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by Fanuel Jongwe Agence France-Presse HARARE, Zimbabwe (AFP) — With runaway inflation eating into incomes, staple foods have vanished from the tables of Zimbabweans like Emina Chishangwe, who lives in a poor dormitory town south of the capital Harare. “I can’t remember the last time I ate meat. It has become a luxury for some of us,” said the 57-year-old single mother of two adult sons. Zimbabwe has the highest inflation rate in the world, […]
Tells governors, mayors that this is “part of effort to bring us back to normal” (Eagle News) – President Ferdinand Marcos Jr., pushed for massive COVID-19 vaccine booster rollout so the country could return to “normal” with businesses thriving again. In his message to local government officials delivered virtually, Marcos Jr., who is still under a strict seven day isolation period after contracting COVID-19, said the massive booster rollout would ensure the country would […]
by Amal Jayasinghe with Faisal Kamal in Galle Agence France Presse COLOMBO, Sri Lanka (AFP) — Sri Lankan protesters refused to budge from President Gotabaya Rajapaksa’s residence on Sunday after storming his home, forcing him to flee with the navy and to announce his resignation. The dramatic events on Saturday were the culmination of months of protests by people enraged by the South Asian island nation’s unprecedented economic crisis and the Rajapaksa clan’s incompetence […]
by Sonia Avalos Agence France-Presse BUENOS AIRES, Argentina (AFP) — A political crisis in inflation-ravaged Argentina that was sparked by the economy minister’s resignation has spooked markets and generated fears resulting in panic buying and hasty price hikes, as the informal exchange rate soars. “Every day it’s like going out to hunt a lion,” Luis Sacco told AFP in front of his electronics store in the capital Buenos Aires. Since Monday, prices have risen dramatically […]
by Amal JAYASINGHE Agence France Presse NEHINNA, Sri Lanka (AFP) — As once relatively wealthy Sri Lanka suffers a dire economic crisis with shortages of everything from medicines to gas, people are returning to cooking with firewood. The switch began at the beginning of the year when more than 1,000 kitchens exploded across the country, killing at least seven people and injuring hundreds more. The reason was suppliers looking to cut costs and increasing […]
HONG KONG, China (AFP) — Oil prices rose Wednesday after suffering a painful drop the previous day, though the euro remained wedged at a 20-year low and equities mostly fell in Asia as recession fears continue to flow through trading floors. Both main crude contracts were pummelled Tuesday as investors grow increasingly worried that leading economies will contract this year or next owing to sharp central bank interest rate hikes aimed at fighting decades-high […]
COLOMBO (AFP) – Sri Lanka’s inflation hit a ninth consecutive record in June, official data showed Friday, rising to 54.6 percent a day after the IMF asked the bankrupt nation to rein in galloping prices and corruption. It was the first time the increase in the Colombo Consumer Price Index (CCPI) crossed the psychologically important 50 percent mark, according to the department of census and statistics. The figures came hours after the International Monetary Fund […]
TOKYO, Japan (AFP) — Confidence among Japan’s largest manufacturers sagged for a second quarter on rising costs and supply constraints, though the service sector was boosted by economic reopening, a key survey showed Friday. The Bank of Japan’s closely watched Tankan survey showed confidence among large manufacturers at plus nine, below expectations of 12 and sharply lower than the 14 in the March survey. A positive figure means more manufacturers see business conditions as favorable […]
MOSCOW, Russia (AFP) — Russia said Monday that two of its debt payments were blocked from reaching creditors, pushing the country closer to its first foreign default in a century due to sanctions over the Ukraine offensive. The announcement came on the 124th day of Russia’s military intervention in Ukraine, with Western sanctions so far failing to force the Kremlin to change its course. The Western economic penalties have largely severed the country from the […]
BEIJING, China (AFP) — A high-level Chinese government meeting led by President Xi Jinping has called for stronger oversight and better security in financial tech, state media reported, with the sector hit hard by a regulatory crackdown. The government action has pummelled some of China’s biggest tech firms, wiping out hundreds of billions of dollars in market value since last year. But with the Chinese economy hammered by Covid lockdowns, the government has rolled out […]
Sri Lanka closed schools and halted all non-essential government services on Monday, beginning a two-week shutdown to conserve fast-depleting fuel reserves as the International Monetary Fund opened talks with Colombo on a possible bailout. The country of 22 million people is in the grip of its worst economic crisis after running out of dollars to finance even the most essential imports, including fuel. On Monday schools were shut and state offices worked with skeleton staff as […]
by Matthew Walsh Agence France-Presse BEIJING, China (AFP) — Hazmat-suited workers poke plastic swabs down millions of throats in China each day, leaving bins bursting with medical waste that has become the environmental and economic levy of a zero-Covid strategy. China is the last major economy wedded to stamping out infections no matter the cost. Near-daily testing is the most commonly used weapon in an anti-virus arsenal that includes snap lockdowns and forced quarantines when […]
