Sri Lanka's economy has collapsed, the prime minister has claimed as the country does not have enough money to pay for food and fuel - without fuel exports will be effected. Having already defaulted on debt, the small island nation is seeking help from India, China, and the International Monetary Fund.
The situation is worse than originally thought, as the UN World Food Program claims that nearly 9 in 10 families are skipping meals to stretch out their food supply. Government workers have been given an extra day off for three months to allow time to grow their own food, as is the precarious situation of sourcing food by normal means.
The Sri Lankan rupee has weakened by nearly 80% which makes imports more prohibitive and we will start seeing the effects of this over in the UK with exports becoming more difficult with longer lead times as the country will need time to recover from this crisis.
Source: Independent
Shanghai chemical plant fire leaves one dead. Sinopec Shanghai Petrochemical Co is one of the largest petrochemical enterprises in Mainland China. It is engaged in the production of ethylene, fibre, resin and plastics.
"At present no environmental impact on the surrounding bodies of water has been found," the plant said.
Even though the lockdown in Shanghai has been lifted, the continuing shutting down of factories and snarling of supply chains means that the global economy is still being affected by these local policies.
Source: NDTV
UK inflation rate reaches 40 year high of 9.1 Percent and is set to rise further due to the global food crisis, Russia and Ukraine account for almost one-third of global wheat supplies, the blockage of its ports is contributing to a growing global food crisis.
Household gas and electricity bills recently increased significantly contributing massively to an ever-growing global crisis. These bills are set to increase once more by up to 50% later this year the UK government announced, which will further increase prices for businesses and consumers alike.
Source: NY Times