Asia

Islamabad, Pakistan: Experts had urged Shehbaz to increase oil prices to avoid the swelling price differential claims that accumulated to around PKR 60 billion in only one month of April this year, the Tribune report added. The newly elected prime minister was also informed that there would be no protests if the oil prices were increased. However, protests would start if diesel was not available in the market due to the poor financial health of the oil industry. The Pakistani publication said Shehbaz had refused to increase the oil prices despite the grave situation of the oil industry. The Pakistan State Oil (PSO), earlier, had made an attempt to import diesel by floating a tender but no trader participated. It had arranged one diesel cargo at the highest premium rate of USD 13 ...

Colombo, Sri Lanka: The onset of Covid and the consequent collapse of the tourism sector are considered to be the immediate reasons for Sri Lankan economic woes. The economic crisis, being the worst in decades, has put the country on hold in every sense. The Island nation will take time to recover from this economic crisis as the country is under Chinese loans. As per the South Asian Tribune, in the past, under Mahinda Rajapaksa’s presidency in 2005, the government had aspired to turn Sri Lanka into another Singapore by constructing state-of-the-art infrastructure and ports. But the allure of Chinese loans dashed any such hope, and today Sri Lanka is hard-pressed to repay loans to the tune of $45 billion, out of which it owes China $8 billion, almost one-sixth of its total external deb...

Colombo, Sri Lanka: Jayasinghe had handed over his letter of resignation to President Gotabaya Rajapaksa. In a letter, he said that the gas crisis in the country cannot be resolved at the institution level of Litro Gas. He further stated that they need the support of those people who are involved in the overall economic structure of the country. The chairman of Litro Gas Company stated that due to the previous authorities in the institution responsible for the management of the public finances and regulation of the country’s financial management negligence and carelessness, the people suffered. He also said that the institution failed to implement the recommendations required to resolve this crisis easily. Litro recently decided to suspend gas distribution until the 17th d...

Beijing, China: It suggested that China should prioritize stability, strengthen security and guarantee resources and energy, enhance agricultural supply capacity and maintain smooth and stable supply chains. As the war between Russia and Ukraine continues, China is quietly distancing itself from Moscow as its economy is being slammed with sanctions from the US and its allies. Fears that Chinese companies could face US sanctions over ties with Russia had contributed to an epic sell-off in Chinese stocks in recent days. That slump was reversed when Beijing promised it would pursue policies to boost its sputtering economy and keep financial markets stable. Chinese banks cannot afford to lose access to US dollars, and many Chinese industries cannot afford to be deprived of US tec...

Washington, US:The meeting was held ahead of the 2+2 dialogue between the two countries.Biden said the US and India share a strong and growing “major defence partnership”.”We take the same concerns about the global challenges we face for COVID-19, advancing health security and tracking the climate crisis and we share a strong and growing major defence partnership,” Biden said.The US President also referred to the Ukraine conflict and said India and US will continue close consultation on how to manage the destabilising effects of “Russian war”.“I want to welcome India’s humanitarian support for the people of Ukraine, who are suffering a horrific assault, including a tragic shelling in a train station last week that killed dozens of innocent children and women and civilians attempting to fl...

Washington, US: United States President Joe Biden on Monday held a virtual meeting with Prime Minister Narendra Modi and welcomed India’s humanitarian support for the people of Ukraine.The meeting was held ahead of the 2+2 dialogue between the two countries.Biden said the US and India share a strong and growing “major defence partnership”. “We take the same concerns about the global challenges we face for COVID-19, advancing health security and tracking the climate crisis and we share a strong and growing major defence partnership,” Biden said. The US President also referred to the Russia-Ukraine conflict and said people in Ukraine were suffering “a horrific assault”. “I want to welcome India’s humanitarian support for the people of Ukraine, who are suffering a horrific assau...

Colombo, Sri Lanka:Locals in Sri Lanka  even the capital Colombo claimed that they are facing more than four hours of power cuts as well as acute shortages of fuel and food supply.“I have four kids to take care of. We are not giving proper food to feed them. We are drinking tea without milk because there is no milk in the market. My husband is an auto driver but during the present crisis situation his earnings have come down to zero. There is a 4-hour power cut every day so we’re using candlelight,” Ayesha, a local in Colombo said.“My husband is sitting at home and we have no money to feed our children. We have no gas left to cook food. We are in a devastated state. It is a difficult condition for everyone,” she added.Ayesha’s husband is unable to earn any money due to a shortage of ...

Colombo: Symptoms of the Sri Lankan economic problems includes foreign exchange/essential commodities shortages & spiralling inflation, and its causes are deep rooted. The International Monetary Fund (IMF) recently noted that Sri Lanka faces a "clear solvency problem" due to unsustainable debt levels, as well as persistent fiscal and balance-of-payments shortages. Sri Lanka is facing its worst ever economic crises since its independence in 1948, amidst growing inflation (around 19 per cent) and deteriorating living conditions. Citizens are suffering the harsh summer with daily power cuts of 13 hours along with food shortages. The crisis is so serious that even Ajith Nivard Cabraal, Governor of Central Bank of Sri Lanka had offered to step down. Till few years ago Sr...

Colombo, Sri Lanka: Sri Lanka is going through an unprecedented economic crisis. People gathered outside the residence of the President Gotabaya Rajapaksa protesting against the economic crisis. The protestors were seen holding placards saying “Gota Go Home”, Colombo Page reported.The protesters clashed with the police outside the residence of President Rajapaksa in Mirihana. The police have used tear gas and water cannons to disperse protesters, according to Daily Mirror.Security has been tightened around the Rajapaksa’s residence due to the protest while army personnel have also been deployed to the location. According to Sri Lankan media, the protest was staged over the government’s failure to address the existing issues in the country. “Police curfew imposed until further...

London, UK:The remarks made by Thomas Mayne, visiting fellow at Chatham House, an independent think tank that focuses on International affairs. Mayne is part of a recent Chatham House report on, ‘The UK’s Kleptocracy problem,’ which leads to the same broad conclusion. The Open Forum webinar was moderated by Joy Macknight, Editor of The Banker, part of the Financial Times Group, UK. London is at the centre of dirty money is quite widely accepted, but the crisis in Ukraine has once again put the issue in the spotlight, he said. Transparency International UK recently reported that such “questionable funds” could be to the value of GBP 6.7 billion. Properties in the central London areas like the City of Westminster and Kensington and Chelsea form a huge part of this value. Reveali...