Latest Reserve assets News

Argentina's latest economy minister warns he is no magician

Aug. 03, 2022 21:24 PM EDT

BUENOS AIRES, Argentina (AP) — Argentina’s third economy minister in a month was sworn in Wednesday, and as his first order of business Sergio Massa sought to bring down sky-high expectations for his tackling of the country's economic troubles. He made clear he would not announce...

Venezuela's Guaidó wins UK court ruling in battle over gold

Jul. 29, 2022 13:20 PM EDT

LONDON (AP) — Venezuelan opposition leader Juan Guaidó won a U.K. court ruling Friday that takes him a step closer to victory in his battle with President Nicolás Maduro over a cache of gold bullion held in the Bank of England. A judge at the High Court in London ruled that...

Developing nations seek to overcome energy, currency crises

Jul. 26, 2022 08:53 AM EDT

DHAKA, Bangladesh (AP) — Business leaders and officials from eight developing nations meeting in Bangladesh on Tuesday said more cooperation was needed among them to overcome dwindling foreign currency reserves, a growing energy crisis and supply chain disruptions. Representatives...

EXPLAINER: What's happened and what's next in Sri Lanka

Jul. 13, 2022 01:50 AM EDT

COLOMBO, Sri Lanka (AP) — Sri Lanka's president, who had announced he would resign Wednesday, has fled the country after months of turmoil culminated in protesters converging on the presidential palace. Here's what’s happening in Sri Lanka: — The country is hurtling toward...

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

Jul. 09, 2022 20:36 PM EDT

COLOMBO, Sri Lanka (AP) — Sri Lanka’s prime minister said late last month that the island nation’s debt-laden economy had “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...

Sri Lanka's crisis rings alarm for other troubled economies

Jul. 06, 2022 00:23 AM EDT

BANGKOK (AP) — Sri Lanka is desperate for help with weathering its worst crisis in recent memory. Its schools are closed for lack of fuel to get kids and teachers to classrooms. Its effort to arrange a bailout from the International Monetary Fund has been hindered by the severity of its financial...

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...