Home » Posts tagged 'reuters'

Tag Archives: reuters

Olduvai
Click on image to purchase

Olduvai III: Catacylsm
Click on image to purchase

Post categories

Post Archives by Category

A program meant to help developing nations fight climate change is funneling billions of dollars back to rich countries

Ecuador has sought funding to fight the effects of climate change, like this June 2023 flood that followed heavy rains in Esmeraldas. So far, the developed world has offered the debt-strapped nation more loans than grants. REUTERS/Santiago Arcos

Wealthy countries sent climate funding to the developing world in recent years with interest rates or strings attached that benefited the lending nations, a Reuters data analysis found.

Japan, France, Germany, the United States and other wealthy nations are reaping billions of dollars in economic rewards from a global program meant to help the developing world grapple with the effects of climate change, a Reuters review of U.N. and Organisation for Economic Cooperation and Development data shows.

The financial gains happen as part of developed nations’ pledge to send $100 billion a year to poorer countries to help them reduce emissions and cope with extreme weather. By channeling money from the program back into their own economies, wealthy countries contradict the widely embraced concept that they should compensate poorer ones for their long-term pollution that fueled climate change, more than a dozen climate finance analysts, activists, and former climate officials and negotiators told Reuters.

Wealthy nations have loaned at least $18 billion at market-rate interest, including $10.2 billion in loans made by Japan, $3.6 billion by France, $1.9 billion by Germany and $1.5 billion by the United States, according to the review by Reuters and Big Local News, a journalism program at Stanford University. That is not the norm for loans for climate-related and other aid projects, which usually carry low or no interest.

At least another $11 billion in loans – nearly all from Japan – required recipient nations to hire or purchase materials from companies in the lending countries.

…click on the above link to read the rest of the article…

Three Russian grain regions declare emergency over cold weather, frost damage

Three Russian grain regions declare emergency over cold weather, frost damage

MOSCOW, May 8 (Reuters) – Three of Russia’s key grain-growing areas declared a state of emergency on Wednesday, citing May frosts that have caused severe damage to crops and will reduce this year’s harvest.
The central regions of Lipetsk, Voronezh and Tambov all imposed emergency measures.
“The frosts that hit in early May led to catastrophic consequences,” Igor Artamonov, the governor of the Lipetsk region, said on the Telegram messaging app before signing the emergency decree.
“We must understand that this year’s harvest will be much smaller than the previous one.”
In neighbouring Voronezh, the regional agriculture ministry wrote on Telegram: “According to preliminary data, the area of dead or severely damaged crops has exceeded 265,000 hectares,” the regional agriculture ministry said on Telegram.
In Tambov, further east, Governor Maksim Yegorov signed a similar order, with his administration citing “early May frosts that have killed crops and damaged perennial plantings”.
All three regions are part of Russia’s fertile Black Earth region. Russia is one of the world’s top grain producers and exporters.
Besides grain, the regions produce crops such as potatoes, sunflowers, sugar beet and fruit. The statements did not make clear how each of these crops might be affected by the frost.
The Voronezh ministry said the damage stemmed from frost on the nights of May 3-4 and May 4-5, when the air temperature had fallen to -4.6 Celsius (23.7 Fahrenheit) and the soil temperature to -5C (23F).
It said declaring a state of emergency would enable farmers to “document the objective impossibility of achieving target indicators”, which they are obliged to hit in order to receive subsidies, and also to apply for insurance payments.
Authorities in Tambov said temperatures had dipped as low as -5 C on four nights. They said the regional agriculture ministry could apply to the government for subsidies.
…click on the above link to read the rest of the article…

China can’t quit coal by 2040, researchers say, despite global climate goals

China can’t quit coal by 2040, researchers say, despite global climate goals

General view of a coal mine in Yulin city, Shaanxi
A general view of a coal mine during a Huawei-organised media tour, in Yulin city, Shaanxi province, China April 24, 2023. REUTERS/Tingshu Wang Purchase Licensing Rights, opens new tab
BEIJING, April 23 (Reuters) – China’s coal consumption will fall by just one-third by 2040, according to a report by a European consultancy published on Tuesday, threatening climate targets that call for phasing out much of global coal use by 2040.
The International Energy Agency has said that global coal power capacity has to be eliminated by 2040 to keep average global temperature rises within the key threshold of 1.5 degrees Celsius (2.7 degrees Fahrenheit).
However, Norwegian risk assessment firm DNV said in its report that its findings indicate China’s coal consumption – the world’s biggest – will see a “minor uptick” in the next two years and then fall by one-third by 2040, ending up at around 25% of its peak in 2050.
The findings underscore China’s outlook on fossil fuels. In September, former climate envoy Xie Zhenhua told the COP28 climate talks that it would be “unrealistic to completely phase out fossil fuel energy”.
China will continue using coal despite a massive ramp-up in renewable generation, which will make up 88% of China’s power generation mix in 2050, the report predicts.
China approved another 114GW of coal power plants last year, up 10% from 2022, and the iron and steel sectors are on track to overtake power as the biggest consumers of coal by mid-century. Coal-to-chemicals will also make up a significant share of the remaining demand, according to the report.
Decarbonisation of the steel sector through new methods such as cleaner electric arc furnace technology is lagging in China, research has shown.
Natural gas consumption will stay part of the energy mix with consumption falling only 2% from 2022 levels by 2050, the report said.
…click on the above link to read the rest of the article…

Yemen’s Houthis target MSC ship in Gulf of Aden

Yemen’s Houthis target MSC ship in Gulf of Aden

DUBAI, April 25 (Reuters) – Yemen’s Houthis said they targeted the MSC Darwin ship in the Gulf of Aden on Thursday, as the Iran-aligned group resumed attacks on commercial ships in the Red Sea region in solidarity with Palestinians fighting Israel in the Gaza war.
The Houthis also fired a number of ballistic and winged missiles at several targets in Israel’s port city of Eilat, the group’s military spokesman Yahya Sarea said in a televised speech on Thursday.
The Liberian-flagged MSC Darwin VI ship was in the area of the attack, travelling between the ports of Aden and Djibouti, according to Refinitiv data.
Swiss-based MSC, which operates the world’s largest container line by fleet capacity, did not immediately respond to a request for comment.
Reuters was not immediately able to confirm if
that vessel was the MSC Darwin mentioned by the Houthis.
The Houthis since November have attacked more than four dozen ships, taking possession of one and sinking another. The barrage of assaults had eased in recent weeks amid U.S.-led airstrikes and a sharp drop in commercial vessel voyages through the Red Sea and Gulf of Aden.
Earlier on Thursday, a ship’s captain reported hearing a loud bang and seeing a splash and smoke coming from the sea on Thursday around 15 nautical miles southwest of the Yemeni port of Aden, Britain’s maritime agency said.
The U.K. Maritime Trade Operations (UKMTO) added that the crew and vessel were safe and military authorities were supporting it.

FBI says Chinese hackers preparing to attack US infrastructure

FBI says Chinese hackers preparing to attack US infrastructure

FBI Director Christopher Wray testifies before a House Approbations Subcommittee
FBI Director Christopher Wray testifies before the House Approbations Subcommittee on Capitol Hill in Washington, U.S., April 11, 2024. REUTERS/Michael A. McCoy/File Photo Purchase Licensing Rights, opens new tab
Nashville, Tennessee, April 18 (Reuters) – Chinese government-linked hackers have burrowed into U.S. critical infrastructure and are waiting “for just the right moment to deal a devastating blow,” FBI Director Christopher Wray said on Thursday.
An ongoing Chinese hacking campaign known as Volt Typhoon has successfully gained access to numerous American companies in telecommunications, energy, water and other critical sectors, with 23 pipeline operators targeted, Wray said in a speech at Vanderbilt University.
China is developing the “ability to physically wreak havoc on our critical infrastructure at a time of its choosing,” Wray said at the 2024 Vanderbilt Summit on Modern Conflict and Emerging Threats. “Its plan is to land low blows against civilian infrastructure to try to induce panic.”
Wray said it was difficult to determine the intent of this cyber pre-positioning which was aligned with China’s broader intent to deter the U.S. from defending Taiwan.
China claims democratically governed Taiwan as its own territory and has never renounced the use of force to bring the island under its control. Taiwan strongly objects to China’s sovereignty claims and says only the island’s people can decide their future.
Earlier this week, a Chinese Ministry of Foreign Affairs spokesperson said, opens new tab Volt Typhoon was in fact unrelated to China’s government, but is part of a criminal ransomware group.
In a statement, China’s Embassy in Washington referred back to the MFA spokesperson’s comment. “Some in the US have been using origin-tracing of cyberattacks as a tool to hit and frame China, claiming the US to be the victim while it’s the other way round, and politicizing cybersecurity issues.”

…click on the above link to read the rest of the article…

Black swan hedge fund says Fed rate cuts will signal market crash

Black swan hedge fund says Fed rate cuts will signal market crash

Federal Reserve Board Building in Washington
The exterior of the Marriner S. Eccles Federal Reserve Board Building is seen in Washington, D.C., U.S., June 14, 2022. REUTERS/Sarah Silbiger/File Photo Purchase Licensing Rights, opens new tab
NEW YORK, April 22 (Reuters) – While U.S. financial markets debate the timing of interest rate cuts, one tail-risk hedge fund is warning that investors should make the most of recent economic optimism while it lasts, as a shift to lower rates will signal a dramatic market crash.
“This is a case of be careful what you wish for,” said Mark Spitznagel, chief investment officer and founder of Universa, a $16 billion hedge fund specializing in risk mitigation against “black swan” events – unpredictable and high-impact drivers of market volatility.
Spitznagel’s view is not widely held. The much-anticipated shift to a less restrictive monetary policy by the Federal Reserve has helped buoy stocks and bonds in recent months, although signs of stubborn inflation have eroded expectations for how deeply the central bank will be able to cut interest rates in 2024.
Spitznagel argues that such a shift would likely take place only when economic conditions deteriorate, creating a challenging environment for markets.
“People think it’s a good thing the Federal Reserve is dovish, and they’re going to cut interest rates … but they’re going to cut interest rates when it’s clear the economy is turning into a recession, and they will be cutting interest rates in a panicked fashion when this market is crashing,” Spitznagel said in an interview with Reuters.
Funds such as Universa often use credit default swaps, stock options and other derivatives to profit from severe market dislocations. Generally they are cheap bets for a big, long-shot payoff that otherwise are a drag on the portfolio, much like monthly insurance policy payments.
…click on the above link to read the rest of the article…

Houthi Rebels Hit Norwegian-Flagged Tanker With Anti-Ship Cruise Missile At Key Maritime Chokepoint

Houthi Rebels Hit Norwegian-Flagged Tanker With Anti-Ship Cruise Missile At Key Maritime Chokepoint

An anti-ship cruise missile fired by Yemen’s Houthi rebels struck a Norwegian-flagged tanker in the Red Sea near a key maritime chokepoint known as the Bab el-Mandeb Strait, where nearly 10% of all crude traded at sea passes through.

Reuters quoted Houthi military spokesperson Yehia Sarea, who said the tanker – named “Strinda” – was targeted because it was headed to an Israeli terminal, and the crew ignored all warnings.

However, Strinda’s owner, Norway’s Mowinckel Chemical Tankers, said the vessel was bound for the Suez Canal and then on to Italy with a cargo containing vegetable oil and biofuels.

A US official told Reuters that the attack occurred about 60 nautical miles north of Bab al-Mandab Strait, connecting the Red Sea and the Gulf of Aden around 2100 GMT. After the attack, another official said the tanker could move under its own power.

According to the US military’s Central Command, which supervises US forces in the Middle East, the Arleigh Burke-class destroyer USS Mason received a distress call from Strinda and was able to respond:

“There were no US ships in the vicinity at the time of the attack, but the (US Navy destroyer) USS MASON responded to the M/T STRINDA’s mayday call and is currently rendering assistance.” 

The Iran-backed militant group has carried out a series of attacks on commercial vessels in the Red Sea (read: here & here). They are specifically targeting any vessel they believe is going to or coming from Israel.

Bloomberg cited sources who said the US and Gulf allies have been discussing potential military action against the militant group for the latest spate of attacks on commercial vessels in the Red Sea.

As for energy markets, Brent crude futures briefly traded above $76 a barrel after Central Command posted on X about the incident on Monday night. Yet Brent gave up all gains and slid back to the $75 handle early Tuesday. Global crude markets are gripped with oversupply fears.

…click on the above link to read the rest…

Hyperinflationary Hell: Lebanese Central Bank Devalues ‘Lira’ By 90%

Hyperinflationary Hell: Lebanese Central Bank Devalues ‘Lira’ By 90%

Cash is now king in Lebanon, where a three-year economic meltdown has led the country’s once-lauded financial sector to atrophy and turned the country into a Venezuelan-esque hyperinflationary hell. The country has been hit hard by events over the past few years, starting with COVID.

In August 2020, the city of Beiruit was practically destroyed by a massive blast which killed at least 200 people and triggered as much as $15 billion in damage

In March 2021, violent protests erupted across Lebanon as the currency collapse accelerated and with it the economy and people’s living standards.

And most recently, In December 2022, the Lebanese parliament failed for the eighth consecutive time to elect a new president, as a majority of lawmakers opposed the options laid on the table.

The prolonged power vacuum only exacerbates the situation, as Beirut is currently unable to enact sweeping reforms demanded by international lenders as a condition for releasing billions of dollars in loans.

All of which has sent the ‘parallel’ FX rate to a stunning 60,000/USD (compared to the official Pound – often nicknamed ‘Lira’ – rate of 1500/USD)…

Source: LiraRate.org

As Reuters reports, Zombie banks have frozen depositors out of tens of billions of dollars in their accounts, halting basic services and even prompting some customers to hold up tellers at gunpoint to access their money.

This has prompted bank runs…

Not a week goes by without Lebanese depositors storming their own banks in a desperate attempt to access savings frozen after the country’s economy collapsed.

Banks began imposing draconian limits on withdrawals and transfers in 2019, leaving depositors able to access only a fraction of their savings in dollars and Lebanese pounds.

and heists…

The National has recorded 27 depositor bank “heists” since the start of the year, including armed and unarmed hold-ups and sit-ins.

…click on the above link to read the rest…

BIS warns of $80 trillion of hidden FX swap debt

BIS warns of $80 trillion of hidden FX swap debt

LONDON — The Bank for International Settlements (BIS) has warned that pension funds and other ‘non-bank’ financial firms now have more than $80 trillion of hidden, off-balance sheet dollar debt in the form of FX swaps.

Dubbed the central bank to the world’s central banks, the BIS raised the concerns in its latest quarterly report, in which it also said this year’s market upheaval had, by and large, been navigated without many major issues.

Having repeatedly urged central banks to act forcefully to dampen inflation, it struck a more measured tone this time around and also picked over the ongoing crypto market problems and September’s UK government bond market turmoil.

Its main warning though was what it described as the FX swap debt “blind spot” that risked leaving policymakers in a “fog.”

FX swap markets, where for example a Dutch pension fund or Japanese insurer borrows dollars and lends euro or yen in the “spot leg” before later repaying them, have a history of problems.

They saw funding squeezes during both the global financial crisis and again in March 2020 when the COVID-19 pandemic wrought havoc that required top central banks like the U.S. Federal Reserve to intervene with dollar swap lines.

The $80 trillion-plus “hidden” debt estimate exceeds the stocks of dollar Treasury bills, repo and commercial paper combined, the BIS said, while the churn of deals was almost $5 trillion per day in April, two thirds of daily global FX turnover.

For both non-U.S. banks and non-U.S. ‘non-banks’ such as pension funds, dollar obligations from FX swaps are now double their on-balance sheet dollar debt, it estimated.

“The missing dollar debt from FX swaps/forwards and currency swaps is huge,” the Switzerland-based institution said, describing the lack of direct information about the scale and location of the problems as the key issue.

…click on the above link to read the rest…

Crude Prices Jump After Israeli Tanker Hit By Iranian Drone Off Oman Coast

Crude Prices Jump After Israeli Tanker Hit By Iranian Drone Off Oman Coast

Crude prices are higher Wednesday morning after a bomb-carrying drone on Tuesday evening struck an oil tanker owned by an Israeli billionaire, The Associated Press reported.

The Liberian-flagged oil tanker Pacific Zircon was approximately 150 miles off the Omani coast at 730 pm local time when a “projectile” hit the vessel, a Mideast-based defense official told AP.  AP said the United Kingdom Maritime Trade Operations was notified about the attack and is monitoring shipping lanes in the region.

“We are aware of an incident and it’s being investigated at this time,” UKMTO said. 

Also, the commander of the US Navy’s Fifth Fleet, Timothy Hawkins, was briefed on the incident, according to Reuters.

Brent crude prices, which were down before the news, jumped and traded above $94 a barrel.

In a statement, Pacific Zircon’s owner Eastern Pacific Shipping, which Israeli billionaire Idan Ofer owns, said the vessel was hauling diesel when it was “hit by a projectile … there were no reports of injuries or pollution.”

“All crew are safe and accounted for. There is some minor damage to the vessel’s hull but no spillage of cargo or water ingress,” the Singapore- based Eastern Pacific said. 

Bloomberg cited a report via the Israeli Public Broadcasting Company (KAN) that said unidentified Israeli officials pointed the finger at Iran for the drone attack. Tracking data shows the vessel is off the Omani coast.

“While no one immediately claimed responsibility for the attack, suspicion immediately fell on Iran. Tehran and Israel have been engaged in a yearslong shadow war in the wider Middle East, with some drone attacks targeting Israeli-associated vessels traveling around the region,” AP noted.

…click on the above link to read the rest…

Germany To Nationalize Struggling Uniper In Deepening Energy Crisis

Germany To Nationalize Struggling Uniper In Deepening Energy Crisis

Germany on Wednesday announced a move to nationalize struggling natural gas supplier Uniper SE as it strives to keep the industry functioning in the wake of a global energy crisis, according to Reuters.

Uniper is Germany’s largest importer of Russian NatGas and has suffered tremendous losses after Russian energy giant Gazprom slashed Nord Stream 1’s pipeline capacity to zero, forcing the utility to purchase natgas outside contracts on the open market at record high prices.

Berlin agreed to purchase the remaining stake owned by Uniper’s parent company, Finnish utility Fortum Oyj for  $1.69 (1.70 euro) per share. Buying Fortum’s stake means Germany will own 99% of Uniper. The cost of nationalization comes as Berlin is set to inject 8 billion euros, equivalent to around $8 billion, into the utility.

The move is to keep the lights on across German homes and businesses as the risk of power rationings increases.

“This step has become necessary because the situation has worsened significantly.

 “The state will do everything necessary to keep systemically important companies in Germany stable at all times,” Robert Habeck, Germany’s economy minister, said Wednesday.

Uniper shares crashed by as much as 39% to 2.55 euros. Shares are down 93% on the year…

In July, Berlin injected a whooping 15 billion euros ($14.95 billion) to save the utility though the move to nationalize ahead of winter shows further deterioration in energy security for Europe’s largest economy.

Here’s what Markus Rauramo, CEO and President of Fortum, said about the deal:

“Under the current circumstances in the European energy markets and recognising the severity of Uniper’s situation, the divestment of Uniper is the right step to take, not only for Uniper but also for Fortum.

…click on the above link to read the rest of the article…

Angry Customers Demand Explanation As German Energy Bills Soar

Angry Customers Demand Explanation As German Energy Bills Soar

Utilities in Germany have had to handle a surge in customer service calls in recent weeks from clients angry or desperate about their sky-rocketing energy bills, Reuters reports.

The biggest utility, E.ON, has ramped up its capacity to handle calls from consumers who are shocked to find just how much their energy bills have surged in recent months.

Gas prices in Europe are very high and power prices in many countries, including Germany, have hit record levels this summer after Russia choked pipeline gas supply to Europe and shut down indefinitely the key gas export pipeline to Germany, Nord Stream, at the beginning of this month.

“Some become aggressive out of frustration, others are in tears and need psychological support,” Ingbert Liebing, head of local utilities organization VKU, told Reuters, commenting on the spike in customer calls to utilities’ service centers.

Apart from already high energy bills, German customers will have a surcharge as of October, as part of a government plan to implement a so-called gas levy on consumers in order to help struggling energy firms.

Germany has recently announced it would impose a gas levy on consumers from October 1 through March 2024 as it aims to help energy providers and importers of natural gas, which are struggling with low Russian gas supply and very expensive alternatives to Russian gas. The new natural gas tax is set to cost German families, who will have to foot the bill for the tax, an extra $500 a year.

Meanwhile, the German government is in talks with the biggest German importer of natural gas, Uniper, to potentially lift its 30% stake in the company to majority participation or to nationalize the firm…

…click on the above link to read the rest of the article…

Exclusive: Saudi Arabia doubles second-quarter Russian fuel oil imports for power generation

Exclusive: Saudi Arabia doubles second-quarter Russian fuel oil imports for power generation

RUSSIA-SAUDI/OIL (EXCLUSIVE, PIX)

People walk near power plant number 10 at Saudi Electricity Company’s Central Operation Area, south of Riyadh, April 27, 2012./File Photo

  • This includes content produced in Russia, where the law restricts coverage of Russian military operations in Ukraine.
  • Kingdom burns Russian fuel to free up crude for exports
  • Biden travels to ask Riyadh for more oil
  • Russia raises supply to Asia, Africa amid Western sanctions

MOSCOW/LONDON/DUBAI, July 15 (Reuters) – Saudi Arabia, the world’s largest oil exporter, more than doubled the amount of Russian fuel oil it imported in the second quarter to feed power stations to meet summer cooling demand and free up the kingdom’s own crude for export, data showed and traders said.

Russia has been selling fuel at discounted prices after international sanctions over its invasion of Ukraine left it with fewer buyers. Moscow calls the war in Ukraine a “special military operation”.

The increased sales of fuel oil, used in power generation, to Saudi Arabia show the challenge that U.S. President Joe Biden faces as his administration seeks to isolate Russia and cut its energy export revenues.

While many countries have banned or discouraged purchases from Russia, China, India and several African and Middle Eastern nations have increased imports.

Biden was on Friday visiting Saudi Arabia and was expected to seek an increase in oil supply to global markets from the kingdom to help to lower oil prices that have aggravated inflation worldwide. read more

There is little spare capacity for Saudi and others to increase production in the short term. Saudi Arabia has also maintained its cooperation with Russia in the alliance of global producers known as OPEC+. The two are the de facto leaders of respectively OPEC and non-OPEC producers in that group.

…click on the above link to read the rest of the article…

Gazprom Reportedly Declares Force Majeure, Will Halt Gas Flows To Germany Indefinitely

Gazprom Reportedly Declares Force Majeure, Will Halt Gas Flows To Germany Indefinitely

Already days before the July 22 European “Doomsday” when the scheduled Russian 10-day maintenance of the crucial Nord Stream pipeline to Germany is slated to end – but which was thrown into deep doubt given Gazprom recently said it can no longer guarantee its “good functioning” due to crucial turbines being previously held up in Canada related to sanctions – the Russian energy giant has declared Force Majeure to one major European customer.

Simply put, Gazprom declared extraordinary and extreme circumstances to void itself from all contractual obligations to this customer, thus the gas will stop flowing indefinitely, as Reuters reports in a breaking development Monday, “Russian gas export monopoly Gazprom has declared force majeure on gas supplies to Europe to at least one major customer starting June 14, according to the letter seen by Reuters.”

The letter invoked “extraordinary” circumstances outside the company’s control, Reuters continues, citing a source saying the customer in question is Germany via the Nord Stream 1 pipeline.

As we’ve been detailing, German authorities have of late taken unprecedented steps in anticipation of an enduring Russian gas halt, essentially dimming the lights across the country – which has included everything from limiting hot water, to shutting down swimming pools, to quite literally dimming city street lights as it entered “alarm” stage over dwindling supply.

It seems this letter declaring its legal release from supply obligations going back to June 14 is in preparation for definitive action on July 22, namely that the pipeline’s operations are likely to remain suspended.

…click on the above link to read the rest of the article…

Starving Sri Lanka Shortens Work Week to Give People Time to Grow Food

Starving Sri Lanka Shortens Work Week to Give People Time to Grow Food

Farmers plant rice seedlings in a paddy field in Bandaragama, Sri Lanka, on June 5, 2022. As inflation neared 40% last week, the government urged farmers to start planting rice. Photographer: Buddhika Weerasinghe/Bloomberg via Getty Images
Buddhika Weerasinghe/Bloomberg via Getty Images

Sri Lanka’s federal government on Monday approved a proposal that would shorten the work week of most public sector staff to four days so that workers will have time to farm their own crops, Reuters reported Tuesday, noting the measure aims to combat Sri Lanka’s worsening food shortages caused by a recent economic crisis.

“Sri Lanka’s Cabinet late on Monday approved a proposal for public sector workers to be given leave every Friday for the next three months, partly because the fuel shortage made commuting difficult and also to encourage them to farm,” Reuters reported on June 14.

“It seems appropriate to grant government officials leave of one working day … to engage in agricultural activities in their backyards or elsewhere as a solution to the food shortage that is expected,” the Sri Lankan government information office said in a statement.

The shortened work week will not apply to public sector employees in “essential” fields, such as health or education, Sri Lanka Cabinet Minister Dinesh Gunawardana said on June 13.

In addition to the four-day work week, Sri Lanka’s federal government approved a program on Monday in which “public servants can apply for five year no pay leave to go abroad for employment opportunities [sic],” Sri Lanka’s Daily Mirror reported on June 14.

“It will not affect their promotions or retirement upon return,” the newspaper said of the work-abroad initiative.

Sri Lanka’s public sector employs roughly one million people, according to Reuters.

The Sri Lankan federal government was forced to give most public sector staff an unplanned day off on June 13 after realizing that worsening power outages and fuel shortages nationwide would make it nearly impossible for the employees to travel to work or conduct business as usual.

…click on the above link to read the rest of the article…

Olduvai IV: Courage
Click on image to read excerpts

Olduvai II: Exodus
Click on image to purchase

Click on image to purchase @ FriesenPress