Russia is on track for a record trade surplus
WITHIN DAYS of Vladimir Putin’s invasion of Ukraine, Russia’s financial system seemed on the verge of collapse. The West imposed a range of financial sanctions, notably on the Russian central bank’s foreign-exchange reserves, that sent the rouble plunging and led citizens to withdraw cash frantically. Then the central bank raised interest rates, imposed capital controls…
The crypto infrastructure cracks
IT HAS BEEN a vicious year for financial markets, and more punishing still for crypto assets. More than half the market capitalisation of cryptocurrencies has been wiped out since November. On May 12th bitcoin traded at around $29,000, just 40% of its all-time high in November; ether has slumped by a similar amount. The share…
Australians are fed up with their two main parties
AUSTRALIANS DISAGREE on much when it comes to politics. Left-leaning parties hold sway in cities and conservatives in the countryside. Voters in resource-rich states worry about the future of mining. Urbanites want to cut emissions. Yet they will be in agreement about one thing when they vote in a federal election on May 21st: disillusionment…
Sri Lanka has no money and no government. What now?
FOR MORE than a month the anti-government protesters camped along Galle Face, the seafront in the Sri Lankan capital of Colombo, had been mostly peaceful. They were demanding the departure of the president, Gotabaya Rajapaksa, and the prime minister, Mahinda Rajapaksa, his brother. There were tents, stages for political plays, and singing. “Go home Gota!”…
Zambia wants to be a model for resolving Africa’s debt crises
May 14th 2022 | CAPE TOWNAFTER FIVE unsuccessful attempts and a spell in prison on trumped-up charges of treason, Hakainde Hichilema was elected president of Zambia in August. The businessman’s victory was due to voters’ anger at the corruption and collapsing economy overseen by his predecessor, Edgar Lungu. The West was cock-a-hoop. So too were…
Why a Zimbabwean firm offers pensions denominated in cows
KELVIN CHAMUNORWA’S mother was a middle manager at a bank in Zimbabwe. She worked there for 25 years, steadily contributing to a pension. But horrendous inflation, which reached an annual rate of 231,000,000% in mid-2008, wiped out her savings. When she retired, her pension was so small it was barely worth collecting.Listen to this story.Enjoy…
Politics
Listen to this story.Enjoy more audio and podcasts on iOS or Android.Your browser does not support the element.Save time by listening to our audio articles as you multitaskMahinda Rajapaksa resigned as prime minister of Sri Lanka amid a wave of violence, as the country endures its worst ever economic crisis. Gotabaya Rajapaksa, the president and…
China’s extraordinary export boom comes to an end
May 14th 2022 | HONG KONGLAST MONTH a yellow-striped freight train rumbled into Budapest carrying solar-power equipment, air-conditioning kit and other bits and pieces. It had travelled for 16 days, all the way from Shandong, a province in eastern China. As part of China’s Belt and Road Initiative, freight trains now serve more than 50…
Why Italy’s borrowing costs are surging once again
A SURE WAY to cause shudders in Italian economic-policy circles is to talk up the prospect of higher inflation. For years subdued price pressures were the rationale for the European Central Bank’s super-lax monetary-policy stance. They provided necessary cover for an array of ECB bond-buying schemes that covertly but effectively bailed out Italy’s huge public…
The Taliban crave recognition but refuse to do anything to earn it
BEFORE THEIR rout by American-led forces in 2001, the Taliban and their rule in Afghanistan were bywords for medieval violence, bigotry and misogyny. When they swept back to power in August as America effected a calamitous withdrawal, their leadership promised that a new and improved Taliban had come to run the country. Peace and harmony…