Latest Reserve assets News

Sri Lanka crisis gives India chance to gain sway vs China

Jun. 30, 2022 01:13 AM EDT

NEW DELHI (AP) — Sri Lanka's strategic location has attracted outsized interest in the small island nation from regional giants China and India for more than a decade, with Beijing and its free-flowing loans and infrastructure investments widely seen as having gained the upper hand in the quest...

Taliban and US officials to meet amid quake relief efforts

Jun. 29, 2022 12:28 PM EDT

ISLAMABAD (AP) — Afghan finance and central bank officials from the Taliban-led government departed for Qatar on Wednesday to meet with U.S. officials, the Taliban said. The meeting follows last week’s deadly earthquake, which brought into focus how relief and emergency aid efforts have...

EXPLAINER: What's the impact of a Russian debt default?

Jun. 27, 2022 18:32 PM EDT

LONDON (AP) — Russia has defaulted on its foreign debt for the first time since the Bolshevik Revolution more than a century ago, further alienating the country from the global financial system following sanctions imposed over its war in Ukraine. Moscow owed $100 million in...

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...

Destruction everywhere, help scarce after Afghanistan quake

Jun. 26, 2022 21:51 PM EDT

GAYAN, Afghanistan (AP) — When the ground heaved from last week’s earthquake in Afghanistan, Nahim Gul’s stone-and-mud house collapsed on top of him. He clawed through the rubble in the predawn darkness, choking on dust as he searched for his father and two sisters. He doesn't...

EXPLAINER: What's the impact of a Russian debt default?

Jun. 26, 2022 17:18 PM EDT

Russia is poised to default on its foreign debt for the first time since the 1917 Bolshevik Revolution, further alienating the country from the global financial system following sanctions imposed over its war in Ukraine. The country faces a Sunday night deadline to meet a 30-day...

EXPLAINER: Why Sri Lanka's economy collapsed and what's next

Jun. 23, 2022 14:01 PM EDT

COLOMBO, Sri Lanka (AP) — Sri Lanka’s prime minister says the island nation’s debt-laden economy has “collapsed” as it runs out of money to pay for food and fuel. Short of cash to pay for imports of such necessities and already defaulting on its debt, it is seeking help from neighboring...

Indian officials in Sri Lanka for talks on ailing economy

Jun. 23, 2022 07:39 AM EDT

Senior Indian officials began talks Thursday with Sri Lankan leaders on economic assistance, a day after Prime Minister Ranil Wickremesinghe announced the country’s economy had “collapsed.” Sri Lankans have endured months of shortages of food, fuel and other necessities due to...

Sri Lankan students demand government resign over crisis

Jun. 20, 2022 10:18 AM EDT

COLOMBO, Sri Lanka (AP) — Thousands of students from state universities marched in Sri Lanka’s capital on Monday to demand the president and prime minister resign over an economic crisis that has caused severe shortages of essential supplies and disrupted people's livelihoods and education. ...

Pakistani govt chided for 'Drink less tea, save money' plea

Jun. 16, 2022 00:16 AM EDT

ISLAMABAD (AP) — A minister in Pakistan's newly elected government faced criticism Wednesday following his plea to the nation to drink less tea to help save on imports amid a deepening economic crisis. Pakistan is among the world's top tea importers, a hugely popular drink among...