Asia World

Sri Lanka acting president declares emergency amid protests

Editorial Bureau July 18, 2022

Colombo (Sri Lanka)- Sri Lanka’s acting president on Monday declared a state of emergency, giving him broad authority amid growing protests demanding his resignation two days before the country’s lawmakers elect a new president. Ranil Wickremesinghe became acting president on Friday after his

Asia Finance World

IMF reaches preliminary deal with Pakistan on $6B bailout

Editorial Bureau July 15, 2022

Islamabad(Pakistan)- The International Monetary Fund said Thursday it had reached a preliminary agreement with Pakistan to revive a $6 billion bailout package for this impoverished, majority Muslim nation struck by a severe economic crisis since last year. Pakistan and the IMF originally signed the accord in 2019. But the release of a slightly over $1 […]

Asia Finance World

Gas lines and scuffles: Sri Lanka faces humanitarian crisis

Editorial Bureau June 29, 2022

Colombo(Sri Lanka)- Ordinary Sri Lankans — especially the poor — are paying the price. They wait for days for cooking gas and petrol — in lines that can extend more than 2 kilometres (1.2 miles). Sometimes, like Chamila Nilanthi, they go home with nothing. Chamila Nilanthi is tired of all the waiting. The 47-year-old mother […]

Asia Finance USA World

Senior US officials visit Sri Lanka to help resolve crisis

Editorial Bureau June 27, 2022

Colombo(Sri Lanka)- Senior U.S. officials were in Sri Lanka seeking ways to resolve crisis in the island nation to cope with an unprecedented economic crisis and severe shortages of essential supplies, as the energy minister warned that new fuel shipments would be delayed. The U.S. over the past two weeks has announced millions of dollars in assistance […]

Asia Finance Middle East World

A world apart, Lebanon and Sri Lanka share economic collapse

Editorial Bureau June 24, 2022

Beirut(Lebanon)- Lebanon and Sri Lanka may be a world apart, but they share a history of political turmoil and violence that led to the collapse of once-prosperous economies bedevilled by corruption, patronage, nepotism and incompetence. The toxic combinations led to disaster for both: Currency collapse, shortages, triple-digit inflation and growing hunger. Snaking queues

Finance

Asian stocks follow Wall St lower on economy fears

Editorial Bureau June 17, 2022

Beijing(China)- Asian stock markets were mostly lower Friday after Wall Street fell on fears that interest rate hikes will depress global economic activity. Tokyo, Seoul and Sydney fell. Shanghai and Hong Kong advanced. Oil prices edged lower but stayed above $115 per barrel. Wall Street’s benchmark S&P 500 index tumbled 3.3% after Britain’s central bank followed the

Finance

Pope Francis to visit Lebanon in June during economic crisis

Editorial Bureau April 6, 2022

BEIRUT — Pope Francis will visit Lebanon in June, the president’s office said Tuesday, in an apparent show of support for the country experiencing an unprecedented economic meltdown. Francis has held special prayers for Lebanon and has repeatedly said he plans to visit the small country since the economic meltdown began in October 2019. The […]

Finance

Higher oil prices push Sri Lanka into deeper economic crisis

Editorial Bureau March 4, 2022

COLOMBO, Sri Lanka — Sri Lanka’s already dire economic crisis has deepened as oil prices hover near $110 a barrel. Vehicles are stranded with empty tanks, power cuts are depriving students of study time for exams and shopping mall air conditioners are being switched off to conserve energy. The South Asian island nation already was […]

Middle East

Lebanon’s Aoun assumes responsibility to designate a prime minister

Editorial Bureau October 21, 2020

BEIRUT (LEBANON) – President Michel Aoun of Lebanon said on Wednesday he was willing to take the responsibility to designate a prime minister in order to form a new government to put an end to the spiralling economic crisis. In a televised address, he blamed officials for stalling reforms, including a forensic audit of the […]

Middle East

Macron plants cedar sapling to mark centenary of birth of Lebanon

Editorial Bureau September 1, 2020

BEIRUT (LEBANON) – By planting a cedar tree, which is the symbol of Lebanon, French President Emmanuel Macron marked the nation’s centenary on Tuesday. The Middle Eastern country is collapsing because of a devastating economic crisis. During his second visit in less than a month, Macron is expected to urge the bickering leaders of the […]