CEO of Alibaba-owned Daraz gives tips for building successful business

After spending six years working for Goldman Sachs as an investment banker, Bjarke Mikkelsen faced a dilemma. “I had a very comfortable life, but I wasn’t really feeling like I had a purpose,” he told CNBC Make It. “In banking, you’re always in the end, an advisor. I knew I wanted to try and run […]

China’s Japanese-Inspired Project Approval Process in Sri Lanka – The Diplomat

Advertisement With several Chinese infrastructure projects in South Asia turning out to be white elephants, China’s project approval process has increasingly come under scrutiny in the region. Several projects in Sri Lanka have turned out to be economically unviable. The decisions to fund an airport in Mattala in Sri Lanka (the town is in the […]

Sri Lanka’s Gotabaya Rajapaksa returns weeks after fleeing island | News

Rajapaksa resigned in July after tens of thousands of protesters angered by a debilitating economic crisis stormed his office and residence. Sri Lanka’s deposed President Gotabaya Rajapaksa has returned home weeks after fleeing the country, officials said. The 73-year-old leader landed in capital Colombo on a Singapore Airlines flight from Thailand in the early hours […]

IMF Set to Provide $2.9 Billion to Help Crisis-hit Sri Lanka – The Diplomat

FILE – A woman bargains as she buys vegetables at a marketplace in Colombo, Sri Lanka, Friday, June 10, 2022. Credit: AP Photo/Eranga Jayawardena, File Advertisement The International Monetary Fund announced Thursday it has reached a preliminary agreement to provide Sri Lanka with $2.9 billion over four years to help it recover from its worst […]

Sri Lanka’s President Says IMF Talks Nearing Successful End – The Diplomat

Advertisement Sri Lanka’s president said Tuesday that his bankrupt country’s talks with the International Monetary Fund for a rescue package have successfully reached final stages as he presented an amended budget that seeks to tame inflation and hike taxes. President Ranil Wickremesinghe, who is also the finance minister, said in a speech in Parliament that […]

How Sri Lanka Can Overcome Its Economic Crisis – The Diplomat

Advertisement Winston Churchill’s famous dictum, “Never let a good crisis go to waste,” could not be more apt for Sri Lanka in its current context: An economy struck down by one of its worst crises since independence presents a unique opportunity for the country to deliver on much needed reforms. Many countries like India and […]

Sri Lanka central bank holds rates steady | Business and Economy News

Policy makers are assessing effects of interest hikes this year on cooling price growth, amid an unprecedented economic crisis. The Central Bank of Sri Lanka (CBSL) has kept its key rates steady, a widely anticipated move as it awaits the effect of past hikes to trickle through the economy while a fall in global commodity […]

The powerful family in the middle of Sri Lanka’s economic crisis

Who are the Rajapaksas, and why do analysts say the powerful political family is to blame for Sri Lanka’s economic mess? In July 2022, Sri Lankan citizens stormed and occupied the republic’s presidential palace after months of demonstrations. The protesters had one main demand: for the country’s then-president Gotabaya Rajapaksa to resign. The protests came […]

Is China to Blame for Sri Lanka’s Debt Woes? – The Diplomat

Advertisement China has never been Sri Lanka’s biggest lender. Nevertheless, as Sri Lanka has fallen into economic woes, particularly in the wake of COVID-19, blame has turned to China. However, Sri Lankan officials have repeatedly expressed the view that China is not the source of the country’s economic woes. So what’s the real story? China […]

Pakistan’s finance minister says country headed in ‘right direction’

Pakistan’s finance minister said the government has taken steps that will put the country on the right track and help the South Asian nation avoid an economic collapse. But that will cause pain for its people, he added. The country is desperately fighting for its survival as the recent rise in commodity and energy prices […]

Sri Lanka Leader Proposes 25-year Plan for Crisis-hit Nation – The Diplomat

Advertisement Sri Lanka’s new president said Wednesday that his government is preparing a national policy roadmap for the next 25 years that aims to cut public debt and turn the country into a competitive export economy as it seeks a way out of its worst economic disaster. President Ranil Wickremesinghe in his speech to Parliament […]

Understanding China’s Role in Sri Lanka’s Debt Restructuring Efforts – The Diplomat

Advertisement As Sri Lanka embarks on debt restructuring negotiations with key lenders in parallel to discussions with the International Monetary Fund (IMF), it is useful to consider the seminal role of China, one of Sri Lanka’s top creditors. How China deals with Sri Lanka will be a crucial determinant in the trajectory and timing of […]

Sri Lanka’s State-Owned Enterprises Are a Big Part of Its Economic Problems – The Diplomat

Advertisement Sri Lanka is in an unenviable position, and its policy makers face a conundrum. The country is experiencing its worst economic crisis in a century. Sri Lanka has formally defaulted; its public debt is over 100 percent of GDP and is mostly U.S. dollar denominated. The country is facing a severe foreign exchange shortage, […]

Is Pakistan the Next Sri Lanka? – The Diplomat

Advertisement Hambantota in southern Sri Lanka housed ousted President Gotabaya Rajapaksa following the recent crisis, until he was forced to flee the country entirely. That continues a trend of the city, and especially its strategic deep-sea port, being in the news for all the wrong reasons. In 2017, when Sri Lanka found itself struggling to […]

Sri Lanka’s Future May Not Be All That Bleak – The Diplomat

Podcasts | Economy | South Asia A conversation with economist Ganeshan Wignaraja. Credit: Luke Hunt Advertisement COLOMBO — Sri Lanka’s Acting President Ranil Wickremesinghe has declared yet another State of Emergency ahead of the next sitting of Parliament, whern politicians have promised an All Party Government (APG) will be formed and a new president elected this week. The next […]

The Deep Roots of Sri Lanka’s Economic Crisis – The Diplomat

Advertisement As Sri Lanka faces its worst economic crisis since independence, it is high time – not just for the Sri Lankan political elite, but the world at large – to reflect upon how the country got here. President Gotabaya Rajapaksa’s resignation and subsequent exit from the country has put Sri Lanka back in global […]

Photos: For Sri Lankan farmers, president’s escape is bittersweet | Agriculture News

President Gotabaya Rajapaksa, whose clan’s alleged corruption and mismanagement plunged Sri Lanka into ruin after a two-decade-long hold over Sri Lankan politics, has escaped the country. For the island’s bankrupted farmers, the fall of the Rajapaksa dynasty has a bitter-sweet taste. “My country is very beautiful but politicians destroy it,” said Rohan Thilak Gurusinghe, a […]

Sri Lanka protesters reject all-party gov’t, want Rajapaksas out | Protests News

Colombo, Sri Lanka – Tens of thousands of Sri Lankan protesters have been occupying the President’s House, the presidential secretariat and the prime minister’s official residence in growing anger over the island nation’s unprecedented economic crisis. The chaos began on Saturday when angry Sri Lankans stormed the official residence of President Gotabaya Rajapaksa, a 73-year-old member […]

Sri Lanka protesters storm president’s house amid economic meltdown

Protestors gather inside the compound of Sri Lanka’s Presidential Palace in Colombo on July 9, 2022. – Sri Lanka’s beleaguered President Gotabaya Rajapaksa fled his official residence in Colombo, a top defence source told AFP, before protesters gathered to demand his resignation stormed the compound. AFP via Getty Images Thousands of protesters in Sri Lanka’s […]

Sri Lanka Sends 2 Ministers to Russia to Negotiate for Oil – The Diplomat

Advertisement Sri Lanka is sending two government ministers to Russia to negotiate for fuel — one of the necessities nearly exhausted amid the Indian Ocean island nation’s economic collapse. The development comes as Washington and its allies aim to cut off energy imports from Russia in line with sanctions over its war on Ukraine. Since […]

Sri Lanka’s Crisis Cripples Once Burgeoning Middle Class – The Diplomat

Advertisement Miraj Madushanka never thought he’d need government rations to ensure his family could eat two meals a day, but Sri Lanka’s economic crisis, the worst in its history, has recast his life and those of many others in its burgeoning middle class. Families that never had to think twice about fuel or food are […]

Sri Lanka’s economic crisis threatens its dollar-earning IT firms | Business and Economy News

Colombo, Sri Lanka–There have been days when cybersecurity professional Asela Waidyalankara and his colleagues have sat in hotel lobbies to complete projects during power outages. Other days, they have run around Colombo looking for fuel for generators so they could work from home. “We have a buddy system at the company to inform each other […]

Sri Lanka Holds its Breath as New PM Fights to Save Economy – The Diplomat

Advertisement It has been nearly three weeks since Ranil Wickremesinghe took over as prime minister of Sri Lanka with a daunting mandate to pull the crisis-weary country from the brink of an economic abyss that threatens to tear it apart. The five-time prime minister has inherited a nation barreling toward bankruptcy and saddled with foreign […]

China Becomes Wild Card in Sri Lanka’s Debt Crisis – The Diplomat

Advertisement China says its initiative to build ports and other infrastructure across Asia and Africa, paid for with Chinese loans, will boost trade. But in a cautionary tale for borrowers, Sri Lanka’s multibillion-dollar debt to Beijing threatens to hinder efforts to resolve a financial crisis so severe that the Indian Ocean nation cannot import food […]

Sri Lanka Halts Debt Repayment Pending IMF Bailout Plan – The Diplomat

The Pulse | Economy | South Asia Sri Lankans for the past months have been enduring shortages of fuel, food, and other essentials and daily power outages. Advertisement Sri Lanka is suspending its repayment of foreign debt, including bonds and government-to-government borrowings, pending the completion of a loan restructuring program with the International Monetary Fund to deal with the […]

How Sri Lanka spiralled into crisis and what happens next | Protests News

Sri Lanka’s economic crisis has turned into deadly violence, which has killed eight people and wounded more than 200 so far. The country’s powerful Prime Minister Mahinda Rajapaksa has resigned and his younger brother, President Gotabaya Rajapaksa, is seeking a way out of the chaos. Anti-government protesters, angry over power blackouts, shortages of basic goods […]

Sri Lanka is on the Brink of Bankruptcy – The Diplomat

Sri Lankan auto rickshaw drivers queue up to buy petrol near a fuel station in Colombo, Sri Lanka, Wednesday, April 13, 2022. Credit: AP Photo/Eranga Jayawardena Advertisement Sri Lanka’s economy is in dire straits with its usable foreign reserves down to less than $50 million, the country’s finance minister said Wednesday. Ali Sabry was speaking […]

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