<p>On their way back from a jewellery display, thieves in California broke into an unsecured security truck and stole jewellery and gemstones valued at millions of dollars, according to the police. Authorities announced on Monday that the robbery took place last week in a rural rest area in southern California after the vehicle's two armed guards left.</p>

<p>The parking area of a 7-Eleven store is cordoned off with yellow crime scene tape. The security company Brinks' tractor-trailer had been driving overnight from a jewellery show in the San Francisco Bay area down to the Los Angeles area for another event. According to Michael Mileski, the Los Angeles sheriff's sergeant, it was not immediately clear if the suspects followed the car on its 375-mile (604-kilometre) journey or chanced upon it at the rest area in a crime of opportunity.</p>

<p>Also Read:&nbsp;<a href="https://www.wionews.com/india-news/sri-lankan-crisis-economy-lessons-india-can-learn-498205">Sri Lankan crisis: Economy lessons India can learn</a></p>

<p>After noticing that the trailer's lock had been tampered with at about 2 a.m. on July 11, the guards reported the robbery, according to Mileski. Researchers are attempting to figure out how the lock was cracked. In the unincorporated community of Lebec, which is roughly 75 miles (121 km) north of downtown Los Angeles, the Flying J gas station and truck stop, it was unclear how long the guards had left the vehicle alone.</p>

<p>According to Brandy Swanson, director of the organisation, the goods were put aboard the truck late on July 10 following an exposition held by the International Gem and Jewelry Show in San Mateo, California, south of San Francisco. She explained that it was heading to an event at the Pasadena Convention Center, which is located northeast of Los Angeles.</p>

<p><em>(with inputs from agencies)</em></p>

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On their way back from a jewellery display, thieves in California broke into an unsecured security truck and stole jewellery and gemstones valued at millions of dollars, according to the police.

On their way back from a jewellery display, thieves in California broke into an unsecured security truck and stole jewellery and gemstones valued at millions of dollars, according to the police. Authorities announced on Monday that the robbery took place last week in a rural rest area in southern California after the vehicle's two armed guards left. The parking area of a 7-Eleven store is cordoned off with yellow crime scene tape. The security company Brinks' tractor-trailer had been driving overnight from a jewellery show in the San Francisco Bay area down to the Los Angeles area for another event. According to Michael Mileski, the Los Angeles sheriff's sergeant, it was not immediately clear if the suspects followed the car on its 375-mile (604-kilometre) journey or chanced upon it at the rest area in a crime of opportunity. Also Read: Sri Lankan crisis: Economy lessons India can learn After noticing that the trailer's lock had been tampered with at about 2 a.m. on July 11, the guards reported the robbery, according to Mileski. Researchers are attempting to figure out how the lock was cracked. In the unincorporated community of Lebec, which is roughly 75 miles (121 km) north of downtown Los Angeles, the Flying J gas station and truck stop, it was unclear how long the guards had left the vehicle alone. According to Brandy Swanson, director of the organisation, the goods were put aboard the truck late on July 10 following an exposition held by the International Gem and Jewelry Show in San Mateo, California, south of San Francisco. She explained that it was heading to an event at the Pasadena Convention Center, which is located northeast of Los Angeles. (with inputs from agencies)

Millions of dollars' worth of jewellery stolen from security truck at California rest area

<p>Igor Besukh, who works in an eastern Ukrainian sushi restaurant, cranks up the music to block out the sound of air raid sirens while he makes the following order, AFP reports. The thunderous sound of the missile strike that occurred in Kramatorsk's Peace Square on Friday, close to the town hall, the cultural centre, and the sushi restaurant where Besukh works, could not be covered up by the music, though.</p>

<p>The restaurant is one of the few that is still operating in the city, which is located in the industrial Donbas region that Russia is trying to annex and is only around 20 kilometres (12 miles) from the frontline with Russian troops. The staff of "Woka," a restaurant with red lacquered walls and Asian themes, hurried to a bunker when they heard the explosion.</p>

<p>Also Read:&nbsp;<a href="https://www.wionews.com/india-news/sri-lankan-crisis-economy-lessons-india-can-learn-498205">Sri Lankan crisis: Economy lessons India can learn</a></p>

<p>Twenty minutes later, they surfaced to inspect the damage. Even though the windows and doors were boarded up with plywood panels, they were all broken. As they continued to prepare the orders that were awaiting delivery, they cleared up the debris. No one was hurt in the strike that occurred at 8:00 p.m., but the impact smashed the windows of numerous surrounding buildings.</p>

<p>"It made a mighty noise. Evidently, we weren't prepared for it. I was terrified "says the tattooed chef, age 23, whose arms are covered in ink, reports AFP. He acknowledges that returning to work the following day was difficult, but adds with a chuckle that "war is war, but lunch must be served on time."</p>

<p><em>(with inputs from agencies)</em><br />
&nbsp;</p>

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Igor Besukh, who works in an eastern Ukrainian sushi restaurant, cranks up the music to block out the sound of air raid sirens while he makes the following order, AFP reports.

Igor Besukh, who works in an eastern Ukrainian sushi restaurant, cranks up the music to block out the sound of air raid sirens while he makes the following order, AFP reports. The thunderous sound of the missile strike that occurred in Kramatorsk's Peace Square on Friday, close to the town hall, the cultural centre, and the sushi restaurant where Besukh works, could not be covered up by the music, though. The restaurant is one of the few that is still operating in the city, which is located in the industrial Donbas region that Russia is trying to annex and is only around 20 kilometres (12 miles) from the frontline with Russian troops. The staff of "Woka," a restaurant with red lacquered walls and Asian themes, hurried to a bunker when they heard the explosion. Also Read: Sri Lankan crisis: Economy lessons India can learn Twenty minutes later, they surfaced to inspect the damage. Even though the windows and doors were boarded up with plywood panels, they were all broken. As they continued to prepare the orders that were awaiting delivery, they cleared up the debris. No one was hurt in the strike that occurred at 8:00 p.m., but the impact smashed the windows of numerous surrounding buildings. "It made a mighty noise. Evidently, we weren't prepared for it. I was terrified "says the tattooed chef, age 23, whose arms are covered in ink, reports AFP. He acknowledges that returning to work the following day was difficult, but adds with a chuckle that "war is war, but lunch must be served on time." (with inputs from agencies)

'War is war, but lunch must be served on time,' says Ukrainian sushi chef

<p>The commander of the British armed forces has called the rumours that Russian President Vladimir Putin is ill or could be killed "wishful thinking".&nbsp;Admiral Tony Radakin also stated that Russia poses "the biggest threat" to the UK and that its struggle would last for decades when the Conservative party choose a replacement for Prime Minister Boris Johnson. After suffering setbacks in the conflict in Ukraine, Russia's ground troops might now be less of a threat, according to the military leader.</p>

<p>As reported by AFP, according to the Admiral, the invasion has resulted in the deaths or injuries of 50,000 Russian soldiers and the destruction of approximately 1,700 Russian tanks and 4,000 armoured battle vehicles. He said, "But Russia continues to be a nuclear power. It's got cyber capabilities, it's got space capabilities and it's got particular programmes under water so it can threaten the underwater cables that allow the world's information to transit around the whole globe."</p>

<p>Also Read:&nbsp;<a href="https://www.wionews.com/india-news/sri-lankan-crisis-economy-lessons-india-can-learn-498205">Sri Lankan crisis: Economy lessons India can learn</a></p>

<p>When Johnson's successor assumes office on September 6, briefings on the military will be dominated by Ukraine, Radakin said, “And then we have to remind the prime minister of the extraordinary responsibility they have with the UK as a nuclear power, and that is part of the initiation for a new British prime minister."</p>

<p>In the meantime, Radakin was questioned over a BBC investigation that revealed commandos in Britain's elite Special Air Service (SAS) corps murdered at least 54 Afghans in questionable circumstances 10 years ago, but the military chain of command stifled concerns. He said that although military police had already determined "that did not happen," they would conduct another investigation if fresh, conclusive proof appeared.</p>

<p><em>(with inputs from agencies)</em></p>

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The commander of the British armed forces has called the rumours that Russian President Vladimir Putin is ill or could be killed "wishful thinking". Admiral Tony Radakin also stated that Russia poses "the biggest threat" to the UK and that its struggle would last for decades when the Conservative party choose a replacement for Prime Minister Boris Johnson.

The commander of the British armed forces has called the rumours that Russian President Vladimir Putin is ill or could be killed "wishful thinking". Admiral Tony Radakin also stated that Russia poses "the biggest threat" to the UK and that its struggle would last for decades when the Conservative party choose a replacement for Prime Minister Boris Johnson. After suffering setbacks in the conflict in Ukraine, Russia's ground troops might now be less of a threat, according to the military leader. As reported by AFP, according to the Admiral, the invasion has resulted in the deaths or injuries of 50,000 Russian soldiers and the destruction of approximately 1,700 Russian tanks and 4,000 armoured battle vehicles. He said, "But Russia continues to be a nuclear power. It's got cyber capabilities, it's got space capabilities and it's got particular programmes under water so it can threaten the underwater cables that allow the world's information to transit around the whole globe." Also Read: Sri Lankan crisis: Economy lessons India can learn When Johnson's successor assumes office on September 6, briefings on the military will be dominated by Ukraine, Radakin said, “And then we have to remind the prime minister of the extraordinary responsibility they have with the UK as a nuclear power, and that is part of the initiation for a new British prime minister." In the meantime, Radakin was questioned over a BBC investigation that revealed commandos in Britain's elite Special Air Service (SAS) corps murdered at least 54 Afghans in questionable circumstances 10 years ago, but the military chain of command stifled concerns. He said that although military police had already determined "that did not happen," they would conduct another investigation if fresh, conclusive proof appeared. (with inputs from agencies)

Russia has lost 50,000 soldiers and 1,700 tanks in Ukraine, UK military chief says

<p>According to a study conducted by the Reuters Institute last month, 42% of Americans actively avoid the news at least occasionally either it depresses them or they don't believe it. Around&nbsp;15% indicated they had completely stopped paying attention to the news. The percentages of people who avoided it deliberately were significantly greater in other nations like the UK and Brazil. According to Reuters, the number of individuals who ignore the news is rising, and at just 26% of the population, faith in reporting in the US has reached its lowest level ever.&nbsp;</p>

<p>Amanda Ripley, a former Time journalist and the author of High Conflict: Why We Get Trapped - and How We Get Out, found all of this to be accurate. She said in a Washington Post editorial that she felt ashamed to admit that she has "consciously avoided the news for years" as a reporter. It left Ripley "so exhausted that I couldn't write," she claimed. She, therefore, controlled her intake by skipping all television newscasts and delaying her newspaper reading until later in the day. However, it never stopped bombarding her via social media and her phone.</p>

<p>Also Read:&nbsp;<a href="https://www.wionews.com/india-news/sri-lankan-crisis-economy-lessons-india-can-learn-498205">Sri Lankan crisis: Economy lessons India can learn</a></p>

<p>And yet, because of how consistently rising their audiences are, huge, established news organisations remain sceptical. While there are short-term peaks and troughs in interaction with the news around important events, Professor Emily Bell, founding director of the Tow Center for Digital Journalism at Columbia Journalism School, indicated that the long-term trend is up.</p>

<p>As reported by The Guardian, the audience numbers for its website reflect these uncertainties. The US readership increased significantly during the early Covid pandemic months, then slightly decreased before increasing again during the 2020 presidential election. After the Russian invasion of Ukraine in March, it once more reached its apex. However, the Guardian US's long-term trend is upward, and even if readership declines, it will still be substantially higher than it was prior to the outbreak.</p>

<p><em>(with inputs from agencies)</em><br />
&nbsp;</p>

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According to a study conducted by the Reuters Institute last month, 42% of Americans actively avoid the news at least occasionally either it depresses them or they don't believe it.

According to a study conducted by the Reuters Institute last month, 42% of Americans actively avoid the news at least occasionally either it depresses them or they don't believe it. Around 15% indicated they had completely stopped paying attention to the news. The percentages of people who avoided it deliberately were significantly greater in other nations like the UK and Brazil. According to Reuters, the number of individuals who ignore the news is rising, and at just 26% of the population, faith in reporting in the US has reached its lowest level ever. Amanda Ripley, a former Time journalist and the author of High Conflict: Why We Get Trapped - and How We Get Out, found all of this to be accurate. She said in a Washington Post editorial that she felt ashamed to admit that she has "consciously avoided the news for years" as a reporter. It left Ripley "so exhausted that I couldn't write," she claimed. She, therefore, controlled her intake by skipping all television newscasts and delaying her newspaper reading until later in the day. However, it never stopped bombarding her via social media and her phone. Also Read: Sri Lankan crisis: Economy lessons India can learn And yet, because of how consistently rising their audiences are, huge, established news organisations remain sceptical. While there are short-term peaks and troughs in interaction with the news around important events, Professor Emily Bell, founding director of the Tow Center for Digital Journalism at Columbia Journalism School, indicated that the long-term trend is up. As reported by The Guardian, the audience numbers for its website reflect these uncertainties. The US readership increased significantly during the early Covid pandemic months, then slightly decreased before increasing again during the 2020 presidential election. After the Russian invasion of Ukraine in March, it once more reached its apex. However, the Guardian US's long-term trend is upward, and even if readership declines, it will still be substantially higher than it was prior to the outbreak. (with inputs from agencies)

Reuters survey reveals people are increasingly avoiding news, here's why

<p>The Family Leadership Summit was held in Iowa, the first state to nominate a Republican for president. The Fox News personality, Tucker Carlson, spoke there. He arrived to a thunderous ovation, shamelessly charmed his hosts, enlightened them on his political philosophy, and offered them items bearing his name. As far as anyone is aware, Tucker Carlson's visit to Iowa on Friday did not involve a presidential campaign, despite the fact that it appeared to be one, moved like one, and sounded like one.</p>

<p>The&nbsp;Summit, a gathering of more than 1,800 religious conservatives in Des Moines, Iowa, featured the Fox News host as the keynote speaker. When businessman and reality TV celebrity Donald Trump said that Senator John McCain, a former prisoner of war in Vietnam, was "not a war hero" at the same event in the same state seven years ago, it seemed to instantly endanger McCain's campaign.</p>

<p>Also Read:&nbsp;<a href="https://www.wionews.com/india-news/sri-lankan-crisis-economy-lessons-india-can-learn-498205">Sri Lankan crisis: Economy lessons India can learn</a></p>

<p>The 53-year-old Carlson, a fellow political novice and media personality, has been hailed as a prospective Trump successor who might run for president by fanning the same fires of populism, white identity politics, and the desire for a leader who says what he thinks—the more outrageous the better.</p>

<p>Kim Reynolds, the governor of Iowa, and Chuck Grassley, the longest-serving US senator in Iowa history, served as Carlson's opening acts at the conference and both praised the supreme court's decision to terminate the constitutional right to abortion. Carlson gave a 42-minute speech while wearing a dark blue jacket, a blue checkered shirt, a blue and yellow striped tie, and grey slacks. His speech checked several of the usual boxes for a potential contender.</p>

<p>(with inputs from agencies)</p>

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The Family Leadership Summit was held in Iowa, the first state to nominate a Republican for president. The Fox News personality, Tucker Carlson, spoke there. He arrived to a thunderous ovation, shamelessly charmed his hosts, enlightened them on his political philosophy, and offered them items bearing his name.

The Family Leadership Summit was held in Iowa, the first state to nominate a Republican for president. The Fox News personality, Tucker Carlson, spoke there. He arrived to a thunderous ovation, shamelessly charmed his hosts, enlightened them on his political philosophy, and offered them items bearing his name. As far as anyone is aware, Tucker Carlson's visit to Iowa on Friday did not involve a presidential campaign, despite the fact that it appeared to be one, moved like one, and sounded like one. The Summit, a gathering of more than 1,800 religious conservatives in Des Moines, Iowa, featured the Fox News host as the keynote speaker. When businessman and reality TV celebrity Donald Trump said that Senator John McCain, a former prisoner of war in Vietnam, was "not a war hero" at the same event in the same state seven years ago, it seemed to instantly endanger McCain's campaign. Also Read: Sri Lankan crisis: Economy lessons India can learn The 53-year-old Carlson, a fellow political novice and media personality, has been hailed as a prospective Trump successor who might run for president by fanning the same fires of populism, white identity politics, and the desire for a leader who says what he thinks—the more outrageous the better. Kim Reynolds, the governor of Iowa, and Chuck Grassley, the longest-serving US senator in Iowa history, served as Carlson's opening acts at the conference and both praised the supreme court's decision to terminate the constitutional right to abortion. Carlson gave a 42-minute speech while wearing a dark blue jacket, a blue checkered shirt, a blue and yellow striped tie, and grey slacks. His speech checked several of the usual boxes for a potential contender. (with inputs from agencies)

Is Tucker Carlson the new Donald Trump? Acts like typical would-be candidate at Summit in Iowa

<p>According to a recent report, more than a million meat chickens in the UK pass away every week before they are ready for slaughter. About 64 million chickens in the UK die before their turn to get slaughtered&nbsp;each year, according to a study of official data by the animal protection organisation Open Cages. The dead birds can be burned or processed into products like protein meals that can be used.</p>

<p>Better welfare standards, according to activists for animal rights, might considerably lower the mortality rates. In order to phase out fast-growing breeds and lower stocking density, they are pushing merchants to endorse the Better Chicken Commitment. The modern chicken is genetically developed to grow so swiftly that it can strain its body and increase the danger of cardiac arrest, according to welfare experts.</p>

<p>Also Read:&nbsp;<a href="https://www.wionews.com/india-news/sri-lankan-crisis-economy-lessons-india-can-learn-498205">Sri Lankan crisis: Economy lessons India can learn</a></p>

<p>Fast-growing chickens that reach their kill weight in just 35 days may experience higher rates of mortality, lameness, and muscle disease than slower-growing varieties, according to research. Heart failure or sudden death syndrome is one of the most frequent causes of mortality in flocks.</p>

<p>The Better Chicken Commitment has been endorsed by all of the major retailers in France, although the largest supermarkets in Britain have not yet done so. Up to this point, it has received support from Marks &amp; Spencer, Waitrose, Pret, KFC, and the Compass Group, a provider of culinary services. Sainsbury's stated in April that by March 2023, its fresh chicken would have been bred with 20% greater space than the UK standard.</p>

<p><em>(with inputs from agencies)</em></p>

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According to a recent report, more than a million meat chickens in the UK pass away every week before they are ready for slaughter. About 64 million chickens in the UK die before their turn to get slaughtered each year, according to a study of official data by the animal protection organisation Open Cages.

According to a recent report, more than a million meat chickens in the UK pass away every week before they are ready for slaughter. About 64 million chickens in the UK die before their turn to get slaughtered each year, according to a study of official data by the animal protection organisation Open Cages. The dead birds can be burned or processed into products like protein meals that can be used. Better welfare standards, according to activists for animal rights, might considerably lower the mortality rates. In order to phase out fast-growing breeds and lower stocking density, they are pushing merchants to endorse the Better Chicken Commitment. The modern chicken is genetically developed to grow so swiftly that it can strain its body and increase the danger of cardiac arrest, according to welfare experts. Also Read: Sri Lankan crisis: Economy lessons India can learn Fast-growing chickens that reach their kill weight in just 35 days may experience higher rates of mortality, lameness, and muscle disease than slower-growing varieties, according to research. Heart failure or sudden death syndrome is one of the most frequent causes of mortality in flocks. The Better Chicken Commitment has been endorsed by all of the major retailers in France, although the largest supermarkets in Britain have not yet done so. Up to this point, it has received support from Marks & Spencer, Waitrose, Pret, KFC, and the Compass Group, a provider of culinary services. Sainsbury's stated in April that by March 2023, its fresh chicken would have been bred with 20% greater space than the UK standard. (with inputs from agencies)

Fast-growing chickens may experience higher rates of mortality: Study

<p>After months of opposition to his administration over the worst economic crisis in the country's history, Sri Lankan President Gotabaya Rajapaksa has resigned. Sri Lanka's parliament convened on Saturday to start the process of electing a new president. Sri Lanka used to be a middle-income economy, continuously improving on social indicators, but economic mismanagement by the government led it to collapse.&nbsp;<br />
&nbsp;<br />
Everything started with the tourism industry, which was severely impacted first by bombings carried out by Islamic extremists targeting hotels and churches in 2019, and then by the coronavirus outbreak the following year. Tourism revenues contributed to 5.6 per cent of the Sri Lankan GDP in 2018 but fell to just 0.8 per cent in 2020. India, as a country is also dependent on tourism, as this sector contributed 9.3 per cent to the country's GDP in 2019. The Indian tourism industry also needs to cope with the setbacks created due to the coronavirus pandemic, or the revenue source could be lost.<br />
&nbsp;<br />
The Government of Sri Lanka under Rajapaksa reduced VAT to 8 per cent, reduced corporate tax from 28 per cent&nbsp;to 24 per cent, and abolished the Pay As You Earn (PAYE) tax and the 2 per cent “nation-building tax” which financed infrastructure development. All of these led to a 33.5 per cent decline in registered taxpayers. India is also in the process of reforming its tax structure, with the introduction of the Goods and Services Tax (GST), reduction in corporate tax rate and exemption of individual taxpayers with taxable income up to Rs&nbsp;500,000 &nbsp;by providing a 100 per cent tax rebate. These reforms need to be implemented with caution.<br />
&nbsp;<br />
In its 2014 State of the Economy Report, the Institute of Policy Studies of Sri Lanka called attention to hot money, unsettling borrowing habits, ephemeral and shallow quick fixes, and a monopoly of foreign direct investment flow into the hotel industry. When compared to 2005, Sri Lanka's foreign debt more than doubled, rising to $56.3 billion by 2020. The country's foreign debt increased from roughly 42 per cent&nbsp;of GDP in 2019 to 119 per cent&nbsp;of GDP in 2021. The nation needed to pay $4 billion in debt by the end of 2022, but as of April 2022, government foreign currency reserves were only $2.3 billion.&nbsp;<br />
&nbsp;<br />
According to the Reserve Bank of India's data, at the end of March 2022, India’s external debt was placed at $ 620.7 billion, recording an increase of $ 47.1 billion over its level in end-March 2021. As per a recent RBI report, five Indian states have been flagged as highly debt-ridden states. India should manage its debt-to-GDP ratio to avoid defaulting.&nbsp;</p>
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<p>The government of Sri Lanka printed more and more money in order to deal with debt liabilities, but that led to the depreciation of the Sri Lankan rupee, leading to falling forex reserves. India should restructure debt, but at the same time also boost exports to deal with any untoward impact on forex reserves.<br />
&nbsp;<br />
In April 2021, Rajapaksa announced that the country will only allow organic farming, banning chemical pesticides and fertilisers, negatively impacting the production of tea and rice. Sri Lanka used to be the second largest tea exporter in the world, but bad agriculture policies led to the downfall of the industry. In November 2021, the government abandoned the organic farming plan, but the damage was already done. This led Sri Lanka to import rice worth $450 million in 2021.<br />
&nbsp;<br />
A big lesson to learn for India from this situation is to be self-sufficient in food production. As per the data released by the Ministry of Consumer Affairs, around 1550 tonnes of food grain have been wasted during the Covid-19 pandemic in the Food Corporation of India’s godowns, due to a lack of a proper mechanism to store the food grains, and this should be avoided at all costs, especially at a time when food resources have become scarce all over the world, with the situation exacerbated by the Russia-Ukraine war. The ongoing war also contributed to the collapse of the Sri Lankan economy, as Russia is the second biggest market for Sri Lankan tea exports, and also a major source of tourism.<br />
&nbsp;<br />
All these factors contributed to the fall of Sri Lanka, resulting in electricity and fuel shortages, and a rise in inflation. This placed the country at a standstill, with health services being impacted, mid-term examinations being postponed due to a shortage of paper, and also affecting the trade and diplomatic relations with other nations.<br />
&nbsp;<br />
India, as a country is also dealing with a set of unique economic problems that need to be dealt with carefully in order to avoid a future crisis. Firstly, India has a reserve oil storage of 74 days, but this needs to be increased keeping in mind the ongoing fuel crisis around the world created due to the Russia-Ukraine war. Secondly, India seems to be on the brink of a power crisis with the ongoing coal shortage at a time when the country is dependent on fossil fuels for more than 60 per cent of electricity generation. Third, the Indian rupee has depreciated 5.9 per cent in 2022, which will further result in decreasing forex reserves, which have already plunged to the lowest ever value in the past 15 months. Fourth, Indian inflation soared to 7.79 per cent in April 2022, which should be avoided at all costs, as seen in Sri Lanka, where angry protestors raided government institutions to express outrage over increasing prices. Lastly, industrial production should be increased in tune with the government’s plan to produce goods worth $1 trillion by 2025, and at the same time exports should be increased to earn sufficient forex reserves to deal with debt liabilities and the ever-increasing cost of imports due to unstable global atmosphere around fuel and food.<br />
&nbsp;</p>

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After months of opposition to his administration over the worst economic crisis in the country's history, Sri Lankan President Gotabaya Rajapaksa has resigned. Sri Lanka's parliament convened on Saturday to start the process of electing a new president.

After months of opposition to his administration over the worst economic crisis in the country's history, Sri Lankan President Gotabaya Rajapaksa has resigned. Sri Lanka's parliament convened on Saturday to start the process of electing a new president. Sri Lanka used to be a middle-income economy, continuously improving on social indicators, but economic mismanagement by the government led it to collapse. Everything started with the tourism industry, which was severely impacted first by bombings carried out by Islamic extremists targeting hotels and churches in 2019, and then by the coronavirus outbreak the following year. Tourism revenues contributed to 5.6 per cent of the Sri Lankan GDP in 2018 but fell to just 0.8 per cent in 2020. India, as a country is also dependent on tourism, as this sector contributed 9.3 per cent to the country's GDP in 2019. The Indian tourism industry also needs to cope with the setbacks created due to the coronavirus pandemic, or the revenue source could be lost. The Government of Sri Lanka under Rajapaksa reduced VAT to 8 per cent, reduced corporate tax from 28 per cent to 24 per cent, and abolished the Pay As You Earn (PAYE) tax and the 2 per cent “nation-building tax” which financed infrastructure development. All of these led to a 33.5 per cent decline in registered taxpayers. India is also in the process of reforming its tax structure, with the introduction of the Goods and Services Tax (GST), reduction in corporate tax rate and exemption of individual taxpayers with taxable income up to Rs 500,000 by providing a 100 per cent tax rebate. These reforms need to be implemented with caution. In its 2014 State of the Economy Report, the Institute of Policy Studies of Sri Lanka called attention to hot money, unsettling borrowing habits, ephemeral and shallow quick fixes, and a monopoly of foreign direct investment flow into the hotel industry. When compared to 2005, Sri Lanka's foreign debt more than doubled, rising to $56.3 billion by 2020. The country's foreign debt increased from roughly 42 per cent of GDP in 2019 to 119 per cent of GDP in 2021. The nation needed to pay $4 billion in debt by the end of 2022, but as of April 2022, government foreign currency reserves were only $2.3 billion. According to the Reserve Bank of India's data, at the end of March 2022, India’s external debt was placed at $ 620.7 billion, recording an increase of $ 47.1 billion over its level in end-March 2021. As per a recent RBI report, five Indian states have been flagged as highly debt-ridden states. India should manage its debt-to-GDP ratio to avoid defaulting. The government of Sri Lanka printed more and more money in order to deal with debt liabilities, but that led to the depreciation of the Sri Lankan rupee, leading to falling forex reserves. India should restructure debt, but at the same time also boost exports to deal with any untoward impact on forex reserves. In April 2021, Rajapaksa announced that the country will only allow organic farming, banning chemical pesticides and fertilisers, negatively impacting the production of tea and rice. Sri Lanka used to be the second largest tea exporter in the world, but bad agriculture policies led to the downfall of the industry. In November 2021, the government abandoned the organic farming plan, but the damage was already done. This led Sri Lanka to import rice worth $450 million in 2021. A big lesson to learn for India from this situation is to be self-sufficient in food production. As per the data released by the Ministry of Consumer Affairs, around 1550 tonnes of food grain have been wasted during the Covid-19 pandemic in the Food Corporation of India’s godowns, due to a lack of a proper mechanism to store the food grains, and this should be avoided at all costs, especially at a time when food resources have become scarce all over the world, with the situation exacerbated by the Russia-Ukraine war. The ongoing war also contributed to the collapse of the Sri Lankan economy, as Russia is the second biggest market for Sri Lankan tea exports, and also a major source of tourism. All these factors contributed to the fall of Sri Lanka, resulting in electricity and fuel shortages, and a rise in inflation. This placed the country at a standstill, with health services being impacted, mid-term examinations being postponed due to a shortage of paper, and also affecting the trade and diplomatic relations with other nations. India, as a country is also dealing with a set of unique economic problems that need to be dealt with carefully in order to avoid a future crisis. Firstly, India has a reserve oil storage of 74 days, but this needs to be increased keeping in mind the ongoing fuel crisis around the world created due to the Russia-Ukraine war. Secondly, India seems to be on the brink of a power crisis with the ongoing coal shortage at a time when the country is dependent on fossil fuels for more than 60 per cent of electricity generation. Third, the Indian rupee has depreciated 5.9 per cent in 2022, which will further result in decreasing forex reserves, which have already plunged to the lowest ever value in the past 15 months. Fourth, Indian inflation soared to 7.79 per cent in April 2022, which should be avoided at all costs, as seen in Sri Lanka, where angry protestors raided government institutions to express outrage over increasing prices. Lastly, industrial production should be increased in tune with the government’s plan to produce goods worth $1 trillion by 2025, and at the same time exports should be increased to earn sufficient forex reserves to deal with debt liabilities and the ever-increasing cost of imports due to unstable global atmosphere around fuel and food. (Disclaimer: The views of the writer do not represent the views of WION or ZMCL. Nor does WION or ZMCL endorse the views of the writer.) WATCH WION LIVE HERE You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here.

Sri Lankan crisis: Economy lessons India can learn

<p>Capt. Preet Chandi sought to demonstrate that "no matter where we are from, no matter what we look like, we can achieve anything we desire" by becoming the first woman of colour to successfully complete a solo, unassisted expedition to the South Pole. Currently, "Polar Preet" is aiming for a bigger challenge: she wants to become the first woman to travel alone and unassisted across the entire continent of Antarctica.</p>

<p>The 33-year-old is currently preparing for "phase two" of her trailblazing tour, which would require travelling more than 1,000 miles in temperatures as low as minus 50C. Just a few months prior, she had trekked 700 miles in 40 days. Preet will go coast to coast in an estimated 75 days, battling winds of high to 60 mph while towing a sledge behind her equipment.</p>

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<p>Announcing the expedition in an Instagram post, she said, “Why did I go to Antarctica in the first place and why am I going back? I wanted to show that no matter where we are from, no matter what we look like, we can achieve anything we want. I want to inspire others to push their boundaries and encourage them to believe in themselves. I want to break that glass ceiling!”</p>

<p>Also Read:<a href="https://www.wionews.com/world/mexico-arrests-drug-lord-on-fbi-ten-most-wanted-fugitive-list-497827">&nbsp;Mexico arrests drug lord on 'FBI ten most wanted fugitive' list</a></p>

<p>At the end of the year, the army physiotherapist will take some time off to try to write her name into the record books yet again. She works on her cardiovascular and muscular strength as well as dragging tyres to simulate the weight of her sledge.</p>

<p><em>(with inputs from agencies)</em></p>

<p><iframe allow="accelerometer; autoplay; encrypted-media; gyroscope; picture-in-picture" allowfullscreen="" frameborder="0" height="350" loading="”lazy”" src="https://www.wionews.com/live-tv/embed?autoplay=1&amp;mute=1  width=&quot;100%&quot;"></iframe></p>


Capt. Preet Chandi sought to demonstrate that "no matter where we are from, no matter what we look like, we can achieve anything we desire" by becoming the first woman of colour to successfully complete a solo, unassisted expedition to the South Pole.

Capt. Preet Chandi sought to demonstrate that "no matter where we are from, no matter what we look like, we can achieve anything we desire" by becoming the first woman of colour to successfully complete a solo, unassisted expedition to the South Pole. Currently, "Polar Preet" is aiming for a bigger challenge: she wants to become the first woman to travel alone and unassisted across the entire continent of Antarctica. The 33-year-old is currently preparing for "phase two" of her trailblazing tour, which would require travelling more than 1,000 miles in temperatures as low as minus 50C. Just a few months prior, she had trekked 700 miles in 40 days. Preet will go coast to coast in an estimated 75 days, battling winds of high to 60 mph while towing a sledge behind her equipment. View this post on Instagram A post shared by Preet Chandi (@polarpreet) × Announcing the expedition in an Instagram post, she said, “Why did I go to Antarctica in the first place and why am I going back? I wanted to show that no matter where we are from, no matter what we look like, we can achieve anything we want. I want to inspire others to push their boundaries and encourage them to believe in themselves. I want to break that glass ceiling!” Also Read: Mexico arrests drug lord on 'FBI ten most wanted fugitive' list At the end of the year, the army physiotherapist will take some time off to try to write her name into the record books yet again. She works on her cardiovascular and muscular strength as well as dragging tyres to simulate the weight of her sledge. (with inputs from agencies)

Who is 'Polar Preet'? She can be first woman to trek solo, unaided across Antarctica

<p>A wristwatch that is rumoured to have belonged to Adolf Hitler is being sold by Alexander Historical Auctions, a company that specialises in historically significant items, with a pre-sale estimate of $2 to $4 million. According to Watchpro, Adolf Hitler most certainly received the gold Andreas Huber reversible wristwatch on April 20, 1933, his 44th birthday.</p>

<p>According to The Dailymail, it contains three dates: Hitler's birthday, the day he was named Germany's chancellor, and the day the Nazi party won the 1933 election. Hitler's Nazi party, which he led, is thought to have handed him the watch in 1933 when he was chosen as Germany's chancellor.</p>

<p>Also Read:&nbsp;<a href="https://www.wionews.com/world/is-it-time-for-the-big-default-dozen-countries-moving-towards-economic-collapse-497867">Is it time for 'the big default'? Dozen countries moving towards economic collapse</a></p>

<p>On Friday, May 4, 1945, when his battalion became the first Allied force to reach Hitler's retreat in Berchtesgaden in the highlands of Bavaria, a French soldier found it and took the watch as "spoils of war." According to the auctioneer, watchmakers and military historians have studied the watch's background and come to the consensus that Adolf Hitler actually owned it and that it is legitimate.</p>

<p>However, Jaeger-LeCoultre has stated in a statement that it does not recognise the legitimacy of the watch, according to Watchpro. “Any inference that this is an authentic Jaeger-LeCoultre watch would be a falsehood and the company would take action accordingly. The company is committed to the protection of its intellectual property and is prepared to take all necessary legal action to prevent the sale of frauds and counterfeits,” the company states.</p>

<p><em>(with inputs from agencies)</em><br />
&nbsp;</p>

<p><iframe allow="accelerometer; autoplay; encrypted-media; gyroscope; picture-in-picture" allowfullscreen="" frameborder="0" height="350" loading="”lazy”" src="https://www.wionews.com/live-tv/embed?autoplay=1&amp;mute=1  width=&quot;100%&quot;"></iframe></p>


A wristwatch that is rumoured to have belonged to Adolf Hitler is being sold by Alexander Historical Auctions, a company that specialises in historically significant items, with a pre-sale estimate of $2 to $4 million.

A wristwatch that is rumoured to have belonged to Adolf Hitler is being sold by Alexander Historical Auctions, a company that specialises in historically significant items, with a pre-sale estimate of $2 to $4 million. According to Watchpro, Adolf Hitler most certainly received the gold Andreas Huber reversible wristwatch on April 20, 1933, his 44th birthday. According to The Dailymail, it contains three dates: Hitler's birthday, the day he was named Germany's chancellor, and the day the Nazi party won the 1933 election. Hitler's Nazi party, which he led, is thought to have handed him the watch in 1933 when he was chosen as Germany's chancellor. Also Read: Is it time for 'the big default'? Dozen countries moving towards economic collapse On Friday, May 4, 1945, when his battalion became the first Allied force to reach Hitler's retreat in Berchtesgaden in the highlands of Bavaria, a French soldier found it and took the watch as "spoils of war." According to the auctioneer, watchmakers and military historians have studied the watch's background and come to the consensus that Adolf Hitler actually owned it and that it is legitimate. However, Jaeger-LeCoultre has stated in a statement that it does not recognise the legitimacy of the watch, according to Watchpro. “Any inference that this is an authentic Jaeger-LeCoultre watch would be a falsehood and the company would take action accordingly. The company is committed to the protection of its intellectual property and is prepared to take all necessary legal action to prevent the sale of frauds and counterfeits,” the company states. (with inputs from agencies)

Hitler's watch bearing his initials to be auctioned, might fetch $4 million

<p>A record number of developing countries are now in difficulty, according to traditional debt crisis indicators like collapsing currencies, 1,000 basis point bond spreads, and burnt foreign exchange reserves. Rising borrowing prices, inflation, and debt all fuel concerns of an economic collapse, with the result that Lebanon, Sri Lanka, Russia, Suriname, and Zambia are already in default, Belarus is on the verge of default, and at least another dozen countries are in danger of default.</p>

<p>The total price is staggering. Analysts estimate that $400 billion of debt is at risk using 1,000 basis point bond spreads as a pain threshold. Argentina has by far the biggest, with over $150 billion, followed by Ecuador and Egypt, each with between $40 and $45 billion. Crisis veterans believe that many can yet avoid default, particularly if global markets stabilise and the IMF steps in to offer assistance, but these are the countries that remain vulnerable.</p>

<p>The Argentine government won't have to pay off any sizable debt until 2024, but after that, the burden will increase, and worries have begun to grow that strong vice president Cristina Fernandez de Kirchner may try to force Argentina to break its commitment to the International Monetary Fund. The deadline for Ukraine's $1.2 billion in bond payments is in September. Kyiv may be able to make payments thanks to reserves and aid money. However, investors believe the government will follow suit in light of state-run Naftogaz's request for a two-year debt freeze this week.</p>

<p>Also Read:&nbsp;<a href="https://www.wionews.com/world/arab-summit-biden-hopes-for-more-oil-israeli-integration-and-stopping-iran-from-getting-nuclear-weapons-497848">Arab Summit: Biden hopes for more oil, Israeli integration, and stopping Iran from getting nuclear weapons</a></p>

<p>Due to President Kais Saied's efforts to solidify his hold on power and the nation's strong, obstinate labour union, there are worries that securing, or at least adhering to, an IMF programme may be challenging in Tunisia. It has a budget deficit of almost 10% and one of the highest public sector wage bills in the world. Furious borrowing has led to a rise in Ghana's debt to GDP ratio to almost 85%. It already spent more than half of the tax receipts on debt interest payments, and its currency, the cedi, has lost about a quarter of its value this year. Additionally, inflation is going very close to 30%.</p>

<p>With a debt-to-GDP ratio of about 95%, Egypt has experienced one of the largest outflows of foreign funds this year, JPMorgan estimates, totalling $11 billion. Kenya pays interest on a little more than 30% of its income. Since it now lacks access to financing markets and has bonds worth over half a billion dollars that mature in 2024, this situation is problematic. One of the first nations to receive debt relief under the G20 Common Framework initiative will be Ethiopia. Although the country's prolonged civil war has slowed progress, it is nonetheless paying interest on its lone $1 billion international bond.</p>

<p><em>(with inputs from agencies)</em></p>

<p><iframe allow="accelerometer; autoplay; encrypted-media; gyroscope; picture-in-picture" allowfullscreen="" frameborder="0" height="350" loading="”lazy”" src="https://www.wionews.com/live-tv/embed?autoplay=1&amp;mute=1  width=&quot;100%&quot;"></iframe></p>


A record number of developing countries are now in difficulty, according to traditional debt crisis indicators like collapsing currencies, 1,000 basis point bond spreads, and burnt foreign exchange reserves.

A record number of developing countries are now in difficulty, according to traditional debt crisis indicators like collapsing currencies, 1,000 basis point bond spreads, and burnt foreign exchange reserves. Rising borrowing prices, inflation, and debt all fuel concerns of an economic collapse, with the result that Lebanon, Sri Lanka, Russia, Suriname, and Zambia are already in default, Belarus is on the verge of default, and at least another dozen countries are in danger of default. The total price is staggering. Analysts estimate that $400 billion of debt is at risk using 1,000 basis point bond spreads as a pain threshold. Argentina has by far the biggest, with over $150 billion, followed by Ecuador and Egypt, each with between $40 and $45 billion. Crisis veterans believe that many can yet avoid default, particularly if global markets stabilise and the IMF steps in to offer assistance, but these are the countries that remain vulnerable. The Argentine government won't have to pay off any sizable debt until 2024, but after that, the burden will increase, and worries have begun to grow that strong vice president Cristina Fernandez de Kirchner may try to force Argentina to break its commitment to the International Monetary Fund. The deadline for Ukraine's $1.2 billion in bond payments is in September. Kyiv may be able to make payments thanks to reserves and aid money. However, investors believe the government will follow suit in light of state-run Naftogaz's request for a two-year debt freeze this week. Also Read: Arab Summit: Biden hopes for more oil, Israeli integration, and stopping Iran from getting nuclear weapons Due to President Kais Saied's efforts to solidify his hold on power and the nation's strong, obstinate labour union, there are worries that securing, or at least adhering to, an IMF programme may be challenging in Tunisia. It has a budget deficit of almost 10% and one of the highest public sector wage bills in the world. Furious borrowing has led to a rise in Ghana's debt to GDP ratio to almost 85%. It already spent more than half of the tax receipts on debt interest payments, and its currency, the cedi, has lost about a quarter of its value this year. Additionally, inflation is going very close to 30%. With a debt-to-GDP ratio of about 95%, Egypt has experienced one of the largest outflows of foreign funds this year, JPMorgan estimates, totalling $11 billion. Kenya pays interest on a little more than 30% of its income. Since it now lacks access to financing markets and has bonds worth over half a billion dollars that mature in 2024, this situation is problematic. One of the first nations to receive debt relief under the G20 Common Framework initiative will be Ethiopia. Although the country's prolonged civil war has slowed progress, it is nonetheless paying interest on its lone $1 billion international bond. (with inputs from agencies)

Is it time for 'the big default'? Dozen countries moving towards economic collapse

<p>In order to convince Washington's Gulf allies to pump more oil and to include Israel in the region as part of a new axis partly motivated by shared fears over Iran, US President Joe Biden talks to&nbsp;Arab leaders in Saudi Arabia on Saturday. In a joint statement published by the Saudi state news agency, the two nations stressed the significance of preventing Iran from "acquiring a nuclear weapon."</p>

<p>On the second leg of his first trip to the Middle East as president, Biden has downplayed meeting with Saudi Crown Prince Mohammed bin Salman, a decision that has drawn criticism in the US due to human rights abuses. Instead, he has concentrated on the summit with six Gulf states, Egypt, Jordan, and Iraq that is scheduled. In response to the murder of journalist Jamal Khashoggi by Saudi agents in 2018, Biden had vowed to make Saudi Arabia a "pariah" on the international stage. However, he ultimately came to the conclusion that U.S. interests required a recalibration, not a rupture, in relations with the country, which is the top oil exporter and an Arab superpower.</p>

<p>Also Read:&nbsp;<a href="https://www.wionews.com/world/mexico-arrests-drug-lord-on-fbi-ten-most-wanted-fugitive-list-497827">Mexico arrests drug lord on 'FBI ten most wanted fugitive' list</a></p>

<p>At a time when there is a temporary cease-fire in the Yemen war and high crude prices, as well as other issues connected to the Russia-Ukraine conflict, Biden needs Saudi assistance. Washington also seeks to lessen China's global influence and Iran's hold on the area. Gulf governments, who have steadfastly refused to support the West against Russia in the Ukraine conflict, are in turn looking for a firm US commitment to strategic partnerships that have grown strained due to the US's perceived disengagement from the region.</p>

<p>(with inputs from agencies)</p>

<p><iframe allow="accelerometer; autoplay; encrypted-media; gyroscope; picture-in-picture" allowfullscreen="" frameborder="0" height="350" loading="”lazy”" src="https://www.wionews.com/live-tv/embed?autoplay=1&amp;mute=1  width=&quot;100%&quot;"></iframe></p>


In order to convince Washington's Gulf allies to pump more oil and to include Israel in the region as part of a new axis partly motivated by shared fears over Iran, US President Joe Biden talks to Arab leaders in Saudi Arabia on Saturday.

In order to convince Washington's Gulf allies to pump more oil and to include Israel in the region as part of a new axis partly motivated by shared fears over Iran, US President Joe Biden talks to Arab leaders in Saudi Arabia on Saturday. In a joint statement published by the Saudi state news agency, the two nations stressed the significance of preventing Iran from "acquiring a nuclear weapon." On the second leg of his first trip to the Middle East as president, Biden has downplayed meeting with Saudi Crown Prince Mohammed bin Salman, a decision that has drawn criticism in the US due to human rights abuses. Instead, he has concentrated on the summit with six Gulf states, Egypt, Jordan, and Iraq that is scheduled. In response to the murder of journalist Jamal Khashoggi by Saudi agents in 2018, Biden had vowed to make Saudi Arabia a "pariah" on the international stage. However, he ultimately came to the conclusion that U.S. interests required a recalibration, not a rupture, in relations with the country, which is the top oil exporter and an Arab superpower. Also Read: Mexico arrests drug lord on 'FBI ten most wanted fugitive' list At a time when there is a temporary cease-fire in the Yemen war and high crude prices, as well as other issues connected to the Russia-Ukraine conflict, Biden needs Saudi assistance. Washington also seeks to lessen China's global influence and Iran's hold on the area. Gulf governments, who have steadfastly refused to support the West against Russia in the Ukraine conflict, are in turn looking for a firm US commitment to strategic partnerships that have grown strained due to the US's perceived disengagement from the region. (with inputs from agencies)

Arab Summit: Biden hopes for more oil, Israeli integration, and stopping Iran from getting nuclear weapons

<p>Johnson also reportedly indicated that he is open to Penny Mordaunt, the junior trade minister, succeeding him if it meant that Sunak is kept out of the race.&nbsp;In other news,&nbsp;in response to the murder of journalist Jamal Khashoggi by Saudi agents in 2018, Biden had vowed to make Saudi Arabia a "pariah" on the international stage. However, he ultimately came to the conclusion that U.S. interests required a recalibration, not a rupture, in relations with the country, which is the top oil exporter and an Arab superpower.<br />
&nbsp;</p>

<p><strong>Click on headlines to read more:</strong></p>

<p><a href="https://www.wionews.com/world/boris-johnson-running-anyone-but-rishi-campaign-tells-defeated-candidates-not-to-back-him-report-497836">Boris Johnson running ‘anyone but Rishi’ campaign, tells defeated candidates not to back him: Report</a></p>
<img alt="1" data-align="center" data-entity-type="file" data-entity-uuid="c89f0243-bad0-42d7-9160-3f65e277e8ca" src="//cdn.wionews.com/sites/default/files/inline-images/279568-sunak.jpg" />
<p>With the race for the UK’s prime ministership gaining heat, interim prime minister Boris Johnson has urged the defeated Tory member candidates to “back anyone but Rishi Sunak”, according to local media reports.&nbsp;According to The Times newspaper, Johnson, who resigned as the leader of the ruling Conservative Party on July 7 after many of his cabinet ministers quit, has asked the failed candidates to make sure that Sunak does not become the prime minister.</p>

<p><a href="https://www.wionews.com/south-asia/sri-lanka-crisis-live-parliament-to-convene-today-president-to-be-elected-on-july-20-497843">Ensure peaceful and constitutional transfer of power in Sri Lanka: UN</a></p>
<img alt="2" data-align="center" data-entity-type="file" data-entity-uuid="52f5365d-ab07-4b89-9f72-74daf950a1dc" src="//cdn.wionews.com/sites/default/files/inline-images/279573-parl.jpg" />
<p>The UN mission in Sri Lanka has urged senior politicians to ensure a peaceful transfer of power in line with the national Constitution, following weeks of protests that finally saw the resignation of President Gotabaya Rajapaksa on Thursday.</p>

<p>“The United Nations in Sri Lanka urges all stakeholders to ensure a peaceful transition of power in full respect for the Constitution,” said United Nations (UN) Resident Coordinator Hanaa Singer, in a statement issued on Friday on behalf of the UN in Sri Lanka.</p>

<p>She said it was “imperative that the transition of power is accompanied by broad and inclusive consultation within and outside Parliament”.</p>

<p><a href="https://www.wionews.com/world/arab-summit-biden-hopes-for-more-oil-israeli-integration-and-stopping-iran-from-getting-nuclear-weapons-497848">Arab Summit: Biden hopes for more oil, Israeli integration, and stopping Iran from getting nuclear weapons</a></p>
<img alt="3" data-align="center" data-entity-type="file" data-entity-uuid="365d5662-0951-4bf8-bb0f-155ce56f6e55" src="//cdn.wionews.com/sites/default/files/inline-images/279574-2022-07-16t030954z1lynxmpei6f017rtroptp4usa-saudi.JPG" />
<p>In order to convince Washington's Gulf allies to pump more oil and to include Israel in the region as part of a new axis partly motivated by shared fears over Iran, US President Joe Biden talks with Arab leaders in Saudi Arabia on Saturday. In a joint statement published by the Saudi state news agency, the two nations stressed the significance of preventing Iran from "acquiring a nuclear weapon."</p>

<p><strong>China: Xi Jinping visits Xinjiang after 8 years</strong></p>

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<p><strong>World turns to Stagflation from Inflation?</strong></p>

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Johnson also reportedly indicated that he is open to Penny Mordaunt, the junior trade minister, succeeding him if it meant that Sunak is kept out of the race. In other news, in response to the murder of journalist Jamal Khashoggi by Saudi agents in 2018, Biden had vowed to make Saudi Arabia a "pariah" on the international stage.

Johnson also reportedly indicated that he is open to Penny Mordaunt, the junior trade minister, succeeding him if it meant that Sunak is kept out of the race. In other news, in response to the murder of journalist Jamal Khashoggi by Saudi agents in 2018, Biden had vowed to make Saudi Arabia a "pariah" on the international stage. However, he ultimately came to the conclusion that U.S. interests required a recalibration, not a rupture, in relations with the country, which is the top oil exporter and an Arab superpower. Click on headlines to read more: Boris Johnson running ‘anyone but Rishi’ campaign, tells defeated candidates not to back him: Report With the race for the UK’s prime ministership gaining heat, interim prime minister Boris Johnson has urged the defeated Tory member candidates to “back anyone but Rishi Sunak”, according to local media reports. According to The Times newspaper, Johnson, who resigned as the leader of the ruling Conservative Party on July 7 after many of his cabinet ministers quit, has asked the failed candidates to make sure that Sunak does not become the prime minister. Ensure peaceful and constitutional transfer of power in Sri Lanka: UN The UN mission in Sri Lanka has urged senior politicians to ensure a peaceful transfer of power in line with the national Constitution, following weeks of protests that finally saw the resignation of President Gotabaya Rajapaksa on Thursday. “The United Nations in Sri Lanka urges all stakeholders to ensure a peaceful transition of power in full respect for the Constitution,” said United Nations (UN) Resident Coordinator Hanaa Singer, in a statement issued on Friday on behalf of the UN in Sri Lanka. She said it was “imperative that the transition of power is accompanied by broad and inclusive consultation within and outside Parliament”. Arab Summit: Biden hopes for more oil, Israeli integration, and stopping Iran from getting nuclear weapons In order to convince Washington's Gulf allies to pump more oil and to include Israel in the region as part of a new axis partly motivated by shared fears over Iran, US President Joe Biden talks with Arab leaders in Saudi Arabia on Saturday. In a joint statement published by the Saudi state news agency, the two nations stressed the significance of preventing Iran from "acquiring a nuclear weapon." China: Xi Jinping visits Xinjiang after 8 years × World turns to Stagflation from Inflation? ×

Morning news brief: Boris says 'anyone but Rishi', UN on Sri Lanka, Biden in Saudi, and more

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