- Climate change, economics muddy West's drive to curb Chinese EVs
- Argentina's Milei vetoes university budget after huge protests
- TotalEnergies plans to grow oil and gas production until 2030
- 2024 Nobels offer glimmer of hope as global crises mount
- Tokyo rallies on weak yen, Hong Kong reverses after surge
- Tunisia readies for vote as incumbent Saied eyes victory
- High childcare costs in US weigh on women's employment
- US voters seek help with crushing childcare costs
- Taiwan shuts down for second day as Typhoon Krathon to land
- Supercharged storms: how climate change amplifies cyclones
- Biden official urges talks as US port strike enters second day
- Huge protests in Argentina over public university cuts
- Rally in oil prices loses steam on mixed day for global stocks
- South America treated to rare 'ring of fire' eclipse
- Biden official says port strike deal not as far as parties think
- Mexico's new president offers apology for 1968 student massacre
- Historic funding round values OpenAI at $157 billion
- Mixed US car sales in Q3 as industry hopes for post-election bounce
- Thunderstorms are a 'boiling pot' of gamma rays, scientists find
- Scientists unlock secret of 'Girl With Pearl Earring'
- Dolphins flash friendly grins when they're ready to play
- Facing backlash, EU moves to delay deforestation rules
- US private sector adds more jobs than expected in September: ADP
- Boys out of critical condition after Zurich stabbings
- Spain logs record summer tourism as inflow draws protests
- Hedi Slimane quits as Celine's artistic director
- Oil prices extend rally on Iran attack
- Spain welcomed record number of tourists this summer
- France says coming tax hikes on the wealthy to be 'temporary'
- Why are Thailand's roads so deadly?
- Oracle to invest $6.5 bn in Malaysian cloud services region
- Parkrun marks 20 years of a free weekly jog, run... or walk
- Oil extends rally after Iran attack, Hong Kong soars again
- Prostitutes, prospectors drive spread in DR Congo mpox capital
- Oil extends rally after Iran attack, Hong Kong resumes surge
- Extreme heat another form of death sentence in Texas jails
- Can music help plants grow? Study suggests sound boosts fungus
- Nike earnings drop, says turnaround will take time
- US dockworkers launch mass strike a month before election
- Iron Dome: Israel's key anti-missile shield
- Cranes stand still as US dockworkers fight for 'future'
- GM reports US sales dip, but says EVs grew
- Sheinbaum takes office as Mexico's first woman president
- Webb telescope detects carbon dioxide on Pluto's largest moon
- Stock markets slump, oil jumps on Middle East concerns
- French PM vows more taxes and spending cuts ahead of budget fight
- Germany inaugurates IBM's first European quantum data centre
- Stock markets diverge as eurozone inflation drops further
- France's richest man takes control of Paris Match magazine
- Anger meets tear gas as Nigeria hardship protests fizzle out
SCS | -2.56% | 12.87 | $ | |
CMSC | 0.04% | 24.78 | $ | |
RIO | -0.48% | 70.82 | $ | |
CMSD | -0.04% | 24.93 | $ | |
NGG | -1.85% | 68.78 | $ | |
RBGPF | 100% | 59.99 | $ | |
BCE | -1.13% | 34.44 | $ | |
RYCEF | 0.14% | 6.91 | $ | |
BTI | -1.33% | 35.97 | $ | |
VOD | -2.16% | 9.74 | $ | |
RELX | -0.11% | 47.29 | $ | |
BCC | -1.33% | 139.53 | $ | |
AZN | 1.14% | 79.58 | $ | |
GSK | -2.15% | 39.45 | $ | |
JRI | -1.12% | 13.38 | $ | |
BP | 0.86% | 32.37 | $ |
Bankrupt Sri Lanka opens IMF talks, begins shutdown
Sri Lanka closed schools and halted all non-essential government services on Monday, beginning a two-week shutdown to conserve fast-depleting fuel reserves as the International Monetary Fund opened talks with Colombo on a possible bailout.
The country of 22 million people is in the grip of its worst economic crisis after running out of dollars to finance even the most essential imports, including fuel.
On Monday schools were shut and state offices worked with skeleton staff as part of government plans to reduce commuting and save precious petrol and diesel. Hospitals and the main seaport in Colombo were still operating.
Hundreds of thousands of motorists remained in miles-long queues for petrol and diesel even though the energy ministry announced they will not have fresh stocks of fuel for at least three more days.
The country defaulted on its $51 billion foreign debt in April and went cap-in-hand to the IMF.
The first in-person talks with the IMF on Sri Lanka's bailout request commenced in Colombo on Monday and will continue for 10 days, the lender and the government said in brief statements.
Prime Minister Ranil Wickremesinghe was also due to meet visiting Australian Home Affairs Minister Clare O'Neil to "deepen cooperation and assist Sri Lanka as the country faces very difficult economic times," Canberra said in a statement.
It said O'Neil will also discuss strengthening engagement on transnational crime, including people-smuggling following a surge in would-be illegal immigrants by boat in the past month.
Sri Lanka is facing record-high inflation and lengthy power blackouts, all of which have contributed to months of protests -- sometimes violent -- calling on President Gotabaya Rajapaksa to step down.
Police arrested 21 student activists who blocked all gates to the presidential secretariat building after declaring Monday, Rajapaksa's 73rd birthday, a "day of mourning".
The shutdown order came last week as the United Nations launched its emergency response to feed thousands of pregnant women who were facing food shortages.
Four out of five people in Sri Lanka have started skipping meals as they cannot afford to eat, the UN has said, warning of a looming "dire humanitarian crisis" with millions in need of aid.
J.Bondarev--CPN