Amid the ongoing cost of living crisis in the UK, Chancellor Zahawi to visit the US. The visit is aimed at solving cost of living crisis. Meanwhile, Pubs in UK fear closure over soaring energy costs.

UK Chancellor Zahawi to visit the US: Visit aimed at solving cost of living crisis

Nepal is in the grip of another political crisis as the country's rulers are clashing. There is an apparent tussle between the executive and the president over citizenship Bill and it appears that the lawmakers are stuck between the government and president.

Standoff between Nepal's President & govt over citizenship to 'foreign women'

Nepal is in the grip of another political crisis as the country's rulers are clashing. In the new citizenship amendment bill, a provision allows foreign women who are married to Nepalese citizens the right to acquire citizenship immediately.

Another political crisis grips Nepal, citizenship amendment bill splits Nepalese lawmakers

Crisis is unfolding in Nepal as President Bidhya Devi Bhandari opposes an amendment to Nepal's citizenship law that was passed by parliament. Prime Minister Sheikh Bahadur Deuba reportedly told members of his party that the President could resign instead of giving her ascent to these amendments.

Nepal government fears President could resign in protest, cause constitutional vacuum

According to local media reports, Gotabaya Rajapaksa, the former president of Sri Lanka, may return to the island nation next week after leaving amid widespread protests in July.

Gotabaya Rajapaksa to return to Sri Lanka on August 24?

China's banking system is in trouble with citizens complaining of fraud and worsening energy crisis. The economy seems to be in trouble and to make matter worse, agricultural banks in Henan province are also struggling to repay citizens.

China: Agriculture banks in Henan struggle to repay citizens; citizens question scandals in economy

China's economy unexpectedly contracted in July as a result of a housing crisis and Beijing's zero-Covid&nbsp;policy, while the central bank shocked the markets by lowering crucial lending rates to boost demand.

According to data from the National Bureau of Statistics (NBS), industrial output increased 3.8% from a year earlier in July, which was a little decrease from June's 3.9% growth. According to a Reuters poll, economists had predicted a 4.6% increase.

Retail sales, which only started to increase in June, up 2.7% from a year earlier, far below the 3.1% rise observed in June and far below analysts' expectations of 5% growth.

The second-largest <a href="https://www.wionews.com/world/japans-economy-rebounds-from-covid-sees-growth-in-second-quarter-506920">economy</a>&nbsp;in the world just avoided contracting in the June quarter due to the lockdown of Shanghai's business centre, a worsening downturn in the real estate market, and chronically weak consumer spending.

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Risks to expansion do exist, though, as numerous Chinese cities, including industry hubs and well-known tourist destinations, implemented lockdown measures in July in response to new outbreaks of the more contagious Omicron variety.

The NBS issued a statement warning that "the possibility of stagflation in the world economy is rising and the ground for domestic economic recovery is not yet firm."

The mortgage boycott that negatively impacted buyer confidence further shook the real estate market in July. In July, real estate investment fell by 12.3%, the fastest rate this year, while new sales fell by 28.9%.

Also read |&nbsp;<meta charset="utf-8" /><a href="https://www.wionews.com/world/china-blocks-traders-from-nepal-impacting-trade-yet-again-506816">China blocks trading points citing Covid-19, Nepal traders suffer losses</a>

Chinese officials are attempting to strike a balance between bolstering a flimsy recovery and eliminating rising COVID&nbsp;clusters, as the economy is anticipated to miss its official growth target this year, set at approximately 5.5%, for the first time since 2015.

With the exception of exports, all economic indicators in July were disappointing. Nie Wen, an economist with Hwabao Trust with a <a href="https://www.wionews.com/india-news/as-india-skips-mention-of-one-china-beijing-hopes-for-open-reiteration-taiwan-says-in-touch-with-delhi-506858">Shanghai </a>office, noted that loan demand from the real sector remained poor, indicating a cautious prognosis for the months to come. He also noted that COVID-19 outbreaks and the July heatwaves had an impact on activity.

The state of the labour market remains precarious. Although youth unemployment remained stubbornly high, reaching a record 19.9% in July, the nationwide survey-based unemployment rate slightly decreased to 5.4% in July from 5.5% in June.

The central bank abruptly reduced interest rates on important lending facilities for the second time this year on Monday in an effort to support growth. According to data released on Friday, new yuan loans fell more than anticipated in July as businesses and consumers continued to be cautious about taking on debt.

Wang Jun, an analyst at Zhongyuan Bank, predicts that rather than deploying drastic new stimulus measures, government officials would concentrate on implementing current policies.

“We are now facing a typical liquidity trap problem. No matter how loose the credit supply is, companies and consumers are cautious in taking on more debt,” Wang said. “Some of them are now even paying back their debt in advance. This may herald a recession.”

In the first seven months of the year, fixed asset investment increased 5.7% from the same period a year earlier, below the forecasted 6.2% increase and down from a 6.1% increase in January-June. Beijing had hoped that fixed asset investment would drive growth in the second half as exports slump.

(With inputs from agencies)

<div class="videoWrapper trancodeVideo"><iframe allowfullscreen="" autoplay="1" class="includeVideo" frameborder="0" height="350" src="https://www.wionews.com/videos/china-conducts-more-live-fire-drills-in-south-china-sea-506826/embed" style="width:100%;max-width:560px;" width="560"></iframe></div>

China's economy unexpectedly contracted in July as a result of a housing crisis and Beijing's zero-Covid policy, while the central bank shocked the markets by lowering crucial lending rates to boost demand.

China's economy unexpectedly contracted in July as a result of a housing crisis and Beijing's zero-Covid policy, while the central bank shocked the markets by lowering crucial lending rates to boost demand. According to data from the National Bureau of Statistics (NBS), industrial output increased 3.8% from a year earlier in July, which was a little decrease from June's 3.9% growth. According to a Reuters poll, economists had predicted a 4.6% increase. Retail sales, which only started to increase in June, up 2.7% from a year earlier, far below the 3.1% rise observed in June and far below analysts' expectations of 5% growth. The second-largest economy in the world just avoided contracting in the June quarter due to the lockdown of Shanghai's business centre, a worsening downturn in the real estate market, and chronically weak consumer spending. Risks to expansion do exist, though, as numerous Chinese cities, including industry hubs and well-known tourist destinations, implemented lockdown measures in July in response to new outbreaks of the more contagious Omicron variety. The NBS issued a statement warning that "the possibility of stagflation in the world economy is rising and the ground for domestic economic recovery is not yet firm." The mortgage boycott that negatively impacted buyer confidence further shook the real estate market in July. In July, real estate investment fell by 12.3%, the fastest rate this year, while new sales fell by 28.9%. Also read | China blocks trading points citing Covid-19, Nepal traders suffer losses Chinese officials are attempting to strike a balance between bolstering a flimsy recovery and eliminating rising COVID clusters, as the economy is anticipated to miss its official growth target this year, set at approximately 5.5%, for the first time since 2015. With the exception of exports, all economic indicators in July were disappointing. Nie Wen, an economist with Hwabao Trust with a Shanghai office, noted that loan demand from the real sector remained poor, indicating a cautious prognosis for the months to come. He also noted that COVID-19 outbreaks and the July heatwaves had an impact on activity. The state of the labour market remains precarious. Although youth unemployment remained stubbornly high, reaching a record 19.9% in July, the nationwide survey-based unemployment rate slightly decreased to 5.4% in July from 5.5% in June. The central bank abruptly reduced interest rates on important lending facilities for the second time this year on Monday in an effort to support growth. According to data released on Friday, new yuan loans fell more than anticipated in July as businesses and consumers continued to be cautious about taking on debt. Wang Jun, an analyst at Zhongyuan Bank, predicts that rather than deploying drastic new stimulus measures, government officials would concentrate on implementing current policies. “We are now facing a typical liquidity trap problem. No matter how loose the credit supply is, companies and consumers are cautious in taking on more debt,” Wang said. “Some of them are now even paying back their debt in advance. This may herald a recession.” In the first seven months of the year, fixed asset investment increased 5.7% from the same period a year earlier, below the forecasted 6.2% increase and down from a 6.1% increase in January-June. Beijing had hoped that fixed asset investment would drive growth in the second half as exports slump. (With inputs from agencies)

China's economy falls into a slumber due to unexpected COVID-19 outbreaks and property crisis

A global bird flu outbreak is worsening the cost-of-living crisis in many countries. The world organization for animal health said more than 22 million cases of bird flu have been reported in wild birds.

Bird flu outbreak worsening cost-of-living crisis

While the world powers are reacting strongly against China's aggressive stance in the Taiwan strait post US House Speaker Nancy Pelosi's visit to the region, India has maintained a studied silence on the situation. What is India's stand on the Taiwan crisis? Does it still follow the One China Policy?

What is India's stand on the Taiwan crisis?

Sri Lanka is currently battling its worst economic crisis since its independence in 1948. There is no respite in sight and the situation is only likely to get worse across Sri Lanka. President Ranil Wickremesinghe slammed the anti-govt protesters.

Ranil Wickremesinghe slams anti-govt protesters: 'First time in history we faced fascist terrorism'

Sri Lankan President Ranil Wickremesinghe said on Saturday that an agreement with the International Monetary Fund (IMF) has been pushed back to September due to the unrest over the weeks.

IMF agreement has been rescheduled for September, says Sri Lankan President Wickremesinghe

IMF agreement has been rescheduled for September, says Sri Lankan

As economic crisis continues to batter Sri Lanka, the international monetary fund has advised Sri Lanka to now seek monetary help from China to help boost its trade investment and tourism sectors.

'Sri Lanka should seek help from China,' says IMF

The presidential office will reopen in Sri Lanka on Monday. The colonial era building has now been cleared of all protesters just hours after Ranil Wickremesinghe took his presidential oath.

Sri Lanka's presidential office to reopen soon

Pakistan is also witnessing an economic crisis and in a fresh attack aimed at the Shehbaz Sharif's government, the former prime minister Imran Khan warned that Pakistan is not far from a Sri Lanka moment.

Pakistan: 'Not far from Sri Lanka moment,' says Imran Khan

Sri Lanka held its first cabinet meeting under newly-elected President Ranil Wickremesinghe. Cabinet was informed about securing a month-long fuel supply.

Sri Lanka crisis: First cabinet meeting under newly-elected President Ranil Wickremesinghe

Sri Lanka is in a mess. The President has resigned, the state machinery has crumbled, the political order has collapsed. Where is the country headed? How can the crisis be solved? What lessons should the world take? Palki Sharma Upadhyay explains on Gravitas Plus.

Gravitas Plus: Can Sri Lanka fix

Sri Lanka is reeling under its worst economic crisis since independence. The crisis continues to worsen even after President stepped down. Now, SLPP has announced support for Wickremesinghe.

Sri Lanka's economic crisis continues to worsen; protest movement reaches 100 days

Sri Lanka's economic crisis continues to worsen; SLPP announces support to Wickremesinghe

Gravitas Plus: Can Sri Lanka fix itself?

Sri Lanka is in a mess. The President has resigned, the state machinery has crumbled, the political order has collapsed. Where is the country headed? How can the crisis be solved? What lessons should the world take? Palki Sharma Upadhyay explains on #GravitasPlus

Gravitas Plus: Can Sri Lanka fix itself

Sri Lanka is reeling under a severe economic crisis. After weeks of unrest, Gotabaya Rajapaksa has finally stepped down from his post. Now he says he did all he could to avert the Economic crisis.

Sri Lanka economic crisis: Former President Gotabaya says 'Did all I could to avert Economic crisis'

Sri Lanka is reeling under a severe economic crisis. After weeks of unrest, Gotabaya Rajapaksa has finally stepped down from his post. Now, what's next for Sri Lanka? Watch this report.

What's next for Sri Lanka? Lankan parliament to elect a new President

Sri Lanka's PM Ranil Wickremesinghe was sworn in as interim president, after Parliament speaker accepted the resignation of Gotabaya Rajapaksa.

Gotabaya Rajapaksa resigns as Sri Lanka's president

Sri Lankan president Gotabaya Rajapaksa submitted a letter of resignation on July 14, a spokesperson for the parliament speaker said, hours after fleeing to Singapore following mass protests over an economic meltdown.

Sri Lanka: People in Colombo celebrate President Rajapaksa's resignation

Parliament has received letter of resignation from Sri Lankan President Gotabaya Rajapaksa. While Maldivian president confirmed the resignation, the authenticity of letter is under review.

Sri Lankan president Gotabaya Rajapaksa submits letter of resignation

After hours of mobocracy-led demonstrations an eerie calm has taken over the Sri Lanka lanes. With dramatic turn of events and the President announcing his resignation, the worst may seem to have passed but the crisis is far from over.

Sri Lanka economic crunch: Citizens try to flee country amid crisis

Long queues formed at filling stations and community centres across the capital, Colombo, on Monday, thronged by thousands of weary residents, as limited fuel and gas supplies have resumed in parts of Sri Lanka after a weekend of tumultuous anti-government protests over the economic crisis. Fresh supplies came as a relief for a city on edge after months of shortages of fuel, food and other basics, as reported by BBC.

Sri Lankans have endured months of medicine and food shortages and electricity blackouts while fuel stations have run out of petrol and diesel despite pleas to Russia and others for discounted oil. Unofficial inflation rates are second only to those of Zimbabwe, making many goods -- if they can be found -- too expensive for many people to afford. The United Nations has warned that Sri Lanka is facing a dire humanitarian crisis, with millions already in need of aid. More than three-quarters of the population had reduced their food intake due to the country's severe food shortages, the UN says.

Also Read:&nbsp;<a href="https://www.wionews.com/trending/indigo-levies-cute-fee-on-passengers-netizens-find-it-hysterical-496548">Indigo levies 'cute fee' on passengers, netizens find it hysterical</a>

Last week, cash-strapped Sri Lanka announced a two-week halt to all fuel sales except for essential services to save petrol and diesel for emergencies. Most shops were closed Sunday, with the situation expected to worsen when banks and offices reopen on Monday. Desperate people were seen trying to flag down the few vehicles on the road hoping for a ride.

Later, Sri Lankan President Rajapaksa flees his official residence in Colombo with the assistance of troops, shortly before demonstrators storm the compound, and he is taken to an undisclosed location offshore. Footage from inside the residence shows jubilant protesters jumping in the pool and exploring its stately bedrooms. Wickremesinghe's residence is set on fire. Police say he and his family were not at the scene. Rajapaksa later offers to step down on July 13, parliamentary speaker Mahinda Abeywardana says in a televised statement. &nbsp;

(with inputs from agencies) 
&nbsp;

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Long queues formed at filling stations and community centres across the capital, Colombo, on Monday, thronged by thousands of weary residents, as limited fuel and gas supplies have resumed in parts of Sri Lanka after a weekend of tumultuous anti-government protests over the economic crisis.

Long queues formed at filling stations and community centres across the capital, Colombo, on Monday, thronged by thousands of weary residents, as limited fuel and gas supplies have resumed in parts of Sri Lanka after a weekend of tumultuous anti-government protests over the economic crisis. Fresh supplies came as a relief for a city on edge after months of shortages of fuel, food and other basics, as reported by BBC. Sri Lankans have endured months of medicine and food shortages and electricity blackouts while fuel stations have run out of petrol and diesel despite pleas to Russia and others for discounted oil. Unofficial inflation rates are second only to those of Zimbabwe, making many goods -- if they can be found -- too expensive for many people to afford. The United Nations has warned that Sri Lanka is facing a dire humanitarian crisis, with millions already in need of aid. More than three-quarters of the population had reduced their food intake due to the country's severe food shortages, the UN says. Also Read: Indigo levies 'cute fee' on passengers, netizens find it hysterical Last week, cash-strapped Sri Lanka announced a two-week halt to all fuel sales except for essential services to save petrol and diesel for emergencies. Most shops were closed Sunday, with the situation expected to worsen when banks and offices reopen on Monday. Desperate people were seen trying to flag down the few vehicles on the road hoping for a ride. Later, Sri Lankan President Rajapaksa flees his official residence in Colombo with the assistance of troops, shortly before demonstrators storm the compound, and he is taken to an undisclosed location offshore. Footage from inside the residence shows jubilant protesters jumping in the pool and exploring its stately bedrooms. Wickremesinghe's residence is set on fire. Police say he and his family were not at the scene. Rajapaksa later offers to step down on July 13, parliamentary speaker Mahinda Abeywardana says in a televised statement. (with inputs from agencies) 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.

Long queues in Sri Lanka, as fuel supplies resume after weekend of tumultuous anti-government protests

The economic crisis in Sri Lanka is the worst it has experienced since becoming independent. Common people are on the streets protesting against the government's failure to address the crisis. After chaos and unrest, President Gotabaya Rajapaksa has finally agreed to step down on 13 July 2022.

How Sri Lanka will elect a new President after Gotabaya Rajapaksa's exit?

The Sri Lanka turmoil is getting more chaotic by the minute. After months of protests, rallies and demonstrations, Protestors have now taken over President Gotabaya Rajapaksa's mansion. Social media images and videos show a disorderly yet happy scene inside the overrun official Presidential palace.

Sri Lanka turmoil gets chaotic. Protestors play carrom, and lounge on Gotabaya Rajapaksa's bed

Lanka speaker, Mahinda Yapa Abeywardena announced that president Rajapaksa would step down on July 13. Ministers Harin Fernando and Manusha Nanayakkara have resigned from their ministerial positions. Watch this ground report by Dasuni Athauda from the outside PM house.

Fire engulfs Sri Lankan Prime Minister Ranil Wickremesinghe's private home

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