Costs are rising at once-in-a-generation rate throughout the whole food supply chain. Suppliers are frequently required to complete a cost justification sheet. Some stores employ delay strategies to avoid an increase altogether. Arguments between major brands and supermarkets typically take place behind closed doors, but one has just suddenly broken open. Tesco, the largest retailer … Read more
WELLINGTON: A convoy of trucks and campervans blocked streets near New Zealand’s parliament in Wellington Tuesday to protest against Covid restrictions and vaccinations, inspired by a similar demonstration in Canada. Plastered with messages such as “give us back our freedom” and “coercion is not consent”, hundreds of vehicles parked in streets surrounding the parliament building … Read more
COLOMBO: Sri Lanka unveiled a $1.1 billion targeted relief package on Tuesday to help consumers pay soaring food costs as an economic crisis bites. The island’s tourism-dependent economy was hammered by the pandemic and rampant shortages have left its people struggling to buy essential goods. Supermarkets have been rationing milk powder, sugar, lentils and other essentials, … Read more
COLOMBO: Sri Lanka’s inflation hit a record 11.1 per cent in November, official figures showed on Wednesday, and the authorities warned a worsening economic crisis could prompt further food rationing. The island’s tourism-dependent economy was hammered by the pandemic and the government imposed a broad import ban to shore up foreign exchange reserves, triggering shortages of … Read more
COLOMBO: International ratings agency Fitch downgraded cash-strapped Sri Lanka on Saturday by one notch to ‘CC’ due to mounting fears of a sovereign default on its $26 billion foreign debt. The downgrade came a day after Sri Lanka reported a 1.5 per cent contraction in the third quarter of this year, as a foreign exchange crisis … Read more
