered under the Indian Line of Credit and would be distributed within…

Sri Lankans turn to social media for help as economic…

No petrol means no work for Sri Lankan delivery rider Michael Sathis, and getting supplies has become a challenge as fuel stations run dry amid a devastating economic crisis.Sathis sometimes had to queue all night to fill his tank until he found a Facebook group sharing regular updates on fuel…

World Bank to disburse USD 700 million to crisis-hit Sri…

The World Bank is planning to disburse USD 700 million to crisis-ridden Sri Lanka by re-purposing its existing loans, a move that will help the island nation grappling with an unprecedented economic crisis much-needed breathing space till a bailout package with the IMF is worked out, media reports said on…

Decoded: What’s Sri Lanka’s 21st Constitutional Amendment aimed to curtail…

Sri Lanka’s senior political leaders held a meeting with Prime Minister Ranil Wickremesinghe on Friday (27) and discussed key constitutional amendments and agreed that the 21st Amendment to the Constitution aimed at curbing the unfettered powers of the President had to be passed as soon as possible. What is the…

PM Shehbaz warns Imran Khan, says ‘Your dictation won’t work…’

Pakistan Prime Minister Shehbaz Sharif said on Thursday (26) that the National Assembly would decide the date for fresh polls. "I want to clarify to the leader of this group (PTI), your dictation won't work. This house will decide when to hold elections," said the premier while speaking on the…

Situation going from bad to worse for Sri Lanka as…

THE World Bank said it is not planning to provide any new financing to cash-strapped Sri Lanka until an adequate economic policy framework has been put in place. In a statement, the multilateral development bank said it was repurposing resources from previously approved projects to help the Sri Lankan government…

UK Tamils seek justice for civil war victims

TAMILS who resettled in Britain after fleeing the Sri Lankan civil war held a vigil in London on Wednesday (18), with some likening the island nation's current economic crisis to the conditions they faced during the decades-long conflict.The gathering of Tamils seeking justice for those from their community who were…

Sri Lanka’s new prime minister struggles to form united government

Sri Lanka's new prime minister struggled Friday to forge a united government and forestall an imminent economic collapse as opposition lawmakers refused to join his cabinet and demanded fresh elections. Ranil Wickremesinghe was sworn in late Thursday to navigate his country through the worst downturn in its history as an…

How Sri Lanka’s economy went into a tailspin

Sri Lanka is suffering its worst economic crisis since its independence from Britain in 1948. Months of lengthy blackouts and acute shortages of food, fuel and medicines have infuriated the public, with huge protests demanding the government's resignation turning violent this week. Eastern Eye reviews the origins of the snowballing…

Crisis-hit Sri Lanka appoints new prime minister to replace president’s…

Sri Lanka's embattled president swore in a new prime minister Thursday to replace his brother, who was banned from leaving the country after his supporters launched violent attacks on a protest against the nation's economic crisis. The new premier, Ranil Wickremesinghe, has already served in the office five times --…

Amid crisis, Sri Lanka president vows to curtail own powers

Sri Lanka's embattled president Gotabaya Rajapaksa pledged Wednesday to give up most of his executive powers but stopped short of yielding to demands for his resignation over the country's economic crisis. The 72-year-old, in his first address to the nation since the start of a month-long protest campaign calling on…

Sri Lanka cricket stars slam government after deadly unrest

Sri Lankan cricket greats Kumar Sangakkara and Mahela Jayawardene have hit out at the government after five people were killed in political violence and more than 200 injured. Current and former cricketers enjoy a massive fan following in Sri Lanka and their comments carry weight. "Peaceful protesters demanding for their…

Sri Lanka’s economy on brink of collapse as troops quell…

Sri Lanka's economy will "collapse" unless a new government is urgently appointed, the central bank chief warned Wednesday, as security forces fanned out on the streets to restore order after spasms of mob violence. Police say nine people have died since Monday, when frustration at a dire economic crisis erupted…

Sri Lanka orders ‘offensive’ to prevent ‘anarchy’

SRI LANKAN police have been ordered to go on the offensive and use live ammunition to prevent "anarchy", a top official said on Wednesday (11) after another night of sporadic arson attacks.Police say eight people have died since Monday (9), when frustration at a dire economic crisis erupted into violence…

Senior police officer arrested over Sri Lanka protest death

A top Sri Lankan police officer was arrested Wednesday after ordering his subordinates to fire on anti-government protesters, in clashes that left one man dead and nearly 30 others wounded. Last week's demonstration in the town of Rambukkana was one of many around the country protesting a rise in fuel…

Charities slam rogue landlords for ‘abusing migrant women’

MIGRANT women from south Asia are being sexually exploited due to being in legal limbo in the UK over their immigration status, charities have warned. They have supported victims who have been pressured into intimate relationships with an employer or landlord who have threatened with reporting them to the Home…

India is world’s third largest military spender: report

THE top 5 military spenders in 2021 were the US, China, India, the UK and Russia, which together accounted for almost 62 per cent of the world military expenditure, data published by the Stockholm International Peace Research Institute (SIPRI) showed on Monday (25). India's military spending was recorded to be…

Sri Lanka shares plunge as Buddhist leaders ask government to…

Sri Lanka's stock market halted trading after a nearly 13 per cent plunge Monday as the island nation's beleaguered government faces new pressure to resign from influential Buddhist leaders over a crippling economic crisis. The country's worst downturn since independence in 1948 has brought widespread hardships to its 22 million…

Pope asks Sri Lanka to reveal Easter bombers over conspiracy…

Pope Francis urged Sri Lankan authorities on Monday to reveal who was behind the country's 2019 Easter bombings in an attack the island's Catholics suspect was a plot to propel president Gotabaya Rajapaksa to power. While meeting with a delegation of over 60 victims of the Easter Sunday attacks on…

Health crisis looms as Sri Lanka medicines run out

By the time he reached a third Colombo pharmacy out of stock of the drug his cancer-stricken wife desperately needs, Dawood Mohamed Ghany was distraught. Sri Lanka has run out of dollars to procure vital imports of food and fuel, triggering weeks of demonstrations demanding the government step down. But…

Sri Lanka’s inflation leaps to 21 per cent

CRISIS-HIT Sri Lanka's inflation hit a record high for the sixth consecutive month, official data showed on Friday (22) as the government asked the IMF for an urgent bailout.The broad-based National Consumer Price Index (NCPI) rose 21.5 per cent year-on-year in March, more than four times the 5.1 per cent…

Protestor shot dead and others injured as Sri Lanka unrest…

Sri Lanka police shot dead a protester and wounded 24 others on Tuesday in the first fatal clash with residents demonstrating against the government over the island nation's crippling economic crisis. The South Asian country is in the grip of its most painful economic downturn since independence in 1948, with…

Sri Lanka says IMF to consider request for rapid aid

THE INTERNATIONAL MONETARY FUND will consider providing quick financial assistance to debt-burdened Sri Lanka following representations by India, the island nation’s finance ministry said on Tuesday (19).A delegation headed by Sri Lanka's finance minister Ali Sabry kicked off formal talks with the IMF in Washington on Monday (18) for a…

Sri Lanka leader trims cabinet of relatives

SRI LANKA'S leader dropped two of his brothers and a nephew from his cabinet Monday (18), following public anger over the ruling family's mismanagement of a crippling economic crisis and calls for his resignation.President Gotabaya Rajapaksa has presided over the island nation's most painful downturn in memory and his government…

Colombo Stock Exchange declares five-day trading halt

THE COLOMBO STOCK EXCHANGE (CSE) will remain temporarily closed for a week from Monday (18) to provide investors with an opportunity to have "more clarity and understanding" of the current economic conditions in crisis-hit Sri Lanka."The stock market will remain temporarily closed for a period of five business days from…

Sri Lankans abandon holiday celebrations for protests

Life usually stops in Sri Lanka's capital during April's holiday period, but with an economic crisis derailing traditional home celebrations, Colombo's city centre is instead teeming with frustrated crowds. Sri Lankans ritually boil milk on the first day of the island nation's New Year, but the commodity is one of…

Sri Lanka debt restructuring could take months: S&P

S&P GLOBAL RATINGS said Wednesday (13) it could take months for Sri Lanka to restructure its foreign debt, a day after the country announced it would default on the $51 billion (£38.87 bn) it has borrowed.It said it would likely assign Sri Lanka a "selective default" foreign currency rating after…

Bankrupt Sri Lanka begs diaspora to send cash

Sri Lanka urged its citizens overseas to send home money to help pay for desperately needed food and fuel Wednesday after announcing a default on its $51 billion foreign debt. The island nation is in the grip of its worst economic crisis since independence in 1948, with severe shortages of…

India ‘open to additional $2bn aid for Sri Lanka’

INDIA is willing to commit up to another $2 billion (£1.54 bn) in financial assistance to Sri Lanka while also supporting the island nation with food and fuel, five sources said, as New Delhi tries to regain ground lost to China in recent years.Sri Lanka, hit by its worst economic…

Embattled Sri Lanka prime minister appeals for ‘patience’ from protesters

Sri Lanka's prime minister Mahinda Rajapaksa pleaded for "patience" Monday as thousands continued to take to the streets to protest his family's rule, with public anger at a fever pitch over the country's crippling economic crisis. Sri Lanka's 22 million residents have seen weeks of power blackouts and severe shortages…

Sri Lanka defaults on all foreign debt

SRI LANKA defaulted on its $51 billion (£39.23 bn) foreign debt on Tuesday (12) as the island nation grapples with its worst economic crisis in memory and widespread protests demanding the government's resignation.Acute food and fuel shortages, alongside long daily electricity blackouts, have brought widespread suffering to the country's 22…

Crisis-hit Sri Lanka hikes rates as protests spiral

CASH-STRAPPED Sri Lanka's central bank hiked interest rates by a record 700 basis points on Friday (8) as police fired tear gas at hundreds of students protesting over the economic crisis.Severe shortages of food and fuel, alongside lengthy electricity blackouts, have led to weeks of widespread anti-government demonstrations - with…

Sri Lanka president loses majority amid crisis

Dozens of Sri Lankan lawmakers walked out of the ruling coalition on Tuesday (5), leaving president Gotabaya Rajapaksa's government in a minority in parliament as it struggled to quell protests amid the country's worst economic crisis in decades. In another setback for the administration, finance minister Ali Sabry resigned a…

Heartbreaking to see what my countrymen are going through: Jacqueline…

Bollywood star Jacqueline Fernandez on Monday said Sri Lankan citizens need "empathy and support" amid the island nation's worst economic crisis.        Fernandez, who hails from Sri Lanka, took to Instagram and penned a note praying for peace in her home country. Sri Lanka is grappling with what is said to…

Top Sri Lanka cricketers back anti-government protests

Some Sri Lankan cricket stars are backing protests sweeping the island nation over a spiralling economic crisis, with former Test captain Mahela Jayawardene urging government leaders to resign. The country is suffering severe shortages of food, fuel and other essentials -- along with record inflation and crippling power cuts --…

Sri Lanka protesters defy curfew after social media shutdown

ARMED troops in Sri Lanka blocked an opposition march staged on Sunday (3) in defiance of an emergency curfew to protest the island nation's worsening economic crisis after authorities imposed a social media blackout to contain public dissent.The south Asian island nation is facing severe shortages of food, fuel and…

Sri Lanka lifts curfew after violent protests

POLICE in Sri Lanka's capital lifted a curfew on Friday (1) after protests in which dozens of people were arrested and several policemen were hurt near the home of president Gotabaya Rajapaksa over his handling of an economic crisis.Hundreds of protesters gathered near Rajapaksa's residence in a Colombo suburb late…

Plenty of fish but no catch as Sri Lanka economic…

The sky and seas off Sri Lanka's coast are crystal blue but a worsening economic crisis has kept fishermen moored at Negombo harbour, out of gas and unable to reel in the day's catch. The waters nearby are a tropical bounty of fist-sized prawns and mackerel that normally find their…

Street lights latest casualty of Sri Lankan economic crisis

SRI LANKA is turning off street lights to save electricity, a minister said on Thursday (31), as its worst economic crisis in decades brought more power cuts and halted trading on its main stock market.The island of 22 million people is struggling with rolling blackouts for up to 13 hours…

Sri Lanka faces 13-hour blackouts, hospitals stop surgery as crisis…

Sri Lanka announced nationwide 13-hour daily power cuts from Thursday and more hospitals suspended routine surgeries after running out of life-saving medicines, as the cash-strapped island's economic crisis deepened. The South Asian nation of 22 million people is in its worst economic spiral since independence in 1948, sparked by an…

Imran Khan faces test of his political life

PAKISTAN'S opposition has tabled a no-trust motion against prime minister Imran Khan as defections in his party and cracks in the ruling coalition appeared to have made his position fragile.The National Assembly, the lower house of the bicameral parliament, will begin a debate on the motion on Thursday (31) and…

Sri Lanka fuel prices soar as economy reels

One of Sri Lanka's biggest fuel suppliers hiked the price of gasoline by nearly 20 per cent on Saturday, the second increase in as many weeks, as the country struggles to import oil without dollars. Lanka IOC, a fuel retailer which accounts for a third of the market, said it…

Imran Khan claims foreign ‘conspiracy’ to unseat him

PAKISTAN'S embattled prime minister Imran Khan has claimed foreign powers are involved in a “conspiracy” to topple his coalition government.Addressing a rally of the Pakistan Tehreek-e-Insaf Party (PTI) in Islamabad on Sunday (27), Khan said foreign elements are using local politicians and money to “mend the country's foreign policy”.He asserted…

US asks Sri Lanka to end detentions, improve rights

The United States urged Sri Lanka on Wednesday to end detentions under its draconian anti-terror laws and ensure justice for wartime atrocities. Sri Lanka's rights record has drawn the ire of the international community with Colombo accused of carrying out war-time atrocities against its Tamil minority during the decades-long civil…

No-trust motion against Imran Khan delayed till Monday

THE SPEAKER of Pakistan's parliament adjourned a motion of no-confidence in prime minister Imran Khan on Friday (25), provoking opposition accusations he was buying time for the ex-cricketer to muster support after a spate of defections from his party.The motion will now be tabled on Monday (28) after which seven…

Sri Lanka papers run out of newsprint

TWO major Sri Lanka newspapers are suspending their print editions because of a lack of paper, their owner said Friday (25), the latest casualties in the island's economic crisis. The South Asian nation of 22 million people is facing its worst economic meltdown since independence from Britain in 1948 after…

Imran Khan says he will not resign, but allies may…

PAKISTAN prime minister Imran Khan has said he will not resign at any cost, even as at least three allies of the ruling coalition have indicated to vote against his government during a no-trust motion later this month."I will not resign under any circumstance. I will play till the last…

Cash-strapped Sri Lanka seeks IMF bailout

SRI LANKA will seek an International Monetary Fund bailout, president Gotabaya Rajapaksa said on Wednesday (16), to battle record inflation and unprecedented food and fuel shortages as the country runs out of dollars to finance imports.The south Asia nation is in the throes of its worst economic crisis since independence…

UK issues advisory on Sri Lanka travel amid supply concerns

SRI LANKA'S ongoing forex crisis may further hit its tourism industry as the UK and Canada have warned their travellers to be aware of the current economic situation in the island nation.According to the latest advisory issued by the British government, the economic situation is deteriorating in Sri Lanka with…

IMF officials in Sri Lanka to discuss economic crisis

AN IMF delegation was in Sri Lanka Monday (14) for talks on the island's worsening economic crisis, with the public suffering through months of food, fuel and medicine shortages.A lack of foreign currency has left traders unable to pay for vital imports in what authorities concede is the south Asian…

Sri Lanka currency falls sharply as economic crisis deepens

THE SRI LANKAN rupee fell sharply against the dollar on Thursday (10), after the country's central bank ordered a 15 per cent depreciation in a bid to stave off a looming economic collapse sparked by a shortage of foreign currency.The country's worst economic crisis since independence has led to fuel…

Sri Lanka restricts ‘luxuries’ as forex crisis worsens

SRI LANKA on Wednesday tightened restrictions on a wide range of imports from whisky to kitchen appliances as a foreign exchange shortage pushed the economy to the brink of collapse.An import ban was already introduced in March 2020 on big-ticket items such as cars in an effort by the government…

Sri Lanka’s president faces protest from cabinet colleague

SRI LANKA'S water supply minister Vasudeva Nanayakkara on Monday (7) said he will boycott cabinet meetings to protest against the sacking of his two colleagues by president Gotabaya Rajapaksa during a snap cabinet reshuffle last week. In a statement last Thursday (3), the president's press office announced a snap cabinet…

Sri Lanka sacks energy minister as economic crisis deepens

Sri Lanka's president sacked his energy minister on Thursday as fuel shortages left the near-bankrupt island facing its worst blackouts in 26 years and the nation's buses largely sidelined. Udaya Gammanpila was booted from the cabinet a day after publicly criticising the government's monetary policy, saying it had worsened the…

Fuel crisis cripples Sri Lanka’s transport

SRI LANKA'S public transport was crippled on Wednesday (2) as buses ran out of diesel, officials said as the country's foreign exchange crisis worsened with no dollars to import fuel.The Private Bus Owners' Association said they were able to operate only about a quarter of their fleet of 20,000 vehicles,…

Fuel prices raised in Sri Lanka as energy crisis worsens

ONE of Sri Lanka's biggest fuel suppliers put up its prices by as much as 12 per cent on Saturday (26), as the cash-strapped island's energy crisis worsened.Lanka IOC, a fuel retailer which accounts for a third of the market, said it was increasing prices for diesel - commonly used…

Sri Lanka calls for diaspora investment

SRI LANKA marked its Independence Day on Friday (4) with an appeal to its diaspora to send money home to overcome the island's worsening economic crisis and a pledge to protect foreign investments.President Gotabaya Rajapaksa urged millions of Sri Lankans abroad to invest their savings in their home country, which…

Used cars turn to gold as Sri Lanka economy skids…

Supermarket shelves are bare and restaurants can't serve meals, but Sri Lanka's economic crisis is a bonanza for used car dealers, with vehicle shortages pushing prices higher than a house in a nice area. The island nation of 22 million is on the brink of bankruptcy, inflation is red hot…

‘Tories have a problem with Asians’

As party faces Islamophobia allegations, Sunak touted as next leader THE Conservative party has a problem with black and Asian ministers, an influential Tory politician has said, after MP Nusrat Ghani’s claimed last week she was sacked in a reshuffle because of her ‘Muslimness’. Former junior transport minister Ghani, who…

Sri Lanka pays compensation for failed organic farm drive

SRI LANKA announced compensation on Tuesday (25) for more than a million rice farmers whose crops failed under a botched scheme to establish the world's first 100 per cent organic farming nation.The island country is currently reeling from a severe economic crisis that has triggered food shortages and rolling blackouts.Agricultural…

Sri Lanka rules out IMF bailout, seeks new China loan

SRI LANKA ruled out an IMF bailout on Wednesday (12) and said it plans to seek another loan from China to address an economic crisis that has led to food and fuel shortages.The island nation's tourism-dependent economy has been battered by the pandemic, with supermarkets rationing goods and rolling blackouts…

No ‘third country’ should interfere in China-Sri Lanka ties: Beijing

CHINESE foreign minister Wang Yi said no "third country" should "interfere" in Sino-Sri Lankan ties.His statement is an apparent reference to India's concerns over Beijing's big-ticket strategic projects in Sri Lanka.Wang, who travelled to Colombo from the Maldives on a two-day visit during the weekend, said the friendly relationship between…

Sri Lanka rations electricity as dollar crisis worsens

Sri Lanka imposed electricity rationing Friday with the main power utility unable to buy fuel oil for its power stations as a result of the island's worsening dollar crisis. Oil normally accounts for around nine percent of electricity generation on the island, but a Ceylon Electricity Board (CEB) official said…

Record Sri Lanka inflation as food crisis looms

Sri Lanka's inflation hit a record 11.1 percent in November, official figures showed Wednesday, as authorities warned a worsening economic crisis could prompt further food rationing. The island's tourism-dependent economy was hammered by the pandemic and the government imposed a broad import ban to shore up foreign exchange reserves, triggering…

Gita Gopinath promoted as IMF’s first deputy managing director

GITA Gopinath, the International Monetary Fund (IMF)'s Indian-American chief economist has been promoted as its first deputy managing director. Her elevation is in recognition of her leadership in helping the global economy and the IMF navigate the "twists and turns" of the "worst economic crisis of our lives". Gopinath would…

Sri Lanka kitchens blow up as gas crisis deepens

SRI LANKA is investigating a sharp rise in kitchen explosions caused by cooking gas that have reportedly killed at least one person and wounded dozens of others, parliament heard Monday (28). The island is in the grip of an economic crisis with serious shortages of fossil fuels and other essential…

Sri Lanka ends farm chemical ban as organic drive fails

SRI LANKA abandoned its quest to become the world's first completely organic farming nation on Sunday (21), announcing it would immediately lift an import ban on pesticides and other agricultural inputs. The island country has been in the grips of a severe economic crisis, with a depleting foreign exchange triggering…

Pakistan parliament grants voting right to overseas citizens

PAKISTAN'S parliament on Wednesday (17) passed a law allowing electronic voting despite furious protests from the opposition which said it had been pushed through by the government to rig the next election. Opposition members tore up copies of the law, chanted slogans and called Khan a vote thief before walking…

Thousands stranded as Afghan-Pakistan border crossing stays closed

HUNDREDS of trucks and other vehicles waited at one of the main crossings between Pakistan and Afghanistan on Monday (25) as the border closed again after a brief opening the day before. The Chaman border crossing, the second-largest commercial border point between the two countries after Torkham in Khyber Pakhtunkhwa,…

Pakistan Airlines suspends Afghan operations, cites Taliban interference

PAKISTAN International Airlines (PIA) suspended flights to Afghan capital Kabul on Thursday (14) after what it called heavy-handed interference by Taliban authorities, including arbitrary rule changes and intimidation of staff. The suspension took place as the Taliban government ordered the airline, the only international company operating regularly out of Kabul,…

Desperate Indians sell family gold to survive Covid cash crunch

In Mumbai's jewellery bazaar, Kavita Jogani gingerly places her wedding bangles on the shopkeeper's scales, one of the thousands of Indians parting with their most cherished asset -- gold. It was not an easy decision -- Jogani was desperate after her garment business took a severe hit in the past…

Biden defends US pullout from Afghanistan as Taliban celebrate

President Joe Biden on Tuesday (31) mounted a fierce defense of his exit from Afghanistan as the "best decision for America," the day after the US military withdrawal celebrated by the Taliban as a major victory. "This is the right decision. A wise decision. And the best decision for America,"…

Sri Lanka declares food emergency as forex crisis worsens

SRI Lanka on Tuesday (31) declared a state of emergency over food shortages as private banks ran out of foreign exchange to finance imports. With the country suffering a hard-hitting economic crisis, president Gotabaya Rajapaksa said he ordered emergency regulations to counter the hoarding of sugar, rice and other essential…

No plan to print currency, says Indian finance minister

INDIA has no plan to print currency notes to overcome the current economic crisis triggered by the Covid-19 pandemic, finance minister Nirmala Sitharaman said on Monday (26). Many economists and experts have suggested the government to print more currency notes to support the economy that has been hit hard by…

Rajapaksa to seek ‘2nd term’ as Sri Lanka president

SRI LANKA'S president Gotabaya Rajapaksa announced Monday (19) that he would stand for a second term, reversing a promise to stay only for five years, media reports said. The 72-year-old nationalist leader told top media executives that he needed more time to fix Sri Lanka's worsening economic crisis, the reports…

Democracy without women in decision-making is a ‘flawed’ one, says…

US vice president Kamala Harris has said that a democracy without women in decision-making is a 'flawed' one as the status of democracy depends on the empowerment of women. In her address to the 65th session of the UN commission on the status of women, Harris voiced her concern over…

Why Is This Right Time to Quit Smoking?

Quitting smoking can be a tough task to accomplish. However, there are smokers who want to get rid of this bad habit, but despite of their all endeavors, they couldn’t be able to do so. Are you also among those individuals? If yes, then you need to learn how to…

Biden to announce more pandemic economic relief next week

US president-elect Joe Biden said Americans need more economic relief from the coronavirus pandemic now and that he will deliver a plan costing 'trillions' of dollars next week. Biden, introducing several members of his economic team, spoke on Friday(8) after data showed the US economy lost jobs for the first…

Sunak in the spotlight

  By Amit Roy PERSONALLY, I don’t think it’s good for Rishi Sunak – “Dishy Rishi” to the tabloids – that the chancellor is talked about as the next prime minister. It’s bound to make Boris Johnson nervous. Rishi should read my favourite Shakespeare play, Julius Caesar, and beware that…

Indian Americans hold GOTV rally in California in support of…

Indian Americans held a Get out the Vote (GOTV) rally in the US state of California in support of Democratic presidential nominee Joe Biden and his running mate Kamala Harris for the November 3 elections. "For the future of this and next the generation of Indian Americans and “fulfil our”…

Pakistan opposition starts countrywide protests to oust government

Supporters of Pakistan opposition parties were converging on a stadium in the city of Gujwanwala on Friday to begin a countrywide protest campaign to oust prime minister Imran Khan, who they accuse of being installed by the military in a rigged 2018 election. Nine major opposition parties formed a joint…

Former Indian apex court judge challenged as ‘self-publicist’ at Nirav…

FORMER Indian Supreme Court judge Markandey Katju was challenged on Friday (11) as a "self-publicist" in the extradition case of fugitive diamond merchant Nirav Modi via a videolink from India at Westminster Magistrates’ Court. On the final day of a five-day hearing, Justice Samuel Goozee heard Katju’s detailed evidence before…

US prepares for pre-election vaccine rollout, sparks concerns over Trump…

THE US has urged states to get ready for a potential Covid-19 vaccine rollout two days before the presidential election, it emerged Wednesday. Across the world, governments are hoping to announce a vaccine as soon as possible to reopen economies shuttered to contain an illness that has killed more than…

India economic growth hit by record slump after virus lockdown

India's economic growth suffered a historic 23.9 percent decline between April and June, official figures showed Monday, as manufacturing and productivity were battered by a strict coronavirus lockdown. The contraction was the biggest since New Delhi started publishing quarterly statistics in 1996, and the latest figures came as the country's…

Virus-hit Indian resort turns pool into fish farm

A luxury resort in southern India has turned its swimming pool into a fish farm to stop the business sinking amid the economic crisis caused by the coronavirus pandemic. Normally the 150-metre (500-feet) pool at the Aveda Resort in Kerala state is packed with European tourists. Now thousands of pearl…

BAME groups ‘more exposed, less protected’, says Runnymede Trust report

THE pandemic has had a devastating impact on the UK's ethnic minority communities because of long-standing racial and socio-economic inequalities, according to a survey published on Wednesday (5). It also highlighted that ethnic minorities "face greater barriers" in protecting themselves from the coronavirus. The report -- titled 'Over Exposed and…

Sunak unveils £2bn ‘kickstart scheme’ to help up to 300,000 youngsters get…

RISHI SUNAK has announced a new scheme to stave off youth unemployment as he attempts to revitalise the economy following its pandemic lockdown. The £2-billion "kickstart scheme" will enable employers to hire unemployed young people aged 16-24, using government funds to pay them the national minimum wage for 25 hours a…

Trump defends suspending Green Card applications till end of year

US President Donald Trump has defended his decision to suspend issuing of green cards till the end of the year, saying it was needed to give jobs to Americans. Through an executive order, Trump, in April, had suspended issuing of green cards for 90 days. On Monday, he issued a…

Colombia remittances trend

Colombia is the fourth largest economy in Latin America. Remittances contribute to Colombia's economic well-being and growth. Over the years remittance patterns have undergone many changes. The most vital and sudden of these is the recent crisis caused by the global pandemic. Here is an overview of past trends and…

World to witness worst recession in 150 years due to…

THE Covid-19 pandemic inflicted a "swift and massive shock" that has caused the broadest collapse of the global economy since 1870 despite unprecedented government support, the World Bank said. The world economy is expected to contract by 5.2 per cent this year -- the worst recession in 80 years --…

Pakistan’s Covid-19 cases cross 100,000; begins crack down on safety…

PAKISTAN has recorded more than 100,000 coronavirus infections, officials statistics showed on Monday (8) and the rise in daily infections has prompted authorities to begin strict enforcement of government safety measures. The south Asian nation, which has registered 2,067 deaths and 103,671 infections of the novel coronavirus, lifted its lockdown…

Infosys among firms aided by Rishi Sunak’s job retention scheme

INDIAN software giant Infosys is among the many UK companies to benefit from Rishi Sunak’s Coronavirus Job Retention Scheme, it emerged on Sunday (31). Infosys, co-founded by the chancellor’s father-in-law Narayana Murthy, said it had used the furlough option for 3 per cent of its staff in order to tide…

Virus lockdowns stifle Eid celebrations as infections rise

Muslims around the world marked a sombre beginning to Eid al-Fitr on Sunday (24), many under coronavirus lockdown, but lax restrictions offered respite to worshippers in some countries despite fears of skyrocketing infections. The three-day festival, which marks the end of the holy month of Ramadan, is traditionally celebrated with…

UK set to ask employers to pay 20 to 30…

THE UK has drawn up plans to require employers to cover 20 to 30 per cent of furloughed employees' wages from August to reduce the vast burden of the coronavirus crisis on government finances. Rishi Sunak had extended the job retention scheme -- the centrepiece of the government's attempts to…

Focus on rebuilding ‘more sustainable, resilient and inclusive’ economies: WEF

RISK MANAGERS expect a prolonged global recession as a result of the coronavirus pandemic, a report by the World Economic Forum said on Tuesday (19). Recessions on a scale not seen since the 1930s Great Depression demand more action from governments to ensure a timely recovery and to put growth…

International tourism could fall by 80 per cent, suffer $1.2-trillion…

GLOBAL tourism could shrink by a whopping 60-80 per cent in 2020 due to the pandemic, resulting in the revenue loss of $910 billion to $1.2 trillion and placing millions of livelihoods at risk, according to the UN World Tourism Organization (UNWTO). The pandemic has so far infected 4.1 million…

Bangladesh garment factories reopen, defying virus lockdown

Hundreds of Bangladesh garment factories defied a nationwide coronavirus lockdown to reopen on Sunday, raising fears the industry's vulnerable and largely female workforce could be exposed to the contagion. Big-name international brands have cancelled or held up billions of dollars in orders due to the pandemic, crippling an industry that…

Virus claims record dead but Trump sees light at end…

The coronavirus pandemic notched up another round of record death tolls in the United States and Europe, dousing the optimism of US President Donald Trump who insisted there was light at the end of the tunnel. The virus has now killed more than 87,000 people and infected over 1.5 million,…

Covid-19: India-US body launches initiative for underprivileged in India

An Indian-American non-profit body has launched an initiative to serve and protect underprivileged communities in India against the coronavirus pandemic, as well as to help them emerge strongly through the resulting social and economic crisis The American India Foundation (AIF), which was founded in 2001 in the aftermath of the…

Lisa Nandy calls for ‘cross-party National Cobra’ to ‘rebuild’ UK

LISA NANDY has made a plea for rebuilding "a more compassionate, resilient country" as the postal ballot for the Labour leadership election closed on Thursday (2). The Wigan MP had called on the party to be "brave" and elect her during a series of hustings around the country. Nandy, 40,…

India’s RBI cuts rates as COVID-19 spreads in South Asia

INDIA's central bank slashed interest rates in an emergency move on Friday (27) to counter the economic fallout from the coronavirus pandemic after the federal government locked down the country in order to slow the spread of infections across the region. Indian prime minister Narendra Modi has asked India's 1.3…

Asia virus latest: Olympic delay ‘inevitable’, India grounds flights

Asian nations are ramping up efforts to fight the deadly novel coronavirus, which has upended societies and sparked economic turmoil as it spreads around the world. Here are the latest developments in the region: - India grounds domestic flights - India will ground all domestic passenger flights from Wednesday to…

Reliance, Chevron defend US criticism of oil business with Venezuela

INDIA'S Reliance Industries and US-based Chevron Corp on Thursday (6) defended their business with Venezuela from White House criticism, noting that their marketing agreements and operations in the OPEC nation have been approved by Washington. The White House imposed sanctions early last year on state-run oil company PDVSA as part…

Blindspot to backlash: India’s Modi and party misread the mood

Huge protests in India against a citizenship law seen by many as anti-Muslim have wrong-footed prime minister Narendra Modi and sent his Hindu nationalist party scrambling to douse the anger. In Modi's biggest challenge since taking office in 2014, hundreds of thousands have rallied against the law offering citizenship to…

Pakistan gets $1.3bn loan from ADB

CASH-STRAPPED Pakistan received a $1.3-billion loan from the Asian Development Bank (ADB) on Friday (6) to support the country's public finances and shore up the slowing economy. Pakistan is facing a serious economic crisis with short supplies of foreign currency reserves and stagnating growth in recent years. Since assuming power…

Brexit, India’s domestic woes will weigh down bilateral trade: Experts

By Radhakrishna N S ECONOMIC slowdown is a reality for both India and Britain. Domestic factors in Asia’s third-largest economy and Brexit uncertainties in the UK have aggravated the downturn, and affected or will impact bilateral trade between the two countries, leading financial experts have opined. Commenting on the present…

Top business leaders reveal their wish lists for new government

  By Nadeem Badshah BRITAIN’S top entrepreneurs have urged the next UK government to make ending the Brexit uncertainty, addressing the lack of housing and enabling more trade deals with India among its top priorities. Ahead of the general election on December 12, they have unveiled their Christmas wish lists,…

Sajid Javid says Labour would trigger economic crisis

Chancellor Sajid Javid said on Sunday (10) the Labour Party's "reckless" spending plans would trigger an economic crisis within months if it won the December 12 election, citing a contested dossier published by his Conservative Party. Labour strongly dismissed the report, which said it would increase spending by 1.2 trillion…

Ethnic winners lead the way in GG2 Leadership Awards 2019

‘INSPIRATIONAL’ leaders at the GG2 Leadership Awards 2019 showed that minorities can reach their full potential. GG2 Hammer Award: Nitin Paranjpe, COO, Unilever AS COO, Nitin Paranpje heads one of the world’s major consumer business giants. Paranjpe, 56, started as a trainee working for Unilever’s Indian subsidiary. He was appointed…

Reliance Industries resumes Venezuela crude oil imports in barter deal

INDIA'S biggest private oil refiner Reliance Industries has resumed crude imports from crisis-hit Venezuela, using diesel exports to pay for them under a barter system that the company said Tuesday (15) complies with US sanctions. The Mumbai-based company owned by Asia's richest man Mukesh Ambani was forced to cap crude…

Bangladesh ahead of India as growth in South Asia slows…

BANGLADESH and Nepal are estimated to grow faster than India in 2019, according to the World Bank. The overall growth in South Asia is projected to slow down this fiscal in line with a global downward trend, the World Bank said in its latest report. Pakistan's growth rate is projected…

Sajid Javid promises ‘end of austerity’

The UK government declared an end to a decade of austerity Wednesday (4) despite the economic uncertainties of Brexit -- a spending pledge that saw the opposition accuse it of "electioneering". Finance minister Sajid Javid's promise of more money on "people's priorities" came hours after prime minister Boris Johnson proposed…

UK Retailers Fail To Raise Christmas Sales For First Time…

British retailers failed to increase their Christmas sales in 2018 for the first time since the depths of the global financial crisis a decade ago, adding to signs of an economic slowdown ahead of Brexit. With parliament in deadlock less than three months before Britain leaves the European Union, consumer…

UK New Car Sales Fall At Fastest Rate In 2018…

The UK new car registration declined at the fastest rate since the global economic crisis by 6.8 per cent in 2018, with annual registrations falling for a second year to 2,367,147 units, according to figures released on Monday (7) by the Society of Motor Manufacturers and Traders (SMMT). A 5.5…

India’s Finance Minister Hits Back At RBI, Says It Allowed…

India's finance minister Arun Jaitley blamed country’s central bank, Reserve Bank of India (RBI) on Tuesday (30) for failing to stop a lending spree between 2008-2014 that left banks with huge debts, inflaming a row that recently erupted between the government and the central bank. On Friday (26), RBI deputy…

Imran Khan in Saudi Arabia on maiden foreign visit

Pakistan prime minister Imran Khan arrived in Saudi Arabia Tuesday (18) on his first foreign visit since coming to power, with speculation swirling that he may be seeking economic assistance from the oil-rich ally. The two-day trip began exactly one month after Khan assumed office, with Pakistan possibly seeking billions of dollars in assistance from…

UK Inflation Climbs to six-month high in August: ONS

The UK recorded a steep rise in its annual inflation rate which hit a six-month high in August unexpectedly amid higher season hike in sea, airfares, and other prices, said Office for National Statistics (ONS) in a statement on Wednesday (19). The consumer prices index (CPI) 12-month rate was 2.7 per cent in…

India opposition block roads, offices shut in fuel price protests

Nationwide protests against record high petrol and diesel prices shut down businesses, government offices and schools in many parts of India on Monday (10), and in some places protesters blocked trains and roads and vandalised vehicles. Gearing up for a general election less than nine months away and provincial polls…

Indian Shares Record Free-fall After Robust Surge on Monday Amid…

Indian stocks recorded a steep fall after registering robust gains in the early morning trade on Monday (03) amid weak international market sentiments. Bench mark Bombay Stock Exchange (BSE) Sensex registered its longest losing run in over 90 days. IBSE Sensex closed over 600 points lower from intraday high recorded earlier in the…

Cricket hero Imran Khan sworn in as Pakistan prime minister

Pakistan's new prime minister Imran Khan was sworn in at a ceremony in Islamabad on Saturday, ushering in a new political era as the World Cup cricket hero officially took the reins of power in the nuclear-armed country. The ceremony at the President's House in the capital marks the end…

Imran Khan questioned by Pakistan’s anti-graft body 

Pakistan’s Imran Khan was on Tuesday (7) questioned by the country’s anti-graft body in connection with the misuse of helicopters of the Khyber Pakhtunkhwa government, reported news agency Press Trust of India. The allegedly misused is believed to have caused Rs 2.17 million loss to the exchequer. The 65-year-old Pakistan…

Pakistan parties demand new elections as Khan wins vote

Pakistan's main parties rejected the outcome of elections won by cricket star Imran Khan and announced protests demanding new polls Friday, after foreign observers criticised the pivotal vote over rigging allegations. The announcement by the All Parties Conference (APC), including the outgoing Pakistan Muslim League-Nawaz (PML-N), is a fresh obstacle to…

Cancer link to financial crisis

THE global financial crisis may have caused an additional 500,000 cancer deaths from 2008-2010, a new study said last week, with patients locked out of treatment because of unemployment and healthcare cuts. “We estimate that the economic crisis was associated with over 260,000 excess cancer deaths in the OECD (34-member…

Cancer link to financial crisis

THE global financial crisis may have caused an additional 500,000 cancer deaths from 2008-2010, a new study said last week, with patients locked out of treatment because of unemployment and healthcare cuts. “We estimate that the economic crisis was associated with over 260,000 excess cancer deaths in the OECD (34-member…

India eyes oil-for-drugs deal with Venezuela to recoup pharma cash

Indian officials say they have proposed an oil-for-drugs barter plan with cash-strapped Venezuela to recoup millions of dollars in payments owed to some of India’s largest pharmaceutical companies. Several of India’s generics producers, led by the country’s second-largest player Dr Reddy’s Laboratories Ltd, bet heavily on Venezuela as they sought…