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Sunday, May 26, 2024

Latest news: Economic crisis

More Australian businesses face failure: report

A growing number of Australian businesses face failure in coming months as the true picture of insolvency emerges from the COVID-19 pandemic.

Sri Lanka calm as leaders set to quit

Calm has returned to the streets of Sri Lanka's commercial capital Colombo and protesters were jubilant as President Gotabaya Rajapaksa agreed to resign after his house was stormed amid outrage over the South Asia nation's collapsing economy.

Sri Lanka’s PM says debt-laden economy has ‘collapsed’

Sri Lanka's prime minister says its debt-laden economy has "collapsed" after months of shortages of food, fuel and electricity, and the South Asian island nation cannot even purchase imported oil.

Sri Lanka PM Mahinda Rajapaksa offers to resign

Sri Lanka's Prime Minister Mahinda Rajapaksa has offered to resign amid the island nation's worst economic crisis since independence that has led to widespread protests, a government official says.