Latest Financial crisis News

Sri Lanka sends 2 ministers to Russia for oil amid crisis

Jun. 27, 2022 11:48 AM EDT

COLOMBO, Sri Lanka (AP) — Sri Lanka is sending two government ministers to Russia to negotiate for fuel — one of the necessities nearly exhausted as a result of the Indian Ocean nation's economic collapse. The plan comes as Washington and its allies aim to cut off energy imports...

Death toll of children in Afghanistan quake rises to 155

Jun. 27, 2022 07:44 AM EDT

GAYAN, Afghanistan (AP) — The death toll of children in last week's devastating earthquake in southeastern Afghanistan has risen to at least 155, the United Nations said as the scope of the deadliest quake to hit the impoverished country in two decades comes into focus. The U.N.'s...

Senior US officials visit Sri Lanka to help resolve crisis

Jun. 26, 2022 23:54 PM EDT

COLOMBO, Sri Lanka (AP) — Senior U.S. officials were in Sri Lanka seeking ways to help the island nation 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...

Live updates | G-7 nations seek to counter Chinese influence

Jun. 26, 2022 15:28 PM EDT

ELMAU, Germany (AP) — The Latest on the G-7 summit, the annual meeting of the leading democratic economies, which this year is being held in Germany's Bavarian Alps: One Group of Seven family photo didn’t seem to be enough. After posing for a group shot earlier...

Inflation sparks global wave of protests for higher pay, aid

Jun. 25, 2022 03:33 AM EDT

Rising food costs. Soaring fuel bills. Wages that are not keeping pace. Inflation is plundering people's wallets, sparking a wave of protests and workers’ strikes around the world. This week alone saw protests by the political opposition in Pakistan, nurses in Zimbabwe, unionized...

Aftershock in Afghanistan as quake toll rises to 1,150 dead

Jun. 24, 2022 08:49 AM EDT

GAYAN, Afghanistan (AP) — An aftershock took more lives Friday and threatened to pile even more misery on an area of eastern Afghanistan reeling from a powerful earthquake that state media said killed 1,150 people this week. Among the dead from Wednesday's magnitude 6 quake are...

EU leaders tackle inflation, energy shocks from Russia's war

Jun. 24, 2022 12:33 PM EDT

BRUSSELS (AP) — A day after endorsing Ukraine's candidacy to join the European Union, the bloc's leaders turned their attention Friday to the severe economic turbulence from Russia’s war in the neighboring country as the conflict's full impact sinks in and the threat of recession rises. ...

A world apart, Lebanon and Sri Lanka share economic collapse

Jun. 24, 2022 00:10 AM EDT

BEIRUT (AP) — 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 bedeviled by corruption, patronage, nepotism and incompetence. The toxic combinations led to disaster for both:...

UN officials: Afghan quake adds to emergencies in country

Jun. 23, 2022 15:56 PM EDT

UNITED NATIONS (AP) — The devastating earthquake this week in Afghanistan is one more emergency facing the country, which is also confronting its worst drought in 30 years and massive poverty. Afghanistan also has the highest number of people in the world facing the risk of famine and there are...

Incumbent Lebanese PM keeps post as economic crisis deepens

Jun. 23, 2022 11:20 AM EDT

BEIRUT (AP) — Lebanese Prime Minister Najib Mikati won the support of more than 50 legislators Thursday to keep his post following last month's parliamentary elections as the country's multiple crises deepen with no solution in sight. After a day of binding consultations between...