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Business Arena 12.07

Business Arena offers a fresh perspective on all things moving the global economy. On Tuesday’s episode, our host David Kennedy kicked off the show with our main stories which included the National Bank of Poland’s inflation report and Sri Lanka’s worst financial crisis in recent history, leaving millions struggling to buy food, medicine and fuel.

On Sunday, Sri Lanka’s energy minister, Kanchana Wijesekera, said the country had less than a day’s worth of fuel left.

“In terms of fuel and food, our country was going to have to face this crisis at some point in time. Fuel was scarce. Food prices went up,” he said, adding that international crises like Russia’s war in Ukraine have made things worse.

“Due to the recent global crises, this situation has become more acute and we who were in the frying pan fell into the oven,” he pointed out.

To discuss the matter, the programme’s guest was Soumya Bhowmic, Associate Fellow at the Observer Research Foundation.

What’s more…

Protest in China over frozen bank accounts ends in violence. Authorities say some customers will start getting their money back after an angry crowd in Henan was broken up by heavy-handed security guards.

Ukrainian President Volodymyr Zelenskyy pushes to grant Poles special status in Ukraine. A draft law “on establishing legal and social guarantees for the citizens of the Republic of Poland on the territory of Ukraine” was a gesture of gratitude to the Polish people for the support they granted to Ukraine since the start of Russia’s invasion.

GlobalFoundries Inc. and STMicroelectronics NV, two of the world’s largest chip makers, said they would team up to build a semiconductor factory in France, leaning on government subsidies in what has become a global race to strengthen control over technological supplies.

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