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18.10.2022 / 16:03

Petroleum Products (Special provisions) bill passed

COLOMBO (News 1st) – The Petroleum Product (Special Provisions) Bill was passed in Parliament on Tuesday (18) with amendments.Accordingly, 77 votes were received in favor of the bill and only 17 votes were received against.The vote was held after MP Vijitha Herath of National People's Power requested for one.The Petroleum Product (Special Provisions) Bill was published via gazette on the 12th of August 2022, to amend certain sections of The Petroleum Products (Special Provisions) Act No.33 of 2002.The bill was prepared after the Cabinet of Minister granted its approval to issue licenses to selected specific sectors of the economy to import and use the fuel they require individually.The bill was included into the parliament agenda on the 31st of August 2022, and it proposed several key amendments to the act.It proposes to award the cabinet appointed Energy Supply Committee with the powers relating to the petroleum.The Committee shall consist of the Secretary to the Ministry of the Minister assigned the subject of Petroleum, Secretary to the Treasury or his nominee not below the rank of Director-General of the Treasury; Chairman or Managing-Director of the Ceylon Petroleum Corporation, and two members appointed from among persons who have achieved eminence in the field of petroleum industry or law.However, following an examination of petitions filed challenging the bill, the Supreme Court determined that a special majority was necessary to pass the provisions on considering the decision made earlier, as decision taken by the new committee, and to enact the decisions taken by the Energy Supply Committee before the bill was passed.The Supreme Court also determined that several other articles required a referendum.

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Canada facing ‘final act of the COVID recession,’ Freeland says

Chrystia Freeland said she believes Canada is now facing the “final act of the COVID recession” amid economic challenges, but she believes Canadians will pull through.“This is a period of economic turbulence,” said Freeland, speaking at a press conference on Monday. “This is the final act of the COVID recession.”Freeland said she is not going to “sugarcoat” the current situation and Canadians will face “some challenging months ahead,” citing inflation and rising interest rates.“Some people are going to see their mortgage payments rise and that is a challenge,” said Freeland.

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Poll: Most Americans believe US relations with adversaries like Russia, North Korea growing more hostile

WASHINGTON (AP) - A majority of U.S. adults expect America's relations with foreign adversaries like Russia and North Korea to grow more hostile, according to a new poll, a major shift in public opinion from four years ago under President Donald Trump.Two years into the Biden administration, 60% of U.S. adults say relations with adversaries will get worse, up from 26% four years ago at the same point in the Trump administration, according to the poll from the Pearson Institute and The Associated Press-NORC Center for Public Affairs Research.

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Security threat to India is threat to Lanka: Moragoda

(Times of India) – Sri Lankan High Commissioner to India has told the Times of India that any security threat to India is also a security threat to Sri Lanka.The Times of India said the High Commissioner had sought to reassure the Indian government that in line with their bilateral agreement and understanding, the island nation won’t allow its ports to be used by a foreign country in any manner that is prejudicial to India’s interests.Describing India as the key to "sustainable" economic recovery of debt-ridden Sri Lanka, the high commissioner said that the strategically located country is exploring with India trilateral cooperation opportunities with Japan, Israel and the UAE.According to Moragoda, Sri Lanka wants economic integration with India which, he said, will allow the country to expand its existing economic model and ensure quicker recovery from the debt crisis it’s facing. "If we can hitch on to India, when you move we can move too.

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Cabinet was not aware of the economic crisis – Ali Sabry

COLOMBO (News 1st) – Foreign Minister Ali Sabry made a startling revelation on Friday (14) that the previous Cabinet was not fully aware of the dire situation that the economy was falling into.Speaking at the launch of the book ' Poverty to prosperity: A review of the Korean development model ', the Minister spoke about a number of topics including government responsibility for the prevailing economic crisis and Sri Lanka's foreign policy. Speaking at the event, the Minister said that the Government learned the hard way that the economy is the heart of the country, and if it fails, all else fails. Pointing out that unfortunately, the Ministers of theprevious Cabinet were focusing on their specific areas, such as himself holding the portfolio of the Minister of Justice, Minister Sabry said that he was looking forward to new plans with regard to law reform, digitization, improved infrastructure and more recruitments in the sector, however, confessed that he was unaware of the country's deep economic troubles. Pointing out that if the country's Cabinet's economic literacy is a minimum, then the normal people should be worse in their case, the Minister said that without taxation, there is no future for the country."In 1981, 21% of our GDP was taxes. Today it has come down to 8.3%. So we can point fingers.

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Focus on women’s health as India Inc opens up to menopause

MUMBAI : Kanti Joshi, 45, a legal consultant in Bengaluru, has pre-menopausal symptoms, including hot flashes and extreme fatigue that creep in during her long and erratic working hours. “I have to work around my schedules and training sessions with corporates. Most women above 40 years of age do not have any forum to discuss their hormonal changes that happen because of menopause," Joshi said.

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Strained emerging economies in focus at IMF World Bank meeting

(Reuters) – The annual IMF/World Bank meetings in Washington D.C. from Monday (10) to Saturday will include talks on several emerging markets squeezed by rising inflation and borrowing costs against a backdrop of slowing global growth.The economic hit from Russia's invasion of Ukraine has added to pressures that surfaced during the COVID-19 pandemic and have led many smaller developing economies to turn to the International Monetary Fund in recent months for help.The IMF has approved programs or financing facilities for 10 countries since the start of the Ukraine war on Feb.

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3rd-largest railroad union rejects deal, renewing possibility of strike

FILE - A CSX freight train is seen in Orlando. A pay dispute between rail workers and unions threatens a nationwide freight rail strike as early as Sept.

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Sri Lanka must have one National Policy that does not change with every government – President

COLOMBO (News 1st) – President Ranil Wickremesinghe noted that the country needs a national policy that does not change with every government that comes to power and invited everyone to commit to building the country on one national policy without party differences.The President pointed out that to build a developed economy and raise Sri Lanka to the pinnacle of the world, a solid economic policy as well as political stability is a must. Hence, he invited everyone to join hands to discuss the national policy framework using the "Jathika Sabhawa" (National Council) as a platform.President Wickremesinghe stated this while declaring open the first life-saving pharmaceutical manufacturing plant established in Sri Lanka on Monday (10).The President also pointed out that he is working towards establishing a national policy to prepare an export economy using competitive and modern technology.Expressing his views further, the President said, “This company has taken steps to develop our export industry, not only to supply medicines needed domestically but also by producing medicines needed internationally. We sincerely hope that this project commenced by this young entrepreneur will progress to greater heights.

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What’s open and closed on Columbus Day 2022

Mailboxes sit outside of a Morris Plains, New Jersey post office on August 17, 2020 in Morris Plains, New Jersey. (Photo by Theo Wargo/Getty Images) Columbus Day commemorates Christopher Columbus’ historic exploration voyage to the Americas, though the holiday has seen a recent shift in observance to becoming Indigenous Peoples’ Day. Indigenous Peoples’ Day is intentionally celebrated on Columbus Day in a call-out to the violence and harm Columbus and other explorers of the age brought about to the Americas.

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Canadian firms trying to lure staff back to offices with amenities: ‘They will be wowed’

When Lightspeed Commerce Inc. staff headed back to their Montreal office this year after a pandemic hiatus, they found a space double the size of their last with a restaurant serving free meals, a smoothie bar and a barista to craft custom drinks.

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Another month of solid US hiring suggests more big Fed hikes

File: A "help wanted" sign is displayed in a window in Manhattan on July 28, 2022 in New York City. (Photo by Spencer Platt/Getty Images WASHINGTON - America’s employers slowed their hiring in September but still added 263,000 jobs, a solid figure that will likely keep the Federal Reserve on pace to keep raising interest rates aggressively to fight persistently high inflation.Friday’s government report showed that hiring fell from 315,000 in August to the weakest monthly gain since April 2021.

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Recover money looted from scam to boost revenue – Sajith

COLOMBO (News 1st) – Opposition Leader Sajith Premadasa speaking in Parliament on Friday (7) said the economy cannot be revived by a small group of people confining themselves to small rooms.He said the government must visit the people and understand their woes and the destruction that has been caused due to wrong economic decisions.He proposed for the government implement an economic growth strategy. He said that the government must recover the money looted from the state via various scams, and use that money to boost tax revenue.He proposed for the government to recover the looted funds via an anti-corruption program, and the UN's Stolen Asset Recovery Assistance program.

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President to visit India to brief Modi on developments

COLOMBO (News 1st) – Sri Lankan President Ranil Wickremesinghe told Parliament on Thursday (6) that he hopes to visit New Delhi to brief Indian Prime Minister Narendra Modi on Sri Lanka's postion.However, he did not specify when he would fly to India in his special statement to the Parliament.Noting that Sri Lanka is slowly reaching stability, the President said that a majority in Sri Lanka support the efforts that have been made, while there are some who are against it."They will not support the recovery of an ailing economy, and are waiting for the economy to breathe its last. They believe that when the people start to die in hunger, they can obtain power over the dead.

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CBSL maintains policy interest rates

COLOMBO (News 1st) – The Monetary Board of the Central Bank of Sri Lanka, at its meeting held on 05 October 2022, decided to maintain the Standing Deposit Facility Rate (SDFR) and the Standing Lending Facility Rate (SLFR) of the Central Bank at their current levels of 14.50 percent and 15.50 percent, respectively. In arriving at this decision, the Board considered the latest macroeconomic conditions, expected developments, and macroeconomic projections. The Board noted the tight monetary conditions prevailing at present, the decelerating pace of inflation, and the envisaged disinflation path in the near term supported by both domestic and global factors. The Board was of the view that the monetary conditions remain sufficiently tight to achieve the envisaged disinflation path in the period ahead. The contractionary fiscal policies would complement the effects of tight monetary policy measures already in place, helping to mitigate any build-up of aggregate demand pressures, thereby anchoring inflation expectations and bringing down headline inflation to the targeted level of 4-6 percent over the medium term.-Domestic economic activity is expected to remain subdued during 2022, before recovering in 2023 As per the GDP estimates published by the Department of Census and Statistics (DCS), the real economy is estimated to have contracted by 4.8 percent in the first half of 2022, on a year-on-year basis. The economy is expected to contract in the second half of 2022 as well, impacted by tighter monetary and fiscal conditions, along with the continuation of supply-side constraints and uncertainty surrounding the business environment amidst shortages of foreign exchange in the domestic foreign exchange market, among

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OPEC+ approves sharp cut in oil output; gas prices could rise

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Sri Lanka central bank to hold rates as inflation worries persist

(Reuters) – Sri Lanka's central bank is likely to maintain interest rates on Thursday in an effort to get a grip on inflation which has remained stubbornly high despite a sharp contraction in the crisis-hit economy.Nine out of 14 economists and analysts polled by Reuters said they expect rates to remain unchanged as the Central Bank of Sri Lanka (CBSL) waits for the effects of its earlier hikes to filter through to the economy and for inflation to stabilise as the economy cools."The pace of inflation appears to be slowing but it is also largely cost push inflation caused by depreciation and global commodity prices, which a rate hike would have limited impact on," said Dimantha Mathew, head of research for Colombo-based investment firm First Capital.The CBSL has raised rates by a record 950 basis points this year to battle high inflation which is adding to the country's economic woes.However, inflation has remained high, hitting a record peak of 68.9% in September with food inflation climbing to 93.7%.Sri Lanka's economy shrank 8.4% in the quarter through June from a year ago in one of the steepest declines seen in a three-month period, amid fertilizer and fuel shortages.

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Oil Jumps as OPEC+ mulls biggest production cut since pandemic

OPEC+ delegates said a final decision on the size of the cuts won’t be made until ministers gather in Vienna on Wednesday. West Texas Intermediate jumped around 3%, putting prices on track for the first gain in three sessions. “The slide in oil prices is likely over," said Ed Moya, senior market analyst at Oanda Group.

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HRCSL to investigate causes of economic crisis

COLOMBO (News 1st) – The Human Rights Commission of Sri Lanka has planned to initiate an investigation into the causes of the economic crisis in the country.The HRCSL said that special attention will be given to the impact of ever-changing political reasons that resulted in policy changes within the economy.Moreover, the Commission expects to pay attention to the way in which authorities have acted in making policy decisions that caused the economic downturn, such as ignoring national interests while separating ministries from their scope.The commission also stated it expects to record statements from officials at the Central Bank of Sri Lanka, the Ministry of Finance, the ministries related to the implementation of national policies, which are directly related to the economy of the country, and those who are currently working at those institutions in addition to those who had worked at the relevant ministries in the past.Accordingly, the support of several economic experts will also be obtained for the relevant matter.The Human Rights Commission emphasized that the investigation is being conducted due to the violation of people's right to life through the economic crisis.Recently, the United Nations Human Rights Commissioner had also explained facts regarding the economic crimes in Sri Lanka in the report presented to the 51st Human Rights Council session held recently.In that report, she pointed out that in order to obtain a permanent solution to the economic crisis that has affected the human rights of all communities, attention must be paid to the corruption that is rooted in this country.The United Nations Human Rights Commissioner also emphasized the need to take action regarding past and recent human rights

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Namal reiterates commitment to recontest

COLOMBO (News 1st) – MP Namal Rajapaksa has reiterated his commitment to recontest the upcoming elections via a broad alliance.Speaking at a program held in Bandarawela, the MP said that current President Ranil Wickremesinghe has succeeded in stabilizing the economy, as well as in going forward with the IMF staff agreement, and the SLPP will extend its support in this regard.He further emphasized the importance of ensuring that law and order prevails within the country, preventing incidents such as murders and other crimes from taking place in Sri Lanka.

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National Council appoints sub-committees on economy

COLOMBO (News 1st) – The 'National Council' decided to form two sub-committees related to national policies and economic stabilization at the inaugural meeting held with the participation of the ruling party and the opposition.The purpose of setting up the Sub-Committee on National Policy is to set the common priorities of Parliament to guide the formulation of medium and long-term national policies. Also, the purpose of establishing the Sub-Committee on Economic Stabilization is to reach agreement on the short- and medium-term programs related to economic stabilization.These decisions were taken at the inaugural meeting of the 'National Council' held at the Parliament complex on Thursday (29) under the chairmanship of Speaker Mahinda Yapa Abeywardena. Prime Minister Dinesh Gunawardena, Leader of the House Minister Susil Premajayantha, Chief Government Whip Minister Prasanna Ranatunga, Chief Opposition Whip Lakshman Kiriella, Minister Tiran Alas were presented for the meeting.In addition, Members of Parliament Asanka Navaratne, Rauf Hakeem, Rishad Bathiudeen, Mano Ganesan, Palani Digambaram, Jeevan Thondaman, Sisira Jayakodi, Namal Rajapaksa, Johnston Fernando, Sagara Kariyawasam, Ali Sabri Rahim, Rohitha Abeygunawardena, Vajira Abeywardena, Sivaneshthurai Chandrakanthan, Champika Ranawaka and several members of Parliament were present.Secretary General of Parliament Mr. Dhammika Dasanayake was also present at this meeting.Prime Minister Hon.

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Collaboration between academia and policymakers a must – CBSL Governor

COLOMBO (News 1st) – Dr. Nandalal Weerasinghe, the Governor of the Central Bank research collaborations between academia and policymakers to address various issues faced by the economies amidst the prevailing high volatility in the global economic landscape is of paramount importance.The Governor highlighted that although the applicability and validity of findings of certain models and theories presented in theoretical academic research could be somewhat limited amidst crises like the one Sri Lanka is facing at present, ongoing effort to study the dynamics of emerging market economies is an essential element in the recovery process. The Central Bank of Sri Lanka co-hosted the CBSL-ADBI-APAEA Online Macroeconomics Conference for the third consecutive year, in collaboration with the Asian Development Bank Institute (ADBI) and the Asia-Pacific Applied Economics Association (APAEA), on 23 September 2022. This year’s theme remained the same as the previous year; 'Emerging Issues for Macroeconomic Stability'.Inaugurating the Conference, Dr.

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US assures support for Food Security

COLOMBO (News 1st) – The United States Permanent Representative to the UN Food and Agriculture Agencies in Rome, Ambassador Cindy McCain says support will be provided for Food Security and Sustainable Agriculture in Sri Lanka.The United States Permanent Representative to the UN Food and Agriculture Agencies in Rome, Ambassador Cindy McCain met with Agriculture Minister Mahinda Amaraweera at the Ministry of Agriculture, which also saw the participation of US Ambassador to Sri Lanka Julie Chang. Meanwhile, The United States Permanent Representative to the UN Food and Agriculture Agencies in Rome, Ambassador Cindy McCain, and US Ambassador to Sri Lanka Julie Chung met with the Secretary to the Minister of Foreign Affairs Aruni Wijeywaradane yesterday. US Ambassador Julie Chung noted the USA will continue its support to strengthen the economy of Sri Lanka.

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N.S. premier says $40M financial relief package for Fiona ‘unprecedented’

Tim Houston has announced an “unprecedented” relief package of $40 million for residents impacted by post-tropical storm Fiona past weekend.Fiona hit Atlantic Canada on Friday night into Saturday, causing widespread power outages, washing out roads and downing trees. As of 4 p.m.

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Queen’s reign signified transformation from Ceylon to Sri Lanka – President

Queens reign signified transformation from Ceylon to Sri Lanka – PresidentCOLOMBO (News 1st) – As Queen of Ceylon, Her Majesty Queen Elizabeth II's reign signified the transformation of our country from Ceylon to Sri Lanka, said President Ranil Wickremesinghe during a Condolence Vote in Parliament on Friday (23)."The great political upheaval started under her. The 1956 election victory, the emergence of the ethnic issue, the coming of the free education generation, the state control of the economy, two coup d’etat against the government and the start of the armed uprisings in the South," he added.Full Speech by the President:“Amongst all the letters of congratulations I received on becoming the president, the one that was sent by Her Majesty Queen Elizabeth II was special.

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Queens reign signified transformation from Ceylon to Sri Lanka – President

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Federal interest rate hikes are here: How will it impact your finances?

NEW YORK (AP) - Mortgage rates have jumped, home sales have slumped and credit cards and auto loans have gotten pricier. Savings rates are slightly juicier, though.As the Federal Reserve has rapidly increased interest rates, many economists say they fear that a recession is inevitable in the coming months — and with it, job losses that could cause hardship for households already hurt worst by inflation.Wednesday, the Federal Reserve sharply raised its key short-term rate by three-quarters of a point for a third straight time, even as its previous rate increases are being felt by households at all income levels.The Fed's latest move has raised its benchmark rate to a range of 3% to 3.25%, the highest level in 14 years.

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US gas prices tick up, ending 99-day streak of lower costs

HARRISBURG, Pa. - A 99-day run of falling gasoline prices — a streak that gave consumers a glimmer of hope that red-hot inflation might be cooling — has ended, with pump prices still much higher than a year ago.The nationwide average price for a gallon ticked up less than a penny Wednesday, to $3.68 a gallon, according to AAA. That's down from the record $5.02 average in mid-June.The question now is whether Wednesday’s increase is just a blip or the precursor to the return of higher prices.

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High inflation in sight, Fed to signal more interest rate hikes ahead

WASHINGTON - Last month, when Federal Reserve Chair Jerome Powell spoke at an economic conference in Jackson Hole, Wyoming, he issued a blunt warning: The Fed’s drive to curb inflation by aggressively raising interest rates, he said, would "bring some pain" for Americans.When the Fed ends its latest meeting Wednesday and Powell holds a news conference, Americans will likely get a better idea of how much pain could be in store.The central bank is expected to raise its key short-term rate by a substantial three-quarters of a point for the third consecutive time. Another hike that large would boost its benchmark rate — which affects many consumer and business loans — to a range of 3% to 3.25%, the highest level in 14 years.FILE - A for sale sign is posted in front of a home in Miami, Florida.

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Halloween spending to reach record $10.6B: NRF

Halloween spending will reach a new record this year as participation in the holiday spikes despite the tumultuous economy. The nation's largest retail trade group projected that Halloween spending will reach a new record this year as participation in the holiday spikes despite the tumultuous economy. Total spending, which includes costumes, decorations and parties, is expected to notch a record $10.6 billion, outpacing last year's record figure of $10.1 billion, according to the National Retail Federation’s (NRF) annual survey conducted by Prosper Insights & Analytics. The trade group projected that participation in Halloween activities will reach pre-pandemic levels, with 69% of consumers planning to celebrate, the NRF reported. Last year, Halloween participation was 65% but in 2019, it was around 68%.

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Yet, as gains in capital markets can be volatile and subject to quick reversal, these wealth estimates don’t support the case for a new wealth tax. The global economy at large had a subdued 2021 while trying to recover from covid-caused disruptions, but asset-holding households fared rather well.

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Embrace homegrown food instead of complaining: Agriculture Minister

COLOMBO (News 1st) – The Minister of Agriculture, Mahinda Amaraweera showed by example on how to maintain a successful home garden and a harvest with the use of organic fertilizer.The Minister said that his Angunakolapelessa garden with a variety of upcountry and other vegetables is being maintaned fully with the use of organic fertilizer. He said that people too should learn to embrace organic homegrown fertilizer instead of complaining about the prices of food. His garden is being maintained without the influence of any kind of chemical fertilizer as well, he added. Meanwhile, farmers continued to lament about the loss of their harvests due to the decisions of the Government imposed recently, and according to Anuradhapura farmers, they cannot afford to have a large harvest, therefore only grow what they are able to eat. However, they continued demands for fertilizer and other necessities to continue farming, as the agricultural economy of the island has turned into a catastrophe, and a majority of farmers would end up in poverty.

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The pandemic economy will outlast the outbreak of covid

Allison Schrager is a Bloomberg Opinion columnist covering economics.

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Canada’s rising prices becoming entrenched, recession may be needed: economists

inflation in Canada are likely to peak in the fourth quarter of this year, economists told Reuters, though most see signs fast rising prices are becoming entrenched and warn a recession may be needed to avoid a spiral.Canada’s inflation data for August will be released on Tuesday, with analysts forecasting the headline rate will edge down to 7.3 per cent, from 7.6 per cent in July and a four-decade high of 8.1 per cent in June.But all eyes will be on the three core measures of inflation – CPI Common, CPI Median and CPI Trim – which taken together are seen as a better indicator of underlying price pressures.The average of the three hit a record high of 5.3 per cent in July. Canada’s unemployment rate rose to 5.4% in August as interest rate hikes ‘bite’ Six of eight economists surveyed by Reuters see core inflation peaking in the fourth quarter as underlying domestic and global pressures start to ease, though the path back to the two per cent target will not be brisk.“Rapidly cooling growth, the pullback in housing prices, and less pressure on supply chains will help cap core inflation relatively soon,” said Doug Porter, chief economist at BMO Capital Markets.“However, we believe that it will be sticky, and will descend only slowly through 2023,” he added.The broadening of price increases, increased wage settlements, as well as rising consumer and business inflation expectations are signs that inflation is becoming more entrenched in the economy, economists told Reuters.

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India helped 80 crore people with free ration during COVID-19, but not freebies: UP CM

ALSO READ: How would you define freebies? Poor entitled to ‘basic needs', says Jayati Ghosh Among other things, the UP CM said that it is a matter of pride that the country has emerged as the fifth largest economy in the world, adding, India's ability is being recognised at the global platform under the leadership of Prime Minister Narendra Modi. Meanwhile, in August renowned economist Jayati Ghosh said that 'basic needs' like nutrition, healthcare, housing and education, which the government should provide for its citizens, are not freebies.

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Biden approval rating rises significantly ahead of midterms, poll finds

President Joe Biden speaks at the North American International Auto Show on September 14, 2022 in Detroit, Michigan. (Bill Pugliano/Getty Images) WASHINGTON - President Joe Biden’s popularity improved substantially from his lowest point this summer, but concerns about his handling of the economy persist, according to a poll from The Associated Press-NORC Center for Public Affairs Research.Support for Biden recovered from a low of 36% in July to 45%, driven in large part by a rebound in support from Democrats just two months before the November midterm elections.

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Tentative railway labor deal reached, averting strike, Biden says

A CSX locomotive is seen in Orlando. A pay dispute between rail workers and unions threatens a nationwide freight rail strike as early as Sept.

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Union members reject deal 2 days before deadline to avoid massive rail strike

FILE-A Norfolk Southern freight train is traveling East. Government officials and a variety of businesses are bracing for the possibility of a nationwide rail strike that could impact shipments for all goods.

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Massive rail strike could mean more supply chain issues

A BNSF freight train with 76 container cars and FedEx freight trailers travels from Seattle to points east on August 23, 2021 in Livingston, Montana. (Photo by William Campbell/Getty Images) A potential strike involving thousands of railroad workers poses a new threat to businesses nationwide.Unions representing over 115,000 workers are poised to go on strike on Friday, Sept.

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Not all Canadians feel the pain of interest rate hikes. Here’s why that might change

interest rates today, efforts to get inflation back to manageable levels could leave some debt and mortgage holders feeling the pain for years to come.The Bank of Canada is widely expected to raise its benchmark interest rate again on Wednesday, marking the fifth time it would have raised the cost of borrowing so far this year in an attempt to cool the economy and tamp down rampant levels of inflation. Bank of Canada expected to raise key interest rate again as inflation persists CIBC deputy chief economist Benjamin Tal argues that thanks to the structure of Canadian household debt, the direct impact of rising interest rates is currently limited to roughly one in four debt holders, largely focused around homeowners with certain kinds of mortgages.“When people hear about higher interest rates, they assume that everybody will be paying more.

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Made in America: The star-studded party on the Parkway continues

FAIRMOUNT - Labor Day weekend Made in America is taking over the Ben Franklin Parkway in Philadelphia. The headliner on Saturday was Tyler, the Creator.The two-day music festival is in its 10th year and features three stages with performances all day and night."They never miss with the lineup," said Byron Chavez.

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Heinz is now selling a collection of ketchup-stained clothing

HEINZ and thredUP’s vintage drip collection features a unique ketchup stain. (Photo: CNW Group/Kraft Heinz Canada) TORONTO - After years and years of quite literally leaving its mark on the fashion industry, Heinz has debuted a new clothing collection with ketchup stains. The "vintage drip collection" features thrifted clothes in a partnership with thredUP, an online resale platform.

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UK economy shrank most since 1709 in pandemic as numbers revised again

This story has been published from a wire agency feed without modifications to the text.

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States with the most generous tippers despite inflation

FA tip jar at a coffee shop is shown in a file image. (Photo by Lewis Geyer/Digital First Media/Boulder Daily Camera via Getty Images) Americans are continuing to dole out big tips at restaurants even as the threat of high inflation hangs over the economy. According to aggregated restaurant sales data from software provider Toast's second-quarter Restaurant Trends report, the average same-store tip amount is up nearly 10% compared with last year, despite increases in the price of goods and services.In the second quarter, quick-service restaurants saw an average tip of 16.9% and full-service restaurants saw an average tip of 19.6%.

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Japan PM Kishida Covid positive, PM Modi wishes for speedy recovery

TOKYO : Japanese Prime Minister Fumio Kishida has tested positive for Covid-19, forcing him to cancel a planned trip to Tunisia to attend a key conference on African development, a person close to him said on Sunday. Kishida, who has just returned from a week-long vacation, will work from his residence from Monday and will join the Tokyo International Conference on African Development (TICAD) online, the source said, asking not to be identified because he is not authorised to talk to the media.

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Statista DossierPlus on the impact of the coronavirus and the Russia-Ukraine war on the global economy

This DossierPlus analyzes the economic development following the COVID-19 outbreak and the Russia-Ukraine war.

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Afghanistan marks 1 year since Taliban seized Kabul as woes mount

Taliban fighters ride in a convoy near the US embassy in Kabul on Aug. 15, 2022.

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President hails achievements in overcoming covid-19 crisis

NEW DELHI : Describing India as one of the fastest growing economies in the world, President Droupadi Murmu said that when the pandemic has uprooted lives and economies, the Indian economy has remained strong and is moving forward. Addressing the nation ahead of the 76th independence day, the President cited the Indian startup ecosystem and the growing number of unicorns in the country to highlight the country’s economic growth. “The pandemic has uprooted lives and also economies in the entire world.

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United States	Cases: 46 252 513 Deaths: 750 423 Recovered: 0
India	Cases: 34 321 025 Deaths: 459 652 Recovered: 0
Brazil	Cases: 21 835 785 Deaths: 608 235 Recovered: 0
United Kingdom	Cases: 9 215 683 Deaths: 141 607 Recovered: 0
Russia	Cases: 8 494 589 Deaths: 237 619 Recovered: 0