Crisis NEWS

The size of the common global economic shocks from the pandemic and from Russia's invasion of Ukraine has been the overwhelming driver of high inflation and slower growth for most European countries. But in recent days, the Bank of England Governor Andrew Bailey warned inflation is set to be higher for longer here in the UK, and growth in the economy weaker too. These gloomy forecasts echoed those made by the International Monetary Fund and the Organisation for Economic Co-operation and Development, which has 38 member countries.

Ukrainian forces have attacked a drilling platform in the Black Sea owned by a Crimean oil and gas company, Tass news agency cited local officials as saying on Sunday, the second strike in a week. The platform is operated by Chernomorneftegaz, which Russian-backed officials seized from Ukraine's national gas operator Naftogaz as part of Moscow's annexation of the peninsula in 2014. "It's shelling by the armed forces of Ukraine, there are no casualties," Tass cited a member of Crimea's emergency services as saying. It gave no further details. Last Monday Crimean officials said three people were wounded with seven missing after a Ukrainian strike that forced the suspension of work on three platforms. Chernomorneftegaz is under U.S. and European Union sanctions.

Sri Lanka’s fuel stocks will last for about five more days, its power and energy minister said on Thursday. Chronic fuel shortages have worsened this week with long lines at some gas stations countrywide. The stocks cover fuel for vehicles, some industries and essential services. Sri Lanka is unable to make $725 million in overdue payments to suppliers and also struggling to open letters of credit for future shipments, power and energy minister Kanchana Wijesekera said. “We are struggling to get fuel supplies due to our forex issues and the government is working to manage existing stocks of diesel and petrol until June 21. Stocks could run out faster if we do not cut back on non-essential travel and stop hoarding fuel. ” “We are expecting a petrol shipment within the next three days and another two shipments in the next eight days,”

Venezuelan economic crisis has taken an even steeper turn where people are trading food items for something as small as a haircut. Barter is now the currency of once the richest country in Latin America. Economists are of the belief that the inability of Government to print currency and keep up with inflation rate is the main cause of the worsening conditions.