Global News Scoop: Sri Lanka picks new Prime Minister, China Covid virus spike and UK hit a 40-year high of 9.4% inflation
#1. Sri Lanka: Yesterday, lawmakers picked Prime Minister Ranil Wickremesinghe as president. He will take over for Gotabaya Rajapaksa who fled the country.
- Sri Lanka has been dealing with overwhelming food and fuel shortages during a historic economic crisis after their government defaulted on their national debt.
#2. China: Another spike in virus cases is plaguing China. There have been multiple business closures in the tourist region of Guangxi which has left over 2,000 travellers stranded.
More shutdowns in China’s manufacturing sector would further damage the world supply chain.
#3. UK: Inflation in the United Kingdom hit a 40-year high of 9.4%. The nation is dealing with a cost-of-living crisis.
The Bank of England has implemented five consecutive 25 basis point hikes to interest rates. Experts suggest that the hike in August will be upwards of 50 basis points.
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