Saturday, October 16, 2021

Business

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IMF reviews loan facility extended to Sri Lanka

Sept 14 (NIA) - Representatives from the International Monetary Fund (IMF), on Thursday held discussions with Sri Lanka's Minister of Finance, Ravi Karunanayake for a mission review of a 1.5 billion US dollar loan approved for Sri Lanka under the Extended Fund Facility (EFF). The facility has been allocated to support Sri Lanka's economic reform agenda. Jaewoo Lee, IMF Representative...

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India prohibits use of Samsung Galaxy Note7 on its flights

INDIA, Sept 13 (NIA) - India's Civil Aviation Ministry, on Tuesday, announced that it was pohibiting travelers from using the Samsung Galaxy Note7 on its flights after several incidents were recorded globally, involving the battery of the Note7. The Ministry further advised passengers not to pack or store the phone in their check-in baggages. "The ministry has advised airlines and...

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The hollowness of India’s claim about high growth

Mihir Sharma/Bloomberg View India’s just-released GDP figures show it’s still the world’s fastest-growing large economy. Over the past decade or so, those numbers have swooped and stuttered -- from the boom years of the mid-2000s, when easy money and roaring demand pushed growth up to nearly double digits, to the hard stop at the time of the 2008 financial crisis, to the dramatic, stimulus-driven...

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Sri Lanka to privatize loss making State Owned Enterprises (SOEs) through stock market

Colombo, September 8 (Daily FT): The Sri Lankan Prime Minister Ranil Wickremesinghe revealed on Wednesday that the Government is planning to privatize loss-making state enterprises through the stock market. “We are unable to continue paying off the debts of the Hambantota Port and the Mattala Airport while all efforts have been taken to keep Sri Lankan Airlines from winding up,”...

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India’s richest man offers free 4G to one billion people

Sept 7 - India's richest man is rolling out a 20 billion dollar mobile network that could bring lightening fast internet to hundreds of millions of people. Indian consumers are already celebrating the arrival of Mukesh Ambani's new Reliance Jio service, seizing on the billionaire's promise to deliver rock bottom prices and download speeds that will enable streaming video. The...

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Japan ready to loan funds to Sri Lanka for development

Aug 31 (NIA) - The Sri Lankan cabinet, on Wednesday, granted approval to enter into a loan agreement with Japan in order to use the funds for Sri Lanka's development process. Media Minister Gayantha Karunathilleke told reporters in the capital that the Japan International Cooperation Agency (JICA) had agreed to provide funds for the development process of the Sri Lankan...

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Chinese airline discusses proposal to land in Mattala – arguably the world’s Emptiest Airport

Aug 30 (NIA) - A Chinese airline has expressed interest in landing its flight at the Mattala Rajapakse International Airport, in southern Sri Lanka, as a transit point between China and Maldives, a Sri Lankan minister told NIA. The Mattala Rajapakse International Airport, arguably the world's emptiest airports - is a white elephant project built by the Mahinda Rajapakse government using...

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