Hambantota International Port grows by 22% in 2024

Luxury cruise liner entering the portThe Hambantota International Port (HIP) has achieved an impressive growth rate of 22% in 2024, matching its performance from the previous year.With its sights set on even higher numbers in 2025, the port is implementing upgrades to its infrastructure, including the introduction of gantry and yard cranes in the container yard.“These enhancements are part of HIP’s strategy to meet the growing demands of the shipping and logistics markets while positioning itself as a key player in the Indian Ocean region,” HIP said in a statement.The port’s bulk and break-bulk cargo sectors saw remarkable progress in 2024. During the first half of the year, volumes rose by 134% compared to the same period in 2023, increasing from 236,012 metric tons to 552,297 metric tons. This surge was largely attributed to the recovery of Sri Lanka’s construction sector, which collapsed in 2022, leading to a spike in cement imports. HIP has also cemented its reputation as a hub for bulk cargo distribution in Sri Lanka, with further growth expected by year-end.Gas operations at the...

Read More........ → January 24, 2025

China says ready to usher new era of development in Sri Lanka

Chinese President Xi Jinping expresses willingness to collaborate during historic meeting with President Anura Kumara Dissanayake in BeijingTwo countries sign several Memoranda of Understanding covering economic, social, and industrial sectorsChina yesterday expressed readiness to collaborate with Sri Lanka towards a new era of development.This was conveyed by Chinese President Xi Jinping during his meeting with the visiting Sri Lanka President Anura Kumara Dissanayake in Beijing.Dissanayake, on a four-day State visit to China, received a warm welcome on arrival on Tuesday and held an official meeting with President Xi yesterday at the Great Hall of the People.Upon President Dissanayake’s arrival at the Great Hall, he was warmly received by President Xi. The welcoming ceremony was conducted with great honour, including a ceremonial gun salute. Dissanayake, for the first time since assuming office as President, was sporting a jacket and tie.Following initial cordial discussions between the two leaders, bilateral talks commenced.During the discussions, President Xi emphasised China’s...

Read More........ → January 22, 2025

Elon Musk arrives in Indonesia, to launch satellite internet service Starlink

New Delhi, (IANS) Tesla and SpaceX CEO Elon Musk on Sunday arrived in Indonesia where he aims to launch his satellite-based internet service Starlink.Musk, who is visiting Indonesia for the first time, is scheduled to launch Starlink alongside the country's President Joko Widodo."I had the opportunity to pick up Elon at the Airport this morning, then discuss some of his agendas while he's here and of course some important collaborations. One of them is the inauguration of Starlink internet service capable of reaching all corners of Indonesia," Coordinating Maritime Affairs and Investment Minister Luhut Pandjaitan wrote on his official Instagram account."Through the availability of internet access throughout the province, the digitalisation in the implementation of healthcare and education in Indonesia can continue to improve," he added.The minister also mentioned that the tech billionaire will also be speaking at the World Water Forum, which will be held in Bali.Earlier this month, Starlink warned users of a "degraded service" as the biggest geomagnetic storm struck the Earth due to...

Read More........ → July 26, 2024

Chip giant TSMC's April revenue jumps 60% on-year

TAIPEI - Taiwanese chip giant TSMC said on Friday that April revenue jumped nearly 60 percent on-year, riding a huge wave of demand for the advanced semiconductors used in AI hardware.Taiwan Semiconductor Manufacturing Company controls more than half the world's output of chips, and supplies them for everything from Apple's iPhones to Nvidia's cutting-edge artificial intelligence hardware.Consolidated revenue for April was "approximately NT$236.02 billion (US$7.2 billion)... an increase of 59.6 percent from April 2023", the firm said in a statement.This compares with a 34.3 percent on-year jump in March.The company said last month that first-quarter revenue increased 13 percent on-year to US$18.87 billion, and expects a 27.6 percent rise in the second.The wild success of OpenAI's ChatGPT has sparked an AI gold rush, with demand surging around the world for the cutting-edge chips needed to train and run AI services.TSMC dominates the global chip industry, and the bulk of its fabrication plants are based in Taiwan, a self-ruled island that is claimed by neighbouring China.Beijing has...

Read More........ → June 20, 2024

Tourist arrivals soar past 800,000

Sri Lanka’s tourism sector celebrates a significant milestone as tourist arrivals soar past 800,000, sparking optimism for the year-end targets.The accomplishment marks a noteworthy surge, a milestone previously reached only in August of the preceding year. It underscores the substantial progress made in the tourism sector, reflecting high interest and engagement with Sri Lanka as a preferred destination for travellers.Over the first week of May alone, Sri Lanka welcomed 28,525 tourists, pushing the total number of visitors to 813,176.For 2024, Sri Lanka Tourism expects 2.3 million arrivals and an income of $ 4 billion.India leads the pack as the top generating market for May, contributing 5,600 tourists, followed by Maldives with 3,170 visitors and the UK with 1,888 tourists.Despite the seasonal trend of low arrivals in May, industry stakeholders remain optimistic. Sri Lanka Tourism is stepping up its efforts during this lean season, launching a global PR and digital campaign in 15 markets to attract more visitors.The year-to-date (YTD) data highlights India’s dominance in the market,...

Read More........ → May 20, 2024

Axiata and Airtel sign agreement to merge operations in Sri Lanka

The move will be facilitated by a stake swap, with Dialog Axiata taking 100% ownership of Airtel Lanka in exchange for giving Bharti Airtel a 10.4% stake in Dialog Axiata, Today, Bharti Airtel and Dialog Axiata have jointly announced the signing of a formal agreement to merge their Sri Lankan operations. The deal, which was first announced almost a year ago, will take place via an equity swap, with Bharti Airtel swapping 100% of its shares in its Sri Lankan unit, Airtel Lanka, for a 10.4% stake in its local rival Dialog Axiata. The move see Airtel Lanka’s 5 million mobile subscribers integrated with Dialog Axiata’s 17 million, giving Dialog Axiata an even larger lead in the Sri Lankan market, with a market share of over two-thirds. Rivals Hutch and SLT Mobitel have roughly 3.5 million and 7.5 million subscribers, respectively. “This consolidation will enable the merged entity to garner economies of scale, reduce duplication of infrastructure, achieve synergies in technologies and capital expenditure, leading to enhanced high-speed broadband connectivity, voice and value-added services,...

Read More........ → May 08, 2024

Sakhi for South Asian Survivors raises more than $1 Million at 35th Anniversary Gala

The Glasshouse, NYC, full of attendees for the 35th anniversary gala of Sakhi for South Asian Survivors, April 26, 2024. PHOTO: Christian Fiore, courtesy SakhiSakhi for South Asian Survivors (sakhi.org), formerly known as Sakhi for South Asian Women, a pioneering nonprofit, commemorated its 35th Anniversary Gala at The Glasshouse in New York City on April 26. 2024. It celebrated the organization’s impact and announced its new identity. The evening raised over $1Million for the organization through ticket sales, donations and a live auction, Sakhi said in a press release. Kavita Mehra, executive director and Beesham A. Seecharan, board chair of Sakhi, in a shared statement, said they were excited about the new chapter with its new name. “Our new identity makes our commitmentSakhi Gala 2024 held April 26, at Glasshouse NYC , seen in photo, the 3 honorees.From left, Nisha Pahuja, Poorna Jagannathan, and Mohamed Q. Amin on the Red Carpet. PHOTO: Mandar Parab, courtesy Sakhiabundantly clear: survivors are at the center of our work.” Three leaders “who have demonstrated a commitment to gender...

Read More........ → May 01, 2024

Lawrence Wong to become Prime Minister of Singapore on May 15

Lawrence Wong (left) will succeed Lee Hsien Loong (right) as Prime Minister on May 15, Image: 首相官邸ホームページ & Ash Carter.Current Deputy Prime Minister of Singapore Lawrence Wong is slated to become the fourth Prime Minister of the city-state on May 15, 2024, taking over the role from Lee Hsien Loong who has been serving as Prime Minister since 2004.A statement by the Prime Minister's Office on April 15 said that Wong will be sworn in at The Istana at 8:00 p.m. SGT (1200 UTC) on May 15, and that he has the "unanimous support" of Members of Parliament from the ruling People's Action Party (PAP).Wong said in a Facebook post that he accepts the role with "humility and a deep sense of duty", and that, "...every ounce of [his] energy shall be devoted to the service of [Singapore] and [its] people."Wong was a civil servant who worked at various ministries prior to being elected to parliament in 2011. His previous roles included multiple ministerial appointments and co-chair of the task force on dealing with the COVID-19 pandemic in Singapore. At the time of the announcement, he is serving...

Read More........ → April 28, 2024

The Surging South Asian Audience in the USA: Shaping Media and Economy for a New Era

New Jersey, USA — The South Asian population in the United States is rapidly growing, bringing with it a dynamic shift in demographics and its unique influence on the nation’s economy and media landscape. In this article, we explore the behavior, age groups, spending patterns, and evolving language preferences of the South Asian audience, as presented through the insights of Mr. Sai Sagar Patnaik, A Media Analyst with a wealth of knowledge and expertise in the South Asian media industry.The South Asian population in the United States is rapidly growing, and its influence on the nation’s economy and media landscape is becoming increasingly evident. South Asians are starting businesses, contributing to the workforce, and shaping the culture of the United States. They are also consuming media in English and other South Asian languages, and their preferences are influencing the media landscape.For instance, the presence of cricket matches on platforms like ESPN Plus is a clear testament to the growing significance of South Asian audiences in influencing media content and choices within...

Read More........ → February 28, 2024

China’s population shrinks again and is set to more than halve – here’s what that means

Xiujian Peng, Victoria University China’s population has shrunk for the second year in a row. The National Bureau of Statistics reports just 9.02 million births in 2023 – only half as many as in 2017. Set alongside China’s 11.1 million deaths in 2023, up 500,000 on 2022, it means China’s population shrank 2.08 million in 2023 after falling 850,000 in 2022. That’s a loss of about 3 million in two years. The two consecutive declines are the first since the great famine of 1959-1961, and the trend is accelerating. Updated projections from a research team at Shanghai Academy of Social Sciences, one of the first to predict the 2022 turndown, have China’s population shrinking from its present 1.4 billion to just 525 million by 2100. China’s working-age population is projected to fall to just 210 million by 2100 – a mere one-fifth of its peak in 2014. Deaths climbing as births falling The death rate is climbing as an inevitable result of the population ageing, and also an upsurge of COVID in the first few months of 2023. The population is ageing mainly because the birth rate...

Read More........ → January 18, 2024

Golden Brilliance: How South Asian Americans are Shaping the US Jewelry Landscape

For countless generations, South Asian cultures have cherished gold as an integral part of their heritage. Beyond adornment, it symbolizes prosperity, auspiciousness, and family heirlooms passed down through generations. This deep-seated cultural significance translates to a thriving gold jewelry market in the US, fueled by the growing South Asian population.The vibrant 5.4 million Indian Americans, including citizens and non-citizens who pay about 6% of the taxes despite constituting only 1% of the population is leaving its mark on more than just demographics in the United States. Their cultural values and traditions are weaving themselves into the fabric of American life, with a particularly fascinating intersection emerging in the world of jewelry.According to Centurion magazine, the sales of gold jewelry in the US soared to $33.2 billion in 2020, expected to reach $63.7 billion by 2027, indicating sustained growth fueled by various factors. The increasing purchasing power of South Asian Americans remains a significant driver, contributing to the diversification and evolution of...

Read More........ → January 11, 2024

Belt and Road Initiative’s new approach and what it means for Chinese investments in Indonesia

The Jakarta-Bandung high-speed train, the first in Southeast Asia, was funded by China as part of its decade-old Belt and Road Initiative (BRI) project. ANTARA FOTO/Hreeloita Dharma Shanti/sgd/aww Ahmad Syarif, Johns Hopkins UniversityA shift in China’s international Belt and Road Initiative (BRI) from focusing on massive projects such as roads, railways and ports to “small but beautiful” ones has been announced by President Xi Jinping. Launched in 2013, the initiative provides loans to build infrastructure in partner countries worldwide, with connectivity as its main focus. Indonesia is BRI’s biggest recipient in Southeast Asia. The initiative has helped the country finance Southeast Asia’s first high-speed train project and poured billions of dollars of investment into nickel processing, unlocking a critical mineral asset. As a scholar in political economy and a former government relations consultant working closely with the Indonesian business sector, I’ve been considering what the “small-but-beautiful” approach means for Chinese investment in Indonesia. What does “small-but-beautiful”...

Read More........ → December 14, 2023

Ex-UK PM David Cameron to promote SL, Colombo Port City

By Nisthar Cassim: Former UK Prime Minister David Cameron has come forward to promote the Colombo Port City, dubbed as Sri Lanka’s game changer for the future.Cameron is slated to promote the Colombo Port City at a invitee-only separate top events in Abu Dhabi and Dubai on 26 September.He will be involved in a conversation on “Now is the time to invest in the Port City Colombo, Sri Lanka.”The exclusive event will also focus on the role of Sri Lanka in the new Indo-Pacific economy and position Port City as the nexus of trade investment and sustainability.The event will showcase Port City Colombo as a new city rising from the Indian ocean, as a strategic financial, residential, medical, education, leisure and entertainment hub for South Asia, Indian-Sub Continent, Middle East, East Africa and Southeast Asia.Prime movers of the event includes Senior Advisor to the President of Sri Lanka Nirj Deva Aditya who is a former UK MEP European Parliament and ex-MP of British Parliament and The Sovereign Wealth Fund Institute Chairman Lakshmi Narayanan and the Port City Economic Commission.The event...

Read More........ → September 20, 2023

At G-20, Biden announces ambitious corridor connecting India, Europe

President Biden with PM Modi at Raj Ghat Sept. 10, 2023. PHOTO: X @narendramodiNEW DELHI – President Biden and several other world leaders announced plans here Saturday afternoon for a new rail and shipping corridor that would connect India and Europe through the Middle East, an ambitious proposal aimed at further connecting a volatile region and countering China’s years-long backing of massive infrastructure projects around the world.The announcement solidified a preliminary agreement among a range of participants – including the United States, India, Saudi Arabia, Jordan, Israel, the United Arab Emirates and the European Union – and came as leaders of the world’s largest economies tried to work through divisions on a range of thorny issues.By midafternoon, the leaders here had reached consensus on a 37-page joint declaration on 83 points, several of which referred to Russia’s war in Ukraine. The debate over the war led some to predict that such a statement would prove elusive, particularly given that Russia is a member of the G-20. But they arrived at language that stated that “all...

Read More........ → September 11, 2023

Much work remains to be done to tackle anti-Asian racism in US

People rally to protest against anti-Asian hate crimes on Foley Square in New York, the United States, April 4, 2021. [Photo/Xinhua]There is still much work to be done in the United States to address deep-rooted hate and discrimination against Asian Americans about one year after multiple deadly cases sending shocking waves across the country.Key initiatives included in the COVID-19 Hate Crimes Act, which was signed into law by U.S. President Joe Biden in May 2021, have yet to be launched, according to a report by USA TODAY on Tuesday.The legislation was designed to curb anti-Asian hate crimes by creating a position at the Justice Department to expedite a review of COVID-19-related hate crimes; providing grants for states to create hotlines for reporting hate crimes and for law enforcement training aimed at preventing and identifying hate crimes; and directing federal agencies to work with community organizations to help raise awareness about hate crimes during the pandemic.Biden is scheduled to deliver his second State of the Union address on Tuesday evening and it's not clear if he...

Read More........ → February 08, 2023

Amid Ladakh standoff and Taiwan tensions, India-US to hold military exercise near LAC

AUG 03, 2022 NEW DELHI: In what is sure to ring in alarm bells in the Chinese administration, India and the US will be holding a two-week military exercise at Auli in Uttarakhand, which is less than 100 km from the Line of Actual Control (LAC) in the central region. Interestingly, China and India are entangled in a border dispute in eastern Ladakh and the recent visit of US House Speaker Nancy Pelosi has evoked very strong response from Beijing which has vowed to take "strong and resolute" countermeasures against America. 'Yudh Abhyas', the Indo-US joint military exercise, is expected to be conducted from October 14 to 31. The militaries of both the countries are conducting the exercise in Auli so that both can have a handy experience of the high-altitude warfare. Notably, Indian forces are already deployed in high-altitude areas like Siachen and eastern Ladakh and are considered to be very experienced in mountain warfare. Copyright © Jammu Links News Amid Ladakh standoff and Taiwan tensions, India-US to hold military exercise near LAC - Jammu Links Ne...

Read More........ → August 10, 2022

PM Modi At Assocham: Record FDI As World Trusts India; Invest In R&D In Agri, Pharma, Space, Energy

New Delhi: Prime Minister Narendra Modi delivered the keynote address at ASSOCHAM Foundation Week 2020 via video conferencing on Saturday, 19th December. The Prime Minister also presented the ‘ASSOCHAM Enterprise of the Century Award’ to Ratan Tata, who received the award on behalf of the TATA Group. According to a press statement from the Prime Minister’s Office, addressing the gathering, Prime Minister Modi commended the business community for their contribution to nation-building. He declared that now the industry has complete freedom to touch the sky and urged them to take full advantage of this, urging them to put full strength in the coming years for a self-reliant India. The Prime Minister said the country today is with enterprise and wealth creators giving opportunities to crores of youth. The Government is continuing efforts to build an efficient and friendly ecosystem. He urged the industry to ensure that its benefits reach the last mile by bringing reforms within the industry like more inclusion of women and young talent, adopting the best practices of the world as soon...

Read More........ → August 09, 2022

Power Outages, Fuel Shortage: Pakistan Reels Under Economic Crisis

From political turmoil to cash-strapped foreign exchange, PM Shehbaz Sharif's government faces an acute economic crisis.By: Sourit Sanyal: In the middle of a political turmoil, Pakistan is reeled for yet another economic crisis. Long hours of power outages is taking a toll on the business and daily livelihood. Amid the heatwave that is sweeping across several parts of South Asia, including India and Pakistan, the people there are facing power cuts up to 8-12 hours a day. The Chinese power producers, who come under the China-Pakistan Economic Corridor (CPEC), have now started shutting down various power plants as Shehbaz Sharif's cash-strapped government faces outstanding dues worth 300 billion rupees (US$1.5 billion), affecting the already ailing economy.Also Read: J&K Shuts All Schools Run By Falah-e-Aam Trust: What This Means For KidsFuel sources of the country are running out increasingly, forcing the government to bring various precautionary measures like wedding ceremonies to be ended by 10 PM, restriction on the usage of air conditioners and work from home being made compulsory...

Read More........ → July 20, 2022

China jails 10 Hong Kong activists

A Chinese court sentenced 10 Hong Kong activists who had been detained after fleeing the territory by boat to between seven months and three years in prison for illegal border crossing on Wednesday, in a case that had drawn international concern.The two who organised the boat journey were sentenced to three years and two years, respectively, while the others received seven-month sentences, the court in Shenzhen said.All 10 were also fined, it added. The remaining two – aged just 16 and 17 – were repatriated to the custody of the Hong Kong police.The ten, who the Hong Kong authorities say were facing charges over last year’s pro-democracy protests, were put on trial on Monday after being held since August 23 without access to lawyers or their family. Furnished with government-appointed lawyers rather than their own, they all pleaded guilty in proceedings that lasted less than a day.In a statement, their families said the proceedings amounted to a “de facto secret trial” of the group who were detained by the Chinese coastguard.“The basic rights of the 12 Hongkongers have already been...

Read More........ → December 31, 2020